The story is somewhat familiar, but is no less true today than it has been for the past few years. Top-tier cars, both in terms of condition and by model, continue to enjoy strong appreciation. The 19th book of Hagerty Price Guide was published earlier this month, and three of Hagerty’s seven primary collector car indices increased in value. One index declined, while the remaining three were static.
Leading the charge were the Blue Chip, Ferrari and German indices, all of which reflect the upper strata of the collector car market at large. Ferraris in particular increased by 8% over the last period, while Blue Chip cars moved 5% in the positive, and the German index improved by 3%. All three of these indices are at their highest levels since their index inception dates of September 2006.
Within these three sectors, major movers include the Ferrari California Spyders, with LWB variants climbing by 13% in just four months. Early Porsche 911S models were also strong movers at 12%, while Porsche 356s such as the Gmund coupe (up 29%) and the A 1600 Super Speedster (up 13%) appreciated at double-digit clips. Perhaps most remarkable is that of these indices’ 59 component cars, 35 have improved by 10% or more during the past 12 months. Only two cars have slipped during this window (BMW 3.0CSL down 1%, 1967 Corvette 427/435 convertible down 2%).
The Hagerty British Car Index was flat during the last period, with the E-Type’s gain offsetting modest losses by the Triumph TR3A and TR6. American muscle on the whole stood still, though the Oldsmobile 4-4-2 W-30 coupe is 18% of where it was a year ago and the 1965 Shelby GT350 32% stronger. This market segment is 4% improved since September 2011. The Hagerty Index of Affordable Cars was mostly stagnant, with small to no gains across the board.
The sole slip among Hagerty’s seven primary indices was in 1950s American classics, and that group dropped only a point. This market sector has been relatively flat since the beginning of 2010, but is 7% down during the past five years.
As we have noted elsewhere, Monterey auction results indicate more upward movement for the usual suspects to close out the year. Private sales activity and results from more “ordinary” auctions for the remainder of the year will inform movement for the rest of the market.
To review a list of each index’s component cars, and to read individual commentary, visit www.hagerty.com/valuationtools/market-trends/.