Fleet of Ferraris lead $415 million car auctions - CNBC
How many Ferraris is too many Ferraris. A record 112 classic Ferraris are headed to the auction blocks at the Concours d'Elegance in Pebble Beach and Monterey, California—marking the latest test for the increasingly frothy collectible car market. The auctions are expected to hit a sales total of $415 million this year, according to collectible-car insurance company Hagerty. That's below last year's total of $428 million, but last year's auctions got a one-time boost from the $38 million sale of a Ferrari 250 GTO, which became the most expensive car ever sold at auction. The $415 million total would be more than 30 percent higher than the 2013 total and more than double the total of 2011. Even more staggering: There will be up to 141 cars that sell for $1 million or more, according to Hagerty. In 2010, just 36 cars sold for $1 million or more, showing just how rapidly collectible-car prices have soared. Ferraris continue to dominate the top of the collector car market, with all of the top five cars—and most of the top 10—at this year's auctions expected to be Ferraris. But the market for classic Ferraris may be tested with 112 Ferraris headed to the auction block this year, far more than past auctions. Source: www.cnbc.com
