The world’s finest classic cars have grown in value by 8.1% in the first 11 months of the year, according to a leading car index.
Historic Auto Group’s (HAGI) HAGI Top index follows the price performance of the globe’s foremost vintage vehicles from a selection of manufacturers.
And while 8.1% growth is impressive by traditional investment standards, it actually represents a significant slowdown for the car sector.
The corresponding index for the 12 months of 2015 posted 17.6% gains, itself down from the 25.1% increase achieved the previous year.
HAGI’s founder, Dietrich Hatlapa, recently told Classic Driver that the slowdown is a result of more cars appearing for sale.
"Demand hasn’t tailed off, but there has been a notable increase in supply,” Hatlapa explained.
"There are more dealers, more auction houses, and more cars consigned to an increasing number of sales.”
Porsche has been the strongest performer of 2016, posting 12.3% growth in the first 11 months – thanks in large part to a standout November that saw values increase by 6.5% on October.
It comfortably beats the 8.5% gains posted for Mercedes-Benz vehicles for the first 11 months of the year, and the modest 3.3% achieved by Ferrari.
The $6 million auction of a 1956 RS Spyder at Bonhams in September was the standout Porsche sale of the year.
An early gauge of the health of the classic car market in 2017 comes at the Arizona auctions in January. An $8 million-valued 1963 Jaguar E-type lightweight is among the highlights. It auctions at Bonhams on January 19.
