Credit crunch 'sees people turn to classic cars'
06 Oct 2008
Classic car insurance customers may find they have more competition at historic vehicle auctions at the moment, according to Coys.
The international auctioneers reported unprecedented sales of millions pounds worth of motors in the days after Lehman Brothers collapsed.
Managing director Chris Routledge said: "It would appear that people would rather buy a historic car and put it in the garage than brave the current highs and lows of the stock market."
Coys stated a number of high price vehicles have been sold over recent weeks.
A 1996 Ferrari F50 custom-made for the Sultan of Brunei fetched £385,000 and a Lancia Aurelia B24 Spyder went for £145,000.
Last weekend, Coys held its Spirit of Motoring auction at Ascot racecourse, with some seventy historic cars going under the hammer.
Meanwhile, the group will be selling a Ford Thunderbird which featured in the 1991 movie Thelma and Louise later this month at an event in Italy.
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