as investors scramble for hard assets
As shares around the world plummeted this week International car auctioneers, COYS, based in London, have seen unprecedented sales with millions of pounds worth of cars being sold in the days following the collapse of Lehman Bros.
Managing Director of COYS, Chris Routledge said: “We are reporting very strong sales, $8.5 million since mid Sept.” He added: “It would appear that people would rather buy a historic car and put it in the garage, than brave the current high’s and low’s of the stock market.
Among the cars being sold by the company which has offices throughout Europe and the US were a 1996 Ferrari F50 – the only right-hand drive example ever produced, custom-made by Ferrari for the Sultan of Brunei - £350,000 ($620,000 USD)
A 1955 Mercedes-Benz 300SL Gullwing – an excellent example from a prestigious private collection assembled over many years - £385,000 ($680,000 USD)
The last remaining original un restored example of a 1955 Aston Martin DB3S anywhere in the world which sold for over £2M (£3.5M USD PLUS) and a Lancia Aurelia B24 Spyder – A very rare right-hand drive car, one owner for the last 35 years - £145,000 ($260,000 USD)
Chris Routledge added: “These are just some of the cars that have been sold and we are continuing to get enquiries from around the world and not just from traditional car collectors but from those who want to get into something different.”
COYS holds its famous Spirit of Motoring auction at Ascot racecourse this Saturday with more than seventy classics going under the hammer.