Some cars apparently do appreciate in value.
Gooding & Co. broke the world record for the highest sales total in automotive auction history at $113.7 million during last month’s Pebble Beach Concours d’Elegance.
The average price per car sold was approximately $1,033,966, and 24 collector cars in all sold in excess of $1 million, according to a press release.
Ferrari was a big part of the weekend with eight models between 1953 and 1962 selling above $2 million each. A 1960 Ferrari 250 GT LWB California Spider sold for a whopping $11,275,000, a world record for the car.
The von Krieger Special Roadster, a 1936 Mercedes-Benz 540 K, sold for $11.77 million, a double world record for Mercedes-Benz and a prewar car at auction.
“Our record-breaking results and this year’s unprecedented international interest in our auction clearly demonstrate the growing demand in high-level classic cars among new collectors and emerging markets,” said David Gooding, president and founder of Gooding & Co.
Gooding & Company will conduct its 2013 auctions on Jan. 18-19 in Scottsdale, Ariz., on March 9 in Amelia Island, Fla., and on Aug. 17-18 in Pebble Beach.