Array of classics on auction in Joburg this weekend
A1958 red and white Corvette and a 1968 Ferrari 365 GT will be among the 115 classic cars auctioned by Creative Rides at Montecasino in Fourways this weekend.
The Bryanston classic car dealer has selected an array of iconic cars and collectibles for the July 2 live and virtual auction, which will take place on the Montecasino grounds from 11am and be beamed to more than 60 countries.
“We expect some vehicles for sale to go for about R45,000 and others may go up to R3.5m, so records may be broken at one end and some real bargains may be had at the other,” said Kevin Derrick, CEO of Creative Rides.
“At the top of the list is the very rare BMW 325is, built exclusively in SA. Another rare muscular BMW M3 Frozen is also on the floor along with another rare SA iconic car, the Alfa GTV 3L V6, a car that could beat the pants of the BMWs and Fords of its time, should it see them at Kyalami,” he said.
A bevy of other vehicles in the line-up includes muscle cars, sports cars and racers spanning from the 1930s to the 2020s.
Derrick said the auction takes place amid a booming international collector market, which has gone into overdrive this year with several collector cars jumping in value by more than 30%.
The number of collectors has also risen dramatically in recent years, according to Derrick.
“Passion will always factor into classic car ownership, but investment-buying has escalated sharply in the economic uncertainty of the past two years.
“Classic cars slot into the niche investment category of appreciating moveable assets. They’re like fine art and quality gemstones; you can keep them close and move them at a moment’s notice.”
The Hagerty Market Rating, which measures the strength of the enormous US classic car trade sector, has reached an alltime high this month, reflecting the overwhelmingly bullish sentiment this industry is experiencing across the world, said Derrick.
US manufacturers will be well represented at the auction, he said, because SA’s enthusiasm for collecting muscle cars continues to grow.
An iconic resto-mod ’73 Dodge Charger is part of a large US line-up at this weekend’s auction, which also features the sought-after 1958 Corvette and various Cadillacs, Chevrolets and Ford Mustangs.
Headlining the Italian brigade will be a number of Ferraris including a red 1968 365 GT 2+2 that was designed and constructed by Pininfarina, and a red 1998 Ferrari 550 Maranello.
“Ferrari has been an automotive investment market-leader for 40 years. A new trend that’s emerged in the past few years, though, is an impressive appreciation in the values of more recent models, most dramatically the 1987 to 1992 F40, but also for much newer cars like manual 1996 to 2006 Maranellos,” Derrick said.
Another Italian lot stirring global bidder interest is a 1984 Alfa GTV 6 3L, one of only 212 ever built. In December’s Creative Rides auction another Alfa GTV 6 3L sold for R1.1m
Derrick said those wanting to buy for investment purposes should also keep in mind the wide-ranging definitions of classic and collectable cars when approaching auctions.
“Classic cars are broadly defined as those that are 30 years or older, which means that every year thousands of cars join the pool of stock available in the classic category.
“Collectibles can be classics, but they don’t necessarily have to be as old as the strict classic definition.
“The biggest factor in defining a newer collectible is scarcity. Car manufacturers design special and often very limited numbers of particular models, which are built for groups of clients that are marquee followers.
“As a result, these special editions will often be immediately desired and collectable, though the cars are new and modern. This scarcity-determined limited edition type collectible will generally be an investment opportunity.”