CARS AS INVESTMENTS
Rare Ferrari fetches R2.79m at Joburg auction
Most popular wheels were SA-built classics such as a 1984 Alfa Romeo GTV6 3L and American muscle cars
The most expensive car sold at Saturday’s international classic car auction at Montecasino was a rare 1968 Ferrari 365 GT 2+2, which was snapped up by an SA collector for R2.79m.
However, the auction’s most popular cars as measured by registration numbers per lot and the ferocity of bidding, were SA-built classics such as a 1984 Alfa Romeo GTV6 3L and American muscle cars. This was according to Kevin Derrick, CEO of Creative Rides Classic and Collectables Auctions.
Derrick says the Johannesburg auction was a success with hundreds of bidders from five continents participating in the 116-lot sale.
“Since all the vehicles auctioned were sourced from SA collections we’re delighted that 90% were bought by locals and will stay in the country. The remaining 10% will be shipped to their new owners across the world within the next few weeks,” he said.
The top 10 prices achieved on Saturday were:
1968 Ferrari 365 GT 2+2 — R2.79m
1998 Ferrari 550 Maranello — R1.6m
1960 Chevrolet Corvette — R1.44m
2013 Ford Mustang 302 — R1.35m
1989 Ferrari GTS — R1.25m
1972 Jaguar E-Type V12 — R1.24m
1984 Alfa Romeo GTV6 3L — R1.18m
2016 Ford Mustang GT Supercharged — R1.1m
1948 Chevrolet V8 Pickup — R930,000
1968 Chevrolet Camaro SS — R930,000
1967 Ford Mustang Fastback — R910 000
Derrick says Saturday’s top sale price beat the company’s previous auction record by R1.69m that was set in December when a 1983 Alfa GTV6 3L was knocked down for R1.1m.
“We actually set two new records at this auction — one for the top-seller and the other for the highest yet SA auction price achieved for an Alfa GTV6 3L at R1.18m.
“Bidder interest in the GTVs and a last-minute addition to the catalogue, a 1972 Ford Fairmont, was unprecedented in Creative Rides’ auction history.
“The GTVs were bought by SA collectors but the Fairmont, which was knocked down for R840,000, will be going to Australia.”
Derrick says American muscle cars were also hot favourites among bidders.
“The red and white 1960 Corvette that sold for R1.44m was a definite highlight, as were the 1968 Camaro and 1967 Mustang Fastback.
“There’s a huge local collector market for American muscle cars, which is growing in popularity every year. Ensuring that these collectors have a steady supply of quality auction stock is important for investment collectors because it keeps the trade alive.”
Derrick says the event reached an online live-stream audience of more than 8,000 viewers across 16 countries, and the company is already fielding queries about its next auction.