CLASSIC cars are overtaking property, gold and foreign currency in the race for profit by wealthy investors.
Buyers are also toasting price rises in the finest whiskies — and putting their money into designer handbags, rare watches and jewels, a report reveals
‘Many wealthy people see these new collectibles as a good investment and also a fun investment where the return is more than money in the bank,’ said Pontus Silfverstolpe, founder of auction search engine Barnebys, which created the report.
‘The price level in some of these areas has increased enormously in the last few years,’ he said.
Mr Silfverstolpe, whose firm hosts more than a million items for sale each day, said currency fluctuations and a wobbly world economy were behind the change.
Classic car prices have soared by 334 per cent in the last decade, with a 1962 Ferrari 250 GTO selling for £38million last year. Watches are also popular, with Rolex, Omega and Patek Philippe attracting most interest.
Diamonds are an investor’s best friend in jewellery — the Pink Star sold for £57.3million in 2017. Whisky is another top seller, with a bottle of Macallan selling for £1.2million. And a Hermes Birkin bag recently fetched a record £285,000.