Monday, Oct 11, 2010
Gulf News
The most expensive vehicle up for grabs will be the Ferrari Pinin, worth about $1m
Dubai UK-based auction house Bonhams will be introducing the region’s first car auction as part of their sixth auction.
“The appetite for collectors’ motor cars is certainly growing in the area. With the emergence of events such as the Dubai Classic Car Show and other motoring events now going from strength to strength, it’s a natural progression for us to explore this idea and offer a motor car auction in the region,” said Philip Kantor, international managing director of Motor Cars-Europe at Bonhams.
The collection is valued at over $2 million (Dh7.3 million) with one car, the Ferrari Pinin amounting to half of that.
BMW reserve collection
As part of the collection, two cars from BMW’s reserve collection will go on sale. This will be the first time that cars have become available from the official factory collection.
“Collector’s motor cars have proven to be a solid investment with excellent return on the right models. Tangible assets are sought after by investors in uncertain financial climates and the advantage with collector’s cars is that they are mobile and can therefore be realised in the most advantageous currency worldwide when the asset is possibly re-offered for sale in the future,” said Kantor.
Collector’s cars have remained resilient despite the recession. Many investors have turned to this field as an area in which to place their liquidity.
“Buying collector’s cars is different from just buying luxury cars. This auction is for people who are passionate and love motorcars. For the last year and a half classic car sales have remained strong and haven’t been affected by any downturn in the market,” Matthew Girling, CEO of Bonhams UK and Europe, told Gulf News.
on the block
By Aya Lowe?Staff Reporter
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