The classic car market has reached a new peak thanks to an Aston Martin DB5 Convertible. The booming high end classic market continues to climb with Ferraris very much taking the lead. For a while similar cars were looking good value but as this latest auction result from Bonhams Grand Palais, Paris sale shows, desirable Aston Martins are catching up fast. A record price of €1,897,500 (over $2.1 million) was raised for the DB5 while a rather handsome Aston Martin DB4 Convertible also went under the hammer selling at a slightly more attainable €1,060,000.
The boom was kick started by the global recession and a lack of solid investment opportunities with stock markets dropping heavily. At the time rare classics had long held their values steadily and with the super-rich least effected by the downturn there was only one way the prices were going to go. Auction prices for rare classic Ferraris were the first to climb but naturally this started to make other cars look very attractive.
The Aston Martin DB5 has long been one of the most desirable classic Aston Martin road cars with only a handful of convertibles made, like this one, in left hand drive. As a comparison Bonhams sold a 1965 Aston Martin DB5 Convertible at the old Newport Pagnell factory site in England on 12th May 2007 for £221,500. While each of these hand built Astons is unique and values will vary from car to car, an increase in value of around 500% over less than 8 years has been a fine investment for one lucky owner. The most valuable Aston Martins however remain those with racing heritage such as the DB3S and DB4 GT Zagato.
As an investment classic cars are a mixed bag. On the one hand they may be an attractive possession whether values go up or down, while on the other they require expensive maintenance, storage and insurance. There is no doubt though that in the last decade some serious money has been made among the more sought after cars while values of the more common classics have only changed a little.