As global wealth surges, the collectible-car market goes into overdrive
By Jim Henry
Nov 20, 2007
For the first time ever, there are two current-model cars with price tags of more than $1 million. To be sure, these are limited editions and get lousy gas mileage, but the fact that there are any cars that expensive, let alone two of them, means some kind of psychic — if not reality — barrier has been broken.
Yet, crazy as it might sound, neither the Bugatti Veyron nor the Lamborghini Reventón — which each retail for around about $1.5 million — was the most expensive car sold in 2007. That honor falls to a Ferrari 330 TRI/LM Testa Rossa.
If you aren’t familiar with that particular model, don’t feel ashamed. It was built in 1962 and sold in May at auction for a record $9.3 million, making it the most expensive Ferrari ever sold. (The most expensive car ever sold was a 1930 Bugatti Type 41 Royale auctioned at Christie’s in 1987 for approximately $9.8 million. Adjusted for inflation, that would be more than $17 million today.)
