Ferraris,Bentleys,Bugattis soar in value as gold price sinks

In July,a rare 1954 Mercedes-Benz W196 in which five-time Formula 1 World Champion driver Juan Manuel Fangio of Argentina won two grands prix,was sold at auction for 19.6 million pounds,making it the most expensive car ever sold at auction.

“It’s an asset class that’s very rare and it’s very aspirational,” said Andrew Shirley,editor of the report. “A lot of Asian high net worth individuals have acquired classic cars…They keep them in their garage in the UK or Europe and they come over and drive them in rallies.”

This is in stark contrast to gold,seen as a safe haven investment in difficult periods,whose value has slumped by 23 percent over the same period following a 12-year bull run.

“The thing about gold is that it’s tangible in the sense it’s a physical thing but there’s no great enjoyment to be had from gold…Whereas a classic car,it’s still a safe haven play but it’s something you’re going to enjoy,” Shirley said.