23 Jan 2016
Making hay whilst the sun shines
Comedian and Porsche collector Jerry Seinfeld is selling some cars from his fabulous Porsche collection. See SEINFELD SALE.
He is quoted as saying “I’ve never bought a car as an investment,”I don’t really even think of myself as a collector. I just love cars. And I still love these cars. But it’s time to send some of them back into the world, for someone else to enjoy, as I have.”
He may not have bought them as an investment but they will certainly turnout to be very good investments as classic Porsche values have skyrocketed in the last 3 years.
The sad part is that at the end of the day whatever Jerry says about sending them back into the world they will almost certainly end up in a private collection and most likely they will be rarely driven.
The escalating values of many classic cars-particularly Ferraris- is resulting in cars being bought purely as investments by people who know nothing - and care less-about the history of the cars. Indeed there are now car vaults in Switzerland and Luxembourg where investors are storing their cars in the same way that valuable paintings bought as investments are stored and there are investment funds investing in classic cars purely as investments.All very sad and distressing to real enthusiasts.
In the latest Excellence -the US Porsche magazine -there is a very good article imploring drivers of valuable Porsches to keep driving them.A view which I totally endorse and which I intend to follow with one of my cars in the next few days if this stinking hot weather and high humidity would go away.
Photo taken January 2016 Morpeth NSW.