Report: Vintage Car Values Are Boosted by Social Media - Bloomberg
According to analysis by Black Book , the prevalence of modern and classic luxury cars on social media platforms like Instagram directly influences their resale value. So when celebrities such as Beckham, Kendall Jenner, or Dwyane Wade post photos that include their cool new whip, whether modern or classic, people notice. “A new, younger generation of collectors has taken to this genre of exotic sports cars, and auction prices are going for a ride,” the report says. “Social media lets people brag without bragging,” says Eric Lawrence, the director of specialty reports at Black Book. “Affluent collectors have been exposed to the images posted by celebrity buyers on social media sites, fueling even higher demand for certain exotic vehicles. That differs from previous decades when only true superstars—Frank Sinatra, Marilyn Monroe, Roger Staubach—could afford exotic cars. But these days, even bench-riding power forwards and third-string quarterbacks make enough to afford a Ferrari or a Bentley. Exponential Growth From 1977 through 2008, the Aston Martin DB5 coupe, the Ferrari 250 GTL, and the Mercedes-Benz 300SL Gullwing—three of the most iconic cars on the planet—appreciated in value 5 percent annually. That means if you bought a cherry-red Ferrari 250 in 1977, it will likely fetch more than $1. 8 million at auction today. Source: www.bloomberg.com
