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In this week's Ti podcast we discuss the huge disconnect between the prestige supercar market and man on the street with a sports car in his garage.
Things properly frothed over at Monterey Car Week with records falling left, right and centre – some by almost double the previous mark. The most remarkable examples below (most RM Sotheby's but the Diablo was at Bonhams, the F50 and Enzo at Mecum, and the Cobra at Goodings Christies).
Diablo GT – $2,425,000
F40 – $8,365,000
LaFerrari – $8,695,000
288 GTO – $11,555,000
Enzo – $12,100.000
F50 – $14,575,000
Ferrari Daytona SP3 – $17,825,000
Corvette Grand Sport #003 – $18,705,000
McLaren F1 GTR 10R – $34,655,000
Ferrari Luce ‘Tailor Made’, chassis 0 – $40,000,000 (charity lot)
Shelby Cobra Daytona Coupe, CSX2300 – $42,905,000
What's the consensus on what's going on here? Are prestige supercars a new asset class, comparable to the art market? Certainly doesn't feel like any of these are going to actually be used as cars...
And do we think that this new asset class, whatever it is, is in a bubble - where purchases are driven solely by FOMO and the conceit that they won't ever stop going up?
Or is something more clandestine going on (rumours of money laundering being all over the internet)? Something that Ti certainly can't comment on without any substantial evidence.
One thing we certainly can comment on is how difficult it is to shift garden variety sports and enthusiast cars at the moment, with values being decidedly soft leaving many who bought 2-5 years ago now well under, now matter how much they may have restored or improved their examples.
All thoughts welcome...