In 1977, a Ferrari owner offloaded his 1962 250 GTO because his wife complained it was too noisy, recounts Andrea Modena, head of Ferrari's classic car division. It was either her or the car.
Times have indeed changed. In 2018, the same Ferrari model became the most expensive car ever sold when it fetched $48 million at auction. Last year, that record was flattened by a 1955 Mercedes-Benz 300 SLR Uhlenhaut Coupé that raced to 135 million euros .
"We've been monitoring the market for a long time," said Giorgio Medda, CEO and global head of asset management at Italy's Azimut While Azimut's fund will have no end date and can receive new money indefinitely, small Swiss asset manager Hetica Capital launched a 50 million euro 'closed-end' fund in 2021, which it also said was the first of its kind.
"It's getting harder and harder to find the proper mechanics to keep these cars alive. And you have to spend quite an amount of money to keep all these cars in running condition," he said.
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