Hagi classic car index up 9.3% in August

The Historic Auto Group's Hagi Top Index, which tracks the value of the classic car market, enjoyed a 9.3% increase in August, boosted by strong performances at the Pebble Beach sales.

The sector is up an impressive 38.9% since January, indicating that increasing numbers of investors are looking to "park" money in collectible automobiles.

1957 Ferrari 250 GT Berlinetta
Strong sales at Pebble Beach, including this $9.4m Ferrari, helped the index to a stunning August

Ferrari sales have been a big contributor behind the rise. The marquee is up 54.5% in 2013, growing by 15.1% in August alone.

"As a cautious note, we do not think that the growth rates we are seeing this year are sustainable long-term," warns Hagi.

Yet even if a correction is on the way, the general direction of the sector appears healthy - the Hagi Top has more than doubled in value since its inception in 2008.

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