The HAGI classic car indices have posted losses following storming success in 2013 that saw the value of classic cars rise to an all-time high.
The HAGI Top Index, which tracks the performance of the rare automobile market, reached 235.05 points in 2013, but underwent a slight correction in January with a 0.8% loss to a price of 233.12.
The fall was predicted by many in the industry, as the heightened bidding seen last year is simply unsustainable. Nonetheless, the HAGI Top Index has gained 37.88% year on year, trading at more than double the 20-year annual average growth rate.
The auction year got off to a strong start, with the annual sales in Scottsdale, Arizona achieving an 11.1% higher total than in 2012. Ferrari 250s remain the collector favourite despite a 1.2% loss for HAGI's Ferrari index; a 1958 Ferrari 250 GT LWB California Spider sold for $8.8m through RM Auctions.
The only index to have advanced in January was the HAGI P Index, which measures the price of classic Porsches. It saw a gain of 1.3%, boosted by the $2.8m sale of a 1961 Porsche 718 RS 61 Spyder in Arizona.
The slight loss witnessed by the majority of HAGI indices should reassure car collectors that last year's dramatic rise in value at the top of the market was not a bubble, and that some semblance of normality has returned to the sector.
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