The Hawaiian Islands Vintage Surf Auction brought in more than $767, 000 from 379 worldwide bidders.

The auction is the largest of its kind, featuring rare and famous surfboards and related memorabilia.

One bidder was particularly busy buying both the 1955 Matt Kivlin 10 foot balsa board for US$39,000, and the highest priced item of the day, an 11 foot Bob Simmons foam sandwich board from 1950 which sold for $40,000. 

The highest priced memorabilia item was the $14,000 paid for a family photo album of the surf legend Duke Kahanamoku, who is generally regarded as the person who popularized the sport.

With just 100 surf boards on hand and 379 bidders at the auction, the money spent on these unique items shows the development of this area of collecting.

The world's first surf auction was held just 13 years ago, in 1996. Since then the market has become more sophisticated with several annual auctions around the world.

It's another nostalgia driven market, and items that have survived over the years are now highly sought after and considered a good investment.

Consider the fact that surfing itself is now a multi-billion dollar sport and you'll appreciate this market has huge growth potential.

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