— This is the script of CNBC's news report for China's CCTV on August 19, Tuesday.
Welcome to the CNBC Business Daily, I'm Qian Chen.
Wealthy car collectors shelled out more than $400 million for collectible cars at the Pebble Beach auctions over the weekend, topping last year's record total of $312 million.
Robert Frank takes a look at some of the Japanese vintage cars sold at the auction.
DON'T JUNK THAT OLD HONDA. IT MAY BECOME A COLLECTIBLE. WELL NOT REALLY. BUT OLD JAPANESE CARS ARE REACHING INSANE PRICES.
THIS 1967 TOYOTA 2000GT BROKE THE SEVEN FIGURE BARRIER OVER THE WEEKEND, SELLING FOR $1.15 MILLION AT GOODING.
RM AUCTIONS SOLD THIS 1967 TOYOTA 2000GT FOR JUST OVER $1 MILLION.
A 1967 MAZDA COSMO SOLD FOR $246K THAT WAS AT THE HIGH END OF THE ESTIMATE.
AND THIS 1972 NISSAN SKYLINE WENT FOR $252K, TIWCE THE ESTIMATE. THIS CAR WAS THE PREDECESSOR TO A CAR CALLED "GODZILLA"
JAY LENO TOLD US THAT HE THINKS THE FIRST PRUIS EDITIONS WILL BECOME COLLECTIBLES IN 20 YEARS. BACK TO YOU
Ferraris have become far and away the favorite car of rich collectors, with A 1962 Ferrari GTO became the most expensive car ever sold at auction, which was sold by $38 million including auction fees.
Such rapid price increases are raising new questions about a vintage-car bubble, but wealthy collectors say there simply are very few places to put their excess wealth these days.
With interest rates low and stocks increasingly volatile, rich car lovers would rather invest in something that can hold its value-and they can drive and enjoy.
I'm Qian Chen, reporting from CNBC's Asian headquarters.