Pelosi also said it's "irrelevant" whether approving the USMCA trade deal would give President Donald Trump a victory ahead of the 2020 election.Politicsread more
Brent crude oil jumped the most in history in the previous session after attacks on Saudi's oil industry disrupted the kingdom's production.Marketsread more
General Motors stands to lose hundreds of millions of dollars in lost production as a United Auto Workers union strike against the automaker enters its second day, but Wall...Autosread more
The fallout from two fatal crashes of Boeing 737 Max planes has ensnared the manufacturer's most-loyal customer: Southwest Airlines. The carrier has canceled thousands of...Airlinesread more
The White House and General Motors on Tuesday are decrying a Politico report that the Trump administration has gotten involved with the automaker's contract negotiations with...Autosread more
WeWork hopes to sharpen its story for investors as it works to get its on-again, off-again IPO back on track.Technologyread more
The Justice Department said it was seeking to recover "all proceeds earned by Snowden because of his failure to submit his publication for pre-publication review in violation...Politicsread more
"It is really a tale of pretty failed governance, almost of the highest order, short of something fraudulent," says the tech investor.Deals and IPOsread more
Private equity firm 3G Capital Partners discloses that it sold 25.1 million shares of Kraft Heinz, bringing its stake down by about 9%.Marketsread more
"That leads the developed world to say to China: 'We've got to rebalance this. It's working for you. It's not working for us,'" says the billionaire Blackstone co-founder.Economyread more
After years of massive returns the classic car market is slowing, with collectors focusing on provenance, rarity and condition of automobiles, an expert from a major auction house selling classic cars told CNBC.
The value of the classic car market increased by 17 percent in 2015 — more than for other luxury assets including watches, jewelry, stamps, art and wine, according to the Knight Frank Luxury Investment Index.
However, growth in the classic car market is slowing, in part due to fears of a potential interest rate hike by the U.S. Federal Reserve and a downturn in global liquidity.
"For certain areas in the classic car world, you could say so (the market is decelerating)," Tim Schofield, Bonhams U.K. head of cars, told CNBC on Tuesday.
"But I think that is really down to supply and demand for certain makes, models and types within the quite large area of our world," he added.
Auction sales at Scottsdale — the U.S.'s largest auto auction by volume — fell by 15 percent to $251 million in January, marking the first drop in sales since 2010.
The HAGI Top index from the Historic Automobile Group International, which tracks the market for classic cars, rose by a tepid 2.21 percent in the year to July, underperforming the S&P 500. The HAGI P index, measuring the market for rare Porsches, actually fell by 2.61 percent in the first seven months of 2016.
Bonhams motoring department will host 22 auctions worldwide in 2016. Upcoming auctions include one in Quail Lodge, California on August 19, at which a 2014 Ferrari LaFerrari is seen selling for $3.6 million-$4.2 million.
"I think lots of modern motor manufacturers are now realizing that low-volume motor cars, low numbers, with some very nice additions and accoutrements, special engines, special finish, special bodies by bespoke coach makers, are now highly prized and you'll see in the likes of Aston Martin, Ferrari et cetera producing very low-volume motor cars that are filling that void," Schofield told CNBC.
Then, a 1936 Aston Martin 2-liter sports-racing two-seater car is seen selling for between $2.1 million and $2.6 million on September 10 at the Goodwood Revival festival in England. The car is dubbed the "Red Dragon" and has an illustrious racing history.
"The holy trinity for collectors is provenance, rarity and condition … you are talking about cars that are pre-world war II … that have a race history; that were built in low numbers; that are now eligible for major (racing) events globally," Schofield told CNBC.
Bonhams currently holds the world record for the most valuable car sold at auction. This was the sale of a 1962 Ferrari 250 GTO Berlinetta for $38.1 million in California in 2014. The record for a car sold to a private buyer is $52 million, also for a Ferrari 250 GTO, according to the Guinness World Records.