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.