— This is the script of CNBC's news report for China's CCTV on August 27, 2018, Friday.
When it comes to the highlight and trend on the US pebble beach vehicle show this year, let's have a look over this Ferrari under the spotlight. The reason why it is special is because this Ferrari 250GTO made in 1962 was deal with $44 million.
It is over $48 million, adding the commission fee paid by buyer, and that broke the record of $38.1 million for the same model in 2014, being the record with highest hammer price in history. This Ferrari was owned by a board of Microsoft 18 years ago, and the price at that time was only one tenth of current price.
To give you a more immersive look at this most expensive Ferrari, my colleague, CNBC reporter Robert frank, sent us the following introduction from the American.
What makes the GTO so valuable? Well, Ferrari only made 36 of these cars, so they are among the most scarce Ferraris ever built. They also dominates the racing seen in their days, winning over 300 races. And look at it, this is one of the most beautiful, if not the most beautiful Ferrari ever designed and built .
Former Microsoft executive
You are in a space where you have collectors and car collectors. So Farreis are the most colletable car, and the GTO is the pinnacle Farreri.
Meanwhile, another highlight on this pebble beach car show is the present of collectible truck.
Experts told us, that is because the increase of young collectors and investors, this group favors collector model with better functionality, such as truck and SUV, in addition to functionality, those kind of cars are easy to fix.
MCKEEL HAGERTY HAGERTY INSURANCE
THOSE ARE MORE ACCESSIBLE, THEY MADE MORE OF THOSE CARS, THEYRE EASY TO WORK ON, FIND PARTS FOR, AND THEY JUST HAVE A MORE BROAD APPEAL AND THEY MATCH WHATA EVERYONE ELSE IS DRIVINGS, TRUCKS AND SUVS, SO IF PEOPLE WANT A VINTAGE VERSION, THAT'S WHERE THEYRE GOING.
Generally, collectible vehicle market is still hot this year, around 100000 people came to visit, and there are around 1200 collector models in auction, the total value reached more than $350 million. The car tariffs caused by the trade friction among countries are a hidden danger behind this strong market.
For example, those thousands of antique cars shown this year, many of them are from EU, so if US does impose25% or higher tariffs on EU imported cars, then that will hurt the collector car auction market.
NOBODY WILL BE WILLING TO PAY AN ADDITIONAL 25% TO GET THEIR CAR. SO THER MIGHT BE A 20% ADVANTAGE TO GET IT TO THE U-S TO SELL IT, BUT IF I HAVE TO PAY AN ADDITIONAL 25% TO GET IT HERE, THAT WILL KILL THAT MARKET.
Concerns about future tariffs on cars between the U.S. and its trading partners have led collectors and investors to rush ahead with investment in the market for collectible vintage cars, which may be one of the reasons for the continued popularity of the pebble beach auto show this year