The asset class of beautiful machines, which had already been struggling mightily, got whacked by the events in Monterey, California, last month. “Whether it’s threat of recession, broad economic volatility or too many cars crammed into too few hours, there’s no denying this year’s Monterey Auction Week results were depressed when you compare the results to recent years,” vintage-auto insurer Hagerty explained after the auction. The blow has now filtered into the monthly price index for vintage automobiles, the Hagerty Market Index for September.
The index dropped 1.3% in September to a value of 148.24, down 5.0% for the 12-month period, and now in a bear market, down 20.5% from the all-time high in August 2015, a deeper drop than the peak-to-trough decline of 16% during the Financial Crisis. The index, after three years of declining, is now back where it had first been in September 2013….CLICK for complete article