It’s Like Driving a $50m Painting at 100mph

Kenny Schachter knows where the heat is in the markets. That’s in rare and historic car world where prices are rising in ways that would make even the most audacious art dealer blush. But there’s a difference between art and cars that makes the rapidly rising value of classic cars even more surprising:

What I find so touching about the car world is that these sometimes-priceless objects get used in anger like they were meant to be, which is akin to an old-school collector choosing to actually hang and live with their art (rather than stuffing it away in a freeport). I couldn’t begrudge my friend for having his rare car thrashed around the track in the same manner it had originally been intended to do so in the 1950s. It’s rare to find someone who can avoid the urge to hoard nowadays. But speaking of hoarding, a 1964 Ferrari 250 GTO, one of only 36 in existence, is coming up for auction in August, and has previously sold privately for $52 million. Look for it to make between $50 million and $100 million; it won’t be long before we see a $100 million car and a $1 billion work of art

Flaming Wades on Wheels: Kenny Schachter at the Le Mans Classic (Gallerist)