Understanding the art of collecting vintage cars @KenyanTraffic

With svelte looks and legendary reliability, classic cars continue being objects of desire for the wealthy.

But the interest is no longer in the old, rusty, impressive chassis and suspension, but in newer car models.

The wealthy are becoming more selective and not as many people are buying classic cars at auctions. Those buying the vintage cars are going for Porsche, Ferrari and Mercedes Benz, the recently released Knight Frank Wealth Report notes.

‘‘Last year there were 26 per cent fewer auction sales of cars, and there is shift in interest towards new models like the Porsche 911R,’’ the wealth report notes.

Ultra-wealthy buyers globally are buying cars from the 2000s like never before and the analysts are optimistic that despite the slowdown, the rarest cars in the right condition with the most desirable provenance will continue to set world records.

Other more-modern supercars from the 1970s and 80s, like the Lamborghini Countach and Ferrari F40, are also growing in popularity.

A Ferrari 1957 335 Sport became the most expensive car to go under the hammer ever, in euro terms at least, when it was sold by Artcurial in Paris for €32 million (Sh3.5 billion).

An historic 1962 Shelby Cobra went for over $13 million (Sh1.3 billion), making it the most expensive American car to sell at auction.

A 1955 Jaguar D-type grabbed the record for the priciest British car to go under the hammer when it fetched almost $22 million (Sh2.2 billion).

And, dispelling the myth that nobody is interested in older cars any more, Alfa Romeo joined the party with a 1939 8C Lungo Spider making just under $20 million— a new record for a pre-war vehicle.

The Alfa Romeo are the most favoured among Kenyan collectors.

In last year’s, Concours d’Elegance, classic and vintage car owners showcased 11 Alfa Romeos. Mercedes Benz has the second biggest entries with 10 models, followed by M V, which has seven. Most popular bikes were BMWs.

The most valuable entries were two 1951 Roll Royce Silver Dawn and a pre-war 1936 Bentley.

Bob Dewar, the event director of the Concours d’Elegance which attracts over 10,000 motorists every year in Kenya says many come to watch the vintage and a significant number visit the classic car sale.

‘‘The sale has been held for the past 21 years and steadily attracts more potential buyers each year. It attracts a growing number of motorists who would like to own a classic car for fun driving at weekends, or for preparing for a future Concours d’Elegance,’’ he said.