May 6 (Bloomberg) -- "A 1930s Bugatti has sold for about $30 million to become the world’s most expensive car -- with dealers predicting more records as billionaires look for alternatives to risky financial investments.
The Type 57SC Atlantic was bought in a private transaction for nearly as much as its asking price, dealers with knowledge of the matter said. The coupe had been owned by the New Hampshire-based neurologist Peter D. Williamson, a former president of the American Bugatti Club, who died in 2008
“Interest rates are low and some people have made a lot of money over the last year,” said John Collins, of U.K.-based Ferrari dealers Talacrest 2000 AD Ltd. “They want to buy real assets that have a limited supply and that won’t go down in value. Modern art and classic cars are tracking each other at the moment.”
Wealthy individuals are increasingly looking at physical objects such as art and cars because stock markets remain turbulent, dealers said. A 1932 painting by Pablo Picasso sold at Christie’s International in New York for $106.5 million on May 4, setting a record for any artwork at auction."
Manhattan Classic, New York's Finest Prewar Apartments - I was very excited to recently receive a copy of Princeton Architectural Press's new book "Manhattan Classic" by Geoffrey Lynch, pictured below, (from the...
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