Thursday, May 6, 2010

So You've Decided That The Stock Market Is Not For you

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."


Karena said...

Certainly makes a lot of sense. Still stinging from the last crash!!

Art by Karena

La Maison Fou said...

Love the car; my poor bloak bro in law has been taking the lashings on a daily basis.
Boy a ride in this could ease the stings......unless you were the one with the ouch in your wallet.
I get the feeling that a ride down a tree lined lane could ease ones mind though.
A beauty......
Thanks for sharing,