Following an outstanding year in 2013, the classic car market has prospered again in 2014, with a new auction record set in July and a continued rise in value for many categories.
Fears of a price bubble spurred by big sales in 2013 have been quelled, with level headed bidding pushing the HAGI Top Index (which tracks the rare automobile market) to a 15.4% increase for the year to November 2014.
Ferrari continues to dominate the market, with all of this year's top 10 auction sales coming from the Prancing Pony marque. HAGI's Ferrari index is up 18.1% for the year to November 2014.
However, Porsche has seen the greatest rise in value, with several major sales taking HAGI's Porsche index to a 23.8% gain for the same period.
The most popular models from Porsche remain its competition cars, with the 1970 Le Mans 'Flunder' Langheck making $3.4m at Bonhams.
Collectors have shown a preference for 1960s cars with strong competition history, with European brands favoured. With Ferrari fast becoming too pricey for many, Alfa Romeo's classic 1960s racers have seen a surge in demand.
Classic models from the 1970s and 1980s continue to climb in value, as the younger generation turns to the most memorable cars of their youth.
Top classic car sale of 2014
 The $38.1m Ferrari 250 GTO was the first to appear at auction for more than 14 years |
In 2013, a 1963 Ferrari 250 GTO became the world's most valuable car sold in a private sale at $52m.
This year, Bonhams sold a 1962 250 GTO - the first to appear at auction in 14 years - from the famed Maranello Rosso Collection of Fabrizio Violati. International demand saw a final bid of $38.1m to set a record for any car ever sold at auction.
2014's important classic car sales
Motorcycles saw some brilliant results in 2014, with the 1929 Brough Superior SS100 Alpine Grand Sports setting a new world record for a Brough Superior, and any British bike, sold at auction at $492,769.
The Captain America chopper from Easy Rider made $1.3m to become the most valuable bike ever sold.
Top Porsche sales include the 907 Longtail that finished first in the iconic 1-2-3 win at the 1968 24 Hours of Daytona race. It sold for $3.6m at Amelia Island to set a record for the model.
The 1970 Porsche Le Mans 'Flunder' Langheck followed at Bonhams in November, making $3.4m.
With 1970s and 1980s models finding favour among new collectors, a 1982 Lamborghini Countach set a UK record at $567,000 in June, while a Countach LP400 Periscopia set a record for the model, selling for $1.6m.
Bonhams saw a record for a Ferrari 275 GTB/4 at $3m in Paris in February. A 1954 Ferrari 375-Plus sold for £10.7m ($18.2m) at the auction house's Goodwood Festival.
Joining the top 10 most valuable cars ever sold at auction are a Ferrari 275 GTB/C Speciale, which made $26.4m at RM Auctions in August, and a Ferrari 250 GT SWB California Spider that totalled $15.8 at Gooding & Company.
See the top 10 classic car sales of 2014.
It was a breakout year for…
1980s sports cars, with many seeing strong bids at auction this year, fuelled by what the Financial Times described as "bedroom wall syndrome". Think Magnum PI's Ferrari 307, or the Lamborghini Countach seen on posters in many a 1980s kid's room.
As noted by the FT and Hagerty International, the Ford Capri Mk3 has climbed in value by more than 80%.
It was a year to forget for…
The 1969 Porsche 917K seen in Steve McQueen's epic Le Mans film.
It was set to be one of the sales of the summer, with Gooding & Company expecting a record sum of around $20m at Pebble Beach in August.
However, the car was pulled from sale at the last minute, leaving many collectors disappointed.
One you may have missed…
The Guinness World Record for the most classic cars in a single parade was set by 1,721 motors ranging from Mustangs to Minis in Mexico City.
The event attracted 250,000 spectators as the cars were displayed on a 3.5 mile route.
