Bloomberg the Company

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Follow Us

Industry Products

Auctions

The Ferrari Effect


Classic-car auction prices hit an all-time high on Aug. 18 with a $38.1 million bid for a 1962 Ferrari at the annual Pebble Beach Concours d’Elegance in Carmel, Calif. Enthusiasts who don’t have that kind of cash are bidding up alternatives—Italian sports cars of the same era. McKeel Hagerty, chief executive officer of classic-car underwriter Hagerty Insurance, calls it the Ferrari effect. “It kind of trickles down,” Hagerty explains. “There are an awful lot of interesting stories below that Ferrari level.”

Kyle-stock-190
Stock is an associate editor for Businessweek.com. Twitter: @kylestock

LIMITED-TIME OFFER SUBSCRIBE NOW
 
blog comments powered by Disqus