Nostalgic Car Collecting Driving Auctions at Pebble Beach

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Aug. 18 (Bloomberg) -- Bonhams Specialist Eric Minoff discusses the auction of classic cars at the Pebble Beach Concours d'Elegance. He speaks on “In The Loop.” (Source: Bloomberg)

The ferrari gto for more than $38 million last week.

Tell me first off about the show this year.

It is exciting i'm sure every year, but what were some of the highlights?

It was a big year this year for us.

It is always a big year for the collector market, a big place for the collector car market in general.

Augustine cartmell is were the largest volume of cars trades hands ever in the world.

This year was especially important with sales of the ferrari gto we had that set a world record for the most viable car ever offered at auction -- valuable car ever offered at auction.

What is it about the ferrari 250? it is a spectacular machine.

They made only 36 of them with the three liter engine.

They had prolific race history, every single one of them did incredible things.

They just combined the incredible beauty of ferrari road car with the racecar.

It is one of those things where it is a purposely designed machine to race and win races.

As a result of the way it came out, it looks stunning.

Absolutely gorgeous.

And for 1954 as well, it's just shockingly beautiful.

It was more toward the early 1960's. they made them from 1961-1964 they made the 250 gto model.

It was part of the 250 series they started making in the early 1950's and continued nearly to the mid-1960's producing that model with a three liter v12, refining it a lot or the way.

This is the perfect car to get in, drive to the race track from race and went and drive to the bar is a lot of racers did.

I wonder why the 60's seems to be an error that is unbeatable and car design -- an era that is unbeatable and car design and at auction.

Is this the heyday of car building?

Nostalgia collecting has always been a pretty strong factor in the collector car market.

If you think about 50 years ago, people who have reached their peak earning years are now retired.

They have a bundle of money sitting under them.

They were teenagers when this car came out or they had pictures of it on their wall.

This is the car they wanted.

So now they're going out and buying them.

There are ready is an increasing trend toward people spending a lot more money on cars from the 1970's, cars we really did not think people would spend as much money on.

Bonhams had a lamborghini and june that sold for $1.2 million, which bested our record from last year.

Later that month, we sold one for $1.8 million.

The mid-70's supercar.

Cars even from the 1980's are doing really well.

We had won an auction that sold for $1.4 million.

The last one we sold that i can remember off the top of my head sold for about one quarter of that.

It really increased in value and that wasn't too long ago.

Got it.

Excellent talking to you.

Thank you for joining us.

Bonhams motoring department specialist coming to us from california.

Coming up, sprint may fire the next shot in the mobile wars.

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This text has been automatically generated. It may not be 100% accurate.

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