Ferraris a Better Bet Than Stocks in Age of Market Exuberance
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A day after U.S. stocks smashed out yet another record, a vintage Ferrari went under the hammer for the highest price ever -- the latest sign that while investors may grumble about frothy financial asset valuations, they’re still prepared to pay up.
An early employee at Microsoft sold the 1962 Ferrari 250 GTO for $48.4 million at the weekend, more than 25 percent above the previous record for a classic car sold at auction some four years ago.