Vintage cars have become a surprisingly viable commodity, according to a CNN report.
Classic models have been selling for higher prices than ever, with examples including a 1964 Ferrari that went for $14.4 million at last week's "Art of the Automobile" auction. The sale broke the previous record of $6.9 million for the same model.
At the auction in New York City, Sotheby's sold 31 classic and concept vehicles and auto-related items for around $63 million.
In July, a 1954 Mercedes-Benz went for $29.6 million, which became the highest price ever paid for a car sold at public auction and smashed the previous record of $13.3 million.
The average value of vintage cars has risen 430 percent in the past 10 years, according to Knight Frank's Luxury Investment Index.
Sometimes celebrity ownership adds cache. Ringo Starr's 164 Facel Vegal was auctioned off Sunday for $553,000 at Bonham's auction house.
"The fact that a car was previously owned by a celebrity will more often than not push the value up, but of course it depends on who the celebrity is," said Bonham's spokesperson Chloe Ashby.
"The demand for vintage cars is rising," she added. "Along with jewelry and Asian art, cars are now in the top three collecting categories."
The value of classic cars rose 39 percent this year alone, according to the Historic Automobile Group Index.
Vintage vehicles are especially appealing after the financial crisis, said Dietrich Hatlapa, founder of the Historical Automobile Group.
"People have been more drawn to tangible assets over the last 10 years. Classic cars are fun, you can drive them and they have become a lifestyle as well. It's also a way to pass on wealth from one generation to the next."
While a vintage car can be a good investment, experts say the trend will likely slow down.
"I would be surprised if the demand and value can continue at the same rate over the next 10 years," said Andrew Shirley, editor of the Wealth Report.
It's best to purchase a classic car purely as an auto enthusiast rather than someone looking to make money.
"Someone shouldn't go into the vintage car market for pure investment purposes, but have a passion for classic cars," Shirley said. "The most valuable return from owning a vintage car is the satisfaction that you have something you're passionate about."
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