Celebrity social media posts are boosting classic car prices
For the wealthiest car collectors, a picture isn’t just worth a thousand words. It can also boost that vintage vehicle’s value by thousands of dollars.
That’s the takeaway from an analysis by Black Book, which finds social networks like Instagram are helping drive up the valuations of certain exotic cars.
Bloomberg reports that from 1977 through 2008, three of the most iconic cars on the planet – the Aston Martin DB5 coupe, the Ferrari 250 GTL, and the Mercedes-Benz 300SL Gullwing – appreciated in value by 5% annually. Each year since 2008, however, they’ve appreciated as much as 60%.
Part of the increase is also due to an improving economy, but Bloomberg asserts photos uploaded onto Facebook and other sites by wealthy celebrities are fueling some of the interest as well.
So if that vintage car you wanted to sell is commanding a healthy profit, perhaps it is best to send a “thank you” tweet to David Beckham.