The Wealthy Keep Spending Big on Collectible Cars

The annual Pebble Beach automobile auction, which follows the Concourse d’Elegance, is one of the elite car auctions in the world - and a valuable barometer for the collectible-car market.

This year’s auction brought in $64.2 million, topping last year’s tally of $60 million. The auction saw the most expensive car ever auctioned in the United States. Twenty cars sold for more than $1 million–more than triple the number in 2006. Five cars sold for more than $2 million.

The number of price records shattered suggests that the rare-cars business remains strong.

Source: Wall Street Journal Wealth Report