I'm McKeel Hagerty and welcome to the Spring 2009 Collector Car Update.
Wells Fargo recently pronounced the banking crisis over and wants to pay back its bail out money as quickly as possible and get back to business as usual. The day after a 1957 Ferrari Testarossa sold in Maranello Italy for a record breaking $12.4 Million. The DOW closed up 235 points overall. The DOW is up, by the way, 2,000 points from its 2009 low set in March. A coincidence? Well, no doubt the DOW and the Ferrari, but there is at least feeling that the worst is over in both the collector car world and the financial markets. Instead of speculating as to how far things will continue to fall more are starting to question how long it will take for the post September 2008 losses to be made back up. Through it all collector cars weather the storm pretty well.
This is a companion discussion topic for the original entry at https://www.hagerty.com/articles-videos/articles/2009/07/05/hagerty-spring-2009-collector-car-market-update