490% rise in the value of classic cars over the last 10 years | Wilson Organisation

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February 22, 2017

490% rise in the value of classic cars over the last 10 years

490% rise in the value of classic cars over the last 10 years

Many of us would love to own a classic car, so it’s not surprising that those with the resources to do so have a valuable or rare car tucked away in their garage. For many, their passion for classic vehicles has fortunately turned out to be an extremely worthwhile investment.

Investments in classic cars has been on the rise with an annual growth of 17% globally, making it the top-performing investment of passion, according to recent figures from the Historic Automobile Group International and Knight Frank. However, it’s still staggering to hear that over the past decade classic cars have increased in value by 490%.

Although most classic car collections are kept in museums or in specialist storage, they are also driven and taken to concourse events or raced in heritage rallies, sometimes at glamorous locations around the globe.

It’s not just classic cars, but motorcycles too that are worthwhile investments. The famous Brough Superior factory where the incredibly rare, powerful machines of the pre-war era (dubbed the Rolls-Royce of motorcycles) were built is just a 20 minute walk from Wilsons’ offices here in Nottingham.

Eight long-lost examples, believed to have been destroyed during the war, were discovered in a Cornish barn in 2015. Unveiled for the first time in more than 50 years, ‘The ‘Broughs of Bodmin Moor’ were offered at Bonhams Sale of Important Collectors’ Motorcycles at Stafford on 24 April 2016, realising staggering prices.

Ben Walker of Bonhams commented ”There is a strong market for unrestored, highly original motorcycles. Bonhams regularly achieves world record breaking figures for Brough Superior motorcycles, including unusual projects, which appeal to the enthusiast and collector of the brand.”

Some individuals own as many as 250 cars, with the largest collections worth in excess of US$200 million. Historic Ferraris have led the pack: in 2014, a 1962 Ferrari 250 GTO sold for US$38 million – the highest price yet paid for a classic car at auction.

The responsibilities that come with collecting classic cars and motorcycles are very much like collecting fine art. They need to be kept in the right conditions and looked after as damage to a vehicle – even if expertly repaired – can result in depreciation, very much like a rare painting.  Matthew Pearce, European motor manager at Chubb, says: “Insurance will pay the cost of repair should a car sustain damage, but uniquely, Chubb will also cover any resulting loss of value.”

Our team here at Wilsons help many of our private clients with their classic car insurance, why not let them help you? Contact Jo Haynes.

Over 100 years of innovation

  • 1914

    A successful launch! The Wilson Organisation was founded in Nottingham by Harold Wilson and became the first company in the East Midlands to offer a comprehensive insurance policy to the region’s fast-growing band of automobile drivers. Innovation from day one.

  • 1920s

    During the 1920’s, Wilsons developed its commercial insurance offering under the stewardship of Harold Wilson. Hopping forwards 80 years, Wilsons has developed a number of industry specialisms including a particular expertise in the food and drink sector. We created a unique insurance offering called “FoodProtect” and, through this service, have been able to deliver intelligence and cost-effective insurance programmes to a broad spread of leading food producers. The best thing since sliced bread? Maybe not, but we’re working on it.

  • 1949

    John Prow joined Harold Wilson in the business, marking the first generation of the Prow family’s involvement in The Wilson Organisation. Wilsons’ clients included leading Nottingham firm Boots The Chemist plus a number of operators in the burgeoning railway sector. With post-war regeneration beginning apace, the firm’s fledgling construction expertise quickly developed into one of our leading offerings and this continues through to the present day, with clients including national and regional builders, developers, contractors, sub-contractors and architects.

  • 1960s

    The 1960s were the start of a new era for The Wilson Organisation. Harold Wilson and John Prow died on the same day in 1963, Harold of illness and John in a car crash. This left John’s son, John J Prow, to run the growing business at the age of 27. Under his youthful direction, Wilsons benefited from a new energy and direction. John J Prow, who had joined in 1960 in a new business role, led the move into our current premises at Wilson House in 1964 and then launched the financial services division in the following year.

  • 1990s

    The late 1990s heralded the start of the third generation of the Prow family’s involvement in the business. Managing Director Charlotte Prow joined in 1998, to be followed by the firm’s Chief Executive, Annabel Prow, in 2002. Product and service innovation continued apace with the launch of a corporate finance specialism in 1997, which continues to deliver valuable cost-savings and insights to the region’s dealmakers.

  • 2000s

    Now century on from the launch of The Wilson Organisation in 1914, the company continues to encourage innovation and reward good ideas. Within the financial services team, 2008 marked the launch of “Flex”, a powerful employee benefit programme and the development of “WRAP”, an investment tool with a unique level of investor control and transparency. Meanwhile, our insurance advisers worked quickly to bring to market a specialist insurance policy for insolvency practitioners.

  • 2010s

    2010 saw the launch of the Midlands Family Business Awards by Wilsons, the UK’s only independent not-for-profit Awards for family businesses. Now in their fifth year, the Awards have raised almost £20,000 for charities supporting families and young people. In 2014 we are celebrating Wilsons’ centenary, a significant milestone in Wilsons’ history.

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Harold Wilson (Insurances) Ltd. and Harold Wilson Financial Services Ltd. are authorised and regulated by the FCA (Financial Conduct Authority)