The vintage car market in Italy is worth €2.2 billion

The vintage-car and -motorcycle sector keeps Italy’s economy humming, much like a major fashion house (Prada or Max Mara) or a global coffee brand (Lavazza). Annual revenues reach about €2.2 billion, according to a Piepoli Institute study presented in the Senate, which highlights the industry’s strong social impact. One in two Italians shows interest in classic cars and bikes, and one in three says they would consider buying one.

As expected, the trend is stronger among men than women: 73 percent of male respondents are enthusiasts, compared with 60 percent of female respondents. Regionally, interest is highest in the South—75 percent of respondents there are into vintage vehicles—followed by 67 percent in Central Italy and 61 percent in the North.

Maintenance and running costs account for 52 percent of the vintage-car turnover. Piepoli figures show that keeping a historic vehicle in good shape averages around €2,000 annually. Purchases and restorations make up 22 percent of total revenues. The remaining 26 percent benefits tourism: collectors and enthusiasts spend €569 million on travel and accommodation for rallies, fairs, shows, races, and elegance contests. Lombardy leads regional spending on automotive heritage with €391 million, followed by Emilia-Romagna (€340 million), Veneto (€198 million), Lazio (€190 million) and Puglia (€170 million).

A key growth driver in the vintage-car market is auctions. The 23rd edition of the “Classic Car Auction Yearbook,” edited by Adolfo Orsi and Raffaele Gozzi and unveiled at the ACI pavilion during Padua’s “Auto e Moto d’Epoca” show, reports that of the 5,628 cars auctioned between September 2017 and August 2018, 4,228 sold for just over €1 billion. That marks an increase from the previous year. Sixty-four percent of revenues came from the U.S. and 24 percent from Europe. Italy accounted for 7 percent of total sales—behind France (11 percent) and Great Britain (12 percent), although the U.K. share recently hit a historic low.

To draw bidders and spice up auctions, four out of every ten cars now go to auction without a reserve price. Revenues from that approach have dipped compared to 2017. One in five cars sold was already auctioned at least once in the past 25 years. The sector’s boom year peaked in August when Sotheby’s sold a 1962 Ferrari 250 GTO at Monterey for €41.77 million, and 225 cars fetched over $1 million each. The average hammer price was €213,000—the highest since 1993.

Ferrari is the top brand by auction turnover, accounting for 28 percent of total receipts, followed by Porsche (11 percent) and Mercedes (8 percent). Maserati, Alfa Romeo and Lamborghini together contribute just over 6 percent. Yet Ford is the most “successful” in terms of sell-through rate: 90 percent of Ford cars offered by the Blue Oval were sold, while Mercedes, BMW and Rolls-Royce sold 80 percent. In sell-through rankings, Alfa Romeo edges out Ferrari (71 percent vs. 64 percent), and Maserati (58 percent) slightly surpasses Lamborghini (56 percent).

Classic and ceremonial cars are an ever-growing passion in Italy, and at Ghisu Car Rental we can confirm it 100 percent. Rely on our expertise for your wedding or special event—contact us for more information.