The classic car market in the United States is booming with record prices being paid for cars at recent auctions, according to market observers.

Sales held around this year’s Pebble Beach Concours d’Elegance in California had a turnover of 100 million dollars in four days. This is a tenfold increased from the figure of 9.8 million dollars achieved in 1996.

Topping the charts was a rare 1958 Ferrari 412 S race car with a price of 5.6 million dollars, more than double the price paid for any other car.

Another highlight of the Pebble Beach auction included the sale of a 1927 Bugatti Type 35C Grand Prix for 2.585 million dollars, a record for a Bugatti Grand Prix car.

The 21st annual Monterey Sports & Classic Car Auction also set a record, with combined sales over two days totalling nearly 43 million dollars.

Posted: 09|20|06 at 9:25 am. Filed under: US News.