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$1.3B worth of classic cars were auctioned in 2014

The collector auto market in the US just continues to expand with the values of vehicles seemingly only growing in the past years, especially if they have a prancing horse on the hood. This year was no different. According to data compiled by classic car insurance agency Hagerty, there were about $1.3 billion worth of vintage rides auctioned in North America in 2014, up just slightly from $1.2 billion crossing the block in 2013. If you want an idea of just how big a role the Monterey Car Week plays in the North American collector hobby, Hagerty's stats illustrate it perfectly. The company recorded $430 million in auction sales during the week – about a third of the entire market for the year. The event also hosted the biggest seller of 2014 when the hammer fell on a 1962 Ferrari 250 GTO (pictured above) for $38.115 million at Bonhams. In fact, vintage Ferraris in general were among the top buys in the classic auto world in 2014. Eight of the ten most expensive vehicles sold at auction were Prancing Horses (the other two were Ford GT40s). Also, the insurance company's price index for these Italian stallions showed a 43-percent gain in value for the year. The market for another Italian supercar is exploding, as well. The Lamborghini Countach showed a staggering 175-percent growth in auction value in 2014. According to Hagerty, the average price when they crossed the block was $736,599. Judging by Hagerty's numbers, there were still some places to look for those hoping to spend a bit less money. The Aston Martin Lagonda showed a strong gain in value with a 32-percent increase in auction price, but they still averaged $47,078. In addition, the company's index for '50s American cars showed only one-percent growth for these classics. These huge leaps in collector car value might be winding down, according to Hagerty. It predicts growth in the market to slow to an estimated five percent gain in 2015. Maybe a few of these classics might actually become a bit more affordable to fans without such deep pockets sometime in the future. Featured Gallery Bonhams Maranello Rosso Collection: Monterey 2014 View 21 Photos News Source: HagertyImage Credit: Copyright 2014 Drew Phillips / AOL Aston Martin Ferrari Lamborghini Auctions Car Buying Performance Classics aston martin lagonda ferrari 250 gto Lamborghini Countach collector cars 1962 ferrari 250 gto auto auction

Volkswagen Group names Paefgen head of classics program

You may remember the name Franz-Josef Paefgen. Until recently, the German engineer and executive was head of both Bentley and Bugatti. Before that he was chief executive of Audi, after working for several years at Ford. He technically "retired" earlier this year, but like the cars he helped create, an executive like Paefgen could never really retire. So it should come as little surprise that the Volkswagen Group has named Dr. Paefgen head of its Classic program.
In his new capacity, Paefgen will oversee the historic automobile activities of the entire VW Group, including those of Volkswagen, Seat, Skoda, Audi, Lamborghini, and of course Bentley and Bugatti. It strikes us as a suitable semi-retirement for the man responsible in no small part for the Bugatti Veyron and Bentley Mulsanne, to name just two, and who was decorated in 2006 by the ACO as the "Spirit of Le Mans" for his contribution to endurance racing. Read the official announcement after the break.

The ultimate Lamborghini Miura is for sale

There's no such thing as an ugly Lamborghini Miura, but the one currently for sale by Bingo Sports in Japan is something truly special. Starting life as a 1968 example, German Lambo importer Herbert Hahne had this beauty converted into a custom Jota SVR. The authentic Lamborghini Miura Jota started as a project to take the company's supercar racing, and the one-off featured a plethora of upgrades, including lower weight, aero adjustments like fixed headlights, extra power, and much more. The car met an untimely end when its wealthy owner had a crash in Italy. However, a few Miura owners wanted one, as well, and the factory did a handful of conversions to create examples that are incredibly valuable today. According to Bingo Sports' listing, Hahne's car is something a bit different. He had a '68 Miura transformed with this shapely body in 1975. The design now sports incredibly wide rear fenders to fit some serious tires at the back. He also had a rear spoiler added to the engine cover that placed the wing right on top of the roof when closed. The interior was also refitted with some comfy leather-covered Recaro seats and a Blaupunkt stereo. Within about a year of the custom work, the Miura made its way to Japan. The supercar has lived there ever since, and a three-year restoration was reportedly just completed. That's not too hard to believe because the photos show every surface of this unique supercar as practically immaculate. There's no price listed on this beauty, but we did inquire with Bingo and will update this post if and when we hear back. Related Video: