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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

Lamborghini Murcielago SV reverse-engineered by a team from Iran

Iranian engineers successfully made themselves a copycat Lamborghini Murcielago SV. In looks, if not in performance, that is. The most interesting aspect behind the project is that they say it was created using Lamborghini's original data. They took a serious left turn when it came to the powertrain though, because sitting behind the driver is a 3.8-liter Hyundai V6. Not quite the 6.5-liter V12 monster in the actual Murcielago SV. Massoud Moradi, the director of the project, thinks that nobody would be able to tell the difference between this car and Lamborghini's from an appearance standpoint. "All parts of the body, inside the car and precise mechanics of the car are manufactured and mounted based on the original ... Murcielago platform. Its chassis is also one and one with the original," Massoud says. One of the reasons Massoud and his team embarked on this project was to learn how Lamborghini made its supercars. They made their replica after taking apart a real Murcielago and designing new parts based on the original Lamborghini bits. The project to make this thing started four years ago, and the team didn't spend "any time planning or testing the car." Now that's a clear indication you probably don't want to drive this thing. Just because it's designed to be a copy of the Murcielago doesn't mean it's going to perform anything like it on the road. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. We'll admit the exterior design is pretty spot-on compared to the actual Murcielago SV, as you can see in the video above (which comes from RT, a network funded by the Russian government). Everything apparently lines up to the original dimensionally, and it uses a bunch of carbon fiber and composite components throughout. Moradi claims a top speed of at least 174 miles per hour — there's no word on what, if any, modifications have been done to the Hyundai engine and transmission to achieve such a speed. So count us skeptical for the time being. The Iranian team wants to make more of them too. Moradi suggested that the small company could make 50-100 units per year if they were to go into production. He'd like future iterations of the car to have larger V8 and even V10 engines, too. Might we suggest some testing first? And what does Lamborghini think of this whole operation? These guys purposefully copied one of Lamborghini's designs with an intent to eventually make money off of it.

Justin Bieber arrested for possible DUI, drag racing [w/video, UPDATE]

Pop star Justin Bieber was arrested early this morning in Miami Beach, FL with TMZ.com listing his charges as including driving under the influence, drag racing, resisting arrest and driving on an expired license. TMZ says that Bieber was stopped for street racing his Lamborghini Gallardo, then failing a field sobriety test, and is being charged with resisting arrest for "refusing to take his hands out of his pockets."
It's also being reported that Bieber was racing against rapper Khalil (also arrested) who seems to have been driving a Ferrari 16M Scuderia Spider (although it was mistakenly called a "red Lambo" in the article). There is no additional information about the arrest of either men, but TMZ has obtained eyewitness video, which is posted below, that shows Bieber in his Lamborghini surrounded by fans and then later shows the car stopped by police officers.
UPDATE: As it turns out, the cars in question didn't actually belong to either Bieber or Khalil. We just received an email that indicates that both the Ferrari and the Lamborghini involved in the incident were rentals. The president of Lou La Vie, an exotic car rental outfit in Miami, is claiming ownership of both vehicles, though didn't provide any other significant information regarding the case.