( CNN ) -- If investing in credit default swaps or commodity derivatives does n't exactly fill your heart with a sense of wonder and excitement , then a product with a little more va-va-voom could be a surprisingly viable alternative : vintage cars . Records have been tumbling recently for classic cars sold at auction . Last week , a 1964 Ferrari went for $ 14.4 million at the `` Art of the Automobile '' sale , smashing the previous record of $ 6.9 million for the same model . Sotheby 's sold off 31 classic and concept cars and auto-related items for nearly $ 63 million in just over two hours at the auction in New York City . Over the past decade the average value of classic cars has risen by 430 % , according to Knight Frank 's Luxury Investment Index . This compares to 273 % for gold and a comparatively meager 55 % for the FTSE 100 over the same time period . Indeed , in only July a 1954 Mercedes-Benz was snapped up for $ 29.6 million , the highest price for any car ever sold at a public auction -- dwarfing the previous title-holder by $ 13.3 million . And just yesterday , Ringo Starr 's 164 Facel Vegal was auctioned off for a cool $ 553,000 alongside a host of historic cars at Bonham 's , during a series of lots that netted the auction house a cool $ 27.6 million of sales . `` The fact that a car was previously owned by a celebrity will more often than not push the value up , but of course it depends on who the celebrity is '' said Bonham 's spokesperson Chloe Ashby . `` The demand for vintage cars is rising , '' she added . `` Along with jewelry and Asian art , cars are now in the top three collecting categories . '' Dietrich Hatlapa is founder of the Historical Automobile Group , an independent investment research house that specializes in classic cars . He says that vintage motors offer a unique appeal , particularly in the wake of the financial crisis . `` People have been more drawn to tangible assets over the last 10 years . Classic cars are fun , you can drive them and they have become a lifestyle as well . It 's also a way to pass on wealth from one generation to the next . '' The value of classic cars has jumped 39 % this year alone , according to the Historic Automobile Group Index ( HAGI ) , which tracks the financial performance of 50 rare and exotic classic cars . However , there is a sense among industry experts that these growth trends will slow down . `` I would be surprised if the demand and value can continue at the same rate over the next 10 years , '' said Andrew Shirley , editor of the Wealth Report . There are also risks to investing in vintage cars , as opposed to the more conventional alternatives , like bonds . `` The big difference to mainstream investment options is the lack of liquidity . You ca n't sell your car next door , '' Shirley said . `` It will take a lot of research and a long time to find someone to sell your car to for the right price . There are also slight fluctuations in trends , so it might be that at that time an Aston Martin is n't as much in demand as a Ferrari . '' It 's also not a one-off investment -- there can be substantive costs involved in maintaining the car . `` You have to look after them to keep them in good condition , especially if you want to keep driving , '' Shirley said . Accordingly , Hatlapa advises against throwing your money at a classic car if money is all you 're hoping for in return . `` Someone should n't go into the vintage car market for pure investment purposes , but have a passion for classic cars , '' he said . `` The most valuable return from owning a vintage car is the satisfaction that you have something you 're passionate about . ''
Auction house Knight Frank 's sold Facel Vegal vintage car on the past decade . Classic cars rose 55 % in value over December 1 . Investing in classic cars bears risks such as maintenance costs and lack of liquidity .