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What Aston Martin’s Le Mans comeback means for classic car investments
With full potential to make motorsport history, the return could also hike the value of classic car collections worldwide
Le Mans is to the French what Silverstone is to the British and Indianapolis is to the Americans — the home of motorsport. The first French Grand Prix took place there in 1906. This city in Northwestern France, on the Sarthe River — from where the circuit takes its name — has a long history dating to before the Romans took over in 47 BC. Henry II, the Plantagenet King of England, was born there to Geoffrey V of Anjou and Matilda of England, the daughter of Henry I and fourth son of William the Conqueror. Matilda married in Le Mans Cathedral on 17th of June 1128.
Fast forward almost 900 years and we find that despite the city's rich heritage, Le Mans is best known for being home to the oldest active endurance racing event in the world, the 24 Hours of Le Mans. The race, which began in 1923, forms part of the Triple Crown of Motorsport. Unlike the Monaco Grand Prix and Indianapolis 500, Le Mans is won by the car that covers the greatest distance in 24 hours. Rather than focusing on speed, the primary objective is endurance — reliable cars that travel at speeds up to 250mph, lap after lap after lap, spending as little time as possible in the pits. The race is organised by Automobile Club de l’Ouest and since 2012 has been part of the FIA World Endurance Championship (WEC). This year promises to be particularly exciting, especially for the British: Aston Martin has not won here since Roy Salvadori and Carroll Shelby took their DBR1/300 across the line in 1959. The company’s Valkyrie is an old-school, purebred V12, designed by Englishman Adrian Newy, one of the most accomplished automotive designers. Should it win on June 14, it will cement Aston Martin alongside Bentley as a perennial of British motorsport brands. Bentley has won Le Mans six times, including an incredible run from 1927-1930, when it was unbeaten, coining the expression ‘The Bentley Boys’, being the British motorists who drove the cars to victory. The Valkyrie’s engine is built by Cosworth, a portmanteau of the surnames of Mike Costin and Keith Duckworth, who met at Colin Chapman’s Lotus Engineering Limited and founded Cosworth in 1958, the year preceding Aston Martin’s last Le Mans victory. The car will be driven by an all-British crew of Harry Ticknell, Tom Gamble and Ross Gunn, and carry the highly appropriate race number 007. It would be an historic win, but competition will be fierce: Ferrari is going for the hattrick, Porsche for an earth-shattering 20th win (no wonder the brand’s reputation for reliability), and the French — Peugeot and Alpine — are keen to win on home soil (the French haven’t won since 2009). In addition, Mercedes returns to the fray following a 25-year hiatus; British racing team Jota Sport has teamed up with deep-pocketed Cadillac to enter no less than four cars, to say nothing of the ambitions of BMW and Toyota. This year’s race promises plenty of excitement.
The Allure of Aston Martin
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Founded in 1913 by Lionel Martin and Robert Bamford, Aston Martin has a century of motorsport heritage and performance, connections with British royalty and, of course, James Bond. The marque’s storied lineage at Le Mans attracts the attention of investors. The 1959 triumph of the DBR1, of which only five were ever constructed, culminated in a singular chassis commanding $22.6m at RM Sotheby’s auction in 2017 — testament to the brand’s enduring cachet. Should the Valkyrie claim victory this weekend, the ripple effect could elevate the value of Aston’s stable of classic cars. The DB5, entwined with the mystique of Bond since Goldfinger, and arguably, the most famous car in cinematic history, commands around a million dollars in fine fettle, yet those with documented racing provenance may soar well into seven figures. Rarer still is the 1961 DB4 GT Zagato, of which only 19 were made with ‘MP209’, fetching £10m at the Goodwood Festival of Speed Bonham’s auction in 2018, a tenfold appreciation from its one-million-dollar valuation in 2000.
Classic Cars and the S&P 500: A Study in Returns
Do classic cars outstrip the steady march of the stock market? The evidence suggests they can, though not without volatility. The Knight Frank Luxury Investment Index records a 10 per cent annual return for classic cars from 2010-20, surpassing the S&P 500’s more pedestrian seven to eight per cent. Consider the 1962 Ferrari 250 GTO, acquired for $1.5m in 1990 and which sold for forty-eight million in 2018 — a 30-fold return that eclipses the S&P’s sixfold growth over that time span. Similarly, the aforementioned Aston Martin DB4 GT Zagato, purchased for one million in 2000, now commands 10 million, a tenfold gain that outpaces the S&P’s threefold rise. However, would-be investors should not expect the road to be as smooth as the Mulsanne Straight. A pedestrian Aston DB6 may merely shadow the S&P’s returns, particularly when burdened by annual maintenance costs — five to ten thousand dollars for storage, insurance, and restoration. Liquidity further complicates the equation: stocks can be sold at a moment’s notice, while classic cars can remain unsold for many months. A Valkyrie victory this year may bolster the value of a DB5, much as Ferrari’s hat trick would only add to the allure of a 250 GTO.
The Road Ahead
If you are new to the pursuit, diligence is paramount. Rarity is the lodestar — the fewer there are, the more sought after they are likely to be. Condition is critical: vehicles with original components, unmarred by corrosion and accompanied by meticulous maintenance records, command premiums. Provenance can elevate a car’s worth exponentially. The 1955 Mercedes-Benz 300 SLR known as the “Uhlenhaut Coupe” sold for $142 million in 2022, setting the record for the most expensive car of all time. The auction houses, Bonhams and RM Sutherby’s, offer a window into the current market; a well-preserved DB5 may be acquired for $500,000, while if you are lucky you may find the more accessible DB7, Aston’s gateway classic, at around $50,000. Ownership is not without its tolls: restoration insurance and storage soon add up and unlike company shares classic cars are illiquid. Classic car ‘investing’ is all about the joys of ownership and immersing oneself in the culture. A DB7, driven with joy, may prove a wiser investment than a DB6 acquired solely for gain. Invest in what moves you and you might find your passion has both profit and purpose.
Maltin is the Chief Investment Officer of Ridgeway Investment Management. The opinions expressed here are his own and do not necessarily reflect current portfolio positioning. For additional information visit www.rim-bvi.com.
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