Classic-car auction prices hit an all-time high on Aug. 18 with a $38.1 million bid for a 1962 Ferrari at the annual Pebble Beach Concours d’Elegance in Carmel, Calif. Enthusiasts who don’t have that kind of cash are bidding up alternatives—Italian sports cars of the same era. McKeel Hagerty, chief executive officer of classic-car underwriter Hagerty Insurance, calls it the Ferrari effect. “It kind of trickles down,” Hagerty explains. “There are an awful lot of interesting stories below that Ferrari level.”
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