A visitor carrying her pet dog stands in front of a 1954 Maserati SpA 250F, left, and winner of the Coppa d'Oro Villa d'Este, a 1968 Alfa Romeo Automobiles SpA 33/2 Stradale, at the 2018 Concorso D'Eleganza at Villa d'Este in Cernobbio, Italy, on Saturday, May 26, 2018. The annual Concorso D'Eleganza is held at the Grand Hotel Villa d’Este, on the shores of the stunning Lake Como in northern Italy. Historic cars are vying for the coveted “Best of Show” prize, awarded to automobiles expressing beauty, passion, and uniqueness. This year’s event motto is “Hollywood on the Lake”. Photographer: Alberto Bernasconi/Bloomberg
INTERNATIONAL - The classic car market may be running out of gas.

The vintage Ferraris, McLarens and Jaguar E-Types whose values have soared in recent years delivered a negative 1 percent return for the 12 months ended in March, according to the latest Knight Frank Luxury Investment Index.

The decline is partly due to less buying by speculators and classic car funds set up in recent years, said Andrew Shirley, Knight Frank’s wealth report editor in London. 

“That interest has cooled, and there is a return to the collector and enthusiast driving the market,” he said. 

“People who love them will still pay huge amounts for the best cars, but they are more discerning.”

The best performing luxury asset was art, which clocked a 21 percent growth rate in the past 12 months, according to an index based on auction data provided by Art Market Research. Wine was second with a 9 percent return, followed by watches at 5 percent.

Still, cars were the clear winner over the longer run, delivering a 288 percent return in the past 10 years. That compares with 182 percent for coins and 174 percent for wine.

- BLOOMBERG