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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

Race recap: 2016 Monaco Grand Prix gets very wet, a little wild

More than at any other race, the Monaco Grand Prix question is: which combination of demolition derby, Safety Cars, and bad pit strategy will decide the podium? Last year Lewis Hamilton's late, confounding pit stop cost him victory. The year before, Nico Rosberg's qualifying "mistake" put him on pole and Mercedes-AMG Petronas' pit strategy sealed his win – good for Nico, bad for Hamilton and the rest of the field. In 2013 Hamilton dropped from second to fourth when he lollygagged in the pits. In all three years, Rosberg won. The new X factor for 2016: a Red Bull resurgence that helped Daniel Ricciardo clinch his first career pole. Nevertheless, bad pit strategy had its say in the results. Ricciardo built up a 13-second lead by Lap 15 in spite of heavy rains that forced the Safety Car to lead the first eight laps of the race. Ricciardo stopped on Lap 23 to switch to intermediate tires for the drying track, ceding the lead to Hamilton. Hamilton pitted from the lead on Lap 31 for softs, then Red Bull pulled Ricciardo in again on Lap 32 and made a snap decision to put him on ultra softs, but the tires weren't ready when Ricciardo reached his pit box. What should have been a three-second pit stop turned into a 13.6-second pit stop. Ricciardo left the pits as Hamilton came down the straight and the Aussie lost the lead into the first corner. Despite two attempts to pass later in the race, Hamilton finished first, the Aussie second. It's the second race in a row where pit strategy cost Ricciardo a near-certain win. Conversely, Force India nailed both tire strategy and pit timing with Sergio Perez. The Mexican started in eighth but got into third before half the race was done, passing four cars in the pits, and finished on the podium's final step. Otherwise the order barely changed from about half distance, with Ferrari driver Sebatian Vettel in fourth, followed by Fernando Alonso in the McLaren, Nico Hulkenberg in the second Force India, Rosberg in the second Mercedes, Carlos Sainz for Toro Rosso, Jenson Button in the second McLaren, and Felipe Massa taking the final point for tenth for Williams. Storms didn't only hover over the area, though – dark clouds hung around several teams and drivers. Mercedes' reliability is no longer so reliable. The Silver Arrows suffered engine issues on both cars in qualifying, and Hamilton's problem almost kept him from setting a time in Q3.

Former Ferrari boss takes over FIA Single-Seater Commission

After "stepping down" from his position as team principal at Scuderia Ferrari earlier this year, we knew that Stefano Domenicali would find ways to keep himself busy. We just didn't know with what, but now we have a bit of a clearer picture as the FIA named the longtime racing strategist the head of its Single-Seater Commission at its annual General Assembly, held this past week in Qatar. The FIA Single-Seater Commission, for those unfamiliar, is responsible for organizing and fostering the ladder of formula racing – right up to (but not including) Formula One. The presidency of the commission was previously held by Gerhard Berger, former F1 driver and Toro Rosso team principal, who was largely credited with the rebirth of the FIA Formula 3 European Championship and the founding of the FIA Formula 4 category. Before Berger the position was held by racing consultant Barry Bland, and serving alongside Domenicali as vice-president of the commission will be John Ryan of the UK's Motor Sports Association (MSA). In taking over the commission, Domenicali will be charged with further defining a clear progression for aspiring racers to graduate to increasingly more challenging forms of open-wheel racing. He recently served as well on the special Accident Panel that looked into the Jules Bianchi incident. In that regard he seems to be following a similar trajectory to his predecessor Jean Todt, who was elected president of the FIA shortly after leaving his long career at Ferrari. The FIA appointment, however, isn't the only thing Domenicali has been working on lately. He was also recently hired by Audi in an undisclosed capacity that is said to include evaluating prospects for the German automaker's potential future F1 program. FIA Annual General Assembly FRI 05.12.14 The FIA Annual General Assembly, held in Doha, Qatar, today (5 December 2014), marked the end of the annual meeting week attended by Sport and Mobility FIA Member Clubs from around the world and which culminates with the FIA Prize-Giving ceremony this evening. The FIA President, Jean Todt, along with Senate President Nick Craw and Deputy Presidents Brian Gibbons and Graham Stoker, welcomed the delegates to the meeting and, on behalf of the General Assembly, thanked hosts Nasser Khalifa Al Attiyah and the Qatar Motor and Motorcycle Federation (QMMF) for their warm hospitality and assistance.