Classic car prices reached new high in 2013

The prices of top classic cars reached a worldwide high in 2013, with a record $122 million being paid for the 10 most cherished vehicles, German price watchdog Classic Tax in Bochum reports.

In 2012 the world's top 10 classic cars had been worth a total of just under $86 million.

Experts say exclusive models are proving to be excellent investments alongside stocks and shares at a time when cash earns poor interest at the bank.

Last year's febrile market produced a number of individual records, including the world's all-time most expensive car. The classic Mercedes-Benz W196 racing machine changed hands at an auction held by Bonhams in Britain for $29.7 million.

Runner-up was a road-going Ferrari 275 GTB/4 NART Spyder from 1967.

It sold for $27.5 million. Prancing Horse products featured six times in the top-10 line-up. Among the modern classics sold was a 1997 McLaren Formula One Car which fetched around $8.5 million.