I was only 16 in 1990, so I wasn't paying attention to the collector car bubble going on then, but I was wondering about the circumstances that led to the huge losses in value suffered by Ferraris in particular and higher end collector cars like the Carrera RS.
The circumstances seem awfully similar to the run up in values we see today, except that easy money is inflating the bubble even higher than the late 80s value run-up.
For those who were aware of the market at that time:
1. Was it a fast crash (big auctions suddenly show lots of no-sales, etc) or more of a slown let down?
2. How were you first aware that values had started heading south?
3. Did it drag the lower tier collector cars up and down with it (like say Porsche 356s and Dino's)?
4. I keep hearing "It's different this time" and "They aren't making any more"...like real estate in 2006. Was this also the buzz in 1989?
Thanks in advance for the history lesson.
