China's Superrich Swoon at Luxury Auto Show

Some 'collectors' don't even plan to drive the cars
By Evann Gastaldo,  Newser Staff
Posted Nov 25, 2011 12:51 PM CST
China's Superrich Swoon at Luxury Auto Show
In this photo taken Thursday, Nov. 24, 2011, a Pagani Huayra is displayed during a supercar show in Macau.   (AP Photo/Vincent Yu)

(Newser) – As the ranks of millionaires and billionaires swell in China, there’s an increasing demand for luxury goods in the country. This year marks the first time China is hosting its own version of Top Marques, the luxury auto show that began eight years ago in Monaco. Ferraris and Lamborghinis abound, the AP reports, along with lesser-known cars from Pagani, SSC, and Koenigsegg. One visitor, whose 15- to 16-car collection already includes a Ferrari, a Lamborghini, and a Rolls-Royce, was considering the $1.1 million Pagani Huayra or the $6.1 million Bugatti Veyron Grand Sport, which can hit more than 250mph.

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China's supercar “market is growing rapidly, growing a lot faster than the entire car market,” says a Lamborghini rep—and some of the buyers don’t even intend to drive the cars. “They just put it at home like a fine painting or piece of art or sculpture,” he says. Some even “forklift it and put it down at home because they don't want to put any miles on the car.” Also testing China's upscale demand will be a Christie’s sale in Hong Kong of more than 3,600 luxury lots, the San Francisco Chronicle notes, including a 1945 bottle of Bordeaux, a Ming vase, and two 35-carat diamonds. (Read more luxury car stories.)

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