Wealthy people spend record amounts of money at Amelia ‎Island, Florida Classic Car Show

Wealthy car collectors spent a record amount at classic car auctions in Amelia Island, Florida, in the United States over the weekend, suggesting that the market remains strong despite recession fears and falling stocks.

Total sales at the Amelia Island auction came to $178.4 million — a record for the event, surpassing the 2016 record of $140 million, according to classic and event insurance company Haggerty. More than 390 vehicles were sold, with an average price of $455,293, up from $435,939.

The company revealed that a total of 43 vehicles were sold for more than $1 million, up from 33 last year, according to CNBC.

Strong sales and large prices, according to the US agency, are the latest indication that the collectibles market is largely defying fears of recession, high prices, and a decline in the stock market.

While collectors have begun to back off some of the more expensive offerings, overall demand for classic cars remains strong, particularly among a new generation of collectors—Generation Millennials and Generation Z—the next generation of millennials.

The most expensive car ever sold on Amelia Island is a 1962 Ferrari 250 GTS WB California Spider, sold at an auction organized by Gooding & Company for $18 million – setting a record for the most expensive car ever sold at auctions on the Amelia Island.