Classics defy the credit crunch.

CLASSIC cars are becoming worth their weight in gold as investors look for alternatives to the depressed stock markets caused by the global credit crunch.

A lack of confidence in financial institutions has sent investors throughout the world scurrying for other speculative ventures for their millions.

Together with gold, diamonds and fine wines, the rarest and most sought-after classic cars are suddenly in demand and prices are said to have soared.

UK-based international car auctioneers Coys say that the demand at recent sales is unprecedented.

In the past few weeks classics worth more than pounds 4 million have gone under the hammer, many to be dry-stored in purpose-built buildings until prices rise higher and they are put on the market again.

Among the classics sold by Coys in the second half of September was the world's only right-hand-drive Ferrari F50, which raised pounds 350,000.

Although no such car ever went into production in right-hand drive form, it was one of many bespoke carsmade for the Sultan of Brunei, in whose country they drive on the left side.

The 1966 red Ferrari classic is understood to have covered just a few miles.

Another car from a prestigious private collection was an iconic 1955 Mercedes-Benz 300SL Gullwing, which raised pounds 385,000.

Also going under the Coys hammer was the last remaining unrestored example of a 1955 Aston Martin DB3S.

This car sold for pounds 2 million, while a rare right-hand-drive Lancia Aurelia B24 Spyder fetched a more modest pounds 145,000.

Coys managing director Chris Routledge said: "It would appear that people would rather buy a historic car and put it in the garage than brave the current stock market.

"These are just some of the cars that have been sold and we are continuing to get enquiries from around the world and not just from traditional car collectors, but from those who want to get into something different."

The company's Spirit of Motoring auction is to be held at Ascot racecourse tomorrow, when another 70 classic vehicles will be going under the hammer.