More valuable than a Ferrari are the Victoria number plates worth millions
When we talk about investing in things that aren't stocks or bonds, classic cars often come to mind first. Mercedes, Lamborghinis, and Ferraris come to mind when we think about expensive cars. These cars are valued assets in addition to being stylish and desirable.
But did you know there's another market that's even more interesting? It's the world of heritage number plates. These are the old license plates from cars, and they're becoming quite valuable, especially in places like New South Wales and Queensland in Australia. However, Victoria seems to have the most significant plates of all.
Steel and enamel were used to make these plates in their original manufacture. Some of them are currently selling for incredible amount of money since they were made to last.
Not only are Victoria's plates unique, but their backstories add even more significance. Collectors may become curious in a plate because each one carries a piece of history. Every plate, whether it has a unique serial number or is personalized, conveys a story of technique and history.
Many people become interested in these plates, the market keeps growing. People are drawn to the idea of keeping a piece of history that also has the potential to bring in a good profit. So, heritage number plates aren't just about showing off, they're also a smart investment choice for many.
Why are number plates worth so much in Australia?
Well, it's not just about the metal and enamel. The real value lies in the privilege to showcase these plates publicly. Owning a heritage plate is like owning a piece of exclusive fame. They're incredibly rare, and acquiring one is an immense task. Even for the wealthiest individuals, obtaining a heritage plate is no easy feat.
As a matter of fact, car lovers will do all it takes to locate these rare plates. Seeking the rarest gems, they search through the streets of Melbourne and Sydney. Entire communities on social media platforms like Facebook are dedicated to sharing sightings and discussing the appeal of these coveted plates.
Decoding the Worth of Number Plates - Million-Dollar Game
Valuing number plates stands by a direct principle: the lower the number, the higher the value. Back in 1932, when the very first single-digit heritage plates hit the scene, numbers 1 through 6 were exclusively reserved for Victorian government officials. However, a mystery arose that the governor, premier, and police commissioner of Victoria couldn't come to a compromise on who deserved the coveted number 1.
Rather than reaching a compromise, they opted to lock the plates away in a secure safe. Half a century later, during "The Great Plate Auctions", these plates were finally released to the public. The most sought-after plate, VIC #1, fetched a staggering $594,000 and found its new owner in a retired mechanic.
But today's prices exceed that sum. Consider these eye-popping figures:
- Single-digit plates command $3 million to $10 million.
- Two-digit plates boast values ranging from $900,000 to $3 million.
- Three-digit plates are valued around $500,000.
- Four-digit plates carry a price tag of approximately $200,000.
- Five-digit plates are valued at $100,000.
- Even six-digit plates aren't left behind, with prices averaging $40,000.
The attraction of these plates lies not just in their scarcity but in the stories they hold and the status they discuss upon their owners. As the market for heritage plates continues to flourish, these prices may only climb higher, making them not just a luxury item but a profitable investment opportunity as well.
The nine single-digit Victorian heritage plates are incredibly rare and virtually unattainable. They are cherished by the families who possess them, often considered the ultimate treasure in their possession. Decades can pass without any of these plates being put up for sale.
Yet, despite the scarcity of these coveted plates, the market continues to thrive. Plates with two digits or more frequently appear at auctions, drawing considerable interest and demand from collectors. Similarly, in NSW, heritage plates command high valuations. Three-digit plates are commonly appraised at over $500,000, while single-digit plates, like #4, have fetched prices in the millions of dollars.
These plates are not just rare, they carry history and prestige that few things can match. As more people get interested, it shows that these plates are becoming really important in the world of collecting and investing.
Stories of Remarkable Value
Just recently, #14 sold for a whopping $2.27 million, marking it as the cheapest Victorian plate sold in the past ten years. This also means there are even more valuable plates out there, likely to stay off the market.
One of the most famous plates, 'VIC 1', owned by Peter Bartels, is estimated to be worth up to $10 million. Auctions show how much people are willing to pay for these plates. For example, in 2019, plate #916 sold for $108,000. But three years later, a similar plate, #929, sold for a massive $570,000, five times more.
The story behind the #1 plate is quite interesting. It has changed hands many times, but one notable owner was Peter Bartels, the former CEO of Fosters. When he left the company in 1992, instead of taking a big payout, he asked for the #1 plate, which belonged to the brewery.
In 2007, Bartels got an offer of $1.5 million for the plate. Just four years later, its value shot up to over $2 million. Now, it's estimated to be worth a staggering $10 million, but convincing Bartels to sell it would be extremely tough.
Worried about fraud in the heritage plate market?
Well, creating fake plates is pretty pointless. See, when you buy a heritage plate, you're not just getting the metal piece. It's the right to show it off that's valuable. If you try to put up a plate you're not supposed to, you're asking for trouble. But some still try to cheat by buying fake plates with tricky letters and numbers.
Getting a real heritage plate is tough. They rarely show up at auctions or in private sales. Usually, they only become available when the owner passes away, and their belongings are sold off. This is not just about owning a fancy plate, it's about navigating a tricky market where authenticity is everything.
In Australia, Shannons has emerged as the leading auctioneer for heritage number plates, overseeing the majority of significant auctions in the past decade.
This is truly unique and often overlooked as an alternative investment opportunity. While classic cars receive much attention, heritage number plates often hold even greater value. What's remarkable is the incredible returns for those who hold onto these plates for the long term. Unlike classic cars, there are no ongoing costs like insurance, maintenance, storage, or depreciation.
For those interested in exploring this market, Shannons serves as an excellent starting point. Recently, in May, a notable auction took place where Victorian plate number 52 fetched an impressive $1,457,000. This highlights the potential for substantial gains in this thriving market.
