FULL OF EASTERN PROMISE

Is burgeoning classic car interest in the Middle East good for the global classic market? Nathan Chadwick investigates

- Nathan Chadwick

'WHAT REALLY INTERESTS me is the positivity and energy, and the encouragement for new things,' says Peter Wallman of RM Sotheby's of the Middle East. It is an area of the world where everything is new - from empty deserts to atmosphere-scraping skylines - and where almost anything is perceived as possible, achievable and attainable. All the more remarkable is its rise to prominence in only a few decades.

The region has long had a love of supercars and SUVs, but the classic car movement is on the rise there, too. This passion is being fed by events, auctions and clubs catering not only to those who hail from the Middle East, but the growing number of ex-pats drawn by favourable tax rates, low crime and sunny weather. 'Very high-profile businessmen and women are moving there, and not just for short stints they're moving their families,' Peter says. 'I liken it to Hong Kong in the 1980s.'

Peter sees a grassroots classic car movement burgeoning, with events such as the Gulf Historic Grand Prix at the Dubai Autodrome, Icons of Porsche and the Mille Miglia UAE providing an excellent foundation. He's also seen a trend towards more social events. 'Flat 12 is a club run based at a warehouse space by the docks, where they organise cars-and-coffee gatherings,' Peter explains. "They also organise the Flat 12 Picnic in central Dubai, with 1500 to 2000 cars turning up, ranging from Land Rovers and Mustangs to Dinos and Daytonas.'

Peter firmly believes that the classic marketplace has to be underpinned by events. 'You're giving reasons for people to buy cars, keep them and become part of a community, sharing your joy and passion,' he says. 'If it's based purely on speculation and investment, when market conditions change people get out.' He believes chrome-era classics can only increase in popularity. RM Sotheby's has gone so far as to set up an office in Dubai.