SALES of vintage machinery and tractors seem to be the big 'new thing' to invest, if the annual results from specialist auctioneers, Cheffins, is anything to go by.

Its vintage sales of £5.4m in 2016 smashed its own record and it sold more than 8200 vintage items, with 85% clearance rate – and the good news for enthusiasts is that the company expects vintage items to increase in value in 2017.

Cheffins’ Cambridge, Harrogate and vintage on site sales throughout 2016 offered 730 classic and vintage tractors, 113 motorcycles, 124 stationary engines, 80 classic commercials and 27 steam engines.

The top lots for the year included £140,000 paid for a vintage Foden timber tractor dating back to 1928 and £84,000 paid for a 1917 International 12-25 ‘Twin Mogul.’

The highest grossing sale of the year was its Keeley Collection sale, near Maidenhead, which saw more than £1.5m paid for 487 lots, with some record prices paid. This saw a total of 15 steam engines, 50 vintage tractors, 30 commercial vehicles and scores of spares and other memorabilia in the catalogue.

The two Cambridge sales, in July and October, saw the sale of the important Holkham Hall Bygones Collection, proceeds of which went to the new Holkham Hall exhibition of farming, Field to Fork. These raised more than £500,000 and over £1m, respectively.

The Harrogate sale in August, at the Great Yorkshire Showground, saw 800 lots come under the hammer, including 90 tractors, a number of classic vehicles and hundreds of spares, implements and rural bygones. The top lot was a 1966 Massey Ferguson 135 with only 970 hours on the clock which sold for £20,000.

Cheffins' director, William King, commented: “This year has seen the vintage team travelling across the country to uncover the unusual, extraordinary and unique in our busiest year to date. We have sold everything from a replica Spitfire to some of the world’s rarest tractors to coveted steam engines, all of which have drawn crowds from far and wide.

"In the midst of reports of falling asset values, stock market fluctuations, slashed interest rates and times of austerity ahead, this unusual asset class is continuing to make serious cash.

"This is a market which has been unaffected by the political or economic landscape, unlike many other luxury purchases and remains one of the most lucrative investment classes on offer. With this in mind, we forecast that vintage prices will increase throughout 2017.”

* A next Cheffins vintage sale will be on the April 22 at the Cambridge Machinery and the next on site sale will be on the February 8, near Thetford, Norfolk.