With all due respect, it's not ALL about supply and demand.
It's about fear, greed, supply, demand, nostalgia and a host of other factors.
The late 80's/early 90's classic car mania and eventual bust highlights that.
As a classic car fan across multiple marques I applaud the fact that great cars which were uneconomic to repair or cherish, can now have the maintenance and restoration dollars thrown at them.
If it wasn't for the boom/bust 25 years ago we would have a lot less E-Types etc on the road.
This is an asset class which has no income and no capital value-add.
As an academic exercise it's interesting to follow the path of "value", however for my mind, too much written space is given to the issue.