Many in the industry may have wondered why prices in the collectible car market have been soaring as of late.

In fact, according to Black Book data, exotic vehicles appreciated by 38.3 percent year-over-year in April.

For those wondering, Black Book analysts are attributing part of this steep price increase to what they are coining, the “Instagram Effect.”

Black Book reported that social networking has a lot to do with recent trends in the exotic car segment: “Affluent collectors have been exposed to the images posted by celebrity buyers on social media sites such as Instagram, fueling even higher demand for certain exotic vehicles,” said Eric Lawrence, director of specialty products at Black Book.

“Younger affluent audiences want what celebrities like Floyd Mayweather and the Kardashians flash on their social media accounts, for example,” Lawrence added. 

To back up this assertion, Black Book analysts took a look at auction prices of exotic collectibles, closely following the Aston Martin DB5 Coupe, the Ferrari 250 GTL Lusso and the Mercedes-Benz 300SL Gullwing.

According to Black Book data, from 1977 through 2008, each vehicle appreciated roughly 5 percent each year.

Compare this to a change of 20 percent to 60 percent annually since 2008, and Black Book analysts were prompted to say, “A new, younger generation of collector has taken to this genre of exotic sports cars, and auction prices are going for a ride.”

 The average price for a DB5 Coupe these days is $700,000, up from $75,000 in 2008. The 250 GTL Lusso now goes for $1.8 million, up from $315,000 in 2008. Lastly, the 300SL Gullwing went for an average of $415,00o in 2008, but these days you will have to shell out close to $1.5 million.