When Rhys Mirindo bought a battered 1974 Austin Mini during the Covid-19 pandemic for Sh150,000, he thought he was buying an old car and a project. Four years and roughly Sh1.4 million in restoration costs later, the Mini could fetch more than Sh2 million, and perhaps as much as Sh2.5 million to the right buyer.
Mirindo, however, isn’t rushing to sell. Like a growing number of wealthy Kenyans drawn to classic cars, watches, art, jewellery and other luxury collectibles, he sees the value of these assets in more than their potential resale price. They offer something harder to put on a balance sheet: ownership, identity, history and enjoyment.
