short answer: yes ;
the class variable remains modified, even when all instances are being unreferenced and garbage collected.
resources:
- Static class variables in Python
- http://www.linuxtopia.org/online_books/programming_books/python_programming/python_ch22s06.html
- http://timothyawiseman.wordpress.com/2012/10/06/class-and-instance-variables-in-python-2-7/
and you may find a lot of other documentation on the topic.