A tribute
to an icon
MARKET
2o14
REVIEW
In association with
The essential annual health-check of the classic world, plus everything you need to know about buying, selling or investing in classic cars
In association with
Editorial W
hen we put together our 2013 Market Review, many in the classic car world were predicting an imminent “correction” of values. Yet at the moment the price rises are as inexorable as ever. In fact, there has been a dramatic acceleration over the past 12 months. We have seen a Jaguar XK150S top £200,000, an Aston Martin DBS (The Persuaders! car) making more than half a million quid and record auction prices for road and race cars (with both those records likely to be eclipsed in Monterey). What’s more, many cars are changing hands privately for numbers that dwarf the figures available in the public domain. So is this good news or bad news? On the positive side it brings new blood into our hobby, support services and businesses thrive (safeguarding skills and parts supply), plus many classics that were only kept on the road as a labour of love are now being returned to their former glory. Of course, it is bad news for people like me who lust after so many cars that they now can’t afford, but don’t you always aspire to whatever classics are beyond your reach? And, anyway, there are still loads of great cars we can all afford, as the biennial exodus to the Le Mans Classic (aka Glastonbury for cars) demonstrated: the £1000 Triumph Spitfire-driving couple I spoke to on the ferry home were just as enthusiastic and had just as much fun as the guys I spoke to from the exclusive Ferrari 250 tour. JAMES ELLIOTT Group editor, C&SC
A word from our partner At Credit Suisse we are excited to be celebrating 10 years of our Classic Car Program and 2014 is our busiest year yet. At the Grand Prix de Monaco Historique we held our starstudded Historic Racing Forum as well as hosting all the weekend’s racers in the Credit Suisse Drivers’ Club, and holding one of our rallies around the event, culminating in a parade around the circuit. We have a packed schedule as well for Pebble Beach and you can enjoy more of the same at the Goodwood Revival, where we are still so proud of the Credit Suisse Race Control building that we helped to restore last year. We are especially looking forward to a live broadcast of the Historic Racing Forum so that we can share it with enthusiasts across the world. Credit Suisse’s passion for, and commitment to, classic cars is as strong as ever; have a look at our new website (credit-suisse.com/classiccars/friends) to find out what we are up to, download Forum discussions and more.
Contents
Global market news
6
100 years of Maserati
8
Lights, camera, action!
12
How to set a world record
14
Adolfo Orsi
18
The Sass report
22
Alain de Cadenet
26
James Page looks back at the ups and downs (well, not that many downs!) of the classic car year
As the Modena marque celebrates its centenary, Alastair Clements investigates its most desirable cars and its biggest bargains
Original car movie posters don’t just look great, they can be worth a mint A behind-the-scenes look at the effort – and luck – that goes into achieving a world record sale price
The extraordinary life of a leading Maserati authority, concours constant and classic market expert
Rob Sass – classic-buying addict and arguably the world’s leading market insider – offers his in-depth guide to what’s hot and what’s not
Our historic racer, enthusiast and pundit gives his views on the market CONTRIBUTORS Alain de Cadenet, Alastair Clements, James Elliott, David Evans, James Page, Martin Port, Rob Sass, Mick Walsh
‘Credit Suisse’ is the global marketing brand name for the investment banking, asset management and private banking services offered by Credit Suisse Group AG subsidiaries and affiliates worldwide. Credit Suisse Group AG is headquartered in Zurich. Each Credit Suisse Group AG entity is subject to distinct regulatory requirements and certain products and services may not be available in certain countries or to all customers. No product or service will be offered where unlawful under applicable law.
Haymarket is certified by BSI to environmental standard ISO14001
Market review 2014 Classic & Sports Car 5
Global market news
by James Page
RECORDS SMASHED AS VALUES ROCKET Bonhams sold the Dick Skipworth Ecurie Ecosse collection in London, with the Commer transporter making £1.7m, only £700k less than the Jaguar D-type
You can read elsewhere about the record-breaking sales of the Mercedes W196 at Goodwood, and the Ferrari 275GTB/4 NART Spider at Monterey, but they were just the tip of the iceberg. It seems that each fixture brings a new marque or model benchmark. Monterey and Scottsdale auctions continue to generate huge interest, but in Europe Rétromobile week is growing.
This year RM put on a Paris fixture for the first time, with 53 cars. One of four sales during the February show, it was headed by the ex-Bib Stilwell Jaguar D-type at £3,067,680. Competition cars featured strongly everywhere, in fact. At Amelia Island on 7 March, Gooding sold the ’68 Daytona 24 Hours-winning Porsche 907 ‘Longtail’ for £2.178m and Bonhams’ Goodwood Revival
sale in September included the ex-Hans Ruesch/Dick Seaman Alfa 8C-35 at £5,937,500. Bonhams also handled the sale of one of the most famous motor sport collections, Dick Skipworth’s Ecurie Ecosse set that was auctioned off in London on 1 December. Both the short-nose Jaguar D-type (£2,577,500) and the C-type (£2,913,500) were bought by an American collector, who also
NO SIGN OF E-TYPES SLOWING DOWN The Jaguar E-type has long been used as a barometer for the overall health of the classic car market and, as you’d expect given the current climate, values remain extremely strong. Perhaps surprisingly, therefore, many UK-based specialists consider that the very best examples have still got a way to go. The early flat-floor models continue to lead the way. On 14 September last year, Bonhams sold a roadster for £225,000 at its Goodwood Revival sale, and went on to achieve £186,300 for an unrestored, low-mileage version of the same model at its 1 December sale. Even the fixed-head coupé is now scaling similar heights. Bonhams was back at Goodwood as recently as 27 June for its Festival of Speed fixture, where Quentin Willson’s flat-floor car – chassis number 860022 – sold for £203,100. Provenance clearly counted in that E-type’s favour: the car had been tested in period by 6 Classic & Sports Car Market review 2014
secured the popular Commer transporter for £1,793,500. Ferraris were often at the head of the results this year. In New York on 21 November, RM sold the ex-Steve Earle/ Raceco 250LM for £8.723m. Then, in Monaco on 10 May, it took records of £4,683,840 for a 275GTB/C and £3,857,280 for a 250GT Cabriolet. At January’s Scottsdale frenzy, Gooding sold a 250GT S1 Pinin Farina Cabriolet for $6.160m and RM raised $8.8m for a 250GT California Spider lwb – even if both houses were out-done in terms of quantity
by Barrett-Jackson, which shifted an incredible 1399 classics for $113million. After selling the 1953 340/375MM Berlinetta for £8,377,600 at Villa Erba last year, Rob Myers said: “If we could sell a GTO at auction, the price would be out of this world.” With Bonhams set to do just that at Monterey on 15 August, few would bet against him being proven correct.
Have E-types peaked?
Jaguar’s Norman According to the experts, Dewis at the request they could still keep rising of ‘Lofty’ England, before being delivered to renowned privateer racer Michael Head. But it’s not just the very earliest E-types that have been making headlines. At RM’s sumptuous Art of the Automobile sale in New York on 21 November, a pristine 1966 4.2 roadster set a new record for a road car at auction by selling for £285,175.
In association with
TELLY ADDS VALUE
This DB5 wreck made nearly £400k
How much more would you pay for a car with TV provenance? At Bonhams’ Aston Martin Works sale, the hammer came down at £533,500 for the DBS from The Persuaders! more than five times the amount achieved by a restored ‘standard’ car.
MUSCLE SHOALS
Biggest shock of the year was a totally derelict Dino cantering to £132,250
H&H Lagonda was ex-Walter Handley
It’s not only European exotica setting new records. At Mecum’s Seattle sale on 15 June, a 1971 Plymouth Hemi Cuda convertible – believed to be the only such car left with original engine and transmission – made $3.5million, a new muscle car high.
LESS CAR EQUALS MORE CASH The enthusiasm for projects shows no sign of abating, and has led to some astonishing results over the past year. None more so than the 1973 Ferrari Dino 246GT that was consigned by Silverstone Auctions for its 24 May sale. Laid up by a Scottish motorcycle racer who was afraid to use it after being spotted speeding by the police, the car was even described by the auction house as being ‘rotten as a pear’. The
front was particularly badly damaged, but despite the fact that the car needed total restoration it still made £132,250. A few days earlier, Bonhams offered a 1963 DB5 at its Aston Martin Works sale, which included a specially dressed ‘barnfind’ area – such was the interest in project cars. The DB5 was dismantled, damaged and needed a fortune spending, but its status as the Vantage prototype ‘DP217’ helped it to
achieve £393,500. A complete but poor 1958 DB MkIII drophead coupé also raced past its estimate to make £144,860. H&H has also offered a good number of project cars recently, and seems to specialise in prewar examples. At its Imperial War Museum Duxford sale on 24 April, the ex-Walter Handley 1935 Lagonda M45 T8 tourer – not used for 30 years and presented in as-discovered condition – made £123,200.
CLASSIC WORLD GOES COUNTACH CRAZY At Bonhams’ Goodwood Revival auction on 14 September 2013, the ex-Rod Stewart Lamborghini Miura SV reached £919,900. Who would have thought that Countach prices, which have traditionally lagged well behind, would close the gap in the space of 12 months? As ever, early examples of Sant’Agata’s V12 supercar form the top end of the market, and a flurry of exceptional results started at Bonhams’ Connecticut sale in June. An immaculate, unrestored 1975 LP400 ‘Periscopica’ – owned by its vendor since ’78 – set a new high at £719,152, £230k above the previous auction record. A week later, a 1982 LP5000S showed that later cars are also on the up, making £331,100 (est £120k) at Historics at Brooklands. Bonhams then presented another ‘Periscopica’ at the Festival of Speed on 27 June. A frenzied month for Countach sales closed with the lowmileage 1975 example racing Countach fever has spread to 1980s examples, this one smashing its estimate all the way to £953,500.
WILD PRICES IN ESSEN
Essen’s Techno Classica offered the usual optimistic prices in March, one dealer asking €27.5k for a Triumph Dolomite Sprint! Yet there was brisk business everywhere and some bargains to be found, such as a Ferrari Testarossa for €49,500.
Halo effect hits more 911s Porsche 911s are rising fast. At Gooding’s Amelia Island sale, a flagship Carrera 2.7 RS Lightweight made £841,500. Yet even more-numerous Tourings can now command £500,000. In fact, Autofarm sold a matching-numbers example for more than that figure before the car had even been marketed. Tip for the coming year: expect Lightweights to top £1million.
Market review 2014 Classic & Sports Car 7
Italy’s prestige underdog offers a host of greats for less
With Maserati marking its 100th anniversary, Alastair Clements investigates why its cars are so much cheaper than rivals from down the road
A
PHOTOGRAPHY TONY BAKER/JAMES LIPMAN/MASERATI SPA/FERRARI
hundred years ago, in a little workshop on Via de Pepoli, an automotive legend was born when three brothers – Alfieri, Ettore and Ernesto – founded a garage business. It seems almost perverse to refer to a brand whose cars routinely sell for hundreds of thousands of pounds – or even millions in the case of its rarest models – as a ‘bargain’, but in the rarefied world of the super-exotic, Maserati has yet to truly find its feet. Of course there are exceptions: the nearmythical 5000GT i s a seven-figure supercar – albeit one that would arguably cost four or five times more had it worn a Prancing Horse rather than a Trident – and the marque’s sports-racers and Formula 1 machines rightly rank alongside their rivals at the sharp end of the historic grids. Yet at the other extreme, it’s still possible to buy yourself an example of the unloved ’80s BiTurbo for a couple of thousand pounds, and there are any number of Quattroportes and more recent 3200s out there for under £10k. Not that it is only the misses and the moderns that look like fine value. Alongside the headline-grabbers 8 Classic & Sports Car Market review 2014
from the likes of Aston Martin and, in particular, Maserati’s Modenese neighbour Ferrari, even the company’s most glamorous, beautiful and powerful models from the ‘classic’ era – created under Giulio Alfieri – still look amazing value. Perhaps now, in the marque’s centenary year, it’s time for Maserati’s finest models to take their place alongside the best from Maranello in terms of value as well as respect. Marque expert Andy Heywood of McGrath Maserati reckons the shift has begun: “It has been building for a while now, at least five or six years, but it has really accelerated over the past 18 months or so. We first noticed a hardening of values of really good cars, but that has now filtered down to all levels of the market.” Heywood also notes that the Maserati market is very much a follower of fashion, with different models taking turns to enjoy their time in the sun: “In the boom of the 1980s the Mistral was the car of choice, but now that has been overtaken by the Ghibli and the most desirable of all is the 3500GT Vignale Spyder.” The message is simple: if you want to one day own a Maserati, buy sooner rather than later – or you might just miss the boat.
In association with
Maserati 3500GT/GTi 1957-’65, 2217 built Value today from £120,000 It may have half the number of cylinders as the legendary V12-powered 250 series from Ferrari, but the 3500 has just as much claim to a thorougbred lineage – its twin-cam, straight-six engine can (loosely) trace its roots back to the 250F that dominated Grand Prix competition in the ’50s. It was even an early adopter of fuel injection – a Lucas mechanical system – and if it’s meant to have it, originality fans will want to see it survive, rather than a Weber swap. There are around 10 times as many Touring coupés as Vignale Spyders so, as you might expect, values of the open cars are several times higher. THE MARANELLO ALTERNATIVE... FERRARI 250GT PF COUPÉ/CABRIOLET A real success story in the classic car boom that has contrasted with the rest of the financial market’s near-collapse in recent years, the PF Coupé will now set you back upwards of half a million pounds – and it’ll be twice that or more without a roof. An unfair comparison? Well, we could have cited the California, and they’re several million a pop.
Maserati Sebring 1962-’68, 938 built Value today from £80,000 Don’t be fooled by the evocative name, this is no more a competition machine than its Maranello rival, but it is a great road car. In some markets, the Sebring tag is unfamiliar and this car is known simply as the 3500GTiS – and that’s a clue: this is a development of the 3500GT, and has always been seen as a bit of a poor relation, hence its ‘affordability’. People are starting to wake up to the fact that this is a real rarity, however, and prices have been steadily climbing as a result. THE MARANELLO ALTERNATIVE... FERRARI 330GT 2+2 Not so long ago, this gorgeous V12 machine was a £30k car. Back in 2001, we even featured one in a story on ‘sub-£20k Ferraris’. Far from it today: now, you’ll have to scrape together at least twice the price of the equivalent Sebring to land one of these practical and still-underrated models.
Market review 2014 Classic & Sports Car 9
Maserati Mexico
Maserati Mistral 1963-’70, 953 built Value today from £80,000 Beloved of ’80s investors, the gorgeous Mistral took a heavy hit when the market crashed, and had been available for as little as £30k until enthusiasts reawoke to the model five years ago. The Pietro Frua-styled Mistral has a race-bred twin-cam straight-six, in 3.5, 3.7 and 4-litre forms, but buy on condition rather than engine. And if you want a Spyder, you’ll now need to find £250k-plus. THE MARANELLO ALTERNATIVE... FERRARI 330GTC/S Even the closed version of this Pininfarina beauty has been a half-million-pound machine at recent auctions. As for the open car – phew! It has twice the cylinders of the Mistral, but is it really four or five times as good, as prices suggest? We reckon not, even if it’s about the prettiest thing we’ve seen.
Maserati Ghibli 1966-’73, 1295 built Value today from £100,000 Does it really matter whether the Ghibli lives up to its sensational looks? This was the first overtly showy Maserati and, fortunately, it’s also a magnificent GT. If you have five times the budget (well, they are about 10 times rarer!) you could have a super-exotic Spyder, but where coupés are concerned, you’ll pay a hefty premium for the 4.9-litre SS – with power steering – over the ‘standard’ 4.7. Either way you’ll land yourself the Trident’s greatest head-turner. THE MARANELLO ALTERNATIVE... FERRARI 365GTB/4 A true automotive legend, with a price-tag to match – anything from a quarter of a million to £500k-plus, and well over twice that for a genuine Spider. Is it a better car? It depends what you want: it’s faster, and more accomplished on a track, but arguably the Ghibli is the sweeter road car. 10 Classic & Sports Car Market review 2014
1966-’72, 485 built Value today from £70,000 With two doors but four full seats and a good boot, this shortened Quattroporte is a quirky aside to the story of late-’60s Maserati. It was ridiculously cheap until fairly recently, but the shockingly steep price of a high-class restoration has finally prompted vendors to ask proper money for them. Nevertheless, it still looks inexpensive when you bear in mind that it’s twice as rare as the much costlier Ghibli – not to mention being half the price of an equivalent Ferrari or Aston Martin.
THE MARANELLO ALTERNATIVE... FERRARI 365GT 2+2 Another car that has gone from bridesmaid to bride as its more celebrated siblings have been catapulted into the financial stratosphere. Once an inexplicable bargain, the 365GT 2+2 is now a £150k car – and we find it hard to argue against its inexorable rise, because it’s as sweet to drive as it is simply lovely to look at.
In association with
Maserati Indy
Maserati Bora
1969-’75, 1104 Value today from £40,000 It has the all-important quad-cam V8 – in 4.1, 4.7 and 4.9-litre forms – and subtly elegant lines, so why is the Indy still the cheapest classic-era Maser that you can buy? The answer is simple: when you’ve a big brother as handsome as the Ghibli, it’s inevitable that you would lurk in its shadow. But perhaps we shouldn’t be complaining: it may not look as good as Giugiaro’s GT masterpiece, but it offers much of the same driving experience, plus a couple of extra seats. Be wary, though – a cheap Maserati may well have been maintained on a budget, too, so buyer beware!
1971-’78, 564 built Value today from £90,000 The Bora’s slightly punier younger brother, the Merak, is among the rare exceptions in this list in that it is likely to cost you more than its nearest Ferrari rival, the 308. Not so the Bora; in a world where the cult of the ‘supercar’ has put many of its more famous brethren well into the millions, this quad-cam, quadWeber, 160mph V8 remains criminally overlooked. Is it too subtle and too civilised... or just too Citroën?
THE MARANELLO ALTERNATIVE... FERRARI 365GTC/4 Just like the Indy, the GTC/4 sits in the shadow of a more glamorous, less practical sibling – in this case the Daytona. Which is rather good news if you fancy the idea of a quad-cam Ferrari V12, but have a couple of kids and a lot less cash. It’s still twice the price of the Indy though, from around £80k.
THE MARANELLO ALTERNATIVE... FERRARI 365GT4 BERLINETTA BOXER A few years ago, these two were neckand-neck on price – in fact, the BB might have seemed the bargain of the pairing. But the endless canter of the Prancing Horse means that a good BB is now a £200k-plus car, despite its slightly disappointing steering and occasionally tricky handling thanks to the flat-12’s high centre of gravity. Market review 2014 Classic & Sports Car 11
Movie masters
As demand has boomed and prices risen, film posters featuring classics have become far more than just decoration. C&SC asked the guru – Paul Veysey of drivepast.com – all about them
G
o to any classic car event or auction and you’ll find a wealth of tempting posters that would look great on your living room or office wall (or in the garage if you lose the argument). The ones most likely to be snuck past your partner are movie posters featuring historics, which could explain why it is a fast-growing area of collecting. Paul Veysey reveals all.
How big is the market for these posters? Itiscertainlynotmainstream. Withmyusual businessacumen,Ihaveputmyselfintoaniche withinaniche–narrowingthethrivingoriginal moviepostermarketdowntoonesmallarea. Thatsaid,mycollectionhasexpanded toother originalfilmpostersfromnon-car-related picturesoverthepastfewyears. Has the scene changed in recent years? Generallytherehasbeenanincrease,aspeople realisethatoriginalmoviepostersareanarea ofcollectibleart,andthattheinvestmentvalue oforiginalmovieposters,whilenottheprime mover,isindisputable,internationally. Atthe momentwehavesomethingofaplateau, becausepeopledonotseemtobeconvinced thattheeconomicrecoveryisunderway! Do you think that, as a sector/interest of the classic car world, it has reached a peak or is there still plenty of growth to come? Ithinkthereisonlygrowthtocome. Auction pricesarebuoyantatthetopend,andthereisa largenumberofclassiccarownersoutthere whohaveyettodipatoeinthewater. How many posters do you sell in a year? Perhaps300. What proportion are bought by classic fans? I’dsayaround75%. Where on earth do you manage to find them? Allaroundtheworld,fromauctionhouses, collectorsanddealers. Iusedtospendabout 30%ofmywakinghoursonthehunt;nowwith 12 Classic & Sports Car Market review 2014
In association with decreasingnumbersavailable andgenerallyincreasingprices, it’smorelike80%. How can people tell an original from a reprint? Size,paperquality,smell,fold wear(onpre-’70s-ishposters), provenance,andgeneralcondition. How big a bearing does originality have on values? It’samassivefactor. Also, what impact on prices does language have? Countryoforiginismoreimportant thanlanguage,asisartwork.For example,someJapaneseposters commandveryhighpriceswhilenotbeing textuallycomprehensibletomanyWesterners. Thereasonforthepricesisacompletely differentstyleofartwork. And again, how does condition affect prices? Conditionisalwaysimportant.Restorationand linenbackingofolderposterswillenhance value.‘Mint’, unlessappliedtoveryrecent posters,shouldberegardedwithsuspicion. What other factors can have an influence on what people will have to pay? Manypeoplepreferthesmallerpostersfor domesticuse,whilesomeofmymorefortunate customers,whohavemotor-houses, restaurants,showroomsandthelike,willgladly buysomeofthemuchlargerposterstobe exhibitedonlargewalls.Shapeismorespecific todomesticdisplay.Priceismoreaboutrarity, conditionandclassicmoviestatus. What are the most popular posters, the ones that everyone wants? LeMans,GrandPrix,HughHudson’sFangio bio-picfrom1980,Bondstuffthatincludes cars,Winning,BacktotheFuture,TheFast Lady(althoughthatmaybemoreJulieChristie thanBentley),and1950sUSHotRod/BadGirl moviessuchasSpeedCrazyandRoadracers. With something like Le Mans, how can people decide between the multiple variants that they might find ? WithLeMans,theFrench, JapaneseandItalian versionsareprobablythe bestartwork.BoththeUK andUSposterscarrythe ‘classic’artwork,buttheUK postercarriesaconsiderably higherpriceinthe‘Quad’ (landscapeformat)thanthe USportraitor‘onesheet’ format,butthat’smostlydown toscarcity.
Which particular cars or stars (apart from Steve McQueen, that’s a given!) are popular? EuropeanandBritishclassics,HotRods,F1 cars,NASCAR, PaulNewman,Fangio(atleast threemovies)andJamesGarner. What are some of your personal favourites? Aswellastheoneseverybodywants,they includeKirkDouglasinTheRacers(French poster),theItalianpostersforCornelWilde’s TheDevil’sHairpin,TheItalianJob(UKposters from1969and30thanniversaryposters,of whichtherearemanyfakesandrepros),UKand FrenchpostersforGrandPrix. What sort of prices can they achieve? Contemporary(withinthepastdecade)posters tendtobecheaperbecauseoftheirgreater numbersandphotographicorCGimages.Also, USpostersareoftenlessrarethantheirUK counterparts,andthereforelesspricey.Almost anythingfromthe1920sthroughtotheendof the1950sisnowfetchingpremiummoney. What is the holy grail of car-related movie posters (and what would it be worth if someone found one lurking in their attic)? Formeit’sa1950posterofanArgentinian bio-piconFangio–ithaswonderfulartwork showinghimdrivingtheMaserati4CLTinthe yellow-and-blueArgentinianracingcolours. Thereareonlythreeofthesepostersknownto exist and I’ve had two of them at existandI’vehadtwoofthemat various times. If another did pop varioustimes.Ifanotherdidpop up, and it had impeccable up,andithadimpeccable provenance, it would be £10,000. provenance,itwouldbe£10,000.
Do you have a favourite era of poster? Aswellasthosealreadymentioned,manyof thepostersfromthe1920sand’30s. How did you get into it as a hobby/business? ManyyearsagomywifegavemeaUKquadfor Checkpoint...andthatwasit. How long ago was that? 15-20years. Are you travelling all the time to shows? Iusedtotraveltoshowsinternationally,butthe costofstandsnowfrequentlyoutpacesthe incometobedrawnfromthem.That,combined withmanyshoworganisersregardingtraders asanunfortunatenecessity,meansthatIdo fewshowsnow.Beaulieu,SpringandSummer, isanexception,andIwouldlovetogetbackto PebbleBeach,plusTonySinger’sallied Californianshow,buttheskieswouldneedto showermewithgoldbeforeIcoulddothat. Have internet sales had an impact or is the best business still to be had at events? Mywebsiteismybestsourceofincome, bolsteredbysomebignameswhohavebecome interestedinwhatIdo. Are there any places selling posters that people should be wary of? Damnright! ButIcan’taffordthecourtcases fromnamingthem.Happilytherearesomewho knowwhatthey’redoingandbelieve,asIdo,in standingbehindeverythingtheysell. What is the best way to look after a poster? UVglassorPlexiglassisreallynecessaryto protectbiggerpostersandconservation backingisalsoimportant.Whateveryoudo, don’thangthemindirectsunlight! You also sell lobby cards and publicity stills, how does that side of the business differ from the posters? It doesn’t, except that they’re smaller, and Itdoesn’t,exceptthatthey’resmaller,and generally cheaper. generallycheaper. Market review 2014 Classic & Sports Car 13
‘You can feel the vibe when a car will do well’
The record books have been torn up in the past year, but, as James Elliott finds out, there’s more than you think to setting a new price benchmark 14 Classic & Sports Car Market review 2014
In association with The ex-Juan Manuel Fangio Mercedes-Benz W196 became the most expensive car ever sold at public auction when it made close to £20million
W
ith the world record public auction prices for both road and racing cars being smashed in the past year, i t i s easy to assume that the values achieved are simply a reflection of a rampant alternative investment market triggered by the global financial crisis. To a degree that is true, underpinned by the fact that you know you are in a bull market when high-end classics sell for more at auction than they do through dealers. This, of course, is the point where some of those in the trade might allow themselves a little smirk because many of their deals – especially the brokerage ones at the pinnacle – are carried out under a cloak of secrecy and involve numbers that permit them to scoff openly at the ‘pin money’ auction world records. Without indulging i n hearsay and rumour, though, the only prices we can know for sure are those held in the full glare of the public. And surely the $27.5million raised for a Ferrari 275GTB/4 NART Spider and £19.6million paid for the Mercedes-Benz W196 are sufficient in themselves to merit comment. To an outsider it must look a terrifically easy business to set such a record – get a great car in, hope two people turn up (or phone in) who want it and start dreaming about your commission and holiday in the Seychelles – but there is rather more to creating those headlines than five minutes of showmanship at the auction. It starts long before, sometimes years or even decades before, anyone even has a
‘IT’S SAD TO PASS ON A GREAT CAR, BUT IT’S SIMPLE: IF WE CAN’T SELL A CAR, WEWON’T MAKE ANY MONEY!’ chance to bid. Competition for consigning cars is fierce with all the big auction houses going to huge lengths to secure the showstoppers for their halo sales. This happens all year round, of course, but gets particularly intense in the build-up to Monterey. Often, contacts are everything. When Bonhams secured the stunning George Daniels collection for its Goodwood Festival of Speed sale in 2012, it was thanks to the personal friendship and respect between the late horologist’s family and veteran auctioneer Malcolm Barber. The resulting £11million made by the 10 cars – including the ex-Birkin Blower Bentley and some rare parts – was a superb result. But it isn’t always so easy. Teams from auction houses are prepared to – have to – constantly travel the globe to see owners
and persuade them to sign up to their sale. Max Girardo, head auctioneer and MD of RM Auctions, says: “I don’t think anyone outside of our business really understands how much effort and expense goes into selling a car... or even securing a car to sell in the first place. For a start you have to consign it and that has never been more difficult, so it can mean huge amounts of cost – flying around the world, putting together comprehensive proposals and marketing plans and the like – all the time knowing that it could be for nothing.” The auction house’s negotiating arsenal includes catalogue space, the catalogue cover – though this can be a nightmare if two or more owners are determined that their classic should be the star car – or even a separate booklet or catalogue for an individual car. They will also do whatever else they can to be accommodating, not least on reserves, but only within reason, as Girardo warns: “If someone has totally unrealistic expectations, we simply have to walk away. Sure, it is upsetting to pass on a great car, but it’s very simple: if we can’t sell it, we won’t make any money!” With so many outfits competing for the best cars, as often as not all that effort and expense comes to nought, but if they do manage to consign the car, the fun is just beginning. Not least because where one great car is consigned many other owners that were sitting on the fence tend to follow on the assumption that a big auction and media attention will also boost their price. Next they have to drum up interest in the car, both publicly and privately, for the latter using their extensive network of contacts to make sure that anyone with an interest in the car and the wherewithal to buy it, is not only aware of its impending sale but any obstacles to them bidding are cleared out of the way. To garner wider interest, a generation ago it used to be a matter of making some telephone calls. Then came the era of the press release, but now a full-blown marketing campaign is expected including full photoshoot, video and loads more, adding up to thousands – sometimes tens of thousands – of pounds. It is no surprise that these cars are so often featured in magazines when they are coming to sale because they usually wouldn’t be offered otherwise. We can tell you that magazines agonise about this, but the choice is simple and the need to present something special – perhaps never again attainable for a story – for readers will almost always outweigh the knowledge that it is only available because it is to be sold. Girardo adds: “You can’t imagine the work that goes into some sales or the lengths we go to. Often we are researching cars more deeply than anyone ever has, finding every picture and film of them, Market review 2014 Classic & Sports Car 15
‘IT’S LIKE BEING A RACER – ALL THE NERVES COME WHEN YOU ARE ON THE GRID BEFORE THE START’
When RM Auctions sold a 275GTB/4 NART Spider in Monterey it smashed the world record for a road car
16 Classic & Sports Car Market review 2014
RM AUCTIONS/EUGENE ROBERTSON
RM AUCTIONS/DARIN SCHNABEL
every detail of their history, then photographing them, videoing them – seeing the car driving makes a huge difference to potential buyers – marketing them, producing the catalogue, and that’s before setting up the actual auction [which can take days even with a 40-strong crew] plus all the entertaining that goes with making the sale an event and looking after all our sellers and potential buyers.” Cracking the national press is traditionally a bit more difficult, but, again, thanks to the state of the classic car market and the mentality of the press it is easy. Then again you can’t really blame them for getting excited when they are told an old car is about to make £20million-plus – in a world addicted to sensationalism, it pushes some pretty rudimentary buttons. In recent years Bonhams has perfected the art of the ‘reveal’, unveiling its star lots to a select audience at its London HQ, the attendees gauging the potential importance of the car by the quality of the champagne being served. This is precisely how it announced the forthcoming sale of the ex-Juan Manuel Fangio 1954 German and Swiss GP-winning Mercedes-Benz
W196 in March last year. A convivial evening was overtaken with intrigue as discussion turned to what car lurked out of sight. Then, just when the buzz in the room reached fever pitch, it was unmasked. On the evening, Bonhams staff, some of whom were as unaware as the guests what the car was, such was the level of secrecy, were coy about putting a value on it, but none was anywhere near the £19.5million it eventually made, near-doubling the existing record. Bonhams boss Robert Brooks is well positioned to know how being the ringmaster at such an event feels, having also presided over a previous world-recordbreaking sale, at the time by far the classic car world’s most glamorous and spectacular, when, with him wielding the gavel, a Bugatti Royale Kellner Coupé made £5.5million for Christie’s at the Royal Albert Hall in 1987. Even in the current market it seemed unlikely that much would come along to challenge the W196’s price, so it was almost more astonishing when that record was nearly busted in the States just a few months later. Yet, when a 1967 Ferrari 275GTB/4 NART Spider drove across the block during RM’s Monterey sale in August 2013, the world went a little bit crazy. The car had a wonderful back-story – one owner, being sold for charity, the late owner’s family on-site and in tears at the end of it – and the RM team had marketed it to the hilt, but when fashion magnate Lawrence Stroll stumped up $27.5million, market watchers and classic car fans were aghast.
BONHAMS
GODDARD PICTURE LIBRARY
In association with
RM’s auctioneer Max Girardo is rarely lost for words, but this sale nearly did it. He recalls: “I really didn’t expect it to make that much money. I mean, we did expect a good result – you can always feel the vibe and know when a car is going to do well – but not on that scale. Time just flies during a lot like that, I have no idea how long it took, but it was amazing and exciting.” When you are conducting such a big sale, it must make you nervous. Not according to Girardo: “Actually, it’s like being a racing driver: all the crippling nerves come when you are on the grid, but as soon as the race starts, you’re in the zone and buzzing and just get on with it, trying to keep an eye on everything that is going on around you, like where the bidders are. “The real problem comes when it is over and, unlike after a race, you have to pick yourself up and start all over again a couple of minutes later to get on with the next lot. But you must, because every customer wants and deserves the same level of service from us. You can’t afford to get overawed or
distracted by the numbers . A great auctioneer once told me ‘whether you are saying 25million or 25,000 it’s just as important’ and that’s true, not only in how I conduct myself in my work at a sale but also in how we treat our clients because, to each one of them, their car is the most important.” “It’s all about trust, reputation and repeat business,” adds Girardo. “We won’t ever mislead a buyer or seller because we want them to come back, and most do. I won’t ever advise a guy to pay over the odds, or another to sell too cheaply because it would be the last we see of them.” So, two massive sales that more than likely would have been huge anyway, but were certainly and considerably buoyed by the masses of unseen, behind the scenes paddling by the sale houses. There’s no question that that auction firms are making big money, but, equally, there is no doubt that they are earning their corn. And that’s not the end of the story. As this Market Review went to press Bonhams was preparing to auction a Ferrari 250GTO in California. The ex-Violati collection car was set to go under the hammer at Quail Lodge, not only the first GTO to be sold publicly for a very long time – the previous one that was consigned was sold before RM’s Monaco auction in 2010, and the one before that bid to €8.8million but didn’t make reserve at Bonhams’ Gstaad sale in December 2000 – but this one will be sold, and without reserve. Erasers at the ready to rewrite those record books... again. Market review 2014 Classic & Sports Car 17
The legacy of a concours king Adolfo Orsi has become a globetrotting concours constant. Mick Walsh meets one of the busiest – and most respected – characters in classic cars PHOTOGRAPHY HISTORICA SELECTA
T
he pensive figure of Adolfo Orsi – the bearded, slightly tousled Italian – is a familiar sight at the world’s most famous concours events. From the glamorous lake front at Villa d’Este to the Pacific-edged lawns of Pebble Beach, Orsi is a respected judge, and no jury seems complete without him. The grandson of Adolfo Orsi, and son of Omar, his family tree is entwined with the illustrious Maserati marque. Little wonder his expertise of the Trident is much in demand with collectors. Historian, lecturer, author, exhibition organiser, museum advisor, concours judge, auction specialist, and restoration expert – there seems to be no limit to 18 Classic & Sports Car Market review 2014
the Modena-born enthusiast’s talents. Born in 1951, Orsi’s first motoring memories are famous race aces visiting his parents’ home. “We lived just 1km from the factory, so drivers were always popping around to see my father,” he says. “I have vivid memories of Prince Bira because he was the first Asian I’d met. Whenever Fangio came to Italy he would visit because he liked to keep in contact with the old mechanics – Maserati was like a family to him. For one of my birthdays my father organised a factory visit. They were making electric toy 300S-style sports cars at the time, and the staff arranged for my friend and I to race them in the factory yard.” During his teenage years Orsi had more freedom and would regularly cycle down to
In association with
Clockwise, from left: a lap of Monaco with Sir Stirling Moss during Credit Suisse’s Rally Parade; chief judge at the Ferrari 60 Concours in Maranello; opening Modena’s Maserati 100 exhibition; piloting a Fiat 125S on the Monte
the factory to see how new designs were progressing: “The development of a new model was an exciting time and I remember the first 3500GT, Mistral, Quattroporte, and Mexico. I got to know the mechanics well and Guerino Bertocchi would often take me out on test drives. I experienced my first 200kph on the autostrada with Bertocchi, and he’d often get me to write down the notes about little problems with the car. He was very friendly and I have good memories of those years.” In 1968 Maserati sold out to Citroën: “My father was more tempted by an offer from Alessandro de Tomaso but his chief engineer Giulio Alfieri preferred to go with Citroën. By 1971 he’d sold the remaining shares, and I focused on studying law. I
‘MY FIRST 200KPH RIDE WAS ON THE AUTOSTRADA WITH BERTOCCHI; HE’D GET ME TO WRITE NOTES’ never practised, and in the ’70s dedicated my time to running the family parts business. Working gave me the opportunity and resources to get involved with motor sport. I loved rallying and entered a Group 2 Fiat 125S in the 1972 Rallye Monte Carlo. Later I campaigned Alpine A110s in Italian events, but soon realised that my racing was
driven by passion rather than natural talent, so I decided to retire. For a while motorcycling took over from cars, and I began a love affair with Laverda. Living in Modena, we’re close to some great riding roads in the Apennine Mountains. I’ve now owned my 750GT for 20 years.” During the mid-1980s Orsi made a decision that life was too short for an ordinary job, and that it was time to pursue a profession connected with classic cars. “You only live once and I wanted to dedicate my time to something I loved,” he says. “In 1986, I started looking for opportunities in the classic car hobby and, after attending a wide range of events, I decided there was room for an auction specialist in Italy. Christie’s had tried sales here in the early ’80s, but it Market review 2014 Classic & Sports Car 19
Left: Adolfo Orsi with fellow judges Fred Simeone and Roy Miller, preparing to pick the FIVA Award winner at Pebble Beach in August 2009. Below: in 1957 driving a Maserati 300S-style child’s electric car
didn’t continue. We signed an agreement with Finarte Milano, and ran a series of very successful auctions in Modena and Monza specialising in classic cars, motorcycles, and automobilia. I’m proud of the catalogues we produced, and we had some strong results, including a record price for a Ferrari 312 in 1991. Then the Italian government changed the tax policy for auctions and it wasn’t viable to continue.” With his market experience, and extensive data, Orsi decided to collaborate with Raffaele Gazzi, and launch Historica Selecta. “Our plan was to offer advice to collectors, museums, and manufacturers,” says Orsi. Quickly the respected team was enlisted to organise events and exhibitions including Mitomacchina, a dazzling display 20 Classic & Sports Car Market review 2014
of iconic cars in Rivereto that attracted more than 130,000 visitors. Orsi’s latest project was curating the superb Maserati centenary display in his home town of Modena. He has also worked as an advisor to various museums, including Pininfarina, and is a consultant for several prestigious marques including Bugatti, Ferrari, Lamborghini and, appropriately, Maserati. With his vast archive and expert knowledge, Orsi is regularly contacted by owners of important Maseratis to advise on restorations. “I am proud to have been involved with three great projects,” he adds. “When Texan John F Bookout bought the fabulous A6GCS Frua Spider ‘2110’, we helped with the research and advised on the restoration. It was great to see the car returning to Italy
in 2010 to win at Concorso d’Eleganza Villa d’Este. I was also involved with restoration of the Maserati V4 Zagato, and the ex-Aga Khan 5000GT, which meant a lot to me because my father knew him well.” Notably, Orsi is an omnipresent judge at prestigious concours events around the world: “My work with restorers and judging gives me a good perspective, but I am most proud of encouraging the important preservation of historic vehicles. For years cars for concours events had a tendency to be over-restored, but I’ve always maintained it’s vital to safeguard originality. In 1995, the president of FIVA approached me for advice about launching in America, and I came up with the idea of a prize for the ‘best-preserved’ car at Pebble Beach.
In association with
Left: the perfect prelude to judging the Half Moon Bay Concours d’Elegance for motorcycles is a proper ’bike ride. Below: at the wheel of the gorgeous Coppa d’Oro-winning Maserati A6GCS Frua Spyder at Villa d’Este
Keeping track of classic car prices
Now that has expanded to a complete class, and I like to think it’s helped focus on originality. The market has also seen a trend towards unrestored cars, which now regularly make higher prices than restored ones.” Like many experts, Orsi was curious to see how the Ferrari 250GTO would sell at Monterey: “I knew Fabrizio Violati well. With his Alpine-style hat, he was one of the great characters of the Italian classic car scene. It’s a little sad to see his collection split up, but it looks as if we’re guaranteed a Ferrari cover for our next Auction Yearbook.” When asked how he views the dramatic increase in classic car values, Orsi doesn’t see things slowing down: “The hobby has broadened out with higher quality events, better restorations, and increased interest
from manufacturers with specialist heritage centres. Every luxury lifestyle magazine seems to have a feature on classic car investment and the hobby has a much higher profile. There’s more millionaires around, and this is attracting fresh buyers from countries new to the market. “It worries me when people buy for an investment – it’s better they are driven by passion. A classic car is not like a liquid investment and can’t be sold quickly. Also, a great car requires dedication and specialist care. It’s difficult to forecast, but over the past 12 months there’s been a 70% increase in cars sold at auction for over £1million. That pattern of increased values doesn’t seem natural to me, but in the short term I don’t see a problem.”
With the closing of Finarte classic car auctions, Orsi and Gazzi hit upon the idea of producing a yearbook of international sale results. “We wanted to create an authoritative record of prices with extensive details of the cars sold including chassis numbers, and condition,” says Orsi. For anyone wanting to keep apace with the market the annual has become an essential reference for collectors and dealers. But, after 12 issues, publishing partner Bolaffi cancelled its association in 2006. “We decided to publish on our own through our company Historica Selecta, changed the title to the Classic Car Auction Yearbook, and haven’t looked back. Thanks to Credit Suisse’s sponsorship we have increased the print run, added pages – it’s now 400 – and graphs.” In response to demand, Orsi and Gazzi have changed the timeframe of the auctions covered to include the latest Monterey sales: “Our season now ends on 31 August, which is key because the Pebble Beach sales are often the most important.” In the 20th edition, Orsi included a review of the top five auction prices from 1993 to 2013: “It was fascinating to see the values. In 1995 you could buy one of the greatest pre-war Alfa 8Cs, the ex-Rimoldi Touring Spider, for $1.8million and in 1998 a Ferrari 275GTB/4 NART Spider was only $2million. That seems nothing compared to today’s amazing prices.” Market review 2014 Classic & Sports Car 21
The Sass report: an insider’s view Reckon the market is out of control with no rhyme or reason? Then think again. Rob Sass explains the science that determines the trends and predicts what will happen next 22 Classic & Sports Car Market review 2014
T
he proverb/curse ‘may you live in interesting times’ certainly seems fitting for the current state of the collector car market. In 25 years of following it, I’ve never seen anything like this: records eclipsed with every sale; 15 active bidders on classics that would have struggled to find interest from three just a few years ago; cars from the ’50s that were perennial blue-chippers now finding their market dying off; and cars from the ’70s until recently deemed “hopeless” by smart collectors increasing in value up to 300% over recent years. Interesting times indeed.
A GENERATIONAL SHIFT Churchill was fond of noting that “the farther backward you look, the farther forward you can see”. Perhaps that’s true in the classic car world as well. I’ve written about the coming generational shift in car collecting on several occasions, but, not surprisingly, each time that I revisit it, the notion seems to come into sharper focus. The whole concept of a hand-over of the hobby is nothing new. Looking back, it’s clear that we’ve been there before with the WW2 generation. Sadly, as the recent D-Day commemorations make it clear, those remarkable individuals – who did things such as brave
In association with Left: Jaguar E-types outperforming XKs big time. Clockwise, from right: Brit roadsters never go out of fashion; telly could sprinkle stardust on Magnettes; T-Bird and Bel Air newly appreciated; Corvettes tick the boxes
frighteningly accurate AA fire to land at night in Normandy in Horsa gliders made out of tissue paper and balsa – are quickly passing from the scene all together. But it wasn’t that long ago that they were in the driver’s seat of classic car collecting. Look back 30 years and collector car auctions on both sides of the Atlantic were dominated by pre-WW2 cars. But as that generation started to age out of the scene 20 or so years ago, the market for many pre-war cars started to dry up. People, it seems, almost always first collect the aspirational cars of their youth and the immediate post-war baby boomers for the most part didn’t want the Morris Eights, MG TAs and Model As of their dad’s youth. They wanted the Healeys, Jaguars and Corvettes that they coveted as teenagers. The early boomers have been at it for over 20 years and, lately, their rate of acquisition has slowed considerably. On the other hand, late boomers (born between 1960 and ’64) are now in their early 50s and just entering their prime collecting years where the combination of peak earnings and freedom from obligations of rearing/educating children creates an algae bloom-like increase in disposable income. And their tastes are very different, focusing on the cars of the late 1960s and the 1970s. Further behind them are Gen-
‘EVERY OLD DUDE WHO WANTED ONE HAD ONE, OR, POSTHIP REPLACEMENT, DECIDED SLIDING IN WASN’T PRACTICAL’ Xers with their interest in ’80s and ’90s cars and then the vast Millennial generation. God only knows what, if anything, automotive the latter will care about. The oldest boomers turn 70 next year and, as they age out of the hobby, there are strong signs that demand and prices for the aspirational cars of their youth are flattening out in the same way that it did for pre-war cars a generation ago. In the US, prices for iconic one-time blue-chippers such as the 1955-’57 Ford Thunderbird and the 1955-’57 Chevy Bel Air have seemingly been flat for nearly a decade. The fact that, apart from in the US and Scandinavia, few people care about this sort of Americana doesn’t help matters. British sports cars from the ’50s, however, remain relatively in demand, if for no other reason than that they’re eligible for some
great events and trade in a global market, which means more takers. But still, the market for the ‘commodity’ sports cars of the 1950s, such as sidescreen TRs, MGAs and even Jaguar XKs, hasn’t exactly been on fire. One need only point to the fact that top S1 OTS E-types have risen in value by about 50% over the past few years while XK120 roadster prices have been billiard-table flat. This isn’t to say that all is lost for the cars of the early baby boomers. The most iconic models of the immediate post-war era will always find takers, just as the pre-war SS100s, 4½ Litre Bentleys and Duesenberg SJs have found a receptive market in collectors with no period attachment to them. The best cars of the 1950s that the older boomers leave behind should also attract new buyers to connect with them as objets d’art or great design rather than as objects of youthful desire. There are signs that this is already taking place in America. The aforementioned two-seater 1955-’57 Thunderbirds had for some time been as cheap as anyone could remember. Every old dude who wanted one it seems either already had one, or decided that after his hip replacement, sliding into one just wasn’t going to be practical, flooding the market with two-seater T-Birds. Recently, though, a new appreciation among younger people for quality midMarket review 2014 Classic & Sports Car 23
Clockwise, from left: former members of the Hopeless Club now on a rapid rise – Capri, ‘headboy’ Montreal, M1 and Interceptor. Bottom left: Land Cruisers are at the vanguard of the utility craze, along with C-10s
century American design – from Eames furniture to Palm Springs atomic ranch houses – has also focused the attention of younger people on the cars of the period. I’ve talked to several 40-somethings and early 50-somethings who have been on the hunt for the mythical driver-quality $25,000 T-Bird that the pundits say is lurking behind every ornamental shrub only to find asking prices of $40,000 or more. Some attribute the current interest in mid-century style to the American TV show Mad Men. I suppose anything’s possible. I shudder to think that Call the Midwife is responsible for an uptick in interest in MG Magnettes. Like the pre-war examples though, it’s probably only the most iconic cars that will make the generational leap – your grandfather’s Austin A50 or Standard Vanguard isn’t going to hold much appeal to someone looking to live out a Bodie and Doyle fantasy in a 3-litre Capri. Time is on the side of the cars of the 1970s and beyond. HOPELESS NO MORE Back in June of 2008, I created the first classic car stock market-style indeces for the Hagerty Price Guide, which was then known as Cars That Matter (by December that year, at least one organisation in the UK had followed suit and started publishing its own indeces for various classic car markets and sub-markets). I’ve recently been toying with the idea of creating the Hopeless No More Index for cars that at one time or another in recent memory, the punters consigned to the rubbish bin of potential collectability. Surprisingly, the graph would show an almost vertical line over the past few years and the index would be made up mostly of cars from the 1970s. Cars that would be part of a Hopeless No More Index? The BMW M1, Aston Martin DBS, MGC, Porsche 911SC, Maserati 24 Classic & Sports Car Market review 2014
Khamsin, Jensen Interceptor and Iso Lele to name a few, but the headboy might well be the Alfa Romeo Montreal. Widely viewed in the past as a rare gaffe by the great Marcello Gandini, and a car with deluded supercar pretensions, spoiled by a too-old Alfa 105/115 chassis not up to the task of underpinning a V8 supercar, about £30,000 was assumed to be the end of the earth for a Montreal. The trouble was, few really great examples sold publicly until Gooding & Co’s January 2014 Scottsdale sale of a stunning Montreal for £104,000. Now US dealers are regularly asking over $100k for good-but-not-perfect cars. Formerly unloved Lamborghinis such as the Espada and Jarama have also more than doubled in value over the past three years. Cars from the ’60s with Italian style and cheap American horsepower – such as the
In association with Iso Rivolta and Gordon-Keeble – have been increasing in value for the past decade. Their 1970s counterparts such as the Iso Lele and Jensen Interceptor, however, were the last bastion of the dirt-cheap Italianate style/American horsepower GTs. Rotten examples of both used to be fodder for every second- and third-rate auction on both sides of the Atlantic. It got to the point that everyone was conditioned to think that there were nothing but nasty examples. But, recently, the market has moved to the point where it’s not fiscal suicide to put some money into these cars and, consequently, decent examples of both are showing up at auction and bringing very good money. Rejen’s recent sale of an Aqua Blue Interceptor III for £75,000 marked the official end of cheap prices for sound cars and I know at least one person restoring a RHD Lele who won’t be underwater when it’s done. Perhaps it’s time to pick up a Qvale Mangusta for £15k? Or not. I’ve always been quick to caution that a single sale doesn’t make a market, and sometimes things happen at auction that are flat-out unrepeatable, but there’s no denying the influence some of these breakout auction sales have had on values and prices realised. Whether these formerly hopeless cars survive the next inevitable market correction is highly debatable, but for now, they’re having the last laugh.
WHAT’SAFFORDABLEWITHANUPSIDE? Thus far, the explosion in the Porsche market has been confined to air-cooled cars, but can it be long before Porsche’s 1970s flagship the 928 starts to make a ripple in the market? As with the longpredicted rise of the 911 turbo, the first and last of the 928s will be the most sought after. The smart money may already be in the hunt. I know at least two collectors actively seeking a first-year production 928 with a five-speed and the nutty cool op-art checked ‘Pasha’ interior. The E30 BMW M3 is already very much top of mind for collectors in their 40s, (particularly Evos). Edgy and somewhat unrefined in the best possible sense, the train has already left the station on this one. A gorgeous white 1988 M3 with just over 40,000 miles sold at the Russo and Steele sale in Monterey, California last year. At about £24,000, I thought it fully priced, but perhaps with a significant eventual upside. ‘Eventual’ turned out to be sooner rather than later. Less than a year later, it seems like a stunningly prescient buy that I should think would take at least £30,000 to replicate in this market. Not a bad rate of return. And while the E30 M3 has been officially discovered, its upmarket sibling the E24 M6 has been comparatively overlooked thus far. With its shark-like styling courtesy of Paul Bracq (perhaps the most underrated
stylist of the 1960-’70s) it’s a great gentleman’s express that is perhaps more conventionally handsome than the 928. Classic SUVs and pick-up trucks from the 1970s are among the hottest segments in the US with 1970s Chevrolet C-10 pickups fetching close to £20,000 for great ones. Even more shocking is the fact that the best restored Toyota FJ40 Land Cruisers are regularly showing up at major US catalogue sales and fetching close to £60,000. Pre-’89 Land-Rover Defender 90s and 110s that can legally be imported to the US sell for crazy money over there as well, even in RHD (hint, hint). Ye t Americans simply discard classic Range Rovers. Rustfree West Coast examples of the Chelsea Tractor are practically free. I just looked at a 1991 Rangie without a spot of rust, a great interior, cold air con and just 104,000 miles on the clock with an asking price of $2600. Sadly, no two-door Range Rovers from the early ’70s – eligible for re-importation with 5% duty – were officially sent to the States but the mother lode of clean four-door Rangies lives in the US and, at present, nobody seems to care about them. As I write this, the Monterey auctions are just over the horizon and I’m looking to put my money where my mouth is: I’m sending packing a lovely ’68 Triumph TR250 (the US version of the TR5 sans PI) in favour of an iconic ’70s motor: a Ferrari 308GTS.
Clockwise, from left: aircooled 911s are long gone, the 928’s time must come; you can’t give away Rangies in the US; 308 meets all Sass’ criteria for a return so he’s putting his money where his mouth is
Market review 2014 Classic & Sports Car 25
In association with
Exciting times
As the classic car market continues to boom, the difference in meaning between ‘price’ and ‘value’ gets ever greater, says Alain de Cadenet
PHOTOGRAPHY MICK WALSH
T
he bubble has not burst. Far from it, in fact: every report I see enhances the onwards and upwards market trend. For years, the auction houses have led the exhilarating charge to produce fresh values that range from the expected to the outrageous. The only bargains now seem to be cheaper cars needing work that buyers can do themselves; thereby making a serious saving. When Bonhams sold the exquisitely engineered 1954 Mercedes-Benz W196, it provided a boost for other important GP machines ranging from pre-WW2 AlfaRomeos, Talbot-Lagos and Maseratis to 1960s and ’70s F1 kit. Record prices appear to pervade confidence to similar genres of cars and that must surely be mirroring the commodity market? Either way, th e auction houses have ramped up their businesses as demand increases and specialist publications have become invaluable to buyers in determining how prices have panned out; as well as offering opinions, suggestions and an insight into just how much knowledge is needed to bid assuredly. Such is the influence of auction prices that the biggest groans come from dealers who have difficulty obtaining stock. Owners are reluctant to dispose of something just in case it goes up dramatically in price. Who can blame them? Personally, on th e premise that he wouldn’t risk his own capital on a dicey machine, I’ve always thought that a vehicle that was actually owned by a reputable dealer was a better bet than something that was merely on sale or return. Good logic? Depends on the dealer. 26 Classic & Sports Car Market review 2014
About 45 years ago I was chatting to an acquaintance who’d worked out that the sum total of really special, worthwhile vintage, veteran and classic cars was only something around 3000. That’s counting just the best of everything and what went into his mix is pure conjecture. Just think about that, though – perhaps there aren’t that many totally delicious cars to be had. Remove cars held in trusts, museums and the like and, even though there’s more machinery to be considered from ’69, there will never be enough good stuff to go around. With cheap money abounding, surely you should buy whatever you can get your hands on because this hobby/sport/market
‘CLASSIC CARS STOP YOU PLAYING CANDY CRUSH AND TEACH YOU ABOUT HISTORY’ is not going to go away in the foreseeable future. By doing so you not only satisfy your cravings, but also provide ample fodder to set up a regime to help keep yourself sane in today’s ever-changing world. After all, old vehicles keep you busy. Research, study and investigation all lead to the quintessence of what this celebration of artefacts is all about. They stop you playing Sudoku and Candy Crush and teach you about chassis manufacture, castings, machining, brakes, gearboxes, camshafts, bodywork, wheels, tyres, race history, vin numbers, registration numbers and whatever it takes to be an expert in your field.
W196 sale had a knock-on effect for other classics
What’s on offer is wonderful therapy. It is the way knowledge is gained and one of the reasons why demand is so high. Next time you go anywhere the cognoscenti are gathered (Goodwood, for example), just ask them how much fun they are having and you’ll know why prices are on the up. You’ll notice I have talked only about prices. A price is someone else’s idea of what something is worth and value is a different thing altogether. It is derived from your own feel for the item based on experience, knowledge and discipline. Your dad’s old car will be more valuable to you than anyone else. So will the car that you always wanted but couldn’t afford. Likewise, if you don’t want to wait years for your favourite to be restored, the ready-to-go 100 pointer may be more valuable to you. Either way, whatever is going on out there is fuelling exciting times in every way in the old vehicle world. That’s why there’s no need to worry.
A tribute
MARKET
REVIEW
2o14 In association with