Market Review 2014

A tribute to an icontribute A icon an to

MARKETREVIEW2o14

In association with

The essential annual health-checkof the classic world, plus everythingyou need to know about buying,selling or investing in classic cars

When we put together our 2013Market Review, many in the classiccar world were predicting an

imminent “correction” of values. Yet at themoment the price rises are as inexorable asever. In fact, there has been a dramaticacceleration over the past 12 months. Wehave seen a Jaguar XK150S top £200,000,

an Aston Martin DBS (The Persuaders! car) making more thanhalf a million quid and record auction prices for road and racecars (with both those records likely to be eclipsed in Monterey).What’s more, many cars are changing hands privately fornumbers that dwarf the figures available in the public domain.

So is this good news or bad news? On the positive side itbrings new blood into our hobby, support services andbusinesses thrive (safeguarding skills and parts supply), plusmany classics that were only kept on the road as a labour oflove are now being returned to their former glory.

Of course, it is bad news for people like me who lust afterso many cars that they now can’t afford, but don’t you alwaysaspire to whatever classics are beyond your reach? And,anyway, there are still loads of great cars we can all afford, asthe biennial exodus to the Le Mans Classic (aka Glastonburyfor cars) demonstrated: the £1000 Triumph Spitfire-drivingcouple I spoke to on the ferry home were just as enthusiasticand had just as much fun as the guys I spoke to from theexclusive Ferrari 250 tour. JAMES ELLIOTT Group editor, C&SC

CONTRIBUTORS Alain de Cadenet, AlastairClements, James Elliott, David Evans, JamesPage, Martin Port, Rob Sass, Mick Walsh

In association with

Editorial

A word from our partner

Market review 2014 Classic & Sports Car 5

At Credit Suisse we are excited to be celebrating 10 years of our Classic Car Program and2014 is our busiest year yet. At the Grand Prix de Monaco Historique we held our star-studded Historic Racing Forum as well as hosting all the weekend’s racers in the CreditSuisse Drivers’ Club, and holding one of our rallies aroundthe event, culminating in a parade around the circuit.

We have a packed schedule as well for Pebble Beachand you can enjoy more of the same at the GoodwoodRevival, where we are still so proud of the Credit SuisseRace Control building that we helped to restore last year.We are especially looking forward to a live broadcast ofthe Historic Racing Forum so that we can share it withenthusiasts across the world.

Credit Suisse’s passion for, and commitment to, classiccars is as strong as ever; have a look at our new website(credit-suisse.com/classiccars/friends) to find out whatwe are up to, download Forum discussions and more.

ContentsGlobal market news 6James Page looks back at the upsand downs (well, not that manydowns!) of the classic car year

100 years of Maserati 8As the Modena marque celebratesits centenary, Alastair Clementsinvestigates its most desirable carsand its biggest bargains

Lights, camera, action! 12Original car movie posters don’t justlook great, they can be worth a mint

How to set a world record 14A behind-the-scenes look at theeffort – and luck – that goes intoachieving a world record sale price

Adolfo Orsi 18The extraordinary life of a leadingMaserati authority, concoursconstant and classic market expert

The Sass report 22Rob Sass – classic-buying addictand arguably the world’s leadingmarket insider – offers his in-depthguide to what’s hot and what’s not

Alain de Cadenet 26Our historic racer, enthusiast andpundit gives his views on the market

Haymarket is certified by BSI toenvironmental standard ISO14001

‘Credit Suisse’ is the global marketing brand name forthe investment banking, asset management and privatebanking services offered by Credit Suisse Group AGsubsidiaries and affiliates worldwide. Credit Suisse GroupAG is headquartered in Zurich. Each Credit Suisse GroupAG entity is subject to distinct regulatory requirementsand certain products and services may not be available incertain countries or to all customers. No product or servicewill be offered where unlawful under applicable law.

NO SIGN OF E-TYPES SLOWING DOWNThe Jaguar E-type has long been used as a barometer for the overallhealth of the classic car market and, as you’d expect given thecurrent climate, values remain extremely strong. Perhapssurprisingly, therefore, many UK-based specialists consider that thevery best examples have still got a way to go.

The early flat-floor models continue to lead the way. On 14September last year, Bonhams sold a roadster for £225,000 at itsGoodwood Revival sale, and went on to achieve £186,300 for anunrestored, low-mileage version of the same model at its1 December sale. Even the fixed-head coupé is now scaling similarheights. Bonhams was back at Goodwood as recently as 27 June forits Festival of Speed fixture, where Quentin Willson’s flat-floor car –chassis number 860022 – sold for £203,100. Provenance clearlycounted in that E-type’s favour: the car had been tested in period by

Jaguar’s NormanDewis at the requestof ‘Lofty’ England,before beingdelivered torenowned privateerracer Michael Head.

But it’s not just thevery earliest E-typesthat have beenmaking headlines. AtRM’s sumptuous Art of the Automobile sale in New York on 21November, a pristine 1966 4.2 roadster set a new record for a roadcar at auction by selling for £285,175.

6 Classic & Sports Car Market review 2014

Global market news by James Page

RECORDS SMASHED AS VALUES ROCKET

You can read elsewhere aboutthe record-breaking sales of theMercedes W196 at Goodwood,and the Ferrari 275GTB/4NART Spider at Monterey, butthey were just the tip of theiceberg. It seems that eachfixture brings a new marque ormodel benchmark.

Monterey and Scottsdaleauctions continue to generatehuge interest, but in EuropeRétromobile week is growing.

This year RM put on a Parisfixture for the first time, with 53cars. One of four sales duringthe February show, it washeaded by the ex-Bib StilwellJaguar D-type at £3,067,680.

Competition cars featuredstrongly everywhere, in fact. AtAmelia Island on 7 March,Gooding sold the ’68 Daytona24 Hours-winning Porsche 907‘Longtail’ for £2.178m andBonhams’ Goodwood Revival

sale in September included theex-Hans Ruesch/Dick SeamanAlfa 8C-35 at £5,937,500.

Bonhams also handled thesale of one of the most famousmotor sport collections, DickSkipworth’s Ecurie Ecosse setthat was auctioned off inLondon on 1 December. Boththe short-nose Jaguar D-type(£2,577,500) and the C-type(£2,913,500) were bought by anAmerican collector, who also

secured the popular Commertransporter for £1,793,500.

Ferraris were often at thehead of the results this year. InNew York on 21 November,RM sold the ex-Steve Earle/Raceco 250LM for £8.723m.Then, in Monaco on 10 May, ittook records of £4,683,840 fora 275GTB/C and £3,857,280for a 250GT Cabriolet.

At January’s Scottsdalefrenzy, Gooding sold a 250GTS1 Pinin Farina Cabriolet for$6.160m and RM raised $8.8mfor a 250GT California Spiderlwb – even if both houses wereout-done in terms of quantity

by Barrett-Jackson, whichshifted an incredible 1399 clas-sics for $113million.

After selling the 1953340/375MM Berlinetta for£8,377,600 at Villa Erba lastyear, Rob Myers said: “If wecould sell a GTO at auction,the price would be out of thisworld.” With Bonhams set todo just that at Monterey on 15August, few would bet againsthim being proven correct.

Bonhams sold the DickSkipworth Ecurie Ecosse

collection in London, withthe Commer transporter

making £1.7m, only £700kless than the Jaguar D-type

Have E-types peaked?According to the experts,they could still keep rising

In association with


WILD PRICES IN ESSENEssen’s Techno Classica offeredthe usual optimistic prices inMarch, one dealer asking €27.5kfor a Triumph Dolomite Sprint!Yet there was brisk businesseverywhere and some bargainsto be found, such as a FerrariTestarossa for €49,500.

MUSCLE SHOALSIt’s not only European exoticasetting new records. At Mecum’sSeattle sale on 15 June, a 1971Plymouth Hemi Cuda convertible– believed to be the only such carleft with original engine andtransmission – made $3.5million,a new muscle car high.

TELLY ADDS VALUEHow much more would you payfor a car with TV provenance? AtBonhams’ Aston Martin Workssale, the hammer came down at£533,500 for the DBS from ThePersuaders! more than five timesthe amount achieved by arestored ‘standard’ car.

LESS CAR EQUALS MORE CASHThe enthusiasm for projectsshows no sign of abating, andhas led to some astonishingresults over the past year. Nonemore so than the 1973 FerrariDino 246GT that wasconsigned by SilverstoneAuctions for its 24 May sale.Laid up by a Scottish motorcy-cle racer who was afraid to use itafter being spotted speeding bythe police, the car was evendescribed by the auction houseas being ‘rotten as a pear’. The

front was particularly badlydamaged, but despite the factthat the car needed total resto-ration it still made £132,250.

A few days earlier, Bonhamsoffered a 1963 DB5 at its AstonMartin Works sale, whichincluded a specially dressed‘barnfind’ area – such was theinterest in project cars. TheDB5 was dismantled, damagedand needed a fortune spending,but its status as the Vantageprototype ‘DP217’ helped it to

CLASSIC WORLD GOES COUNTACH CRAZYAt Bonhams’ Goodwood Revival auction on 14 September 2013, the ex-Rod Stewart LamborghiniMiura SV reached £919,900. Who would have thought that Countach prices, which have traditionallylagged 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 ofexceptional results started at Bonhams’ Connecticut sale in June. An immaculate, unrestored 1975

LP400 ‘Periscopica’ – owned byits vendor since ’78 – set a newhigh at £719,152, £230k abovethe previous auction record.

A week later, a 1982LP5000S showed that latercars are also on the up, making£331,100 (est £120k) atHistorics at Brooklands.

Bonhams then presentedanother ‘Periscopica’ at theFestival of Speed on 27 June.A frenzied month for Countachsales closed with the low-mileage 1975 example racingall the way to £953,500.

Halo effecthits more 911sPorsche 911s are rising fast. AtGooding’s Amelia Island sale, aflagship Carrera 2.7 RS Light-weight made £841,500. Yeteven more-numerous Touringscan now command £500,000.In fact, Autofarm sold a match-ing-numbers example for morethan that figure before the carhad even been marketed. Tipfor the coming year: expectLightweights to top £1million.

achieve £393,500. A completebut poor 1958 DB MkIII drop-head coupé also raced past itsestimate to make £144,860.

H&H has also offered a goodnumber of project cars recently,and seems to specialise in pre-war examples. At its ImperialWar Museum Duxford sale on24 April, the ex-Walter Hand-ley 1935 Lagonda M45 T8tourer – not used for 30 yearsand presented in as-discoveredcondition – made £123,200.

This DB5 wreck made nearly £400k

H&H Lagonda was ex-Walter HandleyBiggest shock of the year was a totally derelict Dino cantering to £132,250

Countach fever has spread to 1980s examples, this one smashing its estimate


Italy’s prestigeunderdogoffers a host ofgreats for less

Ahundred years ago, in a littleworkshop on Via de Pepoli,an automotive legend wasborn when three brothers– Alfieri , Ettore andErnesto – founded a garagebusiness. It seems almost

perverse to refer to a brand whose carsroutinely sell for hundreds of thousands ofpounds – or even millions in the case of itsrarest models – as a ‘bargain’, but in therarefied world of the super-exotic, Maseratihas yet to truly find its feet.

Of course there are exceptions: the near-mythical 5000GT is a seven-figuresupercar – albeit one that would arguablycost four or five times more had it worn aPrancing Horse rather than a Trident – andthe marque’s sports-racers and Formula 1machines rightly rank alongside their rivalsat the sharp end of the historic grids.

Yet at the other extreme, it’s still possibleto buy yourself an example of the unloved’80s BiTurbo for a couple of thousandpounds, and there are any number of Quat-troportes and more recent 3200s out therefor under £10k. Not that it is only themisses and the moderns that look like finevalue. Alongside the headline-grabbers

from the likes of Aston Martin and, inparticular, Maserati’s Modenese neighbourFerrari, even the company’s most glamor-ous, beautiful and powerful models fromthe ‘classic’ era – created under Giulio Alfi-eri – still look amazing value.

Perhaps now, in the marque’s centenaryyear, it’s time for Maserati’s finest models totake their place alongside the best fromMaranello in terms of value as well asrespect. Marque expert Andy Heywood ofMcGrath Maserati reckons the shift hasbegun: “It has been building for a whilenow, at least five or six years, but it hasreally accelerated over the past 18 monthsor so. We first noticed a hardening of valuesof really good cars, but that has now filtereddown to all levels of the market.”

Heywood also notes that the Maseratimarket is very much a follower of fashion,with different models taking turns to enjoytheir time in the sun: “In the boom of the1980s the Mistral was the car of choice, butnow that has been overtaken by the Ghibliand the most desirable of all is the 3500GTVignale Spyder.”

The message is simple: if you want toone day own a Maserati, buy sooner ratherthan later – or you might just miss the boat.

With Maserati marking its 100th anniversary,Alastair Clements investigates why its cars areso much cheaper than rivals from down the roadPHOTOGRAPHY TONY BAKER/JAMES LIPMAN/MASERATI SPA/FERRARI

In association with


1957-’65, 2217 builtValue today from £120,000It may have half the number of cylinders asthe legendary V12-powered 250 series fromFerrari, but the 3500 has just as much claimto a thorougbred lineage – its twin-cam,straight-six engine can (loosely) trace itsroots back to the 250F that dominated GrandPrix competition in the ’50s. It was even anearly adopter of fuel injection – a Lucasmechanical system – and if it’s meant to haveit, originality fans will want to see it survive,rather than a Weber swap. There are around10 times as many Touring coupés as VignaleSpyders so, as you might expect, values ofthe open cars are several times higher.

THE MARANELLO ALTERNATIVE...FERRARI 250GT PF COUPÉ/CABRIOLETA real success story in the classic car boomthat has contrasted with the rest of thefinancial market’s near-collapse in recentyears, the PF Coupé will now set you backupwards of half a million pounds – and it’ll betwice that or more without a roof. An unfaircomparison? Well, we could have cited theCalifornia, and they’re several million a pop.

Maserati 3500GT/GTi

FERRARI 250GT PF COUPÉ/CABRIOLETA 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

Well, we could have cited the comparison?California, and they’re several million a pop.

Maserati Sebring1962-’68, 938 builtValue today from £80,000Don’t be fooled by the evocative name, thisis no more a competition machine than itsMaranello rival, but it is a great road car. Insome markets, the Sebring tag is unfamiliarand this car is known simply as the 3500GTiS– and that’s a clue: this is a development ofthe 3500GT, and has always been seen as abit of a poor relation, hence its ‘affordability’.People are starting to wake up to the factthat this is a real rarity, however, and priceshave been steadily climbing as a result.

THE MARANELLO ALTERNATIVE...FERRARI 330GT 2+2Not so long ago, this gorgeous V12 machinewas a £30k car. Back in 2001, we evenfeatured one in a story on ‘sub-£20k Ferraris’.Far from it today: now, you’ll have to scrapetogether at least twice the price of theequivalent Sebring to land one of thesepractical and still-underrated models.


1963-’70, 953 builtValue today from £80,000Beloved of ’80s investors, the gorgeousMistral took a heavy hit when the marketcrashed, and had been available for as littleas £30k until enthusiasts reawoke to themodel five years ago. The Pietro Frua-styledMistral has a race-bred twin-cam straight-six,in 3.5, 3.7 and 4-litre forms, but buy oncondition rather than engine. And if you wanta Spyder, you’ll now need to find £250k-plus.

THE MARANELLO ALTERNATIVE...FERRARI 330GTC/SEven the closed version of this Pininfarinabeauty has been a half-million-pound machineat recent auctions. As forthe open car – phew! It hastwice the cylinders of theMistral, but is it really fouror five times as good, asprices suggest? We reckonnot, even if it’s about theprettiest thing we’ve seen.

Maserati Mistral

2014 review Market

Maserati Ghibli1966-’73, 1295 builtValue today from £100,000Does it really matter whether the Ghiblilives up to its sensational looks? This wasthe first overtly showy Maserati and,fortunately, it’s also a magnificent GT. Ifyou have five times the budget (well, theyare about 10 times rarer!) you could have asuper-exotic Spyder, but where coupés areconcerned, you’ll pay a hefty premium forthe 4.9-litre SS – with power steering –over the ‘standard’ 4.7. Either way you’ll landyourself the Trident’s greatest head-turner.

THE MARANELLO ALTERNATIVE...FERRARI 365GTB/4A true automotive legend, with aprice-tag to match – anything froma quarter of a million to £500k-plus,and well over twice that for agenuine Spider. Is it a better car?It depends what you want: it’sfaster, and more accomplished ona track, but arguably the Ghibli isthe sweeter road car.

Maserati Mexico1966-’72, 485 builtValue today from £70,000With two doors but four full seats and a goodboot, this shortened Quattroporte is a quirkyaside to the story of late-’60s Maserati. Itwas ridiculously cheap until fairly recently,but the shockingly steep price of a high-classrestoration has finally prompted vendors toask proper money for them. Nevertheless, itstill looks inexpensive when you bear in mindthat it’s twice as rare as the much costlierGhibli – not to mention being half the price ofan equivalent Ferrari or Aston Martin.

THE MARANELLO ALTERNATIVE...FERRARI 365GT 2+2Another car that has gone from bridesmaid tobride as its more celebrated siblings havebeen catapulted into the financialstratosphere. Once an inexplicable bargain,the 365GT 2+2 is now a £150k car – and wefind it hard to argue against its inexorablerise, because it’s as sweet to drive as it issimply lovely to look at.

THE MARANELLO ALTERNATIVE...

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Maserati Indy1969-’75, 1104Value today from £40,000It has the all-important quad-cam V8 – in 4.1,4.7 and 4.9-litre forms – and subtly elegantlines, so why is the Indy still the cheapestclassic-era Maser that you can buy? Theanswer is simple: when you’ve a big brother ashandsome as the Ghibli, it’s inevitable thatyou would lurk in its shadow. But perhaps weshouldn’t be complaining: it may not look asgood as Giugiaro’s GT masterpiece, but itoffers much of the same driving experience,plus a couple of extra seats. Be wary, though– a cheap Maserati may well havebeen maintained on a budget, too,so buyer beware!

THE MARANELLO ALTERNATIVE...FERRARI 365GTC/4Just like the Indy, the GTC/4sits in the shadow of a moreglamorous, less practical sibling– in this case the Daytona. Whichis rather good news if you fancy the idea ofa quad-cam Ferrari V12, but have a coupleof kids and a lot less cash. It’s still twice theprice of the Indy though, from around £80k.

Maserati Bora1971-’78, 564 builtValue today from £90,000The Bora’s slightly punier youngerbrother, the Merak, is among the rareexceptions in this list in that it is likely tocost you more than its nearest Ferraririval, the 308. Not so the Bora; in a worldwhere the cult of the ‘supercar’ has putmany of its more famous brethren wellinto the millions, this quad-cam, quad-Weber, 160mph V8 remains criminallyoverlooked. Is it too subtle and toocivilised... or just too Citroën?

THE MARANELLO ALTERNATIVE...FERRARI 365GT4 BERLINETTA BOXERA few years ago, these two were neck-and-neck on price – in fact, the BB might

have seemed the bargain of thepairing. But the endless canter ofthe Prancing Horse means that agood BB is now a £200k-plus car,despite its slightly disappointingsteering and occasionally trickyhandling thanks to the flat-12’shigh centre of gravity.

2014 review Market

plus a couple of extra seats. Be wary, though


As demand has boomed and prices risen, filmposters featuring classics have become far morethan just decoration. C&SC asked the guru –Paul Veysey of drivepast.com – all about them

Go to any classic car event orauction and you’ll find awealth of tempting postersthat would look great onyour living room or officewall (or in the garage if youlose the argument). The

ones most likely to be snuck past your part-ner are movie posters featuring historics,which could explain why it is a fast-growingarea of collecting. Paul Veysey reveals all.

How big is the market for these posters?It iscertainlynotmainstream.Withmyusualbusinessacumen,Ihaveputmyselfintoanichewithinaniche–narrowingthethrivingoriginalmoviepostermarketdowntoonesmallarea.Thatsaid,mycollectionhasexpanded tootheroriginalfilmpostersfromnon-car-relatedpicturesoverthepastfewyears.

Has the scene changed in recent years?Generallytherehasbeenanincrease,aspeoplerealisethatoriginalmoviepostersareanareaofcollectibleart,andthattheinvestmentvalueoforiginalmovieposters,whilenottheprimemover, isindisputable, internationally.Atthemomentwehavesomethingofaplateau,becausepeopledonotseemtobeconvincedthattheeconomicrecoveryisunderway!

Do you think that, as a sector/interest of theclassic car world, it has reached a peak or isthere still plenty of growth to come?Ithinkthereisonlygrowthtocome.Auctionpricesarebuoyantatthetopend,andthereisalargenumberofclassiccarownersouttherewhohaveyettodipatoeinthewater.

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. Iusedtospendabout30%ofmywakinghoursonthehunt;nowwith

Movie masters

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decreasingnumbersavailableandgenerallyincreasingprices,it’smorelike80%.

How can people tell an originalfrom a reprint?Size,paperquality,smell,foldwear(onpre-’70s-ishposters),provenance,andgeneralcondition.

How big a bearing doesoriginality have on values?It’samassivefactor.

Also, what impact on prices doeslanguage have?Countryoforiginismoreimportantthanlanguage,asisartwork.Forexample,someJapaneseposterscommandveryhighpriceswhilenotbeingtextuallycomprehensibletomanyWesterners.Thereasonforthepricesisacompletelydifferentstyleofartwork.

And again, how does condition affect prices?Conditionisalwaysimportant.Restorationandlinenbackingofolderposterswillenhancevalue. ‘Mint’,unlessappliedtoveryrecentposters,shouldberegardedwithsuspicion.

What other factors can have an influence onwhat people will have to pay?Manypeoplepreferthesmallerpostersfordomesticuse,whilesomeofmymorefortunatecustomers,whohavemotor-houses,restaurants,showroomsandthelike,willgladlybuysomeofthemuchlargerposterstobeexhibitedonlargewalls.Shapeismorespecifictodomesticdisplay.Priceismoreaboutrarity,conditionandclassicmoviestatus.

What are the most popular posters, the onesthat everyone wants?LeMans,GrandPrix,HughHudson’sFangiobio-picfrom1980,Bondstuffthatincludescars,Winning,BacktotheFuture,TheFastLady (althoughthatmaybemoreJulieChristiethanBentley),and1950sUSHotRod/BadGirlmoviessuchasSpeedCrazyandRoadracers.

With something like Le Mans, how canpeople decide between themultiple variants thatthey might find ?WithLeMans, theFrench,JapaneseandItalianversionsareprobablythebestartwork.BoththeUKandUSposterscarrythe‘classic’artwork,buttheUKpostercarriesaconsiderablyhigherpriceinthe‘Quad’(landscapeformat)thantheUSportraitor ‘onesheet’format,butthat’smostlydowntoscarcity.

Which particular cars or stars (apart fromSteve McQueen, that’s a given!) are popular?EuropeanandBritishclassics,HotRods,F1cars,NASCAR, PaulNewman,Fangio(atleastthreemovies)andJamesGarner.

What are some of your personal favourites?Aswellastheoneseverybodywants,theyincludeKirkDouglasinTheRacers (Frenchposter),theItalianpostersforCornelWilde’sTheDevil’sHairpin,TheItalianJob (UKpostersfrom1969and30thanniversaryposters,ofwhichtherearemanyfakesandrepros),UKandFrenchpostersforGrandPrix.

What sort of prices can they achieve?Contemporary(withinthepastdecade)posterstendtobecheaperbecauseoftheirgreaternumbersandphotographicorCGimages.Also,USpostersareoftenlessrarethantheirUKcounterparts,andthereforelesspricey.Almostanythingfromthe1920sthroughtotheendofthe1950sisnowfetchingpremiummoney.

What is the holy grail of car-related movieposters (and what would it be worth ifsomeone found one lurking in their attic)?Formeit’sa1950posterofanArgentinianbio-piconFangio–ithaswonderfulartworkshowinghimdrivingtheMaserati4CLTintheyellow-and-blueArgentinianracingcolours.Thereareonlythreeofthesepostersknownto

existandI’vehadtwoofthematvarioustimes.Ifanotherdidpopup,andithadimpeccableprovenance, itwouldbe£10,000.

Do you have a favourite era of poster?Aswellasthosealreadymentioned,manyofthepostersfromthe1920sand’30s.

How did you get into it as a hobby/business?ManyyearsagomywifegavemeaUKquadforCheckpoint...andthatwasit.

How long ago was that?15-20years.

Are you travelling all the time to shows?Iusedtotraveltoshowsinternationally,butthecostofstandsnowfrequentlyoutpacestheincometobedrawnfromthem.That,combinedwithmanyshoworganisersregardingtradersasanunfortunatenecessity,meansthatIdofewshowsnow.Beaulieu,SpringandSummer,isanexception,andIwouldlovetogetbacktoPebbleBeach,plusTonySinger’salliedCalifornianshow,buttheskieswouldneedtoshowermewithgoldbeforeIcoulddothat.

Have internet sales had an impact or is thebest business still to be had at events?Mywebsiteismybestsourceofincome,bolsteredbysomebignameswhohavebecomeinterestedinwhatIdo.

Are there any places selling posters thatpeople should be wary of?Damnright!ButIcan’taffordthecourtcasesfromnamingthem.Happilytherearesomewhoknowwhatthey’redoingandbelieve,asIdo, instandingbehindeverythingtheysell.

What is the best way to look after a poster?UVglassorPlexiglassisreallynecessarytoprotectbiggerpostersandconservationbackingisalsoimportant.Whateveryoudo,don’thangthemindirectsunlight!

You also sell lobby cards and publicity stills,how does that side of the business differfrom the posters?Itdoesn’t,exceptthatthey’resmaller,andgenerallycheaper.

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at them of two had I’ve and existpop did another If times. various

impeccable had it and up,£10,000. be would it provenance,

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stills, publicity and cards lobby sell also Youdiffer business the of side that does how

posters? the fromand smaller, they’re that except doesn’t, It

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‘You can feelthe vibe when acar will do well’The record books have been torn up in the pastyear, but, as James Elliott finds out, there’s morethan you think to setting a new price benchmark

In association with


With the world recordpublic auction pricesfor both road andracing cars beingsmashed in the pastyear, it is easy toassume that the values

achieved are simply a reflection of arampant alternative investment markettriggered by the global financial crisis. To adegree that is true, underpinned by the factthat you know you are in a bull marketwhen high-end classics sell for more atauction than they do through dealers.

This, of course, is the point where someof those in the trade might allow them-selves a little smirk because many of theirdeals – especially the brokerage ones at thepinnacle – are carried out under a cloak ofsecrecy and involve numbers that permitthem to scoff openly at the ‘pin money’auction world records.

Without indulging in hearsay andrumour, though, the only prices we canknow for sure are those held in the full glareof the public. And surely the $27.5millionraised for a Ferrari 275GTB/4 NARTSpider and £19.6million paid for theMercedes-Benz W196 are sufficient inthemselves to merit comment.

To an outsider it must look a terrificallyeasy business to set such a record – get agreat car in, hope two people turn up (orphone in) who want it and start dreamingabout your commission and holiday in theSeychelles – but there is rather more tocreating those headlines than five minutesof showmanship at the auction.

It starts long before, sometimes years oreven decades before, anyone even has a

chance to bid. Competition for consigningcars is fierce with all the big auction housesgoing to huge lengths to secure the show-stoppers for their halo sales. This happensall year round, of course, but gets particu-larly intense in the build-up to Monterey.Often, contacts are everything. WhenBonhams secured the stunning GeorgeDaniels collection for its Goodwood Festi-val of Speed sale in 2012, it was thanks tothe personal friendship and respectbetween the late horologist’s family andveteran auctioneer Malcolm Barber. Theresulting £11million made by the 10 cars –including the ex-Birkin Blower Bentley andsome rare parts – was a superb result.

But it isn’t always so easy. Teams fromauction 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 anyoneoutside of our business really understandshow much effort and expense goes into sell-ing a car... or even securing a car to sell inthe first place. For a start you have toconsign it and that has never been moredifficult, so it can mean huge amounts ofcost – flying around the world, puttingtogether comprehensive proposals andmarketing plans and the like – all the timeknowing that it could be for nothing.”

The auction house’s negotiating arsenalincludes catalogue space, the cataloguecover – though this can be a nightmare iftwo or more owners are determined thattheir classic should be the star car – or evena separate booklet or catalogue for an indi-vidual car. They will also do whatever elsethey can to be accommodating, not least onreserves, but only within reason, asGirardo warns: “If someone has totallyunrealistic expectations, we simply have towalk away. Sure, it is upsetting to pass on agreat car, but it’s very simple: if we can’t sellit, we won’t make any money!”

With so many outfits competing for thebest cars, as often as not all that effort andexpense comes to nought, but if they domanage to consign the car, the fun is justbeginning. Not least because where onegreat car is consigned many other ownersthat were sitting on the fence tend to followon the assumption that a big auction andmedia attention will also boost their price.

Next they have to drum up interest in thecar, both publicly and privately, for thelatter using their extensive network ofcontacts to make sure that anyone with aninterest in the car and the wherewithal tobuy it, is not only aware of its impendingsale but any obstacles to them bidding arecleared out of the way. To garner widerinterest, a generation ago it used to be amatter of making some telephone calls.Then came the era of the press release, butnow a full-blown marketing campaign isexpected including full photoshoot, videoand loads more, adding up to thousands –sometimes tens of thousands – of pounds. Itis no surprise that these cars are so oftenfeatured in magazines when they arecoming to sale because they usuallywouldn’t be offered otherwise. We can tellyou that magazines agonise about this, butthe choice is simple and the need to presentsomething special – perhaps never againattainable for a story – for readers willalmost always outweigh the knowledge thatit is only available because it is to be sold.

Girardo adds: “You can’t imagine thework that goes into some sales or thelengths we go to. Often we are researchingcars more deeply than anyone ever has,finding every picture and film of them,

‘IT’S SAD TO PASS ONA GREAT CAR, BUT IT’SSIMPLE: IF WE CAN’TSELL A CAR,WEWON’TMAKE ANY MONEY!’

The ex-Juan ManuelFangio Mercedes-Benz

W196 became the mostexpensive car ever sold at

public auction when itmade close to £20million


every detail of their history, then photo-graphing them, videoing them – seeing thecar driving makes a huge difference topotential buyers – marketing them,producing the catalogue, and that’s beforesetting up the actual auction [which cantake days even with a 40-strong crew] plusall the entertaining that goes with makingthe sale an event and looking after all oursellers and potential buyers.”

Cracking the national press is tradition-ally a bit more difficult, but, again, thanksto the state of the classic car market and thementality of the press it is easy. Then againyou can’t really blame them for gettingexcited when they are told an old car isabout to make £20million-plus – in a worldaddicted to sensationalism, it pushes somepretty rudimentary buttons.

In recent years Bonhams has perfectedthe art of the ‘reveal’, unveiling its star lotsto a select audience at its London HQ, theattendees gauging the potential impor-tance of the car by the quality of thechampagne being served. This is preciselyhow it announced the forthcoming sale ofthe ex-Juan Manuel Fangio 1954 Germanand Swiss GP-winning Mercedes-Benz

‘IT’S LIKE BEING A RACER – ALL THENERVES COME WHEN YOU ARE ONTHE GRID BEFORE THE START’

When RM Auctions sold a275GTB/4 NART Spider inMonterey it smashed theworld record for a road car

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W196 in March last year. A convivialevening was overtaken with intrigue asdiscussion turned to what car lurked out ofsight. Then, just when the buzz in the roomreached fever pitch, it was unmasked. Onthe evening, Bonhams staff, some of whomwere as unaware as the guests what the carwas, such was the level of secrecy, were coyabout putting a value on it, but none wasanywhere near the £19.5million it eventu-ally made, near-doubling the existingrecord. Bonhams boss Robert Brooks iswell positioned to know how being theringmaster at such an event feels, havingalso presided over a previous world-record-breaking sale, at the time by far the classiccar world’s most glamorous and spectacu-lar, when, with him wielding the gavel, aBugatti Royale Kellner Coupé made£5.5million for Christie’s at the RoyalAlbert Hall in 1987.

Even in the current market it seemedunlikely that much would come along tochallenge the W196’s price, so it was almostmore astonishing when that record wasnearly busted in the States just a fewmonths later. Yet, when a 1967 Ferrari275GTB/4 NART Spider drove across theblock during RM’s Monterey sale in August2013, the world went a little bit crazy. Thecar had a wonderful back-story – one owner,being sold for charity, the late owner’sfamily on-site and in tears at the end of it –and the RM team had marketed it to thehilt, but when fashion magnate LawrenceStroll stumped up $27.5million, marketwatchers and classic car fans were aghast.

RM’s auctioneer Max Girardo is rarelylost for words, but this sale nearly did it. Herecalls: “I really didn’t expect it to make thatmuch money. I mean, we did expect a goodresult – you can always feel the vibe andknow when a car is going to do well – butnot on that scale. Time just flies during a lotlike that, I have no idea how long it took,but it was amazing and exciting.”

When you are conducting such a bigsale, it must make you nervous. Notaccording to Girardo: “Actually, it’s likebeing a racing driver: all the cripplingnerves come when you are on the grid, butas soon as the race starts, you’re in the zoneand buzzing and just get on with it, tryingto keep an eye on everything that is goingon around you, like where the bidders are.

“The real problem comes when it is overand, unlike after a race, you have to pickyourself up and start all over again a coupleof minutes later to get on with the next lot.But you must, because every customerwants and deserves the same level of servicefrom us. You can’t afford to get overawed or

distracted by the numbers . A great auction-eer once told me ‘whether you are saying25million or 25,000 it’s just as important’and that’s true, not only in how I conductmyself in my work at a sale but also in howwe treat our clients because, to each one ofthem, their car is the most important.”

“It’s all about trust, reputation and repeatbusiness,” adds Girardo. “We won’t evermislead a buyer or seller because we wantthem to come back, and most do. I won’tever advise a guy to pay over the odds, oranother to sell too cheaply because it wouldbe the last we see of them.”

So, two massive sales that more thanlikely would have been huge anyway, butwere certainly and considerably buoyed bythe masses of unseen, behind the scenespaddling by the sale houses. There’s noquestion that that auction firms are makingbig money, but, equally, there is no doubtthat they are earning their corn.

And that’s not the end of the story. As thisMarket Review went to press Bonhams waspreparing to auction a Ferrari 250GTO inCalifornia. The ex-Violati collection carwas set to go under the hammer at QuailLodge, not only the first GTO to be soldpublicly for a very long time – the previousone that was consigned was sold beforeRM’s Monaco auction in 2010, and the onebefore that bid to €8.8million but didn’tmake reserve at Bonhams’ Gstaad sale inDecember 2000 – but this one will be sold,and without reserve.

Erasers at the ready to rewrite thoserecord books... again.

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The pensive figure of AdolfoOrsi – the bearded, slightlytousled Italian – is a famil-iar sight at the world’s mostfamous concours events.From the glamorous lakefront at Villa d’Este to the

Pacific-edged lawns of Pebble Beach, Orsiis a respected judge, and no jury seemscomplete without him. The grandson ofAdolfo Orsi, and son of Omar, his familytree is entwined with the illustrious Maser-ati marque. Little wonder his expertise ofthe Trident is much in demand with collec-tors. Historian, lecturer, author, exhibitionorganiser, museum advisor, concoursjudge, auction specialist, and restorationexpert – there seems to be no limit to

the Modena-born enthusiast’s talents.Born in 1951, Orsi’s first motoring

memories are famous race aces visiting hisparents’ home. “We lived just 1km from thefactory, so drivers were always poppingaround to see my father,” he says. “I havevivid memories of Prince Bira because hewas the first Asian I’d met. WheneverFangio came to Italy he would visit becausehe liked to keep in contact with the oldmechanics – Maserati was like a family tohim. For one of my birthdays my fatherorganised a factory visit. They were makingelectric toy 300S-style sports cars at thetime, and the staff arranged for my friendand I to race them in the factory yard.”

During his teenage years Orsi had morefreedom and would regularly cycle down to

Adolfo Orsi has becomea globetrotting concoursconstant. Mick Walshmeets one of the busiest– and most respected –characters in classic carsPHOTOGRAPHY HISTORICA SELECTA

The legacy of aconcours king

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the factory to see how new designs wereprogressing: “The development of a newmodel was an exciting time and I rememberthe first 3500GT, Mistral, Quattroporte,and Mexico. I got to know the mechanicswell and Guerino Bertocchi would oftentake me out on test drives. I experienced myfirst 200kph on the autostrada with Bertoc-chi, and he’d often get me to write downthe notes about little problems with the car.He was very friendly and I have goodmemories of those years.”

In 1968 Maserati sold out to Citroën:“My father was more tempted by an offerfrom Alessandro de Tomaso but his chiefengineer Giulio Alfieri preferred to go withCitroën. By 1971 he’d sold the remainingshares, and I focused on studying law. I

never practised, and in the ’70s dedicatedmy time to running the family parts busi-ness. Working gave me the opportunityand resources to get involved with motorsport. I loved rallying and entered a Group 2Fiat 125S in the 1972 Rallye Monte Carlo.Later I campaigned Alpine A110s in Italianevents, but soon realised that my racing was

driven by passion rather than natural talent,so I decided to retire. For a while motor-cycling took over from cars, and I began alove affair with Laverda. Living in Modena,we’re close to some great riding roads inthe Apennine Mountains. I’ve now ownedmy 750GT for 20 years.”

During the mid-1980s Orsi made a deci-sion that life was too short for an ordinaryjob, and that it was time to pursue a profes-sion connected with classic cars. “You onlylive once and I wanted to dedicate my timeto something I loved,” he says. “In 1986,I started looking for opportunities in theclassic car hobby and, after attending a widerange of events, I decided there was roomfor an auction specialist in Italy. Christie’shad tried sales here in the early ’80s, but it

‘MY FIRST 200KPHRIDE WAS ON THEAUTOSTRADA WITHBERTOCCHI; HE’D GETME TO WRITE NOTES’

Clockwise, from left: a lapof Monaco with Sir StirlingMoss during Credit Suisse’sRally Parade; chief judgeat the Ferrari 60 Concoursin Maranello; openingModena’s Maserati 100exhibition; piloting a Fiat125S on the Monte


didn’t continue. We signed an agreementwith Finarte Milano, and ran a series ofvery successful auctions in Modena andMonza specialising in classic cars, motor-cycles, and automobilia. I’m proud of thecatalogues we produced, and we had somestrong results, including a record price fora Ferrari 312 in 1991. Then the Italiangovernment changed the tax policy forauctions and it wasn’t viable to continue.”

With his market experience, and exten-sive data, Orsi decided to collaborate withRaffaele Gazzi, and launch HistoricaSelecta. “Our plan was to offer advice tocollectors, museums, and manufacturers,”says Orsi. Quickly the respected team wasenlisted to organise events and exhibitionsincluding Mitomacchina, a dazzling display

of iconic cars in Rivereto that attractedmore than 130,000 visitors. Orsi’s latestproject was curating the superb Maseraticentenary display in his home town ofModena. He has also worked as an advisorto various museums, including Pininfarina,and is a consultant for several prestigiousmarques including Bugatti, Ferrari,Lamborghini and, appropriately, Maserati.

With his vast archive and expert know-ledge, Orsi is regularly contacted by ownersof important Maseratis to advise on resto-rations. “I am proud to have been involvedwith three great projects,” he adds. “WhenTexan John F Bookout bought the fabulousA6GCS Frua Spider ‘2110’, we helped withthe research and advised on the restoration.It was great to see the car returning to Italy

in 2010 to win at Concorso d’EleganzaVilla d’Este. I was also involved with resto-ration of the Maserati V4 Zagato, and theex-Aga Khan 5000GT, which meant a lot tome because my father knew him well.”

Notably, Orsi is an omnipresent judge atprestigious concours events around theworld: “My work with restorers and judg-ing gives me a good perspective, but I ammost proud of encouraging the importantpreservation of historic vehicles. For yearscars for concours events had a tendency tobe over-restored, but I’ve always main-tained it’s vital to safeguard originality. In1995, the president of FIVA approachedme for advice about launching in America,and I came up with the idea of a prize forthe ‘best-preserved’ car at Pebble Beach.

Left: Adolfo Orsi withfellow judges FredSimeone and Roy Miller,preparing to pick the FIVAAward winner at PebbleBeach in August 2009.Below: in 1957 driving aMaserati 300S-stylechild’s electric car

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Keeping track ofclassic car pricesWith the closing of Finarte classic carauctions, Orsi and Gazzi hit upon theidea of producing a yearbook ofinternational sale results. “We wanted tocreate an authoritative record of priceswith extensive details of the cars soldincluding chassis numbers, andcondition,” says Orsi. For anyone wantingto keep apace with the market theannual has become an essentialreference for collectors and dealers.

But, after 12 issues, publishingpartner Bolaffi cancelled its associationin 2006. “We decided to publish on ourown through our company HistoricaSelecta, changed the title to the ClassicCar AuctionYearbook, andhaven’t lookedback. Thanks toCredit Suisse’ssponsorship wehave increasedthe print run,added pages –it’s now 400 –and graphs.”

In response todemand, Orsiand Gazzi havechanged the timeframe of the auctionscovered to include the latest Montereysales: “Our season now ends on 31August, which is key because the PebbleBeach sales are often the most important.”

In the 20th edition, Orsi included areview of the top five auction pricesfrom 1993 to 2013: “It was fascinatingto see the values. In 1995 you could buyone of the greatest pre-war Alfa 8Cs,the ex-Rimoldi Touring Spider, for$1.8million and in 1998 a Ferrari275GTB/4 NART Spider was only$2million. That seems nothing comparedto today’s amazing prices.”

Now that has expanded to a complete class,and I like to think it’s helped focus on origi-nality. The market has also seen a trendtowards unrestored cars, which now regu-larlymakehigherprices thanrestoredones.”

Like many experts, Orsi was curious tosee how the Ferrari 250GTO would sell atMonterey: “I knew Fabrizio Violati well.With his Alpine-style hat, he was one of thegreat characters of the Italian classic carscene. It’s a little sad to see his collectionsplit up, but it looks as if we’re guaranteed aFerrari cover for our next Auction Yearbook.”

When asked how he views the dramaticincrease in classic car values, Orsi doesn’tsee things slowing down: “The hobby hasbroadened out with higher quality events,better restorations, and increased interest

from manufacturers with specialist heritagecentres. Every luxury lifestyle magazineseems to have a feature on classic car invest-ment and the hobby has a much higherprofile. There’s more millionaires around,and this is attracting fresh buyers fromcountries new to the market.

“It worries me when people buy for aninvestment – it’s better they are driven bypassion. A classic car is not like a liquidinvestment and can’t be sold quickly. Also,a great car requires dedication and special-ist care. It’s difficult to forecast, but over thepast 12 months there’s been a 70% increasein cars sold at auction for over £1million.That pattern of increased values doesn’tseem natural to me, but in the short term Idon’t see a problem.”

Left: the perfect preludeto judging the Half MoonBay Concours d’Elegancefor motorcycles is a proper’bike ride. Below: at thewheel of the gorgeousCoppa d’Oro-winningMaserati A6GCS FruaSpyder at Villa d’Este


The proverb/curse ‘may youlive in interesting times’certainly seems fitting forthe current state of thecollector car market. In 25years of following it, I’venever seen anything like

this: records eclipsed with every sale; 15active bidders on classics that would havestruggled to find interest from three just afew years ago; cars from the ’50s that wereperennial blue-chippers now finding theirmarket dying off; and cars from the ’70suntil recently deemed “hopeless” by smartcollectors increasing in value up to 300%over recent years. Interesting times indeed.

Reckon the market isout of control with no

rhyme or reason? Thenthink again. Rob Sass

explains the sciencethat determines thetrends and predicts

what will happen next

A GENERATIONAL SHIFTChurchill was fond of noting that “thefarther backward you look, the fartherforward you can see”. Perhaps that’s true inthe classic car world as well. I’ve writtenabout the coming generational shift in carcollecting on several occasions, but, notsurprisingly, each time that I revisit it, thenotion seems to come into sharper focus.The whole concept of a hand-over of thehobby is nothing new. Looking back, it’sclear that we’ve been there before with theWW2 generation.

Sadly, as the recent D-Day commemora-tions make it clear, those remarkableindividuals – who did things such as brave

The Sass report:an insider’s view

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frighteningly accurate AA fire to land atnight in Normandy in Horsa gliders madeout of tissue paper and balsa – are quicklypassing from the scene all together. But itwasn’t that long ago that they were in thedriver’s seat of classic car collecting. Lookback 30 years and collector car auctions onboth sides of the Atlantic were dominatedby pre-WW2 cars.

But as that generation started to age outof the scene 20 or so years ago, the marketfor many pre-war cars started to dry up.People, it seems, almost always first collectthe aspirational cars of their youth and theimmediate post-war baby boomers for themost part didn’t want the Morris Eights,MG TAs and Model As of their dad’s youth.They wanted the Healeys, Jaguars andCorvettes that they coveted as teenagers.The early boomers have been at it for over20 years and, lately, their rate of acquisitionhas slowed considerably.

On the other hand, late boomers (bornbetween 1960 and ’64) are now in theirearly 50s and just entering their primecollecting years where the combination ofpeak earnings and freedom from obliga-tions of rearing/educating children createsan algae bloom-like increase in disposableincome. And their tastes are very different,focusing on the cars of the late 1960s andthe 1970s. Further behind them are Gen-

Xers with their interest in ’80s and ’90s carsand then the vast Millennial generation.God only knows what, if anything, auto-motive the latter will care about.

The oldest boomers turn 70 next yearand, as they age out of the hobby, there arestrong signs that demand and prices for theaspirational cars of their youth are flatten-ing out in the same way that it did forpre-war cars a generation ago. In the US,prices for iconic one-time blue-chipperssuch as the 1955-’57 Ford Thunderbirdand the 1955-’57 Chevy Bel Air have seem-ingly been flat for nearly a decade. The factthat, apart from in the US and Scandinavia,few people care about this sort of Ameri-cana doesn’t help matters.

British sports cars from the ’50s, however,remain relatively in demand, if for no otherreason than that they’re eligible for some

great events and trade in a global market,which means more takers. But still, themarket for the ‘commodity’ sports cars ofthe 1950s, such as sidescreen TRs, MGAsand even Jaguar XKs, hasn’t exactly been onfire. One need only point to the fact that topS1OTSE-typeshave risen invaluebyabout50% over the past few years while XK120roadster prices have been billiard-table flat.

This isn’t to say that all is lost for the carsof the early baby boomers. The most iconicmodels of the immediate post-war era willalways find takers, just as the pre-warSS100s, 4½ Litre Bentleys and DuesenbergSJs have found a receptive market in collec-tors with no period attachment to them.The best cars of the 1950s that the olderboomers leave behind should also attractnew buyers to connect with them as objetsd’art or great design rather than as objectsof youthful desire.

There are signs that this is already takingplace in America. The aforementionedtwo-seater 1955-’57 Thunderbirds had forsome time been as cheap as anyone couldremember. Every old dude who wanted oneit seems either already had one, or decidedthat after his hip replacement, sliding intoone just wasn’t going to be practical, flood-ing the market with two-seater T-Birds.Recently, though, a new appreciationamong younger people for quality mid-

Left: Jaguar E-typesoutperforming XKs big

time. Clockwise, fromright: Brit roadsters never

go out of fashion; tellycould sprinkle stardust onMagnettes; T-Bird and Bel

Air newly appreciated;Corvettes tick the boxes

‘EVERY OLD DUDEWHO WANTED ONEHAD ONE, OR, POST-HIP REPLACEMENT,DECIDED SLIDING INWASN’T PRACTICAL’


century American design – from Eamesfurniture to Palm Springs atomic ranchhouses – has also focused the attention ofyounger people on the cars of the period.I’ve talked to several 40-somethings andearly 50-somethings who have been on thehunt for the mythical driver-quality$25,000 T-Bird that the pundits say is lurk-ing behind every ornamental shrub only tofind asking prices of $40,000 or more.

Some attribute the current interest inmid-century style to the American TVshow Mad Men. I suppose anything’s possi-ble. I shudder to think that Call the Midwifeis responsible for an uptick in interest inMG Magnettes. Like the pre-war examplesthough, it’s probably only the most iconiccars that will make the generational leap –your grandfather’s Austin A50 or StandardVanguard isn’t going to hold much appealto someone looking to live out a Bodie andDoyle fantasy in a 3-litre Capri. Time is onthe side of the cars of the 1970s and beyond.

HOPELESS NO MOREBack in June of 2008, I created the first clas-sic car stock market-style indeces for theHagerty Price Guide, which was thenknown as Cars That Matter (by Decemberthat year, at least one organisation in theUK had followed suit and started publish-ing its own indeces for various classic carmarkets and sub-markets). I’ve recentlybeen toying with the idea of creating theHopeless No More Index for cars that at onetime or another in recent memory, thepunters consigned to the rubbish bin ofpotential collectability. Surprisingly, thegraph would show an almost vertical lineover the past few years and the index wouldbe made up mostly of cars from the 1970s.

Cars that would be part of a Hopeless NoMore Index? The BMW M1, Aston MartinDBS, MGC, Porsche 911SC, Maserati

Khamsin, Jensen Interceptor and Iso Leleto name a few, but the headboy might wellbe the Alfa Romeo Montreal. Widelyviewed in the past as a rare gaffe by thegreat Marcello Gandini, and a car withdeluded supercar pretensions, spoiled by atoo-old Alfa 105/115 chassis not up to thetask of underpinning a V8 supercar, about£30,000 was assumed to be the end of theearth for a Montreal. The trouble was, fewreally great examples sold publicly untilGooding & Co’s January 2014 Scottsdalesale 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 asthe Espada and Jarama have also more thandoubled in value over the past three years.

Cars from the ’60s with Italian style andcheap American horsepower – such as the

Clockwise, from left:former members of theHopeless Club now on arapid rise – Capri,‘headboy’ Montreal, M1and Interceptor. Bottomleft: Land Cruisers are atthe vanguard of the utilitycraze, along with C-10s

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Iso Rivolta and Gordon-Keeble – havebeen increasing in value for the past decade.Their 1970s counterparts such as the IsoLele and Jensen Interceptor, however, werethe last bastion of the dirt-cheap Italianatestyle/American horsepower GTs. Rottenexamples of both used to be fodder forevery second- and third-rate auction onboth sides of the Atlantic. It got to the pointthat everyone was conditioned to think thatthere were nothing but nasty examples.

But, recently, the market has moved tothe point where it’s not fiscal suicide to putsome money into these cars and, conse-quently, decent examples of both areshowing up at auction and bringing verygood money. Rejen’s recent sale of an AquaBlue Interceptor III for £75,000 markedthe official end of cheap prices for soundcars and I know at least one person restor-ing a RHD Lele who won’t be underwaterwhen it’s done. Perhaps it’s time to pick upa Qvale Mangusta for £15k? Or not.

I’ve always been quick to caution that asingle sale doesn’t make a market, andsometimes things happen at auction thatare flat-out unrepeatable, but there’s nodenying the influence some of these break-out auction sales have had on values andprices realised. Whether these formerlyhopeless cars survive the next inevitablemarket correction is highly debatable, butfor now, they’re having the last laugh.

WHAT’SAFFORDABLEWITHANUPSIDE?Thus far, the explosion in the Porschemarket has been confined to air-cooledcars, but can it be long before Porsche’s1970s flagship the 928 starts to make aripple in the market? As with the long-predicted rise of the 911 turbo, the first andlast of the 928s will be the most soughtafter. The smart money may already be inthe hunt. I know at least two collectorsactively seeking a first-year production 928with a five-speed and the nutty cool op-artchecked ‘Pasha’ interior.

The E30 BMW M3 is already very muchtop of mind for collectors in their 40s,(particularly Evos). Edgy and somewhatunrefined in the best possible sense, thetrain has already left the station on this one.A gorgeous white 1988 M3 with just over40,000 miles sold at the Russo and Steelesale in Monterey, California last year. Atabout £24,000, I thought it fully priced, butperhaps with a significant eventual upside.‘Eventual’ turned out to be sooner ratherthan later. Less than a year later, it seemslike a stunningly prescient buy that I shouldthink would take at least £30,000 to repli-cate in this market. Not a bad rate of return.And while the E30 M3 has been officiallydiscovered, its upmarket sibling the E24M6 has been comparatively overlookedthus far. With its shark-like styling courtesyof Paul Bracq (perhaps the most underrated

stylist of the 1960-’70s) it’s a great gentle-man’s express that is perhaps moreconventionally handsome than the 928.

Classic SUVs and pick-up trucks fromthe 1970s are among the hottest segmentsin the US with 1970s Chevrolet C-10 pick-ups fetching close to £20,000 for greatones. Even more shocking is the fact thatthe best restored Toyota FJ40 Land Cruis-ers are regularly showing up at major UScatalogue sales and fetching close to£60,000. Pre-’89 Land-Rover Defender 90sand 110s that can legally be imported to theUS sell for crazy money over there as well,even in RHD (hint, hint). Yet Americanssimply discard classic Range Rovers. Rust-free West Coast examples of the ChelseaTractor are practically free. I just looked ata 1991 Rangie without a spot of rust, a greatinterior, cold air con and just 104,000 mileson the clock with an asking price of $2600.Sadly, no two-door Range Rovers from theearly ’70s – eligible for re-importation with5% duty – were officially sent to the Statesbut the mother lode of clean four-doorRangies lives in the US and, at present,nobody seems to care about them.

As I write this, the Monterey auctions arejust over the horizon and I’m looking to putmy money where my mouth is: I’m sendingpacking a lovely ’68 Triumph TR250 (theUS version of the TR5 sans PI) in favour ofan iconic ’70s motor: a Ferrari 308GTS.

Clockwise, from left:aircooled 911s are longgone, the 928’s time mustcome; you can’t give awayRangies in the US; 308meets all Sass’ criteria fora return so he’s putting hismoney where his mouth is

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Excitingtimes

The bubble has not burst.Far from it, in fact: everyreport I see enhances theonwards and upwardsmarket trend. For years,the auction houses haveled the exhilarating charge

to produce fresh values that range from theexpected to the outrageous. The onlybargains now seem to be cheaper cars need-ing work that buyers can do themselves;thereby making a serious saving.

When Bonhams sold the exquisitelyengineered 1954 Mercedes-Benz W196, itprovided a boost for other important GPmachines ranging from pre-WW2 Alfa-Romeos, Talbot-Lagos and Maseratis to1960s and ’70s F1 kit. Record prices appearto pervade confidence to similar genres ofcars and that must surely be mirroring thecommodity market? Either way, theauction houses have ramped up their busi-nesses as demand increases and specialistpublications have become invaluable tobuyers in determining how prices havepanned out; as well as offering opinions,suggestions and an insight into just howmuch knowledge is needed to bid assuredly.

Such is the influence of auction pricesthat the biggest groans come from dealerswho have difficulty obtaining stock. Ownersare reluctant to dispose of something just incase it goes up dramatically in price. Whocan blame them? Personally, on thepremise that he wouldn’t risk his own capi-tal on a dicey machine, I’ve always thoughtthat a vehicle that was actually owned by areputable dealer was a better bet thansomething that was merely on sale orreturn. Good logic? Depends on the dealer.

About 45 years ago I was chatting to anacquaintance who’d worked out that thesum total of really special, worthwhilevintage, veteran and classic cars was onlysomething around 3000. That’s countingjust the best of everything and what wentinto his mix is pure conjecture. Just thinkabout that, though – perhaps there aren’tthat many totally delicious cars to be had.Remove cars held in trusts, museums andthe like and, even though there’s moremachinery to be considered from ’69, therewillneverbeenoughgoodstuff togoaround.

With cheap money abounding, surelyyou should buy whatever you can get yourhands on because this hobby/sport/market

is not going to go away in the foreseeablefuture. By doing so you not only satisfyyour cravings, but also provide amplefodder to set up a regime to help keep your-self sane in today’s ever-changing world.

After all, old vehicles keep you busy.Research, study and investigation all lead tothe quintessence of what this celebration ofartefacts is all about. They stop you playingSudoku and Candy Crush and teach youabout chassis manufacture, castings,machining, brakes, gearboxes, camshafts,bodywork, wheels, tyres, race history, vinnumbers, registration numbers and what-ever it takes to be an expert in your field.

What’s on offer is wonderful therapy. Itis the way knowledge is gained and one ofthe reasons why demand is so high. Nexttime you go anywhere the cognoscenti aregathered (Goodwood, for example), justask them how much fun they are havingand you’ll know why prices are on the up.

You’ll notice I have talked only aboutprices. A price is someone else’s idea ofwhat something is worth and value is adifferent thing altogether. It is derivedfrom your own feel for the item based onexperience, knowledge and discipline. Yourdad’s old car will be more valuable to youthan anyone else. So will the car that youalways wanted but couldn’t afford. Like-wise, if you don’t want to wait years for yourfavourite to be restored, the ready-to-go100 pointer may be more valuable to you.

Either way, whatever is going on outthere is fuelling exciting times in every wayin the old vehicle world. That’s why there’sno need to worry.

As the classic car market continues to boom, thedifference in meaning between ‘price’ and ‘value’gets ever greater, says Alain de CadenetPHOTOGRAPHY MICK WALSH

‘CLASSIC CARS STOPYOU PLAYING CANDYCRUSH AND TEACHYOU ABOUT HISTORY’

W196 sale had a knock-on effect for other classics

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