Collector Car Market Stands to Gain from Latest Economic Meltdown
Monterey and Beyond:
A Prediction for the Collector Car Market
(By: Bryan W. Shook, Esquire)
717-975-9446
With the Monterey Auctions only two weeks away, the eyes of the Collector Car Market are on Wall Street and other world markets.
Gold has surpassed Platinum, S&P has downgraded the United States credit rating from AAA to AA and the stock market is plummeting. How could this possibly be beneficial to the collector car market, you ask … it’s simple. The stock market, the bond market, the futures and other typical investment arenas are subject to the debt crisis. While the Collector Car Market is, in a sense subject to the debt crisis, but not nearly to the extent that the traditional markets are.
This economy is somewhat of a double-edged sword. On one hand, the current debt crisis has undoubtedly caused more than a few cars to come to market, but on the other hand as investors seek safe havens from the latest market crash the world of collector cars looks like a better and safer investment market every day. Collectors invest in automobiles because of emotion, artistic adoration and quite simply, memories. A tangible investment is much easier to quantify than a stock certificate and the same is not as susceptible to the tumultuous economic climate we live in today.
Last year’s $172,000,000.00 in sales will likely be eclipsed this year as investors clamor for the many of the blue chip collectible automobiles that the several major auction houses are going to parade across the block.
Don’t be surprised to see a plethora of domestic and foreign collectors alike flock to Monterey, cash in hand to buy up the consigned cars. Monterey has, for years been THE PLACE to sell your high-dollar, blue chip car … this year the money will be there more than ever.
Thank you to Standard and Poor and all of the world’s economies responsible for this latest turmoil.
Attorney Bryan W. Shook is a devoted automotive enthusiast, but is also an experience litigator who devotes a large portion of his law practice to helping other collectors and hobbyists understand today’s market. Attorney Bryan Shook is available throughout the United States for consultation, advice, and information. If you’d like more information about this topic or would like to speak with Attorney Bryan W. Shook please email him at BShook@dplglaw.com.
Bid with Knowledge; Buy with Confidence – Vintage Automotive, LLC
Economics of Car Valuations
The Economics of Vehicle Values
The value of an antique car or a collector vehicle is driven by three key factors: desirability, pedigree/provenance and condition. These three factors fit into an equation which eventually leads to the value of the vehicle. The weight to be assigned to any of the factors is subjectively based upon the influence any one factor has over another.
Let’s take a look at these three factors:
Desirability: Although this is a subjective measure, it is fairly easy to quantify. A desirable vehicle is one that nearly anyone would love to own. Also vehicles that were produced in limited quantities or with attributes or options not commonly found on contemporaneous models are desirable. Exotic vehicles are usually desirable on their name alone. Finally, some vehicles are desirable simply because they are cool. While every vehicle is desirable to a collector on some level (yes, even the Yugo is desirable if you can find a complete and somewhat running example), it is the level of desirability which drives the value. The more people who like the vehicle; the more desirable the vehicle is. Specific years, specific models, or specific options can make an otherwise undesirable or not so desirable vehicle desirable for the purpose of valuation. Keep in mind however, that although desirability drives just one aspect of the pricing structure it can sway the equation completely. A fitting example is a Duesenberg. In any condition, and even without any pedigree or provenance, a Duesenberg will ALWAYS command a relatively high value based purely upon its highly regarded desirability and relatively low production figures. The weight to assign to desirability can also be dependent upon the year, model, options or scarcity of a model.
Pedigree/Provenance: This is where most vehicles are lacking. Time has a way of erasing memories. By and large, information about a vehicle’s origins was not something that was discussed when the vehicles were sold, “back in the day.” Most vehicle owners do not have much information about the vehicle before they acquired it. Therefore, when you come across a vehicle with paperwork or history, dating from new, you are looking at a vehicle with pedigree. Merriam-Webster defines “pedigree” as the origin or history of something. Items that add pedigree are copies of old titles, registration paperwork, original sales forms, window stickers, build sheets, factory documentation, certification, etc.
Provenance is the history of ownership of the vehicle. Vehicles that were once owned by movie stars or other public figures tend to be worth more than other similar vehicles. These same vehicles also tend to have more options or unique features which make them more desirable (see above). Vehicles that have a known, uninterrupted chain of ownership, from new can also be said to have provenance. Nevertheless, the weight assigned to this form of provenance is obviously not the same as the weight assigned to a chain of celebrity ownership or ownership within a large nationally recognized vehicle collection or museum. For provenance to be given appropriate weight, it must be substantiated with documentation.
A vehicle with either pedigree or provenance is worth more than a similar vehicle without. A vehicle with these attributes is sometimes referred to as a “no stories” vehicle.
Condition: This third and final factor is the “make it or break it” for most vehicles. Even if a vehicle has good desirability and pedigree and/or provenance, it likely won’t influence the value of the vehicle as much as condition. A vehicle with in superb original condition (i.e. extremely well-kept since new) or a vehicle which has been restored or built/rebuilt to an extremely high level is worth more than a similar vehicle needing restoration or a similar vehicle in a deteriorated condition. In recent years we have seen a push for original vehicles. As the appreciation for these examples has risen, so has the weight assigned to originality with respect to valuation. (Note: An overwhelming public appreciation for a particular vehicle or vehicle trait tends to also weigh heavily on desirability). The more original a vehicle or the better the restoration of the vehicle, the more the vehicle is worth; period.
Although the equation into which these three areas are plugged is somewhat objective on its face, the weight assigned to any one area is subjectively based upon the knowledge, expertise, and experience of the person assigning the value.
Any attempt to confidently assign a fixed weight to any of these three areas would be illogical. There are far too many vehicles with far too many options, characteristics, stories, and degrees of condition to allow for such a rigid valuation method. Each vehicle must be evaluated first on its own merits and then against similar vehicles with known sales to find a comparable sale. Then the comparable sales must be evaluated to see how closely they match the subject vehicle. The closer the comparable sale, the closer your estimate of value will be to the actual value of the subject vehicle. You must however, keep in mind some principles of economics such as, market saturation versus scarcity, preferences, and rationality (i.e. marginal cost versus marginal benefit).
This theoretical approach to the economics of car valuation should provide you with an understanding of why one vehicle is worth so much more than another. The equation described here should be view as a template which along with the expertise of a seasoned professional will likely allow you to confidently arrive at a value for your particular automobile given the economics discussed herein.
Attorney Bryan W. Shook is a devoted automotive enthusiast, but is also an experience litigator who devotes a large portion of his law practice to helping other collectors and hobbyists understand today’s market. Attorney Bryan Shook is available throughout the United States for consultation, advice, and information. If you’d like more information about this topic or would like to speak with Attorney Bryan W. Shook please email him at BShook@dplglaw.com
Bid with Knowledge; Buy with Confidence – Vintage Automotive, LLC
Rare GM Futurliner to be offered in Auburn in May
GM Futurliner coming to Auction!
By: Bryan W. Shook, Esquire
BShook@dplglaw.com
It’s hard to believe, but the January auctions are nearly four months behind us now. The market for collector cars seems to be strong, getting stronger which is good for all.
A very interesting vehicle is about to come to sale. That is one of the few remaining GM Futurliners. The Futurliner is a lasting reminder of GM’s Parade of Progress of the 40′s & 50′s. Noted collector, Joe Bortz, saved this Futurliner and now it is available for sale at Auction America’s May Auburn, Indiana Sale. The last Futurliner sold at auction brought $4,300,000.00. This one is supposed to be one of the most complete unrestored Futurliners left, so it’s tough to say what it will bring. The auction description is clear however that it does not run and needs a full restoration. A restored Futurliner, owned by National Automotive and Truck Museum of the United States (NATMUS), will be shown alongside the one offered for sale. If you have never seen a Futurliner in person, it is a sight to behold. Do yourself a favor and check this sale out. It will, undoubtedly, prove most worth it, integral pieces of GM’s history, such as the subject Futurliner, do not come publically available often. When one does it garners the collecting world’s attention.
Bryan W. Shook, Esquire is a devoted automobile enthusiast. Attorney Shook is a collector and as a collector knows the ins and outs of the hobby, let Attorney Shook’s legal knowledge of the collector car hobby work for you. Attorney Bryan Shook can be reached at 717-975-9446 or by email at BShook@dplglaw.com. Attorney Shook is headquartered in Camp Hill, Pennsylvania and is licensed to practice law in Pennsylvania.
The Status of Vehicle Titles in Pennsylvania
The Status of Vehicle Titles in Pennsylvania
By: Bryan W. Shook, Esquire
BShook@dplglaw.com
BUYING A VEHICLE WITHOUT A TITLE
In the realm of car collecting, one thing can cloud a bargain more than anything else, a vehicle with no title. The statement “no title” or “sold on bill of sale only” is usually enough to make most potential purchasers turn and run, FAST. But should it really scare us away? Perhaps, but not without good reason.
A vehicle sold without a certificate of title is a vehicle sold with questions.
Before you purchase any vehicle without a title, you must ask yourself the following.
- Why doesn’t the seller have a title to transfer to me?
- Is the vehicle listed in either the NMVTIS or the NICB VinCheckSM?
- How am I going to get a certificate of title in my name?
Why doesn’t the seller have a title to transfer to me?
The most obvious question is why does the seller not have a title to the vehicle? There are many potential answers to this question that should be asked prior to negotiating for the purchase of this vehicle.
For instance, the vehicle could be missing its title because it was previously salvaged and somehow escaped destruction (i.e. crushing); or worse yet, the vehicle could be stolen. These are reasons to RUN, FAST!!!
Often the case, however, is that the vehicle was abandoned, so to speak, by the last owner who held a certificate of title. This usually happened when the vehicle had fallen into such a state of disrepair that the condition and its value at the time made the title and registration of the vehicle a moot point. Accordingly, whoever acquired the vehicle from the last person may not have requested a transfer of the title for these, or similar reasons.
The answer to this first question often tells you 90% of what you need to know. Trust your instinct. If the story sounds fishy or otherwise unbelievable; it probably is.
Is the vehicle listed in either the NMVTIS or the NICB VinCheckSM?
Before you purchase a vehicle without a title you should run the VIN through two sources. The first is an initiative of the United States Department of Justice located at http://www.vehiclehistory.gov/ and known as the National Motor Vehicle Title Information System (NMVTIS). The NMVTIS is designed to thwart the registration of stolen vehicles and prevent title fraud. An important note, however, when researching the NMVTIS for collector cars, is that the system is still in its infancy and relies upon information uploaded from individual states. Results of the NMVTIS include where the vehicle was previously registered and if it has ever been reported stolen or had any other title issues in the past. With respect to antique and other older collectible vehicles, it is possible that some “older” thefts may have slipped through the cracks. So, don’t rely too heavily on the results of the NMVTIS search if it comes back with no record found. This is why it is important to also check the second source.
The second source that should be checked is the National Crime Insurance Bureau’s (NCIB) VinCheckSM. This database includes information regarding whether a vehicle has been reported stolen. The link to search the NCIB database is https://www.nicb.org/theft_and_fraud_awareness/vincheck .
Importance of an Adequate Bill of Sale
If you choose to go ahead with the purchase and buy the vehicle, it is highly recommended that you have the seller give you a bill of sale for the vehicle. It is important that the bill of sale identify the vehicle by year, make, model and VIN. The seller should state something to the effect that they are delivering you the absolute rights of possession and ownership of the vehicle. The seller should also state that to the best of his/her knowledge the vehicle is not stolen and how they acquired the vehicle and from whom. Of course the bill of sale should also indicate the date of the transaction and full contact information for both you and the seller. This will ensure compliance with 13 Pa. C.S.A. § 2401 and will assist you in the acquisition of a certificate of title down the road.
How am I going to get a certificate of title in my name?
The current laws in Pennsylvania contemplate only scenarios in which certificates of title are transferred with every vehicle transaction. Therefore, by extension, the law fails to contemplate a scenario in which a person or entity would acquire a vehicle or vehicles for which no owner can produce and accordingly transfer a certificate of title.
Similarly there appears to be no law, regulation or procedure, formally in place, for the motioning of the Court for a declaration of ownership of a motor vehicle so as to permit Penndot to issue a new certificate of title to memorialize the current owner and allow for registration of the automobile. Further it is important to note that Penndot has unfortunately purged many of their old motor vehicle records, including ownership and registration records. As a result, Penndot openly states that “[v]ehicle record information is available for the past 10 years only.” Penndot Form DL-135 (Rev. 9-10). Obviously this practice of record retention leaves open many scenarios whereby an owner cannot acquire a certificate title because Penndot has no record of ever issuing one.
What can be done to acquire a title? One solution that has developed is to Motion the Court for a Declaration of Ownership. The Dauphin County Court of Common Pleas has uploaded a sample Motion at http://www.dauphincounty.org/_files/1102.pdf.
Legal History Lesson:
Vehicle titles in Pennsylvania are often the most misunderstood aspect of vehicle ownership. This is because of historically misinterpreted and misunderstood notions of what exactly constitutes “ownership” of a motor vehicle in Pennsylvania.
Under the Pennsylvania Motor Vehicle Code, an “owner” is defined as:
A person, other than a lienholder, having the property right in or title to a vehicle. The term includes a person entitled to the use and possession of a vehicle subject to a security interest in another person, but excludes a lessee under a lease not intended as security.
75 Pa. C.S.A. § 102.
The Superior Court has described titles and ownership this way;
[i]n Braham & Co. v. Steinard-Hannon Motor Co., 97 Pa.Super. 19, 23 (Pa. Super. Ct. 1929), though it involved the interpretation of earlier legislation concerning motor vehicles, the following language of Judge, later President Judge, Keller is nonetheless pertinent and applicable to The Vehicle Code of the present day: ‘It is clear that the primary purpose of the Act of 1923, supra, was to protect the public against the theft of automobiles and their resale by the thief, and to facilitate the recovery of stolen automobiles. It was a police measure, and was not designed to establish the ownership or proprietorship of the car, * * *.’ And at page 25, of 97 Pa.Super. Judge Keller said: ‘It follows that the act does not provide nor intends to provide that the ‘certificate of title’ shall determine the absolute ownership of the car, or alter or affect in any manner the actual ownership of the vehicle and the relations of the persons interested in it. It only requires registration by the person entitled to its possession and in control of its operation. The certificate is not a warrant of ownership or muniment of title as usually understood in the law. It may be relevant evidence in establishing such title.
Weigelt v. Factors Credit Corp., 174 Pa.Super. 400, 404, 101 A.2d 404, 406 (Pa. Super. Ct. 1954)
The idea that a vehicle may have both a legal and an equitable owner was recognized by the Commonwealth Court in Dept. of Trans. v. Walker, 136 Pa.Cmwlth. 704, 584 A.2d 1080 (1990). The Court in Walker stated that “[i]t follows that Section 102 of the [Vehicle] Code does not provide nor intend to provide that title to a motor vehicle shall determine absolute ownership of such. In fact, our research reveals that in Pennsylvania, the certificate of title constitutes no more than some evidence of ownership.” Id., 584 A.2d at 1082, citing Semple v. State Farm Mutual Automobile Insurance Co., 215 F.Supp. 645 (E.D.Pa.1963). See also Aetna Casualty & Surety Co. v. Duncan, 972 F.2d 523 (3d Cir.1992) (under Pennsylvania law, a state-issued certificate of title is in no way controlling on the question of ownership).
The courts of Pennsylvania look to see who it is that in fact possesses the attributes commonly associated with ownership. Aetna Casualty & Surety Co., at 526. The elements of ownership that Pennsylvania looks at are the elements of use, benefit, possession, control, responsibility for, and disposition of the automobile. Wasilko v. Home Mut. Cas. Co., 210 Pa.Super. 322, 326, 232 A.2d 60, 62 (Pa. Super. Ct. 1967).
Conclusion
In summation, although you may not have received an actual certificate of title when you purchased your vehicle, you still most likely own the vehicle. This is barring any type of theft in the vehicle’s past or another “owner” stepping in and challenging your interest while asserting that their interest is legally better than yours.
With this in mind, the motioning of the Courts for a declaration that you are the owner of the vehicle, and therefore entitled to a certificate of title from Penndot is often your best bet in getting the vehicle properly titled and on the road. The declaration of ownership is possible if you have actual legal ownership of the vehicle. The court will, to the extent that it is able, extinguish the rights and interests of all others, whom you are able to find and notify of the proceedings, in the vehicle. This will ultimately allow you to register and enjoy your vehicle without having the issue of not having a title hanging over your head and clouding your “ownership” of the vehicle.
Finally, always remember that a vehicle sold without a certificate of title is a vehicle sold with questions. This, however, does not absolutely mean that the vehicle can never again be titled. It does however underscore the need for the exercising of enhanced due diligence throughout the transaction.
The above information is in no way meant to be construed as anything more than general information. The above information is not legal advice. The author encourages you to seek the help of an attorney any time you are contemplating the purchase of a vehicle without a certificate of title. Further THE AUTHOR ASSUMES NO RESPONSIBILITY AND ACCEPTS NO LIABILITY FOR ACTIONS TAKEN BY USERS OR READERS OF THIS DOCUMENT, INCLUDING RELIANCE ON ITS CONTENTS. It is strongly encouraged that you seek legal counsel for all matters related to a collector or antique vehicle purchase given the amount of money involved and the rarity of the vehicles. This information is not intended nor does it create an attorney-client relationship.
This page includes links for your assistance only. This page is in no way associated with the NCIB page or the NMVTIS.
Bryan W. Shook, Esquire is a devoted automobile enthusiast. Attorney Shook would be glad to help you with any vehicle title issues you may have including lost titles, no titles, bill of sale transactions, etc. Attorney Shook is a collector and as a collector knows the ins and outs of the hobby, let Attorney Shook’s legal knowledge of the collector car hobby work for you. Attorney Bryan Shook can be reached at 717-975-9446 or by email at BShook@dplglaw.com.
The Sincere Definition of Numbers Matching
Numbers Matching: From a Legal Standpoint
By: Bryan W. Shook, Esquire
Attorney-at-Law
BShook@dplglaw.com
A seller, an auction house, a broker, etc., all have express duties to not mislead buyers. It is the presentation that entices and induces a prospective buyer to make an offer or bid on a car. Often included within this presentation is the phrase “numbers matching”. Rarely in any field does a single term mean so much; in the field of car collecting, the term “numbers matching” means everything; or does it?
The phrase “numbers matching” was coined an untold number of years ago to describe a vehicle which retained its original driveline (i.e. the driveline that was installed into the vehicle during its initial assembly at its manufacturer’s plant). Specifically and most important in this definition is the engine; as this is the single most important aspect of a vehicle’s originality. There are some in the hobby, however that would have you believe that the phrase “numbers matching” has parted ways with its original and understood definition. These individuals would have you believe that the phrase “numbers matching” means that the driveline, has numbers appearing on its components, that look as though they could have been placed on there during the initial assembly process on the manufacturer’s line. This is where the issue with restamped engines and transmissions becomes ever apparent.
This disingenuous play on words is polluting our hobby.
Numbers Matching means ORIGINAL; the phrase and the meaning of “numbers matching” have never parted company. Numbers matching still means, as it always has, that the engine, transmission and rear axle are original to that particular vehicle. For the phrase to have any other meaning would render it flawed and unnecessary. The use of the phrase “numbers matching” in a disingenuous fashion opens the seller to a high level of legal exposure. The buyer who learns after he purchases the vehicle that the vehicle, is not “as advertised”, has the right to revoke his acceptance of the vehicle and enjoys many protections that come along with legal revocation. For example, these protections could include a statutorily created security interest in the vehicle up to the amount paid for the vehicle, plus certain expenses and other damages.
Any misleading use of the phrase “numbers matching” blackens the eye of the hobby. The only reason one would use such a deceitful definition of “numbers matching” would be in a cacluated attempt to mask the true nature of the vehicle for self-serving purposes. This ultimately has a negative impact on the hobby.
For more information on what your rights are in such a transaction, please call or email me, I would be more than happy to discuss this or any other matter concerning car collecting with you.
Bryan W. Shook, Esquire is a licensed Pennsylvania lawyer. Attorney Shook’s office is headquartered in Camp Hill, Pennsylvania although his practice takes him across the country. During his career, Attorney Bryan Shook has become a powerful advocate for his clients and one of the foremost collector, antique and automotive fraud and misrepresentation attorneys in the country. He has successfully tried as well as amicably resolved cases throughout the United States. Bryan Shook can be reached by e-mail at BShook@dpglaw.com or by phone at 717-975-9446.
Bid with Knowledge; Buy with Confidence – Vintage Automotive
January 2011 Arizona Auctions – A Preview
2011 Arizona Collector Car Auctions – A Preview
By: Bryan W. Shook, Esquire
Email: bshook@dplglaw.com
December 31, 2010 – Happy New Year!!! – 2011 is sure to be a great year in the collector car market. The table was set when the fall 2010 collector car auctions finished so strongly.
The January Arizona collector car auctions are almost here. Barrett-Jackson, Russo-Steele, RM, Gooding & Co. The Scottsdale Auction and Silver-Fort McDowell Auction are all presenting world class collectible automobiles for sale to the motoring public. This year’s selection of cars is outstanding.
RM is selling three Duesenbergs, including a 1926 Duesenberg Model A Dual Windshield Phaeton (Lot # 257), and two 1929s; a 1929 Duesenberg Model J Clear Vision Sedan by Walter M. Murphy Co. (Lot # 272) and an equally desirable 1929 Duesenberg Model J Dual Cowl Phaeton by Derham (Lot # 219). Lot # 219, the short wheelbase Dual Cowl Phaeton is being offered with reserve.
Other notable cars to be offered at the RM Sale include Lot # 258, the custom show roadster, “Chromzilla”. Chromzilla started life as a Brookville steel body which was the foundation for what has to be one of the most show stopping deuces of recent memory. Chromzilla is being offered from the Estate of John O’Quinn. Another very interesting car being offered by RM is a 1939 BMW 327/28 Sport Cabriolet. Given that it is a pre-war BMW, the likes of which this author has rarely seen, this four-seat cabriolet is sure to become a favorite of the collector whose garage it ends up in. Another notable car being offered by RM is the 1964 Dodge Hemi Charger concept car. This car was located by legendary concept car collector, Joe Bortz in 1999. This car has been in the collection of the late John O’Quinn since 2007 and is being offered on behalf of his Estate.
Gooding & Co. is offering several very unique opportunities for collectors. The first is the offering of an unrestored 1948 Tucker (Car #1010). Another unique opportunity for collectors is the chance to bid on an extremely rare 1953 Fiat 8V Supersonic which purportedly has less than 18,000 miles from new. A gorgeous early dark blue Model T Ford (1911) will be offered as well. For the Supercar lovers, a 2005 Saleen Twin-Turbocharged Competition Package S7 will be offered. Ladies and Gentlemen, this is a 1000 BHP street-legal rocket ship.
Russo & Steele have announced they will be offering collectors the chance to bid on very desirable muscle cars through the sale of the Nickey Chicago Collection, the Kevin Hand Collection and the Friedlander Collection.
Bottom line is that this January should prove to be a tremendous opportunity for collectors looking to diversify their collections and add some value to their bottom line with some Blue-Chip collectibles like most of these mentioned today.
Attorney Bryan W. Shook is not only a devoted automotive enthusiast, but is also an experience litigator who devotes a large portion of his law practice to helping collectors and hobbyists understand today’s market. Attorney Bryan Shook is available throughout the United States for consultation, advice, and information. If you’d like more information about this topic or would like to speak with Attorney Bryan W. Shook please email him at BShook@dplglaw.com
Bid with Knowledge; Buy with Confidence – Vintage Automotive, LLC
Fall Auctions – What Lies Ahead?
So now that Monterey is over, what lies ahead?
By all accounts Monterey was a success; collectors once again proved that no-nonsense cars still bring big money. The collector car market is alive and well. There were 14 cars alone that sold for more than $1,000,000.00 during RM’s Saturday night sale in Monterey. Similarly other auctions around the peninsula reported big numbers and record bidders.
So, what lies ahead? The fall is packed with great auctions which plan to offer something for everyone. Here is a sampling:
- September 2nd through 5th, 2010 – Auburn Collector Car Auction – Auctions America by RM
- September 16th through 19th, 2010 – Mecum’s St. Charles Illinois sale
- September 23rd through 25th, 2010 – Barrett Jackson – Las Vegas
- September 30th through October 1st, 2010 – Carlisle, Pennsyvlanaia – Carlisle Auctions held in conjuctionw ith Fall Carlisle Swap Meet
- October 7th through 8th, 2010 – RM Auctions – Vintage Motorcars of Hershey
- November 5th through 6th, 2010 – The Bob McDorman Collection (featuring one of the world’s most complete collection of Corvettes) – Mecum Auctions
Attorney Bryan W. Shook is a devoted automotive enthusiast, but is also an experience litigator who devotes a large portion of his law practice to helping other collectors and hobbyists understand today’s market. Attorney Bryan Shook is available throughout the United States for consultation, advice, and information. If you’d like more information about this topic or would like to speak with Attorney Bryan W. Shook please email him at BShook@dplglaw.com
Bid with Knowledge; Buy with Confidence – Vintage Automotive, LLC
United States Congress sets National Collector Car Appreciation Day as July 9, 2010
NATIONAL COLLECTOR CAR APPRECIATION DAY
By: Bryan W. Shook, Esquire
Email: bshook@dplglaw.com
May 4, 2010 – At the persuasion of the SEMA Action network with assistance from automotive restoration manufacturers association (ARMO), the United States Senate approved Senate Resolution 213 on May 4, 2010. The Resolution sets National Collector Car Appreciation Day as July 9, 2010. Local, regional and national events to celebrate the newly enacted appreciation day are being developed across the country. This marks a large step forward in collector car hobby.
The resolution, which can be viewed online at http://thomas.loc.gov/cgi-bin/query/z?c111:S.RES.513: states that:
Designating July 9, 2010, as `Collector Car Appreciation Day’ and recognizing that the collection and restoration of historic and classic cars is an important part of preserving the technological achievements and cultural heritage of the United States.
Whereas many people in the United States maintain classic automobiles as a pastime and do so with great passion and as a means of individual expression;
Whereas the Senate recognizes the effect that the more than 100-year history of the automobile has had on the economic progress of the Nation and supports wholeheartedly all activities involved in the restoration and exhibition of classic automobiles;
Whereas collection, restoration, and preservation of automobiles is an activity shared across generations and across all segments of society;
Whereas thousands of local car clubs and related businesses have been instrumental in preserving a historic part of the heritage of this Nation by encouraging the restoration and exhibition of such vintage works of art;
Whereas automotive restoration provides well-paying, high-skilled jobs for people in all 50 States; and
Whereas automobiles have provided the inspiration for music, photography, cinema, fashion, and other artistic pursuits that have become part of the popular culture of the United States: Now therefore, be it
Resolved, That the Senate–
(1) designates July 9, 2010, as `Collector Car Appreciation Day’;
(2) recognizes that the collection and restoration of historic and classic cars is an important part of preserving the technological achievements and cultural heritage of the United States;
(3) encourages the Department of Education, the Department of Transportation, and other Federal agencies to support events and commemorations of `Collector Car Appreciation Day’, including exhibitions and educational and cultural activities for young people; and
(4) encourages the people of the United States to engage in events and commemorations of `Collector Car Appreciation Day’ that create opportunities for collector car owners to educate young people on the importance of preserving the cultural heritage of the United States, including through the collection and restoration of collector cars.
Attorney Bryan W. Shook is not only a devoted automotive enthusiast, but is also an experience litigator who devotes a large portion of his law practice to helping collectors and hobbyists understand today’s market. Attorney Bryan Shook is available throughout the United States for consultation, advice, and information. If you’d like more information about this topic or would like to speak with Attorney Bryan W. Shook please email him at BShook@dplglaw.com
Bid with Knowledge; Buy with Confidence – Vintage Automotive, LLC
Mid Atlantic Regional NCRS Meet – Gettysburg, PA – May 6-9-2010
NCRS REGIONAL MEET IN GETTYSBURG, PENNSYLVANIA SCHEDULED FOR MAY 6-8, 2010
By: Bryan W. Shook, Esquire
Email: bshook@dplglaw.com
Call all Corvette enthusiasts, after a long winter’s wait, the Mid-Atlantic Chapter of the National Corvette Restorers Society is hosting the Gettysburg Regional NCRS Meet on May 6-8, 2010. This is a can’t miss event for East Coast Corvette Enthusiasts.
Several special vehicles are scheduled to be on display including a low mileage, all original, Polo Green, 1994 Chevrolet Corvette ZR1 formerly of the Chip Miller Collection. The car’s current owner, Andrew Saft of Harrisburg, is proud to offer this important ZR1 for flight judging. Corvettes released from the prized Chip Miller Collection have been known throughout the hobby for years for their quality, provenance and pedigree. This NCRS appearance represents a coming out of sorts for the current Saft Collection ZR1. While ANY ZR1 is exciting both to see and drive, this particular all original ZR1 is sure to please the spectators and enthusiasts that get an opportunity to view it at the 2010 Mid-Atlantic Regional Meet next week.
The NCRS flight process is not a process to be taken lightly, only the best cars are awarded flight awards and any owner who leaves Gettysburg with such an award has surely added much deserved province to his or her beloved Corvette. Best of Luck!
Attorney Bryan W. Shook is not only a devoted automotive enthusiast, but is also an experience litigator who devotes a large portion of his law practice to helping other collectors and hobbyists understand today’s market. Attorney Bryan Shook is available throughout the United States for consultation, advice, and information. If you’d like more information about this topic or would like to speak with Attorney Bryan W. Shook please email him at BShook@dplglaw.com.
NCRS # 51181
Bid with knowledge. Buy with confidence. – Vintage Automotive
Estate Sale of Important Cars Nets Nearly $500,000.00
30+ Antique Cars Sell for $494,400.00 at Rural
Pennsylvania Sale
By: Bryan W. Shook, Esquire
Email: bshook@dplglaw.com
Estate Sale – Allen Shaffer, Esquire
April 24, 2010 – Millersburg, Pennsylvania
Allen Shaffer, a well respected local attorney recently passed away and this past Saturday the majority of his car collection came to sale. Over thirty lots were offered with no reserve, no bidder registration charges and with no buyers premium.
By the mid afternoon, all of the vehicles had been sold and the proceeds realized were just about $500,000.00 from the sale of the vehicles.
Here are the results along with the comments of Bryan W. Shook who personally attended the sale.
|
Year |
Make |
Model/Type |
Comments |
Price |
|
1931 |
Ford |
Model T – 5 -Window Coupe |
$19,000.00 |
|
|
1981 |
Delorean |
$20,000.00 |
||
|
1923 |
Buick |
Touring |
bad water pump – lower hose disconnected & pump corroded |
$18,000.00 |
|
1949 |
Studebaker |
Commander convertible |
Nicely Restored |
$25,000.00 |
|
1917 |
Maxwell |
Touring |
Restored 10yrs ago – didn’t run at time of sale |
$17,000.00 |
|
1925 |
Nash |
2dr Sedan |
Nicely Restored |
$11,000.00 |
|
1915 |
Ford |
Model T |
$13,000.00 |
|
|
1925 |
Nash |
Touring |
Great Condition, very nice car |
$20,000.00 |
|
1913 |
Buick |
Touring |
No Title – Yet |
$28,000.00 |
|
1929 |
Lincoln |
7 Passenger Phaeton |
$65,000.00 |
|
|
1910 |
Buick |
Run-a-bout Roadster |
$20,000.00 |
|
|
1908 |
International |
High-Wheeler |
Nice Original – found in barn in New Bloomfield, Perry County, Pa in mid 1940s |
$19,000.00 |
|
1953 |
Ford |
F100 |
Titled as 1954 – OHV I6 |
$15,500.00 |
|
1906 |
Cadillac |
Tulip Roadster |
$54,000.00 |
|
|
1954 |
Ford |
Crestline 4dr |
Needed work & carpeting |
$8,000.00 |
|
1917 |
Studebaker |
Touring |
Nice older restoration |
$23,500.00 |
|
1962 |
Studebaker |
Lark convertible |
$7,500.00 |
|
|
1927 |
Ford |
Coupe |
$8,000.00 |
|
|
1972 |
Chevrolet |
Impala convertible |
Shoddy Repaint – overspray evident, poorly masked |
$9,000.00 |
|
1918 |
Stanley |
Steamer Touring |
$46,000.00 |
|
|
1976 |
Lincoln |
Continental |
$1,600.00 |
|
|
1922 |
Dodge |
Touring |
3 owners from new, had side window curtains – very nice potential |
$9,000.00 |
|
1976 |
Buick |
LeSabre |
$1,300.00 |
|
|
1922 |
Whippet |
4dr sedan |
$9,000.00 |
|
|
1999 |
Ford |
F150 pickup truck |
6cyl 4wd |
$8,000.00 |
|
1951 |
Kaiser |
4dr sedan |
No Title |
$5,000.00 |
|
1965 |
Chevrolet |
Corvair |
Possible missing VIN Plate??? Total Mess |
$1,800.00 |
|
1951 |
Henry J |
Corsair Deluxe |
Cooling Issue |
$8,500.00 |
|
1969 |
AMC |
Rebel SST 4dr Sedan |
6cyl – Very Nice Original |
$1,200.00 |
|
1958 |
Mercedes |
190D – 4dr |
Project car with good parts, some trim, but hood wouldn’t open |
$500.00 |
|
1991 |
Yugo |
“Needs Fuel Pump” |
$2,000.00 |
|
Total Sales: $494,400.00
|
|
As one can surmise from the results listed above, the sales prices were fairly reflective of the market today. While the auction was largely under promoted, collectors, brokers and dealers showed up from several states including, Ohio, New York, Connecticut, Maryland and New Jersey to bid on and buy cars and automobilia from this great collection.
Most of the cars in the collection were operational and nearly all of them presented very well. The cars purchased from this collection are sure to be coveted pieces in future collections. While higher prices may have been realized had an auction house such as Carlisle Auctions, RM Auctions, Bonhams or Goodling offered the vehicles, this sale proves that not all collections must be sold through a large auction venue to achieve market value results.
Attorney Bryan W. Shook is not only a devoted automotive enthusiast, but is also an experience litigator who devotes a large portion of his law practice to helping other collectors and hobbyists understand today’s market. Attorney Bryan Shook is available throughout the United States for consultation, advice, and information. If you’d like more information or would like to speak with Attorney Bryan W. Shook please email him at BShook@dplglaw.com.
Bid with knowledge. Buy with confidence. – Vintage Automotive
