Insist upon viewing the dossier when considering an antique or collector car
Importance of Pedigree, Provenance and Continuous History
In our previous article, The Economics of Car Valuations, we discussed some of the factors, generally, that drive the values of antique and collector vehicles. The present article highlights the importance of establishing, maintaining and proving the pedigree, provenance and continuous history of your collector car and assembling such in the vehicle’s dossier (i.e. file of records concerning the vehicle).
If you look at the cars that sell at the top of the market, they all have one thing in common; a noted history that is clear and transparent. In the collector car market, investors and hobbyists have a choice as to what car they buy. While it is true that they will usually buy the prettiest and most correct example that they can afford, they will also weigh the vehicle’s history. A vehicle’s history has always played a role in the value of the vehicle, but it has only been as of late that the vehicle’s history has played a tremendous role in the value of antique and collector vehicles.
If you are looking to purchase an antique car or expensive collector car insist on viewing the dossier which should include records, names of previous owners and services and restorations that the vehicle received.
If you are looking to sell your antique or collector car then it is incumbent upon you to document your vehicle and create the type of dossier of records that the buyers today are insisting upon.
What should be in the dossier?
At a minimum, the dossier should include a sheet of paper listing all of the important production notes and numbers of the vehicle. Ideally, there would be a binder or computer file containing photographs and narrative decoding of the various components and numbers on the vehicle. The file may also include pre-restoration photographs as well as restoration photographs and photographs of the vehicle with awards it has earned or notable places where it has been invited or displayed. Receipts and notes concerning the service performed on the vehicle should be included as should any affidavits of former owners.
The area in which most dossiers are deficient is with respect to historical documents, previous ownership and service records and notes. Attention to this subject is most important. Every vehicle has a story to tell, it is your job as the vehicle’s current custodian/caretaker to preserve that story for future generations. That is, in a sense what the dossier is, is it not?
Continuous History
The notion of Continuous History was first announced by Mr. Justice Otton in the case of Old Bentley Number One (Hubbard vs. Middlebridge Scimitar Ltd.) in the High Court of Justice – Queen’s Bench Division, Royal Courts of Justice, London in 1990. From that day forth in 1990, it became clear to everyone involved with Bentley Speed Sixes, in order for a car offered for sale to be described as a Speed Six, it was now essential that the vehicle be accompanied by a continuous history.
What is continuous history when it comes to antique and collector vehicles?
Continuous history is, according to the Courts in London, a full, unbroken and authentic set of documents which identify in a reliable manner who has owned the car, the uses that it has been put to and a description of its service history and any restoration, rebuilding or reconstruction work that the car has experienced throughout its life since originally leaving the factory.
The case of Brewer v. Mann ([2010] EWHC 2444 (QB)) demonstrated why continuous history documentation of a Bentley Speed Six is so important, however the importance was transportable to all other antique and collector cars. In Brewer v. Mann, the car had two significant features (or flaws) that made it essential for the description to be more detailed than simply stating that the car was a Speed Six car. These features (or flaws) were that the engine was not a Speed Six engine (i.e. non original engine) and the only surviving part of the original car was a small section of the chassis. There was also a lack of a continuous history for the years between 1930 and 1981 even though, during that period, the car had been completely reconstructed. Thus, there was no way that the car could be authenticated as a Speed Six or, indeed as a vintage Bentley.
In consequence, it was particularly important that the contractual description accurately described all the significant changes that occurred during the car’s lifetime and the seller found some way in which to authenticate those changes or stated in the description that they were not capable of being supported by a continuous history. The need for full documentary evidence of the relevant history of a Speed Six or any other collector vehicle is highlighted by the increased valuation placed upon the vehicle by auction goers and appraisers.
In sum, it is crucial that collector car owners establish dossiers for the cars they own and insist upon reviewing the dossier for cars that they are considering purchasing. Ultimately, the industry and all collectors should strive to have a documented continuous history for every collector car, no matter the importance or perceived value 0f that particular car.
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 and protect their automotive investments. Attorney Bryan W. Shook is a seasoned automotive collector and restorer and as such brings real world experience and firsthand knowledge to the table for his clients throughout the world. Although Bryan Shook is headquartered in Camp Hill, Pennsylvania (close proximity to Carlisle and Hershey), Attorney Bryan Shook is available anywhere for consultation, advice, and information, most times, on as short as a day’s notice. If you’d like more information about this topic or would like to speak with Attorney Bryan W. Shook please email him at BShook@shooklegal.com or by phone at 717-884-9010. More information can be found at Http://www.vintagecarlaw.com.
Collector Car Market Experiences Billion Dollar Growth over last 10 years
Choosing the Right Legal Counsel Makes All the Difference
The collector car insurance company Hagerty Insurance is reporting that the collector car auction business in the United States is now a billion dollar business. Reports suggest that the total gross auction sales in 2013 eclipsed $1,300,000,000.00 ($1.3 Billion) according to Hagerty. Hagerty comparatively notes that in 2004 the figure was around $282,000,000.00 ($282 Million). This is a billion dollar growth in the United States collector car auction market in ten short years! As Hagerty and other news outlets note, this growth is not simply confined to the United States, but the world-wide collector car market has soared similarly over the same time-period.
With this type of unprecedented growth within the collector car market, hobbyists, collectors and car investors need to be more vigilant than ever to protect their investments and their collections. The market is ripe for fraud, misrepresentations and other nefarious actions, including ownership disputes and estate or probate litigation. If you, unfortunately, find yourself on the cusp of a dispute or hauled into court or other legal tribunal over the title, ownership, pedigree, provenance or history of an antique or classic car or collectible, you must be prepared to present your side of the story in an intelligible, persuasive and cogent manner. You would be best served by employing an attorney who fully understands the issues you face and the collector car market and car auction industry.
The handling of a legal matter concerning an antique or collector car is markedly different than other types of legal matters. In the collector car hobby there are “terms of art” (i.e. trim tag, restamp, NOS, NOM, matching numbers, etc.) that must be defined for the Court in order for your position to be argued effectively. Furthermore, many times it will not simply be enough to define the term, but rather the term itself and its application to the facts of the case are what the case’s ultimate determination may turn upon. This is where it pays to hire an attorney who not only “speaks your language” but also knows how the frauds are perpetrated and how to persuasively represent your position to the Court or Jury.
Ultimately, collectors must be hypervigilant in the current market and careful to employ the right legal counsel and other professionals with respect to their dealings, collections, and businesses. The market is constantly changing, not only in its growth but also in its technicalities and breadth, a collector’s diligence is of paramount importance.
Bryan W. Shook, Esquire is an attorney in Camp Hill, Pennsylvania whose practice areas include vehicle fraud, dealership fraud, VIN matters, title fraud, VIN error, estate ownership questions and general collector car problem resolution. 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 and protect their automotive investments.
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 and protect their automotive investments. Attorney Bryan W. Shook is a seasoned automotive collector and restorer and as such brings real world experience and firsthand knowledge to the table for his clients throughout the world. Although Bryan Shook is headquartered in Camp Hill, Pennsylvania (close proximity to Carlisle and Hershey), Attorney Bryan Shook is available anywhere for consultation, advice, and information, most times, on as short as a day’s notice. If you’d like more information about this topic or would like to speak with Attorney Bryan W. Shook please email him at BShook@shooklegal.com or by phone at 717-884-9010. More information can be found at Http://www.vintagecarlaw.com.
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)
717-884-9010
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@shooklegal.com.
Bid with Knowledge; Buy with Confidence – Vintage Car Law
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@shooklegal.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@shooklegal.com
Bid with Knowledge; Buy with Confidence – Vintage Car Law
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@shooklegal.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@shooklegal.com
Bid with Knowledge; Buy with Confidence – Vintage Car Law
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@shooklegal.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@shooklegal.com.
Bid with knowledge. Buy with confidence. – Vintage Car Law
32nd Annual Spring Carlisle Swap Meet & Collector Car Auction – April 21-26, 2009
32nd Annual Spring Carlisle Swap Meet & Collector Car Auction
By: Bryan W. Shook, Esquire
Email: bshook@shooklegal.com
The 32nd annual Spring Carlisle Swap Meet & Car Corral are about to get underway. Officially the event runs from April 21 through April 26, 2009, but large vendors are starting to arrive today. Carlisle’s swap meet offers what might be the best selection of automotive treasurers of any swap meet in the world. For the automotive faithful that make their annual trek to Mecca, the weather for this year’s Spring Carlisle looks to be better than most years, with forecasted highs in the low to mid 70s and clear skies! I know, the diehards will be depressed … “What no rain, how can it be Carlisle without rain???”
A change for this year’s event is that the Collector Car Auction will be held on Thursday and Friday nights, April 23 & 24, 2009 at the Carlisle Expo Center. Also new for Spring Carlisle is a cruise-in to be held on Sunday at the grandstands. This follows last fall’s successful Sunday cruise-in. I look for several hundred cars to attend.
As for the auction, there are several very appealing lots. With more than 250 vehicles scheduled to cross the auction block, there is certain to be something that appeals to everyone! See you in Carlisle! Http://www.carlisleevents.com.
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@shooklegal.com.
Bid with knowledge. Buy with confidence. – Vintage Car Law
Let’s Review: Barrett-Jackson – Palm Beach 2009 Collector Car Auction
Let’s Review:
Barrett-Jackson – Palm Beach 2009
By: Bryan W. Shook, Esquire
Email: bshook@shooklegal.com
Well, it’s hard to believe but the 7th Annual Barrett-Jackson Palm Beach Collector Car Auction is behind us.
How did the stars of the auction do?
The top seller of the weekend was Lot Number 369.1 the Super Chevy Magazine feature custom 1969 Chevrolet Camaro RS/SS titled “Project American Heroes”. The Camaro, which included parts supplied by over twenty five major speed parts producers and a legendary LS-series GM 427cu GMMG supplied powerplant, hammered sold for $500,000.00! The proceeds from the sale of the Camaro will go to benefit the Armed Forces Foundation, a truly worthy cause.
Two other stars of the auction with their proceeds going to charity were Lots Nos. 655 and 655.1 the 2004 Ford Mustang GT Convertible concept car and the 2004 Ford Mustang GT Coupe concept car, respectively. These cars debuted in January 2003 at the North American Auto Show and arguably started the current muscle car frenzy amongst the big three. Many people believe that these two concept Mustangs are what raised the ante for General Motors and Chrysler to go all in again and give the public what they want, FUN muscle or muscle-type cars. Ford let these two ponies out of their livery for Charity. Both concepts sold individually for $175,000.00, each, a bargain, any way you slice it. The proceeds from the sale of these two pieces of current American automotive history went straight to the benefit of the Juvenile Diabetes Research Foundation (JDRF). After the bidding for the coupe stalled around $150,000.00, Barrett-Jackson, CEO, Craig Jackson and Barrett-Jackson, President, Steve Davis, big against each other with Mr. Davis eventually taking home the concept car for the very reasonable price of $175,000.00.
The third historic Mustang that Ford auctioned off, was lot number 665, a 2010 Shelby GT500 coupe, the very first available for public sale. The hammer price was $150,000.00 and the proceeds above MSRP for the car went straight to the Carroll Shelby Children’s Foundation.
So, how did my “sleeper” predictions go? Pretty well, but judge for yourselves.
1920 Chevrolet Model T – 1 Ton (open cab) chassis truck (Lot # 678) – Sold $37,400.00
1964 ½ Ford Mustang convertible (Lot #347) – Sold $51,700.00
1972 Chevrolet C10 Cheyenne Short Bed pickup (Lot #32) – Sold $35,200.00
1976 Chevrolet C10 Silverado Long Bed pickup (Lot #330.1) – Sold $29,150.00
1994 Pontiac Trans Am 25th Anniversary Edition Convertible (Lot #58) – Sold $37,950.00
1999 Pontiac Trans Am 30th Anniversary Coupe – Daytona 500 Pace Car (Lot #616.1) – Sold $39,600.00
I think my sleepers performed very well considering that the lack of national publicity that other auction cars enjoyed and the current economic situation but they all sold at the high end of their respective value ranges, proving that good quality cars (and trucks) will always command higher prices.
Closing Thought – I believe GM has sold over 200 or so of its Heritage Collection and I hope that this “garage sale” is over soon. On the bright side, I hope that the new owners of these GM refugees allow the cars to see the light of day again and hopefully we can all enjoy them at an upcoming automotive event or car show.
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 W. Shook is a seasoned automotive collector and restorer and as such brings real world experience and firsthand knowledge to the table for his clients. 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@shooklegal.com.
Bid with knowledge. Buy with confidence – Vintage Car Law
Record Price – 1992 Pontiac Firebird Formula $38,500.00 – GM Heritage Collection Refugee
1992 Pontiac Firebird Formula – Sells for $38,500.00!!!
By: Bryan W. Shook, Esquire
Email: bshook@shooklegal.com
BREAKING NEWS – The 1992 Pontiac Firebird Formula just released from the GM Heritage Collection has just sold for an outstanding $38,500.00! The ‘bird sold as lot #11 today, Thursday, April 09, 2009 at the 7th Annual Barrett-Jackson West Palm Beach Collector Car Auction.
While I cannot confirm that this pale yellow Firebird was a 1LE version, I can state that it featured the highly coveted WS6 performance suspension option, 1LE style brake calipers, no air conditioning and a 305cu tuned port injected small block with a 5spd manual transmission. The car also appeared to have the engine oil cooling package. The VIN of this car was 1G2FS23F0N1200001 confirming that this was in fact the very first 1992 Pontiac Firebird Formula produced.
Although strong money was spent to purchase this car, the buyer can rest assured that he/she has purchased one of the most historically significant 3rd Generation F-Bodies directly from GM! This car was breath-taking in every way and presented as an outstanding, original, vehicle, as close to a brand new one as anyone has gotten in the nearly two decades since production of the third generation F-Bodies ceased.
For more information regarding my views on the up-ward trend of the 3rd and 4th Generation F-Bodies be sure to read my article – “GM F-Bodies – 1982-2002 Can’t Miss Investments, Even in this Economy“
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@shooklegal.com.
Bid with knowledge. Buy with confidence. – Vintage Car Law
