Are the glory days going, going, gone?

COURTESY RM AUCTIONS

This black 1967 Shelby 427 Cobra sold at auction last week for US$632,500.

Nika Rolczewski

SPECIAL TO THE STAR

SCOTTSDALE, Ariz. - The gap is widening between "the best" and "the rest."

During last week's Scottsdale auctions, a panel discussion featuring top automotive authorities focused on the state of the collector car market. More than 300 people packed the big tent of Russo and Steele early one morning to listen to what they had to say.

The panel members were Dave Kinney, of Hagerty's Cars That Matter price guide; Drew Alcazar of Russo and Steele; Colin Comer, of Colin's Classic Auto; Todd Wertman, of Symbolic Motors; Rob Sass, author and 30-year veteran of car collecting; and appraiser and consultant Donald Osborn.

All agreed that collector-car prices have held up better than American real estate and the future is looking more optimistic.

The Hagerty's Cars That Matter "Blue Chip" Index tracks the values of 25 of the most sought-after collectible cars of the post-war era, including such marvels as AC Cobras, Aston Martin DB5s, Mercedes Gullwings, and both the long- and short-wheelbase Ferrari 250 GT California Spyders.

While the index is down about 16 per cent since last January, prices have levelled off and are slowly moving higher. Last year, more than 40 vehicles still sold for more than $1 million (all prices in U.S. dollars) at auction, including a 1957 Ferrari 250 Testarossa that sold at RM's Maranello, Italy, auction for $12.4 million.

On the other side of the coin are the imposters and wannabes – the imitation COPO Camaro or the Hemi clone. Some of these have dropped more than 40 per cent in value.

Something as simple as a lack of factory air conditioning can drop the value of a vehicle 10-15 per cent, the panellists said.

For the car collector this means that the jewels in the crown are getting harder to find; many owners are holding on rather than having to take a hit in price.

Still, some great automotive specimens are available for reasonable prices.

Post-war American cars (also known as the cars we wanted as children but couldn't afford) have created their own market because of this point. Iconic Jetfire cars, the American classics, have also taken a small hit but a renewed interest among younger buyers will help them appreciate in value, the panellists said.

Pre-war cars and Brass Era cars were left for dead 10 years ago, Osborn said. Now they have become the symbol of American craftsmanship and works of art. An event-eligible vehicle (concourse or rallies, for example) is the most vibrant in this marketplace.

For hot rods and customs, value is set by two attributes: the build quality and the quality of the builder.

Pure and vintage hot rods, those high-boy coupes of the 1930s and 1940s, were on a rocketship ride before the economic downturn.

The Japanese car-collector market, once thought of as a comic story, is seeing an increase. Those old Datsun 280Zs that once sold for $4,000 to $5,000 are rising in price as the demographic of buyers that had owned these models in their youth seek out good specimens.

The consensus of the panellists is that in the past, prices were driven by speculators, traders and investors – a great deal of trading was done to establish higher values. But today it's mainly an enthusiast's market.

Alcazar said buyers want more information and sellers are being adamant about disclosure.

He said the main things to look for when investing are the marquee, limited-production, historically important and event-eligible. But as for what to buy or what to keep if you're not just looking for high-yield investment, the whole panel agreed it should be something you love.

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