- Collector Car Insurance

It’s Finally Time
to Drive!
W
hat a long winter it was in
the Northeast! Summer is
essentially here, and it seems
like we’ve transitioned to it without
much of a spring. Still, most all of my
collector friends began driving their
cars weeks ago, as they were justly
tired of being cooped up for so long.
With warm weather comes a full
events calendar for those of us in the
hobby, and the Chubb team will be
out in force. We’re proud to again
be major sponsors of the Greenwich
Concours in Greenwich, CT, on
June 1–2 and the Bloomington Gold
Corvette show in Champaign, IL, from
June 28 to 30. Hanging out with the
Corvette aficionados at Bloomington
Gold is just astounding, as it seems
there is simply no end to the depth of
knowledge many of these folks possess about this iconic marque.
Just recently, on May 17, Chubb
had our annual employee car show
on the grounds of our corporate
offices. The company gearheads all
showed up — along with a couple of
local client friends — with an impressive array of rare and collectible
vehicles. Like last year, the event
raised funds for several exhibitorchosen charities. I’m so proud of my
Chubb colleagues for taking time out
of their busy schedules to support this
event with their presence and their
pocket books.
On whichever road this summer
season finds you — as part of an
organized rally, an outing to a hobby
event, or simply a local Sunday
drive — enjoy! It’s finally time to use
your prized possession for its intended
purpose.
Keep ’em running, folks.
Jim Fiske
Vice President
Chubb Personal Insurance
jfiske@chubb.com
In This Issue
An Intro to Corvettes����������������������� 1
Gooding on the Market������������������ 2
Ten Significant 2013 Sales������������ 2–3
The Classics��������������������������������������� 3
Legal Advice for Collectors������������ 4
Chubb Featured Client������������������� 5
1957 Corvette 283/283 Fuelie��������� 6
1971 Citroën SM coupe������������������� 7
Upcoming Events����������������������������� 8
insider
Collector Car
The Corvette Learning Curve
Go easy at the beginning; there’s a lot to absorb — and enjoy
by Keith Martin
I
like Corvette enthusiasts.
First of all, the cars they own span 60
years, from 1953 to today. How many
other marques can you say that about?
Second, Corvette owners tend to drive
their cars. Hence the annual migration to
mega-events such as Bloomington Gold
(Champaign, IL), Corvettes at Carlisle
(Carlisle, PA) and FunFest (Effingham, IL).
Add to that the numerous NCRS meets held
around the country, and the even more numerous monthly meetings at local Corvette
clubs, and you’ve got a constant beehive of
activity all centered on America’s sports car.
In the world of new Corvettes, the big news
2014 C7 — the latest pinnacle in a storied marque history
is the release of the C7. Several years back, I
served on a “kitchen cabinet” group at GM that included CEO Rick Wagoner, Bob Lutz, Ed Wellburn, Tom Stevens and
others. We met twice a year to discuss current products, competitive sets, and short- and long-range planning.
When the Corvette came up, the first thing discussed was always the interior. Everyone agreed it was cheap feeling,
and was clearly sourced from the GM parts bin. We also discussed the huge profits that Porsche reaps by having a nearly
endless combination of interior fabric and color choices, even charging if you ordered contrasting stitching on your seats.
Obviously the folks at GM have taken this to heart, as the interior of the new C7 befits a $100,000 high-performance
sports car. The surfaces are refined and luxurious looking; everything feels good to the touch.
Although some find the styling, especially the Camaro-esque rear-end treatment, controversial, I happen to like it. The
car has a taut feeling, as if its skin were stretched to fit tightly over the body.
You’ll see C7s at Bloomington Gold, along with thousands of Corvettes from the earliest generation through Sting
Rays to the outgoing C6s. The big news for Bloomington Gold is its move to Champaign, IL, where the organizers
promise a much more fulfilling experience. The showfields will be larger, the roads for touring better, and the hotel and
restaurant accommodations much more numerous.
Our newest publication, American Car Collector, started life as Corvette Market magazine, and had its debut at
Bloomington Gold several years ago. Starting a Corvette magazine involved total immersion in the Corvette world, an
introduction to the arcane world of stamp pads, verifying documentation and telling the difference between new-oldstock (N.O.S.) and reproduction parts.
Because there were so many Corvettes built, minute differences among them, and varying amounts of correctness, can
lead to huge differences in market values. One of the great benefits of attending a festival such as Bloomington Gold is
the ability to watch judges at work as they evaluate cars. Just learning which questions to ask about a car before you buy
it can be an immense aid in making a good decision.
If you’ve never owned a Corvette, I suggest you start with a $50,000 budget and find a mid-year (1963–67) Sting Ray
with a base motor and 4-speed. Don’t try to become an expert with your first car — instead view the car as your tuition.
Spend your money to find out what you like and don’t like about the car, and let all that information guide you to your
next Corvette, which will be much closer to your ideal. But you’ll never start to learn unless you put one in your garage;
I suggest that today is as good a time as any to begin your search.
Chad Tyson
Volume 4 / Issue 2
The Goods
The Classics
by David Gooding
G
2
Collector Car Insider
Ten Significant Sales
January–May 2013
Some exceptionally important cars have come to market
this year. Here are nine of the year’s most significant sales
— and one to look forward to in July
Pawel Litwinski ©2012 , courtesy of RM Auctions
Mike Maez, courtesy of Gooding & Company
ooding & Company is
celebrating its 10th anniversary as the official auction
house of the
Pebble Beach
Concours
d’Elegance this
year.
We have
had the honor
of hosting
many recordbreaking sales
and memorable moments.
In the past two years alone, we broke
the all-time world record for the most
valuable car sold at auction — the
1957 Ferrari 250 Testa Rossa Prototype
at $16.39 million. We also set a double
world record for both a MercedesBenz and pre-war car at auction with
the 1936 Mercedes-Benz 540K Von
Krieger Special Roadster that sold for
$11.77 million.
I am very excited about our
cars for this year’s Pebble Beach
Auctions on August 17 and 18. We
are presenting a wide variety of topof-category vehicles, ranging from
iconic motorsports cars to sublime
classics — with a few eclectic surprises, including a 1948 Alfa Romeo
6C 2500 Competizione (estimate:
$2,800,000 –$3,500,000), a 1964
Porsche 904 Carrera GTS (estimate:
$1,700,000 –$2,200,000) and a 1955
Mercedes-Benz 300SL Gullwing (estimate: $1,200,000 –$1,500,000).
Gooding & Company strives for the
highest quality and selects significant
cars for our auctions at all price
points and categories, which allows
our clients to choose from the very
best. European sports car highlights
offered without reserve at this year’s
Pebble Beach auction include a
1954 Jaguar XK 120 SE Roadster
(estimate: $120,000 –$140,000) and
a 1971 Maserati Ghibli 4.9 SS coupe
(estimate: $145,000 –$185,000). Both
of these popular models have set
records at auction in recent years.
We are also presenting a
1933 Packard 845 DeLuxe Eight
Convertible Roadster (estimate:
$275,000 –$350,000) without reserve.
Shelby’s iconic Cobra is always in
demand with domestic and international collectors, and we will offer a
427 Cobra and a 289 Cobra this year,
with estimates of $850,000 –$1,250,000
and $750,000 –$900,000, respectively.
If you are considering consigning
with Gooding & Company, please
note our June consignment deadline,
and always feel free to call us with
your questions. Our talented team
of specialists looks forward to both
working with you — and hopefully
seeing you in person at Pebble
Beach.
1
1958 Ferrari 250 GT LWB California Spyder
Gooding & Company, Scottsdale
Said to be one of only 23 covered-headlight cars. Ferrari Classiche-certified, full documented
provenance. Sold for $8,250,000.
It’s the Season for Classic
Showing and Driving
by David Schultz, CCCA President
and CCCA Museum Trustee
I
2
1960 Ferrari 250 GT SWB Competizione coupe
RM Auctions, Phoenix
The 17th of 72 aluminum-bodied competizione-spec SWB examples. Four owners from new.
Sold for $8,140,000.
3
4
5
6
7
8
9
10
1966 Batmobile
Barrett-Jackson, Scottsdale
The original Batmobile, built by George Barris
for the 1960s television series. A pop-culture
icon. Sold for $4,620,000.
1928 Bentley 4½ Litre Semi-Le Mans Tourer
Gooding & Company, Amelia Island
Very rare original-bodied example, upgraded
in period to Le Mans spec. Documented
provenance, important Bentley enthusiast
ownership. Sold for $2,750,900.
1935 Duesenberg Model SJ convertible
RM, Amelia Island
One of just three produced, and the
only supercharged example — original
supercharger still intact. Sold for $4,510,000.
1967 Toyota 2000GT
RM, Don Davis Collection
Exceptionally well restored example of what
is considered the greatest Japanese car of all
time. One of 354 produced.
Sold for $1,155,000.
1959 Porsche RSK
Gooding & Company, Scottsdale
One of 35 718 RSKs built. Matching numbers,
original body, with period racing history.
Sold for $3,135,000.
1958 FMR TG 500 “Tiger”
RM, Bruce Weiner Collection
Rare high-performance Messerschmitt with
hydraulic brakes and 500-cc engine, capable
of 80 mph.
Sold for $322,000.
1957 Maserati 150 GT Spider
Gooding & Company, Scottsdale
Unique prototype with experimental chassis
and alloy coachwork by Carrozzeria Fantuzzi.
Matching numbers. Sold for $3,080,000.
Mercedes-Benz W-196 Grand Prix Car
Bonhams, Chichester, U.K.
Fangio’s Silver Arrow comes to auction July
12, and bidders have a once-in-a-lifetime
shot at a transcendent car.
Bonhams estimate: $10m–$15m
t’s summer, and that means two things
for owners of Classic automobiles —
showing a Classic at a Classic Car
Club of America (CCCA) Grand Classic
or driving a Classic. (Of course, for those
who live in the warmer climates yeararound, summer is no big deal!)
The big touring event for the CCCA
was the Re-Discover America CARavan,
completed on May 26. About 100
people in 33 Classic automobiles drove
from New York City to San Francisco.
During the three-week trip, they traveled on portions of the original Lincoln
Highway, which celebrates its 100th
birthday this year.
One doesn’t have to take a threeweek tour to enjoy a Classic automobile.
A weekend tour works for a lot of
people. We’re fortunate to have a
local “tourmeister” who puts together
great weekend events, starting with a
get-acquainted dinner on Friday night
and finishing up with a farewell supper
on Sunday afternoon. In between, he
comes up with some great country
roads and interesting stops.
For those who’d rather display their
Classic automobiles, there are several
CCCA Grand Classics and concours.
Before the proliferation of concours
events, the best place to see a great
American or European Classic automobile was a CCCA Grand Classic,
and those events are still great. Two are
scheduled this summer: in San Marino,
CA (June 9), and Dearborn, MI (July 13).
They are open to the public. Go to www.
classiccarclub.org for details.
Then, of course, there are the concours d’elegance events. This summer,
I’ll be at St. John’s and Pebble Beach.
Among the other areas having summer
concours are Milwaukee, WI; Huntington
Beach, CA; Geneva, IL; Radnor, PA; and
Greenwich, CT.
I’ve already put some miles on my
Classics and plan to put on quite a few
more in the months ahead. I hope to see
you down the road.
Collector Car Insider
3
Legal Files
Seven Ways for Collectors to Avoid Trouble
Client Profile — Special Feature
Kathleen McDonough
by John Draneas
A 1968 Mustang Memorial for Dad: Part I
by Jeff Walker
A
s the car-collecting year picks up steam, here are the top seven
ways for collectors to protect themselves:
I won’t hire a restoration shop on a time and materials
basis if I care how much it will cost
I won’t buy a car online without seeing it myself
It is admittedly very difficult for a restoration shop to do this work on any
other financial basis. Until you get into the work, you often can’t tell how
Hands down, the most common complaint I get from clients and
much work it’s going to be. But that doesn’t mean it’s impossible.
readers is that they bought a car long distance and, when it arrived, it didn’t
I’ve had a number of cases in which the owner has paid substantial progress
turn out to be anything like what they were expecting. The common scenario
billings but the car never seems to get done. I’ve had cases in which parts are
is that the car looked great in all the low-resolution photos on the web site,
paid for but never find their way into the car. I’ve heard about well-known
the seller’s description was carefully written to make the car appear to be
shops whose employees are required to bill every hour they are paid for, so
perfect without actually saying so, and the deal was consummated with an
they just spread their hours over every car in the shop even if they never
“as-is” provision somewhere in the paperwork. And, to add insult to injury,
touched some of them that day.
the buyer’s complaints to the seller are typically met with, “Well, you should
The common denominator seems to be the owner and the shop separated by a
have come and looked at it.”
long distance. If you only see the car once every
Yes, I know that last month’s “Legal Files”
year or less, it’s pretty hard to keep tabs on what is
(February 2013, p. 32) was about how to progoing on. There’s a lot to be said for buying local,
tect yourself in these deals, but read it again
but if you have to send your car to a distant shop,
and you will see that I was clearly just putting a
be sure to budget for periodic trips to check in on
Band-Aid on a gunshot wound. Don’t buy a car
the progress. Photographs just don’t work.
you haven’t seen in the flesh. If you don’t have
You can keep some semblance of logic to the
the time and you lose “the deal,” don’t worry,
finances by breaking up the project into comas another one just as good is just around the
ponents. The shop should be able to give you
corner.
a reliable estimate based upon there not being
any big surprises. It’s critical to have a wellI won’t over-represent my car
Perfect condition! Call 555-1234
crafted contract that identifies what is expected
As amazing as it may seem, there are many
to be done — and what complications are to be
buyers today who will send serious money to
considered par for the course.
you to buy your car — sight unseen — and
1974 Porsche 911
when it doesn’t meet their exaggerated expectations, they sue you. Once this happens, you are going to lose, even if you win
the lawsuit. (Consider the attorney fees.)
When this happens, telling the buyer to stick it usually doesn’t work. It’s
just too easy for them to get legal representation these days. And, to be honest,
the seller has often over-represented the car — at least a little bit. Most often,
it’s a sin of omission, not an absolute falsehood. But when we dissect the
seller’s description, word by word, it often becomes clear where the buyer was
encouraged to jump to the wrong conclusion.
I will be more careful about originality
Today’s increased collector car values, better technology and smarter
crooks have created a sharp increase in the number of fraudulently altered
cars. Recently, a client purchased a “numbers-matching” car after verification
by a well-regarded collector car appraiser, who later admitted to having been
fooled. When the buyer complained that the engine was a very-well-executed
restamp, the seller responded, “What’s the problem? The numbers all look the
same to me. I never said the factory put them there.”
It’s become too easy and commonplace to falsify cars. If you’re going to
pay extra for authenticity, hire an expert to inspect the car and make sure you
get it.
I won’t bid just because someone bids against me
The red mist at auctions is a dangerous thing. When you see a car you want
to own, it’s hard to walk away when someone is trying to beat you out of it.
That’s why we often say that high auction prices require at least two bidders
who really want the car.
It’s easy to believe the car is worth the money when another fool is bidding
against you. But you never know how many trips he’s taken to the bidder bar,
whether he’s just trying to impress his “niece” sitting next to him, or if he’s
just bidding because you are.
Before you start to bid, know when you are going to stop bidding.
4
Collector Car Insider
I will be smart about tax planning
We presently have some wonderful opportunities to save money on taxes in
connection with our cars — 1031 exchanges when we sell them, a favorable
(15% or 20%) capital gains rate, a $5.25 million gift, estate and generationskipping tax exemption, family limited partnerships, sales to grantor trusts,
GRATs, and a host of other planning techniques that can produce tremendous
income and estate tax savings. It is absolutely critical to get professional assistance from tax and estate planning professionals who understand collector cars.
You also need a succession plan for your collection — these cars are
very valuable, and you have to have a plan for them after your death. As an
example, “Legal Files” reported several times about the dramatic dislocations that arose after the untimely death of noted car collector John O’Quinn,
culminating with messy litigation and the sub-optimal liquidation of his
extensive collection.
I am going to review my insurance coverage
Most collectors use collector car policies to insure their collector cars because it’s the most economical way to go, and claims are handled more fairly.
These policies are usually “agreed value” policies. That is generally a good
thing, but it can bite you badly if you don’t keep the value current.
Under these policies, the agreed value is conclusively deemed to be the
value of your car if a loss occurs. If the car is a total loss, or if the damage
approaches or exceeds the agreed value, the insurance company writes you a
check for the agreed value and they own the car. If you still have a $100,000
agreed value on your 1955 Porsche Speedster and it gets into moderate damage, the insurance company can pay you $100,000, spend another $85,000
repairing it, and then sell it for $250,000 and keep the change, and there’s
nothing you can do about it.
JOHN DRANEAS is an attorney in Oregon. His comments are general in
nature and are not intended to substitute for consultation with an attorney.
W
e all have that car we hold near and dear, and
a glimpse of one on the road can bring back a
flood of memories. Even folks who aren’t in
the car hobby fondly remember the car their parents had
while growing up. Maybe it’s a Chrysler station wagon
or maybe a red 1974 Monte Carlo — just like my parents
had. For most of us, those fondly remembered cars are
just that — a memory.
But for some, the family car of yesteryear is still in
the family, still in the garage and still waiting to see the
road again.
We’d like to share with you a story of a family who
held onto their 1968 Ford Mustang convertible through
the years. The family never sold it and held onto it in
hopes of putting it on the road once again. The story starts
with a daughter’s wish to get the car restored in honor of
her dad. We introduce you to Kathleen McDonough, a
1968 Mustang, and her late father, Chris.
Chris bought this 1968 Mustang on Dec 7, 1967,
from Jack Gibbons City Ford in Watchung, NJ. He paid
a grand total of $3,269.13 for the convertible, which included a 3-speed manual transmission, power steering,
power top, AM radio and wire wheel covers.
Chris drove the car as his daily driver until about
1979. Kathleen continues the story for us in her own words:
“Dad took it off the road around 1979 due to rust. He had every intention
of restoring it but didn’t have the money to do so. It sat garaged at his mother’s
house in South Orange, NJ, from 1979 to 1991 — and then in our garage in
Maplewood, NJ, from 1991 until March 16, 2013.
Dad passed away on July 14, 2010. He talked to me many times about me
taking the car and paying for it to get restored. My original goal was to get it
done before he passed, but unfortunately he decided to check out of life a bit
earlier than we had all hoped. So I am fulfilling his dream by getting it done
now. We are selling Mom and Dad’s house in Maplewood, NJ, so it forced me
to “get going” on the project.
I trucked the car up to Precision Exhaust in Ashford, CT. The owner of
Precision Exhaust is Dave Eichner, who is a Mustang expert. I was referred
to Dave by a friend, for whom he had built a custom exhaust system. I wanted
to be sure of my selection, so in the meantime I had been inquiring at other
shops for recommendations of where to get the work done, and while at the
shop where I get my regular car serviced, I asked one of the owners of that
shop if they knew a Mustang specialist. They did not, but called their friend
who is in the business and did know a
Mustang specialist.
Sure enough the guy
he
recommended
turned out to be Dave
Eichner as well.
Dave originally
came down to take a
look at the Mustang
on December 17,
2012,
when
he
was driving from
Princeton, NJ, back
A young Kathleen, with her dad’s car in the background
to Ashford, CT, after dropping off a car to another customer. He took a long
look at the car and followed up with an email in January that outlined the
estimated cost and work for the restoration.
Two personal referrals were all I needed. Additionally, I had run the estimate of the work through a friend at a repair shop in Summit, NJ. The head
of their body shop gave the estimate a look. He told me Dave was thorough
(based on his email alone) and reasonably priced.
I’m so happy the journey has now begun for the Mustang. My family and
I cannot wait to see the car brought back to its former glory.
Kathleen went on to tell us that she expects the restoration to be completed
sometime in 2014. Once finished, Kathleen wants to drive and enjoy the car,
because “That’s what Dad would have wanted.”
Look for Part II of this story when the work is completed and the car is
back on the road. In the meantime, we’ll keep you updated with the restoration progress along the way via our Chubb Collector Car Facebook page.
Rally for Charity, and a Deal From Chubb
Chubb Collector Car Insurance is delighted to be a sponsor of the Shifting
Gears Rally and Gala, October 10–12 in Northern California, benefiting
the Myotonic Dystrophy Foundation (www.myotonic.org). Shifting Gears
Rally participants will enjoy two days of scenic driving, dining and wine
tasting, ending with a charity gala and auction.
Shifting Gears has a special offer for Chubb customers: Driver registration
at the price of $1,400 (a $200 discount!), which covers meals and activities for both days of Rally events for two people per car and seats at the
Shifting Gears Gala. Space is limited, so register today at
www.shiftinggearsusa.com and indicate that you are a Chubb client.
Hotel reservations and costs are the responsibility of Rally participants. To
book rooms at the Fountaingrove Inn at the exclusive discounted rate,
please visit http://tinyurl.com/gears2013.
Collector Car Insider
5
For the collector looking for the high point in early Corvettes, the 283/283 Fuelie is the car to have
Most of the SMs still living are cars with needs, but this car is not one of them
by Michael Pierce
by Donald Osborne
Chassis number: E57S102825
T
his 1957 Corvette is confirmed by its chassis number as having been
delivered with the ultimate “283/283” V8 with Rochester fuel injection
and high-lift cam, which still resides under the hood today. It is also
equipped with a T-10 4-speed transmission, a Positraction rear axle, a
signal-seeking AM radio, and both a soft top and a removable body-color hard
top. A high-quality restoration, performed in previous care, saw the car refinished in Venetian Red over red upholstery, after which the car was on display in
a Corvette museum for some time.
The car is still very much as it was when the restoration was completed, and
it offers an unbeatable combination of performance and good looks. To many,
this is exactly what the mental picture of a 1957 Corvette describes: red on red,
fuel injection, good options, both tops, and ready to go to a new home.
This Fuelie Corvette, Lot 117, sold for $129,250, including buyer’s premium, at RM’s Amelia Island auction in Amelia Island,
FL, on March 9, 2013.
Zora Duntov’s focus from the beginning of his time with GM and the
Corvette team had been the car’s performance on the track. 1957 was the year
he made it happen, turning Corvette into the fastest production car made in
America. The ’57 283/283 fuel-injected Corvette was also the first GM motor
to achieve one horsepower per cubic inch — a very big deal in 1957.
The ’57 Corvette was the last of the single-headlight series and was offered
with many new factory options. They included 3:70s, 4:11s and 4:56s, all with
Positraction; HD brakes and suspension; CR 4-speed transmissions; 26 color/
trim options; 220-, 245- and 270-hp V8s with single or dual 4-bbl carbs; and
the injected 250-hp and 283-hp engines.
GM built 6,339 1957 Corvettes. 713 cars were ordered with RPO 579B (11%
of the cars built), which was the option code for the 283/283 with mechanical
lifters, a high-lift cam and Rochester fuel injection, like our subject car.
There was also an RPO 579E option, which featured the same 283/283
Fuelie engine but with cold-air induction and a mechanical tachometer on
the steering column. Those cars, known as “Airbox” cars, were the top performance Corvettes available — they were race cars in street clothes — but the
additional options increased their base price of $3,176 by almost 50%. Only
43 were completed.
Today, original Airbox 283s are worth exponentially more money than a
standard 283/283 Fuelie — from $375,000 to more than $500,000 — and
finding one for sale is next to impossible. For the collector looking for the high
point in ’50s Corvettes on a more realistic budget, the RPO 579B standard
283/283 Fuelie is the car to have.
SOLD!
A good look
I was at the Amelia Island Ritz Carlton when this red/red Fuelie crossed
RM’s auction block for more than $129k.
6
Collector Car Insider
It was one of the first cars to go through the
auction and it was readily viewable prior to entering the turntable in the auction room. March
9 was a clear, sunny day on Amelia Island, and
this Corvette showed very well. The exterior paint
quality was very good, the interior, seats, dash,
gauges and rugs all period-correct and in excellent condition.
But there were a couple of noteworthy issues:
The fitment of the trunk was noticeably different
from the doors and hood. The engine block casting
number and date were appropriate for the car, but
the stamp-pad surface did not appear to be typical of factory production — it
could have been stamped much later. The car also had a 4-speed close-ratio
transmission and radio.
Mixed parts, minced words, and the numbers game
The VIN number of this car is listed as E57S102825. GM records show that
it came off the assembly line in St. Louis on or about March 14, 1957. That
creates a problem, as 4-speed synchromesh, close-ratio transmissions were
not available until several hundred more 1957 Corvettes had been produced…
sometime in April. Based off that, I’m willing to bet this car didn’t come with
the 4-speed from the factory. It should have been delivered with a 3-speed box.
And there were other issues as well. Re-read the seller’s description. In
part: “The 1957 Corvette offered today is confirmed by its VIN number as
having been delivered with the ultimate 283/283…which still resides under the
hood today.” Corvette specialists will tell you that there has never been a way
to tell what a Corvette’s horsepower was by its VIN number. Additionally, does
the seller mean that the original 283/283 is still under the hood, or is he saying
that the Corvette was originally fuel-injected? These are important points for
serious Corvette buyers.
The next sentence is also confusing: “…. The car [was] refinished in
Venetian Red over red upholstery.” Does the seller mean it was redone in red on
red or was it born with another color combination and refinished in his choice
of colors? Nowhere does the description mention anything about “original,”
“numbers matching,” or provenance. What are those words worth?
Breaking down the sale
I talked with several experts about solid-axle Corvettes, including NCRS
Judging Chairman Roy Sinor, Corvette race car expert/historian Jim Gessner
and the NCRS 1956–57 National Team Leader John St Peter. We agreed that
for the demographic attending the Amelia Island Concours and its attendant
RM auction, this was a fair price for both the seller and buyer. These are highlevel, high-class events, and the auctions often sell cars for a premium.
I have no way of knowing whether the bidders knew about this car’s blockstamping inconsistency, cared about the trunk fitment, transmission issue,
or were concerned about the seller’s relatively vague description. And to the
average buyer, depending on their intent for the car, it may not really matter.
From the standpoint of originality and condition, this car might not do
well with NCRS or Bloomington Gold, but in today’s marketplace, an undocumented car with the right color and options, the go-fast look, and FI badges
can ring the bell just as easily as a well-documented car — after all, it was
a red/red ’57 Fuelie in great cosmetic shape. I can’t fault the buyer for just
wanting to own it.
At the end of the day, the price paid reflected the buyer’s satisfaction with
the car. And while it may not set the judging field on fire, there’s great value in
use. My advice to the new owner: Drive the car.
(Introductory description courtesy of RM Auctions.)
Courtesy of Artcurial
Market Analysis
1971 Citroën SM Coupe
Destry Jaimes ©2013, courtesy of RM Auctions
Market Analysis
1957 Chevrolet Corvette 283/283 Fuelie
Chassis number: SB2915
Engine number: C1141108468NA0848
W
hat makes this Citroën SM special is that it is as close to a
new car as is possible to be following a no-expense-spared
restoration. It was given to the renowned Garage du Lac, run
by Vincent Crescia in Switzerland, for a total mechanical and
body rebuild.
To restore the interior, the owner went to Barron-Sellier in Lyon, who
re-upholstered the car in tobacco-colored leather. They also put leather trim
on the dashboard, steering wheel, glove box, sun visor, rear shelf and part of
the pedals. The wool carpets are also trimmed in leather.
This car, Lot 319, sold for $170,672, including buyer’s premium, at the Artcurial Rétromobile auction in Paris on
February 8, 2013.
The Citroën SM has long been one of the collector-car world’s sad stories.
Born with the high ambition to restore to the roads a powerful, fast, elegant
and dramatic French motorcar, the heir to the great Grand Routiers of the
1930s to the 1950s, it was also one of the few examples of an automotive
merger actually realizing useful synergies.
Citroën bought Maserati in 1968 for the sole purpose of having a source
for a more appropriate engine for a grand tourer than their own agricultural
4-cylinder. They not only got the perfect V6 engine from Maserati, but the car
was positioned in the market below the heart of the Maserati line and costs
were optimized by placing the same engine in the Maserati Merak.
The SM was also a showcase for not only the well-known advanced
engineering concepts Citroën had been using for years, but it also added
pioneering variable-assist power steering, a rain-sensitive automatically
adjusting windshield wiper, outstanding braking capability, optional ultralightweight composite resin wheels and a top speed of over 130 mph. The
SM’s reasonable success in rally competition was proof of the durability and
strength of the design. The car’s “failure” in the marketplace can be clearly
attributed to the combination of federal safety legislation and the first energy
crisis of the 1970s — combined with the sale of Citroën to the determinedly
unimaginative Peugeot company in 1974. After Maserati was sold off and DS
production ended, the SM was history.
SOLD!
Most have needs, but not this one
The website of the French SM Club has a Guide to Buying section. It begins: “Is the car in working condition? The car is complete? Are the papers
OK? If there is a summary of registrations, check the most recent to get an
idea of the last time it was used.” It goes on to advise that the engine costs
about $13,000 to rebuild, plus 40 hours for removal and re-installation. The
205/70 Michelin XWX tires are very expensive, and if you want or have to
replace a set of the rare, super-desirable resin alloy wheels, they will set you
back about $4,000 each. The guide continues with the usual spots to check
for rust, and advice on mechanical pitfalls in the gearbox and suspension
hardware. Going inside, the guide tells us that an original radio costs $650
to $1,050 if you have to source one. It makes no mention of the hydraulics,
which, of course, is not a very big deal in France.
What that list does tell you is that this isn’t generally the buying advice
that goes along with cars that are either well-preserved and cherished originals or superbly restored jewels. Most of the SMs still living are cars with
needs, both obvious and hidden.
Without a wide network of support sources for maintenance, many quickly
sank on more than their suspensions after dealer service was no longer an
option. It is one of the reasons that they developed a scary reputation as
unreliable money pits. Any high-performance car that isn’t regularly run and
maintained will become a nightmare, and that is not exclusive to the SM.
The best restoration possible
There are obviously more knowledgeable and experienced restoration and
maintenance shops for these cars in Europe than in the U.S., and one of the best
known and most respected is the Garage du Lac in Saint-Blaise, Switzerland.
The restorations they perform on Citroëns, especially coachbuilt models, are
legendary. When they come to the auction market in Paris they tend to “ring
the bell,” as the expression goes, and this 1971 SM was no exception.
I saw the car on the Artcurial stand at the Rétromobile show, and it
was truly impressive. I love these cars in this color combination of Metallic
Brown with Tobacco leather, the same as was featured in the first catalog.
The incredibly evocative images of this sleek coupe traveling through Paris
at night are burned into my psyche. The body panels were impeccable, the
trim unmarked, the interior just inhabited enough to make it inviting. It sat
evenly on its wheels and not a drip or weep could be seen under the hood or
on the floor for the days it sat in court.
It carried an estimate of 60,000 to 100,000 euros ($79,800– $133,000)
at no reserve. That’s a healthy price for a non-coachbuilt SM. It’s not impossible to conceive, as Bonhams sold a convertible four-door SM by Chapron,
one of the two “Présidentielles,” for $217,350 in Paris in 2011 — a figure that
remains the record at auction for an SM.
As impressive as the sales price is, take into account that the 249,428
CHF spent on the restoration basically translates to the same amount in
dollars, as the currencies have been more or less at parity since mid-2010.
So, it is likely that the SM was bought for a little less than 70% of the cost of
the work done, with the car thrown in for free.
A market changer?
Back in August 2010, a good friend and client bought an SM from
Gooding & Company’s Pebble Beach sale. Also finished in Metallic Brown
with Tobacco, he paid a not inconsiderable $50,600 for it. Various people
thought him nuts; I was not among them. The car, well rebuilt and maintained
by SM World in Southern California, has proven to be both dependable and
reliable. It also has been a thrilling vintage rally mount for him on a number
of occasions. As is so often the case, the SM’s loudest detractors are those
with no firsthand experience of the car. Properly set up, maintained and used
regularly, they are the equal of their contemporary competition and offer a
truly unique driving experience.
This sale is obviously an outlier. SMs are not now $150,000 cars on a
regular basis. We will have to see if this transaction prompts other owners
with superb cars to bring them to market — and encourages owners who
want to keep them to invest serious money into making them as good as they
deserve to be.
(Introductory description courtesy of Artcurial.)
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