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CONCOURS BAROMETER OF CARS' WORTH
Business of Collecting Expects Better Days in 1997
Amelia Island Show March 8th Demonstrates Diversity
AMELIA ISLAND, FL (February 6, 1997) - What does a buoyant economy and a healthy stock market have to do with The Ritz-Carlton, Amelia Island Concours d'Elegance charity event on March 8th? The answer, according to Bill Warner, car collector and co-chairman, is "Everything."
This concours is presented by Mercedes-Benz of North America as a benefit fundraiser for Hospice Northeast, and will have 175 vehicles ranging in years from 1907 to 1972 and in variety from motorcycles to the Shah of Iran's Type 57 Bugatti. Many are from private collections and cannot be bought, but Warner estimates the assemblage for this charity event would be worth more than $40 million.
"The speculators who pushed the collector market to unrealistic heights five or six years ago before it crashed have been replaced by more realistic new enthusiasts and experienced car collectors who tend to hold on to cars they buy. The brokers who make their living in this field always like a rising stock market because they see a direct correlation with their sales," Warner explained.
"People still think vintage and special interest vehicles have rising long-term tangible value. For instance, a 1932 Ford Dry Lakes Roadster has added value because it set early speed records. But this isn't always true," he continued, "most cars reach a plateau then begin to level off in value, except possibly to the owner."
"I'm told that new buyers are usually 50ish, CEO's and business owners who feel good about their personal economic well-being and who have discretionary income. So we are talking about 1963 Buick Rivieras worth $40,000 as well as high dollar imported sports cars," Warner said. "The new buyers tend to favor cars of the '50s and '60s because they remember them and maybe longed for them in their youth. Yet Farraris, which sold for six figures now can be had for under $40,000."
A concours d'elegance like the one being held on the Golf Course of Amelia Island is both a social event and a place where judges value the worth of cars.
"Auction houses like Christie's, as well as the car brokers, are engaged in serious business," Warner said. "How the high-end classics like sports cars and vintage machines sell is a good market barometer, but this is really a laissez-faire endeavor. The buyer needs to beware of imitations and cars that are over-restored."
While some enthusiasts, like designer Ralph Lauren, hire full time experts to maintain their collections, as do many sports and entertainment figures, Warner points out that people of relatively moderate income participate as well. "It helps if Dad didn't trade in that '58 Thunderbird or '55 Chevy," says Warner.
This is the second Ritz-Carlton, Amelia Island Concours d'Elegance and is presented by Mercedes-Benz as a charity benefit for Hospice Northeast,a non-profit organization that cares for terminally ill children and adults. The first concours at Amelia Island vaulted the event to among the premier shows in the country.
For additional media information, please contact:
Bill Ussery
Mercedes-Benz of North America
phone: (904) 443-2135
email: ussery@usa.mercedes-benz.com
wwweb: http://www.classiccarshow.com
