by Mike –
Recently I wrote about the upward trend in classic cars prices and the impact that high powered auctions and car TV shows have on those prices.
It has occurred to me that there are other events in addition to classic car auctions and classic car TV shows that have the ability to drive up the prices of certain classic cars.
If you want to drive in the Mille Miglia then you must have a car that would have been eligible for that race – the car must have been built prior to January 1958. The same is true of the California Mille.
The Colorado Grand is an annual charity tour for 1960 and earlier sports and race cars of distinction. This means this class of cars are more in demand because of this event.
Some collectors buy cars just for the purpose of participating in these events. This increases the demand for these cars and thus drive up the prices.
I know a collector who bought a special, and expensive, Iso Grifo just to drive in the Copper State 1000. After the event he then sold the Grifo.
Special car shows like the Pebble Beach Concours d’Elegance, The Quail, A Motor Sport Gathering, Villa d’Este and the Amelia Island Concours d’Elegance also create demand for certain cars.
The astute collector knows the featured marques coming up at these events and may try to secure a class winner for one of these special shows.
The now popular preservation class has created a demand for cars that have not been restored but were treated well by their past caretakers. These cars are becoming more rare as times goes by because they must be original, or close to original.
That originality is deteriorating with time, however.
Historic races can also drive up prices of special race cars especially the ones that raced in the day and have a race history of distinction. Of course, if a famous race car driver drove the car then that adds to the value.
But it also means the owner can enter any historic race event he desires and the car is worth more than the same car that is not eligible or does not have a distinguished race history.
There are more of these events now than ever before both in Europe and the US just as there are more high powered classic car auctions than ever before.
This trend should continue for sometime because there are so many people interested in the classic car life style that includes the fancy events, parties and meeting other people who also love classic rolling art – and the driving and racing too.
These classic car owners are having fun while owning a special car that may appreciate in value.
This is a good thing, at least for now.
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