by Mike Gulett –
Monterey Car Week starts soon – it has been starting earlier every year it seems. The Laguna Seca Monterey Pre-Reunion & Corkscrew Hillclimb is this weekend. This is nine days before the Pebble Beach Concours d’Elegance which was the original reason for this week of car elegance in mid-August on the Monterey Peninsula. Someday we may have to change the name to Monterey Car Weeks.
Next weekend are the real, original historic races at Laguna Seca – The Rolex Monterey Motorsports Reunion. On Tuesday there is a new event called the Concours for a Cause, which is attempting to replace the Carmel Concours on the Avenue (which is no longer happening because of the death of the co-founder). This new event has some big shoes to fill but I am hopeful. I will share my experience and thoughts afterwards.
On Wednesday there is another new event called Astons on the Avenue. I will likely drop in to this one as well. I would normally take my Aston Martin Vanquish to this event but I am committed to The Quail this year.
This year I will be at The Quail, A Motor Sport Gathering on Friday August 16 displaying our 2005 Aston Martin V12 Vanquish S. It is planned to be in the Evolution of the Supercar Class. If you go to The Quail stop by and say hello. I suspect it will be the only yellow Aston Martin there.
As usual I am dreaming about the cars at auctions and wondering if there will be a bargain or two to be had this year. But how does one measure a bargain? Is it a bargain because the price of a certain car is lower than expected? Or, can a bargain be had when one pays a high price? Like the world record price for that model?
Maybe a bargain can be had when one buys a special, certain car that is deeply desired by the buyer but is very rare and not available anywhere else. The price may seem high but not to the buyer; some collector car experts call this “buying too soon” – not too high but merely ahead of the market. The market eventually catches up with the price paid and in the meantime the buyer gets a special car to enjoy for many years that otherwise would not have been available.
I had this experience with the 1966 Bizzarrini GT 5300 Strada that I bought at auction in Monterey in 2008. I searched for more than four years for the right Bizzarrini GT 5300 and this was the best one anywhere for sale, or maybe anywhere not for sale too.
The tension is high as several people are waiting for my next bid (including Rebecca my wife on the left)…
For many years the price I paid was the highest price worldwide for a Bizzarrini GT 5300 at a public auction ($572,000 USD). However the market did catch up and a few years later that price did not seem high at all to many would be buyers.
I am very happy I “bought too soon” if I had not acquired this special Bizzarrini when I did I would have never owned any Bizzarrini.
Paying a record high price was the best outcome for me and a real bargain! If I had been searching for a low price GT 5300 I would have missed the bargain of a lifetime.
When you go searching for a bargain – look carefully, you never know what you may find.
That’s it – the final bid – Sold, Sold, Sold!!! – $572,000 including buyer’s commission
Let us know what you think in the Comments.
Bizzarrini GT 5300 at Russo and Steele Auction (2008)
All auction images compliments of Russo and Steele.
I like you strategy.
I have just finished a total restoration of Iso Rivolta GT #007. At a cost running very close to $300K.
With ‘underpinnings’ similar to the Strada, maybe in 20-30 yr. it will look like a ‘bargain’.
Best, J