- Chubb Collector Car Insurance

Volume 5 / Issue 2
The Progressive
and the Purist
T
here’s some spirited discussion
out there about whether a collector car from the 1960s or 1970s
should be driven today as it would
have been when new — on bias-ply
tires — or whether a set of periodlooking radial tires should be installed
to improve ride, handling and safety.
With so many correct-appearing
radials on the market, it seems an
easy choice to me, particularly following a “before and after” test in a
colleague’s 1966 Corvette roadster.
The car was transformed with the
radials, with a smoother ride, less cowl
shake, and more confident handling
and braking. Hey, I’m an insurance
guy through and through, and if drivability and safety can be improved
with such a simple change, I’m all for
it. If a set of period-correct bias ply
tires can be kept in the garage for
shows and judging, and a set of redor gold-line radials can be used during regular use, we’ve got the perfect
compromise, right? Not so fast.
Another collector friend feels very
differently. “I want my car to feel
just as it did when it came out of the
factory. I remember the way it drove
back then and that’s the driving
experience I want and expect.” I can
see his point.
What this topic says to me is that
the popularity of the hobby has provided some great options to collectors. We can not only put modern tires
on a classic that look authentic, we
can find period-looking radios with
iPod connectors, removable stereo
speaker interior panels and more.
Today we can have our cake and
eat it too —and why not? The hobby
is all about enjoying the automobile
experience in our own way. It’s
a deeply personal thing that’s
ultimately about great memories of
times gone by and the creation of
great memories with our kids and
grandkids.
Bias plys or radials? Whichever you
choose, be safe, my friends. Keep
’em running.
Jim Fiske
Vice President
Chubb Personal Insurance
[email protected]
In This Issue
Looking to Monterey������������������������ 1
Gooding on the Market������������������ 2
Ten Noteworthy Sales������������������ 2–3
The Classics��������������������������������������� 3
1978 Indy Pace Car Editions����������� 4
Client Profile: Kevin Mackay����������� 5
1969 Pontiac Trans Am�������������������� 6
1972 Ferrari 365 GTB/4 Daytonas���� 7
Upcoming Events����������������������������� 8
insider
Collector Car
Monterey on the Horizon
There are still collector-car entry points amid the ongoing
price madness
by Keith Martin
“S
ee you in Monterey” is what we say to our gearhead friends at every car event from April onward.
All of the heavyweights of the auction world bring spectacular cars to the Peninsula in August. Add in
America’s most prestigious vintage races at Mazda Raceway Laguna Seca and the incomparable Pebble
Beach Concours d’Elegance, and you’ve got a powerful magnet for car enthusiasts.
Toss in The Concours on the Avenue, the Jet Party, The Quail, Concorso Italiano and Legends of the Autobahn,
and you have the mixings for a total collector
car overload.
I’ve been going to Monterey for 26 years, and
I know that on Sunday evening, when the hammer falls on the last car at the weekend-ending
Gooding auction, I will be completely sated. I
will have seen hundreds of good friends, looked
at thousands of remarkable cars, and watched
millions and millions of dollars get spent.
As tracking and analyzing the market is what
I do, the most frequently asked question this
time of the year is, “What’s going to happen in
Monterey?”
Last year, 760 cars sold at six auctions, for
a total of $308m, with an average price per car
Monterey continues to provide a multitude of rare and special cars
sold of $404k.
The totals will be higher this year. At nearly every auction that has been held since last year’s Monterey sales, records
have been set. There seems to be no end in sight to the appetite of collectors for rare and special cars. And on the
European side, the white-hot fire of the market has finally trickled down to second- and third-tier models. A Ferrari 250
GTE recently sold for more than $420,000. A year ago, this entry-level four-seat V12 would have been a $150,000 car at
best. And five years ago, $75,000 would have put a similar car into your garage.
So as your automotive investment adviser, I would say that if you want to play in the world of exotic, vintage Ferraris,
Aston Martins, Lamborghinis, Maseratis, Jaguars and the like, you will need a lot of powder in your musket. And you’ll
have to be prepared to fire when the target appears. There are simply too many buyers chasing too few cars for you to
equivocate on a buying decision.
When prices are skyrocketing, you have to try to buy thoughtfully, and that means selecting the right car with the
right documentation. But rapid decisions and thoughtful purchases rarely go hand in hand. Consequently, I would advise
investing with your fun money — not with your child’s college fund.
Some real values can be found in the American car market. For under $50,000, there are any number of cars that have
a lot of eyeball, perform very nicely, and that are perfect for Sunday cruise-ins.
If you’re thinking of jumping into the market for the first time, let yourself in easy. Buy an American car such as a
1965 Mustang GT fastback that is easy to service, and drive it 1,000 miles this summer. Reacquaint yourself with what
vintage cars are all about, from the questionable brakes to the non-existent air conditioning to the vague handling. Every
mile becomes a trip down memory lane.
It doesn’t have to cost millions of dollars to be behind the wheel of a classic car and be cruising down a two-lane
highway. Come meet me in Monterey, and we’ll pick out a few together.
The Goods
The Classics
by David Gooding
Ten Noteworthy Sales
January–May 2014
With the rising market, many rarely seen cars are being
offered at auction. Here are 10 of the year’s most
important sales — so far
(Images are courtesy of the respective auction houses and Sports Car Market)
There are Classic Cars — and
Classic People
by David Schultz, CCCA President
and CCCA Museum Trustee
A
T
his summer your passion for collecting
may bring you to Pebble Beach,
where our company is the official car
auction of the Pebble Beach Concours
d’Elegance. Our team will present an
exceptional selection of automobiles for
sale on August 16 and 17.
The consignments range from legendary race cars to rare coachbuilt masterpieces to contemporary collectibles.
Our auctions generate record-breaking
results and debut rarely seen treasures to
the public eye. Noted examples of these
never-before-seen cars include:
An exciting barn find — one of the
final Lancia Aurelia B24S Spider Americas
built.
A Mercer Series 5 Raceabout owned
by the same family since 1945.
A legendary Shelby 289 Cobra.
These three automobiles are presented with provenance and pedigrees
that impressed us, and we are certain
they will interest you.
In addition, we have a robust selection
of vintage Mercedes-Benz cars, many
highly coveted Ferraris — including an
award-winning 1960 Ferrari 250 GT Series
II cabriolet — and many examples from
other collectible marques. With many
lots offered without reserve, there will be
a variety of beautiful examples across
a spectrum of price points for the most
discerning collectors to purchase.
As we begin our second decade of
auctions at Pebble Beach, Gooding &
Company offers you a team of unparalleled specialists to advise you about
your collection. We look forward to
connecting with you and welcoming you
to our events.
Join us in Pebble Beach for an unmatched car-lovers week of events and
beautiful moving art. Enjoy a wonderful
summer out and about driving your collectible car.
1
1958 Ferrari 250 GT LWB California Spyder
$8,800,000, RM Auctions, Phoenix, AZ
Matching-numbers example with desirable covered headlamps.
The 11th of 42 built.
Collector Car Insider
1964 Ford GT40 prototype
$7,560,000, Mecum, Houston, TX
The fourth prototype, the second-oldest surviving example, and the first one to earn a podium
finish.
3
4
5
6
7
8
9
10
1937 Delahaye 135 Torpedo roadster
$6,600,000, RM, Amelia Island, FL
Coachbuilt show car from the collection
of Malcolm Pray, whose wife dubbed it his
“French Mistress.”
1967 Chevrolet Corvette L88 coupe
$3,850,000, Barrett-Jackson, Scottsdale, AZ
The only known red/red 1967 L88 Corvette,
heavily optioned and fully documented.
2
2
1958 Ferrari 250 GT Series I cabriolet
$6,160,000, Gooding & Co., Scottsdale, AZ
The 14th of 40 built, with covered headlights
and bumperettes. Factory disc brake
conversion in 1962, new outside-plug engine
installed in 1970.
1953 Ferrari 166 MM Barchetta
$3,645,192, Artcurial, Paris, FRA
Unique one-off with competition history, now in
superb restored condition.
1997 McLaren F1 GTR Longtail coupe
$5,280,000, Gooding & Co., Scottsdale, AZ
The ultimate development of the iconic
1990s supercar, with impressive racing history.
1968 Porsche 907 Longtail
$3,630,000, Gooding & Co.,
Amelia Island, FL
Historically significant racer. One of eight
Longtails built, and one of two known still to
exist.
1955 Jaguar D-type
$4,947,798, RM, Paris, FRA
Very original D-type with known history. Said
to be one of 54 Jaguar-built “customer cars.”
1931 Alfa Romeo 6C 1750
Supercharged Gran Sport Spider
$3,080,000, Bonhams, Scottsdale, AZ
Retaining original body, engine and driveline,
as well as full chain of ownership.
s I write this, work is under way
on the new Lincoln Motorcar
Heritage Museum that’s being
built in Hickory Corners, MI, as part
of the growing Gilmore Car Museum
campus. The Lincoln Museum will join
other marque-specific museums such as
Pierce-Arrow, Franklin, Cadillac-LaSalle
and Ford Model A as well as the Classic
Car Club of America Museum.
One of the displays in the Lincoln
Museum will focus on preservation versus
restoration. In recent years there has
been (finally) a growing interest in preserving original cars. For too many years
it seemed automatic to take a car that
has been stored away for many years
directly to a restoration shop. There,
the car might not only be restored to its
as-original condition but to better-thannew condition—which compounded the
injustice.
The Lincoln Museum will tell the story
of preservation versus restoration by
focusing on an individual who “walked
the walk,” as the saying goes, during a
lifetime in the hobby—Jack Passey of
California. Jack has owned more than 90
classic Lincolns over the years, including
my 1930 Lincoln Judkins coupe. He literally saved these cars for other collectors.
Today, dozens of Lincoln owners can
trace ownership of their classic Lincoln
back to Jack. To a similar degree, he did
the same with other favorite marques,
such as Wills Sainte Claire.
When I bought that Lincoln coupe
from a California collector several years
ago, I couldn’t wait to tell Jack. I’d gotten out a few words when he interrupted
to tell me how he’d bought the car from
a Santa Rosa, CA, farmer in the 1950s.
It was parked under a plum tree and
complete except for the engine blocks,
which the farmer was using to weigh
down his disc plow! Jack paid $30 for
the Lincoln, placed it in his car barn
and eventually sold it to a fellow Lincoln
enthusiast.
Today, the entire Passey family enjoys
Jack’s collection of automobiles, which
includes a few prize-winning restorations
but far more original, unrestored cars
that will be mechanically maintained —
but never restored.
Collector Car Insider
3
by Jeff Walker and Tom Franklin
September 4–7, 2013; VIN: 1Z87L8S904569
B. Mitchell Carlson
$20,330 — Lot F52, Mecum Auctions, Chicago, IL,
October 10–12, 2013; VIN: 1Z8748S905175
T
his past summer, a trio of 1978 Pace Car Edition Corvettes sold over
the course of 36 days. That’s not unusual in the auction world, but this
was different. These cars brought $10k, $20k, and an astounding $86k,
respectively.
Why the enormous spread for what was essentially the same make and
model? Let’s look at some of the details, in ascending order of price:
$10,165 — Lot F5, Mecum Auctions, Dallas, TX, September 4–7, 2013;
VIN: 1Z87L8S904569
This Pace Car was part of a 150-plus car collection and had not been run in
some years. It featured removable glass roof panels, a tilt-telescopic steering
column, AM/FM radio (this one the RPO UM2 version with an eight-track
tape player), remote-operating mirrors, power windows and door locks, and
air conditioning — plus the Pace Car side decals.
Otherwise it was not well optioned, featuring only the base 185-hp L48
engine, an automatic transmission, and the tape player. From the images, we
can call this car somewhere around a #4 condition.
Driver or project?
Under the hood, the busy engine bay offered mixed messages, with freshappearing paint on the engine together with other components that looked
weathered. Along with the warning that the car had not been started or driven
recently, a missing air-conditioning V-belt gave the impression that some time
and attention would be needed.
Buying a non-running car is always a gamble, but in this case I believe
someone actually made a strong buy. Usually, someone with the resources to
collect more than 150 vehicles also has the resources to buy good examples.
While the non-running status helped keep bidding down, it may have also paid
dividends for the buyer if the entire package turns out to be solid.
In that case, a fresh battery, fluid changes, lube and safety check may be all
that’s necessary to have a viable runner. There was very little risk at $10k, so
this one looks like a score, considering the market for nice base-engine cars
is around $20k
$20,330 — Lot F52, Mecum Auctions, Chicago, IL, October 10–12,
2013; VIN: 1Z8748S905175
Equipped with the higher-output 220-hp L82 engine, 4-speed Muncie M21
close-ratio gearbox, and represented as a 12,073-mile car, this Pace Car held
all the cards. This was as good as Corvettes got in 1978.
The original Pace Car decals were included in a box. It had its factory tags
and manuals, and a fairly rare radio option: the period-correct RPO UP6 AM/
FM stereo with integrated CB radio. In short, this Pace Car is just what you’d
hope to find if you wanted one — a low-mileage example with evidence of
careful ownership since new.
Market price, smart buy
This car presented reasonably well. Under the hood, the L82 looked authentic and unmolested. We could call this a solid #2 car, bordering on #2+.
4
Collector Car Insider
$86,400 — Lot 15L, VanDerBrink, Pierce, NE,
September 28, 2013; VIN: 1Z87L8S904699
F
With no decals and apparently low mileage, this example looked attractive
to me. L82 4-speed cars in good shape tend to trade between $20k and $40k,
and this one’s low mileage and good condition were key to its value.
It was twice the money of the Dallas car, but way more than twice the car.
Call it a fantastic buy.
$86,400 — Lot 15L, VanDerBrink Lambrecht Collection, Pierce, NE,
September 28, 2013; VIN: 1Z87L8S904699
Until its sale in the VanDerBrink auction in Pierce, NE, the only time this
Corvette ever saw any action was on April 26, 1978, when it left Bowling
Green, KY, heading for Nebraska by rail. That it was subsequently delivered
to Lambrecht Chevrolet, parked there without ever even being unwrapped,
and then left idle for more than 35 years is the stuff of legend. Although some
might call it a life unfulfilled instead.
The four miles showing on the odometer strictly represented whatever
distance the car covered on its way from the assembly line to its train trip.
As well, no set up, pre-delivery service or detailing was ever done, as the
cardboard protectors were still on the floors, plastic still covered the seats and
steering wheel, and the little center hubcabs and Pace Car door graphics were
likewise still in their original boxes.
And having never been sold, the car was still on its MSO. The auctioneers
didn’t so much as dust the car off, and it certainly looked the part of Rip Van
Winkle with its decades-old coating of dirt.
rom a very young age, Kevin Mackay had a gift for making things with
his hands, and he preferred playing with his slot cars than going to
school. When Kevin was a kid, his father would come home with plastic
car models, and to the amazement of both parents, Kevin would assemble
them without using the instructions.
Kevin’s grandfather also played a role in his interest in cars. Kevin says,
“As soon as I could walk, my grandfather gave me a rag so I could polish the
hubcaps on his big old Chevy. He only let me clean the caps, because he didn’t
want me scratching the paint.” His grandfather’s mantra was, “a clean car is
a happy car,” so every Sunday, Mackay and his grandpa would make sure the
family cars were clean.
Kevin’s love for Corvettes blossomed in 1978, while he was working for a
Chevrolet dealership at the age of 21. That year, the Corvette Pace Car came
out and his dealer got one. He was in charge of preparing the car for sale, and
his time with it left an indelible impression. He officially got the Corvette
bug, but at that time he thought he’d never own a Corvette of his own, as they
were too expensive. Well, after a few short years and much hard work, Kevin
bought his first Corvette — a ’64 convertible.
“I spent my life savings at 23 years old and never looked back,” Kevin
said. He restored that car and soon decided to open his own Corvette repair
and restoration business, despite family advice against it.
Kevin officially opened Corvette Repair Inc. in 1985, renting a one-bay
garage out of an auto repair shop in Valley Steam, NY. He didn’t know that
there was going to be a need for high-end Corvette restorations and repairs,
Car myth and auction fever
Disheveled as the car appeared, the legend definitely came home to roost
on auction day, as a local gent outbid all comers to nab the car he’d eyed for so
many years in the window of the local dealership. Unquestionably, the price
paid was way north of the $19,500 to $36,000 ACC price-guide estimates for
’78 base-engine Pace Cars.
Not only was this car’s $86k price more than eight times the cost of the first
’78 Pace Car on our list, but the price put this C3 Shark in the same neighborhood as some very good first- and second-generation Corvettes.
But theoretically, under all the dirt and grime from years of storage, this
car should be as close to perfect as you would have found back in ’78.
The bottom line
How can we really make heads or tails out of such a wide spread in prices?
The bottom line is this: The Mecum cars sold right where they should have,
based on their options and condition, and both were smart buys in this market.
But the Lambrecht car was by all accounts off the charts, and there’s nowhere
to go but down in terms of its dollar value — especially if the new owner
drives it anywhere but onto the lawn at Bloomington Gold.
But don’t rush to judgment too quickly. When you consider that this Pace
Car may be something more than just a NOS Corvette, specifically the fulfillment of a lifelong dream for its new owner, the $86k sale price was not only
money well spent. It was actually cheap.
and he was also not yet aware that he had the talent necessary to achieve
award-winning results. His current, custom-built facility opened in 1987, and
it is currently being expanded to accommodate an ever-growing audience of
Corvette collectors.
In the 29-plus years since the founding of his business, Kevin and his team
have developed a peerless reputation while repairing and restoring some of
the most famous Corvettes from across the country; such as the 1960 Briggs
Cunningham Le Mans Racer, 1962 Yenko Gulf Oil Racer, 1966 Penske L88
Racer, 1968 Sunray DX L88 Racer, and 1969 Rebel L88 Racer (all five cars
were either Le Mans, Daytona, or Sebring class winners). The team’s work
also includes the one-off Cerv II, Pininfarina, and XP-819 experimental cars.
In 2012 Kevin was inducted into the Bloomington Gold Great Hall.
His knowledge and passion for Corvettes earned him NCRS Master Judge
and Bloomington Gold Benchmark Judge status. Awards received for cars
he has worked on are simply unprecedented, including NCRS Top Flight,
Bloomington Gold, and Triple Diamond honors, as well as numerous others. In July of this year, Kevin was invited to be the Grand Marshal of the
Corvette Homecoming in Bowling Green, KY.
He has also become famous for educating others as to the inner workings
of different Corvette generations, with the creation of the Drivable Chassis,
Suspended Corvette, Cutaway Corvette, See-Thru-Corvette and Sideways
Corvette.
Chubb is proud to know Kevin both as a client and a friend. Look for him
on the show fields at Bloomington Gold.
The one-off 1964 CERV II is one of several prominent Corvettes restored by Kevin Mackay
Michael Furman ©2013, courtesy of RM Auctions
$10,165 — Lot F5, Mecum Auctions, Dallas, TX,
Courtesy of Bill Erdman
by John L. Stein
Courtesy of Bill Erdman
An early passion for Corvettes is parlayed into a legendary business
Courtesy of Bill Erdman
Why the enormous price spread for what was essentially the same make and model?
Courtesy of Mecum Auctions
Client Profile
Kevin Mackay
Courtesy of Mecum Auctions
Market Analysis
Three of a Kind
Collector Car Insider
5
The ’69 Trans Am defied the “win on Sunday, sell on Monday” theory, but it set the stage for the
model’s amazing 33-year lifespan
In the fickle world of auto auctions, where ego often trumps common sense, these are pretty
sensible results
by Tom Glatch
by Steve Ahlgrim
Pontiac’s top pony rides high
This car, Lot F219, sold for $135,000, including buyer’s premium,
at Mecum’s auction in Kissimmee, FL, on January 24, 2014.
Parnelli Jones said it best: “The Trans Am was a no-holds-barred, highly
competitive series. We had the best American drivers, we ran on the best
North American circuits, and we drove cars that were spectacular to watch
and that the fans could easily identify with. The Trans Am was the greatest
road-racing series that has ever been run over here…”
SOLD!
An American series
The Sports Car Club of America’s Trans American Sedan Championship
debuted in 1966 with a simple set of rules: In the over-2-liter class, the cars
had to be 4-passenger sedans with 5-liter (305-ci) engines. Roll cages, fuel
cells and other safety equipment were mandatory, but any other deviations
from factory stock had to be homologated. So if a team needed, say, a rear
spoiler for more downforce, the manufacturer had to have the item approved,
assign a factory part number, and make the item available to all. This was a
racing series that greatly influenced the cars in the showrooms.
Chevrolet entered the battle first by introducing the limited-production
Z/28 model in 1967. It had the heavy-duty suspension, fast-ratio steering
and aerodynamic tweaks to make it nearly race-ready. It also had a new
302 V8 engine developed just for the series. In the hands of Roger Penske’s
team, led by driver/engineer Mark Donohue, the Z/28 won the Trans Am
championship in ’68 and ’69.
Not to be outdone, Ford retaliated with the Boss 302 Mustang in 1969
and 1970. Much like the Z/28, the Boss featured a powerful 302 engine with
tunnel-port heads and plenty of other race-derived engineering. Parnelli
Jones, driving a Bud Moore-prepared Boss 302, won the 1970 championship
by one point over Mark Donohue.
Dodge and Plymouth entered the fray in 1970 with the AAR ’Cuda and
Challenger T/A. Even AMC joined in, stole Penske from Chevrolet in 1970
with a $2 million budget, and put the Mark Donohue Javelin in the showrooms. With their emphasis on handling, braking, and drivability, the street
versions of these Trans Am racers were arguably the finest all-around “pony
cars” of the era.
Built for the track, sold on the street
Pontiac wanted in, too, and the company’s Special Projects Group began
developing the requisite 5-liter engine in 1968. The new Ram Air V engine
featured huge tunnel-port heads, a reinforced block and other race-ready
goodies. A 366-ci version was developed for NASCAR, while a 400 was readied for street and strip. The greatest challenge, however, was the 303-ci Ram
6
Collector Car Insider
Mystique brings big value
The ’69 Trans Am is unique in that it was built on the first-gen F-body
platform, which was on the way out in favor of a complete redesign for 1970.
In 1969, all Trans Ams were white with blue stripes, and all of them featured
a trunk-mounted spoiler, fiberglass scoops and special badges.
A total of 697 Trans Ams were built that year, including eight convertibles.
The ragtops were sold only to GM executives, and today they are some of
the few true “Holy Grail” American performance cars on the market. How
valuable? In 2010, one reached $1.1 million at Mecum’s Indianapolis auction — without selling (ACC# 162786).
For the other 99%, the ’69 Trans Am coupes have also maintained their
mystique over the years, even though their intended Trans Am racing glory
never came to fruition. These cars have been virtually recession-proof. Our
featured Trans Am has just about everything a collector would want: very
low miles, one owner, excellent condition, 4-speed, and 335-hp Ram Air
III power. Only the rare 345-hp Ram
Air IV option (46 4-speed, nine auDetails
tomatic) could have made this ’Bird
Year produced: 1969
more desirable.
Number produced: 697
At $135,000, this is the highOriginal list price: $3,556
est sale of a Ram Air III Trans Am
Current ACC Valuation: $85,000–$120,000
coupe we’ve encountered, and only
Tune-up/major service: $200
Distributor cap: $20
two RA IV Trans Ams have sold for
Chassis #: VIN plate driver’s side instrument
more. The 1969 Trans Am defied the
panel behind windshield
“Win on Sunday, sell on Monday”
Engine #: On front of block below left cylinder
head
theory, but it still set the stage for the
Club: Pontiac Oakland Club International
model’s amazing 33-year lifespan.
More: www.poci.org
Considering its long-term single ownAlternatives: 1967–69 Chevrolet Camaro Z/28,
ership and fantastic condition, I’d say
1969–70 Ford Mustang Boss 302, 1970 Dodge
Challenger T/A, 1970 Plymouth AAR ’Cuda
this one was an excellent deal for both
ACC Investment Grade: B
seller and buyer.
Courtesy of RM Auctions
Air V, which required a short-stroke, short-deck version of the venerable
Pontiac V8. Pontiac also licensed the “Trans Am” name from the SCCA for
$5 per car sold.
When Pontiac’s Trans Am debuted at the Chicago Auto
Show on March 8, 1969, many observers were disappointed that the new flagship Firebird had only
the standard 400 Ram Air III engine, with the
higher-performance Ram Air IV optional.
What happened to the 303 Ram Air V? Just
weeks before the start of the 1969 Trans Am
season, the “oversquare” 303 was generating
405 hp at a screaming 8,300 RPM, but the
power was all at the top end, and reliability was an issue. Then the SCCA
demanded 1,000 production cars be
built with the 303 before it would be allowed to race. Time and
money just ran out, and none of the Ram Air V engines ever saw a showroom.
It’s truly a shame, since Motor Trend was able to drive a prototype
303-equipped Trans Am and marveled: “We could tell you about a Hemi
GTX or a batch of Sting Rays, but you will never know what it was really like
driving the first 303 Trans Am on the street. There can only be one first time
you go into a sweeper at an even 100 and come out at 120, and the ’Vette
behind is now much farther behind.” Not that the showroom Trans Am was a
poor performer, not at all — it just never achieved its full potential. Car Life
magazine summed it up well: “The decal said Trans Am. The car didn’t.”
Courtesy of Gooding & Company
Market Analysis
1972 Ferrari 365 GTB/4 Daytonas
Courtesy of Mecum Auctions
Market Analysis
1969 Pontiac Trans Am
$781,000 — Lot 176, RM, Amelia Island, FL, March 8, 2014; chassis 15569
$770,000 — Lot 134, Gooding & Co., Amelia Island, FL; chassis 15741
The Daytona was introduced with much controversy in the automotive community. The mid-engine migration was in full swing
during the period, with Lamborghini, DeTomaso, Lotus and Ferrari already
fielding mid-engine models. It was expected that Ferrari’s newest flagship
would follow suit, but instead they stayed with the front-engine Berlinetta
design that had been so successful for them. It turns out Ferrari knew best,
as the Daytona has proven to be one of the greatest cars of all times.
Leonardo Fioravanti was a stylist at Pininfarina and not yet 30 years old
when he was given the honor of designing the Daytona. He had already created a masterpiece in the 206 Dino, so trusting him with the new Berlinetta
was not much of a risk. It’s said that he designed the car in just seven days.
He would later go on to style the Berlinetta Boxer, F40, and 308 among many
other classics that received his touches.
SOLD!
A high-speed gem
Mechanically the Daytona was a refinement of traditional components
rather than groundbreaking technology. The 300-horsepower, 6-carb,
4-OHC, 3.3-liter V12 used in the 275 GTB/4 was juiced up to 4.4 liter and
352 horsepower. Power was transmitted through a 275-style rear- mounted
transaxle. The chassis also retained the 275’s independent wishbones all
around.
Considering the era, the Daytona’s performance is spectacular. For example, 0–60 mph is reached in just 5.4 seconds on the way to a top speed of
174 mph. While rightly criticized for heavy-handed urban manners, they are
simply spectacular on the open road. Normal highway speeds are absolutely
effortless. Crossing 100 mph and continuing upward, they pull like a locomotive, pinning you against the seat as the scenery turns into a blur.
At upper speeds, the steering that feels ponderous around town comes into
its own — confirming that Ferrari traded easy parallel parking for confident,
high-speed touring. Driving a Daytona at speed should be on the bucket list
of all enthusiasts.
Dueling Amelia Island Daytonas
It is interesting how similar our subject cars are. They are both low mileage
and have good ownership history. They both have books and tools. They both
have good history. They both are a rare, deep off-red color. They both are quite
original despite having been cosmetically refurbished.
The similarities extend to the sale prices — a negligible 1.4% variation. In
the fickle world of auto auctions, where ego often trumps common sense, these
are pretty sensible results both in the amount and consistency.
Train kept a rolling….
The concept of the Ferrari market being on an upswing is well known to any
enthusiast with a pulse. The prevailing logic is that you can’t pay too much;
you can only buy too early. That’s a dangerous course that devastated a lot of
speculators in the late 1980s. I’m constantly hearing that the market’s sound
and the 1980s won’t happen again.
Fair warning: When you hear me buy into that idea, sell everything you have
because the cards are falling.
There was no great drama in these sales. Daytonas sold for $649,000 and
$550,000 at Scottsdale several weeks before. The Amelia cars were better cars
and great colors, so higher prices were expected. The Gooding car, with its
lower mileage, name-brand restoration and Classiche certification, should
have been the top sale, but RM’s beige interior, wire wheels and well-attended
Saturday auction sealed the deal.
If $781,000 wasn’t a record price for a Daytona, it had to be close. I’m
already hearing $800,000 asking prices for ultra-low-mile cars, and I suspect
that Monterey will push the bar higher.
There’s not a bone in my body that feels these cars were good buys, but I
know it won’t be long before we will be lamenting about when we could have
bought a Daytona in the $700k range. Slap me hard for saying so, but I’ll call
both sales a fair deal for all. The Ferrari express has left the station, and I
don’t see anything slowing it down.
Details
Chassis 15569, RM
Chassis 15741, Gooding & Co.
Years produced: 1968–73
Number produced: 1,279 coupes
Original list price: $19,500
Current SCM Valuation: $380,000–$550,000
Tune-up cost: $3,500
Chassis #: On frame above right front spring mount
Engine #: Below head on rear passenger’s side of block
Club: Ferrari Club of America
More: www.ferrariclubofamerica.org
Alternatives: 1971–72 Maserati Ghibli, 1969–70 Aston
Martin DB6 Mk II Volante, 1966–72 Lamborghini
Miura
SCM Investment Grade: B
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