- Chubb Collector Car Insurance

Volume 1 / Issue 4
Let’s Go Ice racing
W
inter.
For those of us
living in the northeast,
winter means driving won’t
be much fun for a good three
months. Unless you’re one of
those who enjoy driving in ice
and snow—and some professional racers consider that the
ultimate challenge.
Every winter, drivers from a
variety of racing backgrounds
come together in France
(mostly the French Alps) for
the Trophée Andros. This
eight-race series began on
December 4, 2010 and runs
until March 5, 2011. Customized
Skodas, Renaults, VWs and
the like are raced by the
famous and not-so-famous,
on a variety of snow- and icecovered road and mountain
courses—in a manner unique
to the conditions. Renault, with
its Dacia Duster “Ice” driven by
Alain Prost, claims to be “In It
to Win It.”
I’m just happy to be able to
get out of my driveway!
If you’d like to get some sun
on your face, head out to the
Scottsdale auctions. They’re
coming right up.
Have an interesting story or
comment? Please send me an
e-mail directly.
I’ll see you on the show
field.
Jim Fiske
Vice President
Chubb Personal Insurance
jfi[email protected]
In This Issue
Scottsdale preview................... 1
Gooding on the market .......... 2
Ten Cars to Watch .................... 2
Arizona area map and numbers to know .............................. 3
Who gets the car or boat?...... 4
Chubb featured client ............. 4
Market analysis.......................... 6
Featured museum .................... 7
Upcoming events ..................... 8
insider
ColleCtor Car
Ferraris to Fords in the Valley of the Sun
Six auction companies will bring thousands of cars to the Arizona events
by Keith Martin
T
he two mega-events in the
collector car auction world
are Monterey in August
and Phoenix and Scottsdale
in January. While both have
thousands of cars—from tired
beaters to breathtaking fourwheeled diamonds—crossing
the block, the two arenas are
quite dissimilar.
Where Monterey features
concours, racing and car shows
in addition to the auctions, in
Arizona it’s all about the cars,
ma’am. Last year, six auction
companies sold over 1,700 cars and raked in more than $126m. (The totals don’t include Russo and Steele, as their event
was disrupted by hurricane-force winds that brought down their tents.)
Barrett-Jackson is the 900-pound gorilla of the desert, and celebrates its 40th anniversary this year. Propelled by
seemingly never-ending live coverage on Speed Channel, Barrett-Jackson is the most recognizable brand in the collectorcar world.
Last year they sold $67m worth of collector cars. More than 1,600 cars will cross the block in 2011, and every one
will be sold, as Barrett-Jackson will not accept a car unless the owner agrees to a No Reserve sale. In other words, the
final bid, no matter how high or low, will own the car. This system can be a risky move for a seller, but it can bring big
rewards if the right bidders are in the room. And with over 3,000 registered bidders, Barrett-Jackson brings together more
collector car buyers at one time, in one place, than any other organization, anywhere.
But as successful as B-J is, the competition in the Valley of the Sun gets more ferocious each year. Both Gooding
& Company and RM Auctions hold two-day events, and magnificently photographed and produced catalogs preview
the sales. Last year, Gooding brought in $34m, and RM $20m. So, their combined totals of $54m were just $13m short
of Barrett-Jackson’s. What’s more, Gooding and RM sold 265 cars to achieve their amount, while B-J had to move a
whopping 1,193. If you’re looking for a multi-million-dollar vintage Ferrari or a classic Mercedes Gullwing, these events
are where you’ll find them.
Russo and Steele will be back (with stronger tents, I’m sure), and their specialty is high-quality muscle cars. For
entry-level collectibles, driving the 30 miles to the Silver Auction in Fort McDowell can be a productive experience, as
there is something for everyone—and in a very relaxed atmosphere.
The new company in town is MotoeXotica, a St. Louis-based organization that promises to have cars at the affordable
end of the spectrum as well. Best of all, admission is just $10—how can you beat that?
As the economy shows signs of improving, I believe we will see higher-quality cars offered for sale in Arizona,
and prices edging upwards. It is still a good time to buy; consider giving yourself the gift of a few days in the Arizona
sun—and maybe a shiny bauble as well.
(Complete information about the auctions can be found on their respective websites. To download a free, complete
52-page guide, go to www.sportscarmarket.com to get the 2011 Insider’s Guide to the Arizona auctions.)
The Goods
by David Gooding
Arizona ■ Area MAp
Ten Cars to Watch in Scottsdale
Glendale
4
1948 Tucker Sedan
Gooding & Company,
Scottsdale, AZ
Recent barn find in
unrestored condition, 10k
miles from new. Believed to
for Carroll Shelby by Shelby
American, title included
shows Shelby’s name.
Coddington’s death, and was
finished by master builder Jeff
Eischen.
N. 24th St.
87
Scottsdale
City Hall
101
W. McDowell Rd.
10
202
Sky Harbor
International Airport
MotoeXotica
January 14–15
202
Tempe
87
Mesa
60
60
87
Drive Times from Scottsdale City Hall to:
1939 Bugatti Type 57C
Three-Position Drophead
Coupe
RM Auctions, Phoenix, AZ
One of 96 Type 57Cs built,
with intriguing World War
II provenance. Multiple
concours wins include 2007
Most Elegant honors at the
Quail Lodge.
6
1965 Shelby Cobra 427
CSX1001
Russo and Steele, Scottsdale,
AZ
One of 12 CSX1000-series
Cobra bodies built by AC
in England, completed as
a Semi Competition Cobra
7
1970 Plymouth Hemi
‘Cuda Convertible
Russo and Steele, Scottsdale,
AZ
One of 14 1970 Hemi ‘Cuda
convertibles built, one of nine
with automatic transmission.
Nut-and-bolt rotisserie
restoration two years ago.
Numbers matching, 19k miles.
8
1929 Ford Five-Window
Coupe
Barrett-Jackson, Scottsdale,
AZ
Known as “The final Boyd
hot rod,” this was nearly
complete at the time of
well-known rod builder Boyd
9
1967 Chevrolet Corvette
427/435 convertible
Russo and Steele, Scottsdale,
AZ
Two-year, frame-off
restoration with full
documentation, three NCRS
Top Flight Awards, options
include power steering,
power disc brakes ,and
4-speed transmission.
10
1970 Ford Mustang Boss
302
Barrett-Jackson, Scottsdale,
AZ
Numbers-matching, with
Marti Report. Options include
4-speed manual, power front
discs, and quick-ratio steering.
Restoration fully documented.
101
Barrett-Jackson......................12 miles/19 min
Gilbert
202
10
RM...............................................8 miles/17 min
S. Gilbert Rd.
3
10
Phoenix
Gooding & Company
January 21–22
5
1964 Porsche 904 Carrera
GTS
Gooding & Company,
Scottsdale, AZ
The first fiberglass Porsche
sports racer, chassis number
904-017. One of about 108
produced, extensive West
Coast racing history.
17
To Los Angeles
have raced at Bonneville
in the 1950s, achieving 134
mph.
Scottsdale
E. Camelback Rd.
N. Gilbert Rd.
1929 Duesenberg Model J
Dual Cowl Phaeton
RM Auctions, Phoenix, AZ
Seen in the movie “Spinout,”
driven by Elvis Presley,
restored by RM Auto
Restoration to concours
standards in 2007, complete
known provenance.
Photo: Pawel Litwinski © 2010 Courtesy
of Gooding & Company
Silver Auctions
January 21–23
E. Lincoln Dr.
51
60
E. Shea Blvd.
N. Fort McDowell Rd.
E. Glendale Ave.
101
Fort
McDowell
g
v d.
E. Shea Blvd.
Wr i
l
ht B
17
k Ll o
yd
Collector Car Insider
RM Auctions
January 20–21
ran
E. F
101
N. Scottsdale Rd.
2
Bell Rd.
1953 Fiat 8V Supersonic
Gooding & Company,
Scottsdale, AZ
The first of 12 “Otto Vu”
Supersonics built. Coachwork
by Ghia, less than 18k miles
from new, and in preserved
original condition.
2
Barrett-Jackson
January 17–23
N. Pima Rd.
101
1
A
N. Hayden Rd.
Thousands of cars will cross the block, but these are among the best
few months ago, the owner
of a very special car called
and asked if we would
consider it for auction. The car had
been stored in a barn for more
than 50 years, but it remains in remarkable, near-original condition.
We are delighted to present the
1948 Tucker #1010 at our Scottsdale
Auctions in January.
Preston Tucker produced
only 51 of his famous 1948 Tucker
Torpedos, yet his legacy lives on.
More than 60 years since production ended, many of the cars
have survived and are important
artifacts of American automotive
history, recorded and accounted
for by enthusiast groups, such as
the Tucker Automobile Club of
America.
Once thought lost, Tucker
#1010 is one of the few examples
of Tucker’s sedan with such lowmileage and strong authenticity.
The scarcity of barn discoveries
or preservation collector cars in
this condition drives great interest
among serious collectors. History
shows that connoisseurs will spend
more than $1m for extraordinary
Tuckers, so we anticipate high
demand in January for #1010.
We believe that this car was
driven onto the Bonneville Salt
Flats in 1950, which shows Tucker’s
advanced post-war performance
technology. Two years later, Al
Slonaker, the originator of what is
now the Grand National Roadster
Show, purchased the car and customized it with new paint and hubcaps by well-known hot rod artist
Joe Bailon. This artist repainted the
original Waltz Blue car in a glossy
new finish.
I’m thrilled to offer this
exceptional 1948 Tucker at our
Scottsdale Auctions on January
21 and 22. After so many years out
of the limelight, this car is ready
for its second act. Please join us in
celebrating this occasion.
For more information on attending our Scottsdale Auction, watching via live webcast or registering
to bid, please call 310.899.1960 or
visit www.Goodingco.com.
Russo and Steele
January 20–23
To Sedona, Flagstaff,
Grand Canyon, Lake Powell
Gooding....................................... 1 mile/3 min
Russo........................................11 miles/23 min
Silver........................................ 22 miles/39 min
MotoeXotica.......................... 22 miles/32 min
202
To Casa Grande,
Tucson, Nogales
2 miles
Numbers to Know
Auction Companies
Barrett-Jackson
480.421.6694
Gooding & Company
310.899.1960
MotoeXotica
866.543.9393
RM Auctions
519.352.4575
Russo and Steele
602.252.2697
Silver Auctions
800.255.4485
Police Departments
Scottsdale Police
480.312.3111
Phoenix Police
602.262.6151
Fountain Hills Police
480.837.9793
Airports
Phoenix Sky Harbor
International Airport
602.273.3300
Scottsdale Airport
480.312.2321
Public Transportation
Downtown Scottsdale
Trolley
480.970.8130
Valley Metro Public Transit
602.253.5000
Shuttle/Car Service
Arizona Limousines, Inc.
602.267.7097
AAA Sedan
602.454.7433
Desert Knights Sedans &
Limousines (Scottsdale)
480.348.0600
ExecuCar (Phoenix)
602.232.4600
Super Shuttle (Phoenix)
602.244.9000
Tow Companies
Taxi Service
Visitors Centers
Yellow Cab
480.966.8377
Discount Cab
602.200.5500
Fountain Hills Taxi
480.837.3539
24/7 Valley Wide Towing
(Phoenix)
602.714.9664
Auto Tow (Scottsdale)
623.385.7137
All Professional Towing
(Fountain Hills)
480.837.7488
Scottsdale Convention &
Visitors Bureau
800.782.1117
Greater Phoenix
Convention & Visitors
Bureau
877.225.5749
Collector Car Insider
3
Who Gets the Car—or Boat?
Holding onto the certificate of title until you get paid is no legal protection. Once the buyer pays
the broker, that certificate of title is worthless
Title certificate insignificant
The Court of Appeals ruled that the buyer was
the rightful owner of the boat, and the owner’s recourse was limited to claims against the broker. The
fact that the owner still held the valid certificate of
title in her name was of no significance whatsoever.
That is because a certificate of title does not, by
itself, establish legal ownership. It serves only as
evidence of ownership, and it can be outweighed by
contrary evidence. Once the buyer paid the broker
for the boat, the UCC made it his boat, and the owner
could simply be compelled to sign over the title.
by John Draneas
The Oregon Court of Appeals recently decided a case of interest to car collectors. The case involved a 29-foot Sea Ray boat, but the legal principles apply
equally to collector cars.
The boat’s owner, a supervisor at a title and escrow company, kept the boat
moored at a Portland marina. The marina was also the home of a yacht brokerage
that used several rows of berths to moor its consigned inventory. The owner’s son
told the broker that his mother wanted to sell the boat, and he consigned it to the
broker by signing a consignment agreement. The broker then moved the boat to
one of its slips.
A buyer paid $65,000 cash to the broker for the boat. He then moved it to his
private slip behind his home in another part of the Columbia Slough.
Where’s my money?
Shortly thereafter, the broker filed bankruptcy without having paid the owner
for the boat. The owner enlisted the help of the Multnomah County Sheriff’s
Department River Patrol. The officers found the boat, and the original owner took
it back. But the buyer sued, claiming that he was the rightful owner of the boat
because he had paid the full purchase price to the broker.
The owner’s position was threefold:
She had never authorized her son to list the boat for sale.
She had never authorized the broker to sell the boat.
And, as she still held the valid certificate of title in her name, legal title had not
transferred to the buyer, and she was still the owner of the boat.
When this case was first heard, the judge ordered that the boat be returned to the
original owner. However, the case was appealed, and after examining the evidence,
the Court of Appeals reversed the earlier verdict and ordered that the boat be given
back to the buyer.
Why?
Oregon has adopted the Uniform Commercial Code (UCC), as have all the 50
states. As the states adopt the UCC, they typically delete or make various modifications to some of its specific provisions, and others are adopted without change.
The UCC provisions that are pertinent to this decision have been adopted without
substantial change in most or all states.
Under the UCC, the entrusting of goods to a merchant who ordinarily deals in
such goods gives the merchant the power to transfer all of the ownership rights in
the goods to a purchaser in the ordinary course of business. In this case, the broker
was a merchant who ordinarily sold boats, and the boat was sold in the ordinary
course of its business. Consequently, the only issue in this case was whether or not
the boat had been “entrusted” to the broker.
“Entrusted” is defined very simply in the UCC. All that is required is that possession of the goods be delivered to the merchant, and that the owner agrees to the
retained possession of the goods by the merchant. In simpler words, the goods are
voluntarily given to the merchant without any demand that they be given back.
Further, it makes no difference what conditions are agreed to between the parties. For example, an agreement that the goods will not be sold for less than a
specified amount, or will not be sold without the specific consent of the owner,
does not eliminate the entrustment.
Slippery characters
In summary, at the first trial, the son testified that his mother did not authorize
him to sell the boat, and he was evasive about whether it was his signature on the
contract. The owner testified that she never wanted to sell the boat, that she never
authorized the consignment or sale, and she reprimanded her son for his actions.
A relationship to cars
Carefully choosing a broker can keep your sale on track
The buyer testified that he liked the boat, paid for it, and didn’t know anything
more about it. The bankrupt broker’s former employees testified and did not impress the judge.
As mentioned above, the trial judge ruled in favor of the boat’s original owner,
and declared the boat should be returned to her. On appeal, the Court of Appeals
reversed the decision, and ruled that the buyer was the rightful owner of the boat.
Watch the email trail
Client Profile
Ray Crawford
by Matthew Malamut
M
any car enthusiasts find the hobby to be rejuvenating, but Ray Crawford
actually manages to make it a force for the benefit of others. As a Los
Angeles Fire Department firefighter/paramedic and a Porsche collector,
Crawford is familiar with revitalizing lives both inside and outside the car community. As Vice President of R Gruppe, an organization created to celebrate “The
Sports Purpose” of Porsche automobiles, he strives to get enthusiasts involved in
numerous car-related activities. Ray is also active in the Porsche Club of America
and loves combining the hobby with charitable activities.
Ray believes that the friendships he’s developed over the years are the
hobby’s most valuable aspect. He states that the lifetime bond that is formed
with many car collectors is developed not just through fun and celebration, but
also during times of need. Ray and his auto affiliations have done everything
from helping people with their cars to raising money for Roger Grago, a brain
cancer victim and fixture in the Southern California VW/Porsche Community for
over 40 years.
Ray recalls when he first became aware of the hobby. “It was just about the
cars back then, “ says Crawford. “I had four older siblings who had early VWs
and Porsches, and I loved how perfect these cars were as weekend sportsters.”
Ray reminisces about days spent cruising his souped-up ‘67 Cal Bug down The
Esplanade in Redondo Beach. He also fondly recalls his experiences driving his
1970 Porsche 911 S Coupe that was featured in European Car magazine—and
spending time with his girlfriend in a 1972 Porsche 911 S Targa.
4
Collector Car Insider
Ray Crawford’s 1970 911 S
Of all the events in which Ray partakes, he prefers the relaxed setting of the
R Gruppe Treffen on the Central California coast. Treffen, the German word
for “gathering,” is an informal, VW-type rally, which Ray helps organize in the
woods near Big Sur. Events like this reflect what Ray always preaches: “Drive
your car.” He adds, “You will be sure to make everlasting friendships along the
way, even when the cars are sold.” The Chubb Collector Car team is excited
to know Ray Crawford—and shares his belief that great cars are meant to be
driven. We sure hope Ray and his medical equipment are nearby if one of our
rides ever gets a little loose on the twisty roads of Central California. In reversing the original verdict, the Court of Appeals focused on two critical
pieces of evidence that had come to light during the trial.
One was the owner’s occupation. The Court thought the original owner should
have known better, as she was a 32-year veteran of the title industry—and she was
a supervisor at a title and escrow company.
The other piece of evidence was a string of emails between her and the broker.
Once the buyer paid for the boat, the broker sent an email to the original owner
asking her to confirm the net price of $57,500 and to provide a copy of both sides
of the boat title.
Within 30 minutes, she responded by stating that she had previously sent them
a copy of the title—but would resend it that evening. She also declined to confirm
the net price unless the broker confirmed that she would not be charged for moorage
and incidentals. The broker confirmed that all charges would be waived. The owner
then confirmed the net price, but she stated that she wanted to receive payment
before the boat was given to the buyer.
These emails killed the owner’s case. In the Court’s view, every element of the
emails supported the conclusion that the owner had entrusted the boat to the broker,
and that she was well aware that it was being offered for sale.
Why else would she fax the title to the broker? And her statement that a copy of
the title had been previously sent indicated she had known about the consignment
for some time.
Her request that moorage fees be waived indicated she was aware that the boat
was moored in one of the broker’s slips, not hers. If the broker did not have possession, how could there be any obligation to pay moorage fees to them?
This case serves as a clear example of what can
happen when a collector consigns a car to a broker.
Given the state of the law, there is really nothing the
collector can do to protect the car.
Keeping the certificate of title won’t accomplish
anything. Clear provisions in the consignment
agreement won’t either. Signs on the car establishing the owner’s ownership won’t work if they are
removed by the broker. Lien filings or the like won’t
work either, as buyers are not obligated to search the
lien records.
The logic of the law is that the innocent purchaser should be protected because
our system of commerce depends on the consumer’s confidence that once he or she
walks into a retail store and pays for goods, the merchant’s creditors aren’t going to
show up later and take the goods back.
The law applies equally to $60 running shoes, $100,000 diamond necklaces,
and $5 million Ferraris. The fact that some states require cars to be titled means
nothing—that is just a little detail to be handled later. Once you entrust your car to a
broker, you are taking the risk that, if the broker does anything wrong, your claims
run against the broker and not against the buyer.
What to do
If you are going to consign your car to a broker, your safest protection is the
broker’s integrity and financial stability. Investigate the broker’s reputation through
references and your own contacts. If the car is valuable enough, ask the broker to
provide some evidence of fiscal standing, such as financial statements or bonds.
Don’t be complacent just because of the broker’s size and track record. After all,
we’ve seen articles in SCM about bankrupt Lamborghini dealers and failed auction
companies.
Another approach could be to consign the car to the broker but to retain possession. This approach protects you because there can be no entrustment if the
merchant does not have possession of the car. The broker can advertise the car,
negotiate a sale, and so on. But you would not relinquish possession to the buyer
until the money is in your bank account.
Of course, this makes matters more difficult for everyone. It’s harder for the
broker to find a buyer when the car isn’t sitting in the broker’s showroom. Also,
you have to be involved when buyers need access to the car for inspection and test
drives. And the funds transfer becomes more cumbersome. But that may be the
price you have to pay for the protection.
But above all else, the most important lesson for readers to take away from this
case is that holding onto the certificate of title until you get paid is absolutely no
legal protection at all. Once the buyer pays the broker, that certificate of title is no
longer worth the paper it’s printed on.
JOHN DRANEAS is an attorney in Oregon. His comments are general in nature
and are not intended to substitute for consultation with an attorney.
Collector Car Insider
5
Photos: ACME Photo ©2006 Courtesy of RM Auctions
Market Analysis: 1963 Shelby 289
Cobra Roadster “Le Mans”
We need to examine the age-old question: Is it possible to crash—and
sometimes burn—the history out of a winning race car?
by Colin Comer
I
n April 1963, Carroll Shelby prepared two cars for Le Mans that summer. Features
included Dunlop magnesium wheels with larger fender flares, FIA hood scoops
and a 37-gallon fuel tank. The engines, stated to be “moderate tune,” had four
Weber downdraught carburetors.
One team car entered by AC Cars, managed by Stirling Moss and driven by
Bolton/Sanderson, finished seventh overall, third in the GT category and won the
4-5 liter class. This success resulted in the construction of six more Cobras—designated as Le Mans versions by Shelby and built with rack-and-pinion steering.
The first of these six, CSX2136, was delivered to Shelby American in June
1963, where it was prepared to compete in the 1963 SCCA/US Road Racing
Championship. In addition to its Le Mans features, it received a Derrington
“Nassau” exhaust, Halibrand wheels, front wheel-well spats and wider rear flares,
Koni shocks, brake cooling scoops, front and rear sway bars, engine oil and differential coolers, driveshaft hoop, and an electric fuel pump.
CSX2136 joined the Shelby American Team for the September 8 SCCA/
USRRC race at Road America in Elkhart Lake, Wisconsin. Driven by Dave
MacDonald and Bob Bondurant, it finished fourth overall and first in the GT
class. At Riverside on October 13, Lew Spencer drove it to third in the L.A. Times
GT race. MacDonald drove it at the Hawaiian GP later in October to second overall. CSX2136’s last appearance as a Shelby team car was at the Nassau Speed
Weeks on December 8, 1963 where Frank Gardner drove it to seventh overall and
first in GT in the Nassau Trophy Race.
Ed Leslie acquired CSX2136 from the Shelby Team on 30th January 1964
and proceeded to win his class in seven of the 11 SCCA races entered in 1964,
including the ARRC finale at Riverside. He also drove 2136 to an overall and GT
class win at the Laguna Seca USRRC race on May 3 and a pair of USRRC second
places at Riverside on April 26 and Kent on May 10, both times finishing behind
Ken Miles in a Team Cobra.
In 1965, CSX2136 was sold to Foster Alexander who raced it at the ARRC
National Championship at Daytona on 28th November, finishing 3rd overall.
Subsequently, CSX2136 raced in B/Production with Stan Bennett and John
Bachnover in the Northwest and David Greenblatt in Montreal. This car’s period history ended when the latter was involved in an accident at Circuit Mount
Tremblant. It later sustained damage in a garage fire.
In 1980, CSX2136 was discovered by Ken Eber, who purchased it in damaged
“roller” form.
Restored for its next owner Steve Baker by specialist Bill Murray, CSX2136
was returned to its original 1963-64 configuration. Following completion, it won
an AACA Junior Competition Car First Place in 1992. Eber swapped a 427 street
Cobra to Baker for CSX2136 to reacquire it in 1994. 2136 was purchased by Chris
Cox in 1997, and sold to the current owner in 2006.
Outstandingly successful with both the Shelby team and Ed Leslie, this is
one of the Cobras that established the marque’s unmatched reputation for speed
and durability. The sale of CSX2136 presents the opportunity for a discerning
collector to acquire a Cobra of remarkable provenance.
6
Collector Car Insider
This car sold for $1,010,694 against an estimate of $950k$1.2m at RM Auctions in Monaco on May 1, 2010.
Ah yes, the wacky and wonderful world of vintage race cars and their
complicated life stories. Let’s start at the beginning. First, in the nomenclature of the Cobra world, CSX2136 is not a Le Mans Cobra. It is what both
Shelby and AC Cars called a “Le Mans Replica.” It was one of the 6 such
cars Shelby built following their success with the two actual Le Mans cars.
As the catalog chronicles, 2136 was indeed an incredibly successful
Shelby—and later privateer—team car. Like almost any winning race car, it
had its fair share of bumps and bruises from 1964-1966. In 1967, Stan Bennett
purchased it with a blown motor, fixed it up, and raced it. Somewhere along
the way it was crashed to the extent it needed a new nose.
Bennett sold the repaired car to John Bachnover during September 1967.
Bachnover later sold it to David Greenblatt. Greenblatt continued to race
the car—until significantly damaging 2136 in the early 1970s during a race.
To add insult to injury, the heavily damaged 2136 later caught on fire on
Greenblatt’s trailer and burned to the ground. Greenblatt was paid for the
loss by his insurance carrier, who then took the remains of 2136 and placed
them into storage. By 1975, the insurance company lost track of the remains,
the owner of the storage facility passed away, and what remained of 2136
was scrapped.
SOLD!
Wait! There’s more!
Grab some popcorn because now the tale gets better:
In 1977, Michael Leicester met Greenblatt, and the conversation turned
to 2136. Greenblatt ended up selling Leicester two spare wheels and his 1969
bill of sale from Bachnover for 2136 for the sum of $1 and a sports racing
car valued at $3,600.
In 1978, Leicester commissioned Brian Angliss—who later bought AC
Cars—of England to build him a new Cobra body and chassis, oddly enough
also wearing the identifier “CSX2136.”
In 1979, SAAC received a letter from Leicester explaining how he owns
the lost Cobra 2136 and how it was undergoing a “ground-up restoration.”
July 1980 saw the new Angliss 2136 Le Mans Replica delivered to
Leicester.
In December 1980, Gilles Dubuc stumbled upon—and purchased—the
earthly remains of the real CSX2136 in a Canadian junkyard. He later sold
them to Ken Eber.
Of course, a legal battle soon erupted between Eber, the rightful owner
of the only bits of CSX2136 DNA left, and Leicester, who owned the carefully
crafted “new” CSX2136.
Call in the Mounties
Eventually the Royal Canadian Mounted Police were called in to examine
Leicester’s ownership documents and his car, and they determined it to be
a recreation. The original paperwork for the real 2136 in Leicester’s possession was transferred to Eber, and Leicester was somehow allowed to renumber and call his car “CSX2136R.”
After Chris Cox purchased the car in 1997, he soon sold it to Richard
Scaife. Scaife later consigned it to RM Auction’s 2006 Amelia Island sale,
where the late John O’Quinn purchased 2136 for $1,650,000.
So, in the case of our subject car, CSX2136, we need to examine the ageold question: Is it possible to crash (and sometimes burn) the history out of a
winning race car? Was it a good buy at just over $1m—just a few years after
SCM declared it a fair deal at $1.65m?
It all depends on your views on race history versus originality. There is no
question that the car in question is all that remains of the original car that
won the races and was piloted by some of the best Cobra drivers of all time.
Washington’s axe
A Le Mans Replica Cobra is among the most desirable of all Comp
Cobras, and unless you are a blood relative, Cobra restorer/racer extraordinaire Bill Murray won’t restore your Comp Cobra—ever. So, we know 2136
is well-restored and well-sorted.
If you are the type that feels George Washington’s axe is still the same axe
Featured Museum
Toad Hall Cars
288 Scudder Ave
Hyannis Port, MA 02647
T
oad Hall Cars is not, by definition, a museum. It is instead Bill Putman’s very
personal collection of cars. The owner of the beautiful Simmons Homestead
Inn on Cape Cod, Putman admits to being a somewhat accidental collector.
“I bought one car, then another, and another and it kinda got out of hand,”
Bill explains.
Bill kept the cars behind the inn, building one shed after another to house
them. Before he knew it, the collection grew to five dozen cars. Finally, in 2003,
he connected and enclosed all of the sheds and decided to open the collection
to the public.
This is not a fancy place, and the cars are all restored drivers—not show cars.
“I bought them to drive them, not
to show them,” Bill says.
His beloved family of cats freely
roams the grounds of the inn and
keeps the car collection free of
vermin. Bill says he has a deal with his
long-haired cats: They’re allowed to
jump on the cars and sleep on them,
as long as they keep their claws in and
keep the cars swept with their tails.
Bill has a soft spot for British road
cars—red British road cars. In fact,
he used in spite of three new handles and two new heads—and you have been
looking for a Comp Cobra that will get you in the door at any vintage event
on the planet, then CSX2136 was a great buy.
If you don’t care about racing, but you want to know that the aluminum
on your Cobra was hammered out and installed at AC Cars in 1964, then
CSX2136 would be considered more sizzle than steak.
The sale price reflects roughly a 100 percent premium over a decent 289
Street Cobra today, but I suspect it also represents at least a 50 percent discount from what 2136 would be worth if Ed Leslie had parked it in a garage
in 1965 and it had been dragged out, dust, dents and all, and run over the
same RM Monaco auction block.
I guess the answer to my above question, at least on this day in Monaco,
is that you can’t crash and burn the history out of a great old race car—but
you can crash and burn out a significant part of its value. And in an atypical
SCM split judgment on a sale, we believe that 2136 was well bought for an
end user who wants to race, and it was well sold if you base a car’s value on
how many original bits it retains.
If nothing else, the new owner of 2136 has a great story to tell his buddies
about his new car over a few beers.
(Introductory description courtesy of RM Auctions)
nearly the entire collection is red.
Visitors can view his 1955 Austin
Healy 100-4 or his 1959 100-6. Fans
of Lotus cars will enjoy Bill’s 1968 Elan
S4 Roadster, his iconic 1971 Europa
S2 or his 1960 Elite (which happens
to be British Racing Green). Jaguar
aficionados will enjoy Bill’s 1953 XK 120
FH Coupe. Other rare British models
include a 1971 TVR Vixen 2500, a 1965
Morgan 4/4 Roadster, and Maxwell
Smart fans might appreciate the 1966 Sunbeam Tiger.
The collection is not entirely British. Bill has a beautiful 1964 Porsche 356 coupe
SC and a very personal collection of Datsuns. His beautiful 1967 Datsun 1600
Roadster illustrates just how underappreciated many early Japanese imports
remain, both for their understated designs and strong racing heritage. Bill’s 1972
Datsun 240Z Coupe is particularly personal, as he regularly won his class when
racing a similar car in SCCA club events back in the 1970s.
Visitors can stop by year-round—between the hours of 11 am to 5 pm—to
view the cars for only $8. “Big kids” from 10 to 16 years of age pay $4, and
younger kids enter for free. As the cars are all drivers, Bill might even let you sit in
your favorite, provided, as he says, “You are old enough not to rip things off the
dashboard.”
Bill also has a “Bored Spouse Special” of $4, which includes a place to sit and
wait patiently—or not so patiently.
Stay at the Simmons Homestead Inn, and Bill will let you view the cars at no
charge. Another incentive to visit is his impressive collection of over 580 different
single-malt scotches. Visit www.toadhallcars.com or www.simmonshomesteadinn.com or call 1-508-778-4934 for more information—Tom Franklin, Chubb
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