Lotus Elan

Help me understand

PostPost by: Tahoe » Tue Aug 19, 2014 6:23 pm

Please help me understand what happened this last weekend in the Monterey area. I was there for the races but as most people know it's very event filled weekend.

So here is what I'm having a hard time understanding. http://www.reuters.com/article/2014/08/15/auction-ferrari-idUSL6N0QL23V20140815 $38.1 million sale for a re-bodied Ferrari plus the 10% puts way over $40 million. Is it just me or is that an insane amount of money for crashed and rebuilt car regardless of it's history? Next a re-bodied Ferrari that started life as a spider and was re-bodied as a one off coupe wins Pebble Beach! I don't have a problem with a Ferrari winning and I'm sure it was perfect, but I don't understand how you judge a one off against well documented classics? I could understand if the Ferrari was restored and was judged against standards for a like car, but it all seems somewhat political in this case. http://www.autoblog.com/2014/08/17/1954-ferrari-375-mm-scaglietti-best-in-show-pebble-beach-monterey-2014/
What am I missing?
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PostPost by: elanfan1 » Tue Aug 19, 2014 9:27 pm

The buyer may have some interest in cars but the chances are that it will be seen as an investment or if not that a willy waving contest by someone who has too much money.
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PostPost by: AHM » Tue Aug 19, 2014 10:01 pm

Russ - Re check your understanding when the bubble bursts... it'll all be much clearer!
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PostPost by: cal44 » Wed Aug 20, 2014 11:02 am

Russ,
I take walks on Shelter Island in San Diego. During the summers I see boats docked that should be referred to as ships. I don't get the boat thing either, but hey, it's just money...................
My take is "compound interest"........that way the item is free. You buy the item and you get to keep your original money :lol:
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PostPost by: richardcox_lotus » Wed Aug 20, 2014 12:55 pm

A friend of mine who had a small boat said there are are two days when you are happy with it.

The day you bought it
The day you sold it

If you thought running old lotuses could be expensive....
Richard
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PostPost by: DeanG » Sun Aug 31, 2014 4:31 pm

It seems that BS is the coin of the realm in classic car pricing and shows.

What drove me to distraction was an article in the AACA magazine about how a collector who was a stickler for detail restored a very rare car to perfection. It was noted that there was no documentation of the particular model, no drawings, photographs...
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PostPost by: prezoom » Sun Aug 31, 2014 5:20 pm

There is a well known classic car restoration shop where I live. Visiting one evening and the shops owner showed me a just restored a Minerva, reportedly the only remaining example. He went on to tell me how many trips to Belgium he had made trying to find various trim parts and all the problems he had completing the restoration. The car was set to debut at the classic car show on Amelia Island. I believe the owner thought he had a better chance of a Best of Show award there, rather than taking it to Monterey for its first outing. I asked him how the judges would know if the car was restored to original specifications. His reply was, "They just ask me". Having a "one off" sometimes works in ones favor.

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PostPost by: Mazzini » Sun Aug 31, 2014 7:01 pm

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