Autoweek vs. Originality

[Carscribe@domain.elided]

In a message dated 9/24/01 10:47:47 AM Pacific Daylight Time, 
johnhertzman@domain.elided writes:


> Page 22, "The Market" column by Keith Martin, features a 1957 MGA sold at the
> RM auction in Monterey August 17-18 for $18,425; Keith says "another $5,000
> wouldn't have surprised." Somebody had gone to great lengths to customize 
> the
> car: split bumper, eyebrows, heart-shaped grill and all. A stunning rebuttal
> to those who think originality is everything.
> 
> John H.


Funny, a review of the August Sports Car Market, Keith's own publication, 
shows example after example (61 instances in all) in the Market Report 
sections of individual cars at auction being panned for modifications or 
unoriginality. This by Keith himself or his select journalists, such as 
Raymond Milo, himself a fount of Alfa knowledge. I have been reading SCM ten 
years now, back when its' original focus was just Alfa Romeo, and have yet to 
see a pattern of published appreciation or recognition of an upside value for 
owner-modified cars. Actually, it's the contrary; one can rely on reading 
hilarious write-ups of ill-conceived modified machines at auction month after 
month. The laughs alone are worth the cost of subscription. Only vintage cars 
that were modified at the time of debut by a recognized name such as Nardi, 
Abarth, Giannini and so on receive any positive comments on a whole. Are 
there exceptions? Yes. But they are rare in Keith's history. 

Perhaps the car you cite was one that modified as part of a period effort as 
outlined above? I can't say, as not enough info is provided. Indeed, I was at 
this auction and the car you mention is not in the auction catalog, nor did I 
see it cross the block. There were a number of MGAs modified as part of BMC 
race efforts and by individual period tuners, though this doesn't sound like 
one. The selling price is far enough above what SCM itself cites as market 
price for a standard condition-2 1957 MGA roadster ($13K-16K ), that there 
has to be a story behind it that we are missing. Of course in most auctions 
there are a car or two that sell for far more than market price. Sometimes 
it's a buyer who has a unique personal interest, or a gift for a significant 
other who fell in love with it on first sight. But relying on such activity 
to justify modifications and recoup their cost or even to make a point is a 
bad bet. Maybe Keith is showing a previously unseen sympathetic bent, but I 
doubt it; his logic and critical eye displayed all these years has been 
merciless. Hardly a "stunning rebuttal" either way. 

To bring the point of the price of this modified MGA out the world of the 
anecdotal and into the category of a valid, repeatable, and stunning rebuttal 
would require a consistent list of owner-modified cars matching or exceeding 
sale prices of condition-1 and -2 cars at auction over a period of time. Why 
should our standard of establishing value be any less than that of other 
related other professional industries, such as vintage car insurance? As one 
familiar with the market I can tell you that you could review the subject for 
years and not make the case.

Rather than rely on AutoWeek (itself not home of The Final Word) republishing 
abridged excerpts from SCM in an attempt to lend itself credibility and 
depth, I suggest to any interested in the market of real-world, actual prices 
to subscribe to, or at least pick up a copy of Sports Car Market and read the 
full auction reports and Pricing Guide, along with becoming familiar with the 
condition rating system and how that affects valuation. They are also subtly 
funny while yet sublime and well-written, as mentioned earlier. Or better 
yet, attend auctions in person and spend time watching and making friends. 
It's an awakening seeing what sells and what doesn't, and quite a reality 
check while supporting this endeavor that we love.

Back to original vs. modified and how each relates to value; the true players 
in the collection-building and auction business rely on a condition rating 
system to evaluate each individual car's relative value. In that system the 
highest rating, condition-1, is reserved for original, unmolested cars in 
as-new condition or restored to top-level concours winning condition. This 
system is used by the entire vintage marketplace in many, many high-dollar 
transactions. I can't see how anyone knowing this would argue against 
originality as the primary qualifying attribute for a collector car when the 
entire industry has agreed upon it as the standard for measurement. Also 
consider the innumerable businesses have sprung up providing original parts 
for everything from Mustangs to Ferraris. Were originality not a primary 
concern, these cottage industries would have withered and Pep Boys stock 
risen.  

Some will argue that most Alfas discussed here (with the exception of 
750/101/102 cars) are too recent to be considered collector cars yet. 
Obviously a car can only be original once -- anything else done to restore 
originality is just that, restoration, and will have a proportionate effect 
on its' value. Keep it original now, and watch it's value appreciate with 
time, minus consideration for mileage. Clearly the venue of the sale will 
also have an impact on what the car brings.

So, I stand by my earlier statement that original cars will bring a premium 
over modified cars (meaning cars modified by their owners) all else being 
equal. It's an opinion clearly supported by facts and the realities of the 
marketplace. My experience in brokering many sales of vintage cars to 
collectors and drivers bears this out. I can almost always count on hearing 
from each buyer that they want a clean, original car. A while back I located 
and negotiated for a very original Giulia TI, and the buyer was typical in 
his overriding concern in originality, down to the carpet, upholstery and 
radio. And thank God for it. Otherwise, all that we would be left with at 
some point soon would be another's interpretation of what the factory should 
have built, and then I'd have to give up this wonderful and rewarding 
avocation of many years due to a lack of interest on my part.

Best Wishes to All,
Paul Mitchell

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