RE: Autoweek vs. Originality

["Glenn Wasserman" <glennwa@domain.elided>]

I too was struck by how gorgeous this particular MGA was - until I
realized they had mixed up photos and were showing a beautiful Giulietta
Spider.

They should have been tipped off by the roll-up windows :-)

-----Original Message-----
From: Carscribe@domain.elided [mailto:Carscribe@domain.elided]
Sent: Monday, September 24, 2001 5:28 PM
To: johnhertzman@domain.elided; alfa-digest@domain.elided
Cc: ntncllns@domain.elided; tonyc@domain.elided
Subject: Autoweek vs. Originality

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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