558 Cars sell for $119m this year in Monterey.

Portland, OR -- (SBWIRE) -- 09/28/2009 -- In the weeks following Monterey, the entire collector car world anxiously awaits the final sales totals. Now that the last car carrier has left the Monterey peninsula, the final tent has been taken down, and Ferrari 360s and 430s are no longer as thick as Ford Fusions in downtown Carmel-by-the-Sea, we can settle back and analyze what the market had to say.

First of all, the overall totals were encouraging, with 558 of 836 cars selling (67%), for a grand total of $118,692,823. That number falls neatly between the $100m choice and the "same as last year" $139m choice in the poll.

The total numbers were down just 17% from the year before, and as we mention elsewhere in this issue, when weighed against the declines in the stock market, housing or even contemporary art, 17% seems nearly inconsequential.

The Buzz

But even more important than the results was the mood of the weekend. Having lived through the 1991-92 collapse, where Xanax anti-depressant dispensers were installed at the entrance to every auction, and Aston-Martin and Ferrari owners were seen wearing signs around their necks saying, "Will Trade Cars for Food", the mood this year was decidedly upbeat.

After all, over 500 cars did sell, and over $139m did change hands. That's certainly a far cry from the $25m of just six years ago in 2003.

In each auction tent, there was a sense that buyers were being thoughtful, but still willing to pull the trigger when they saw value. As we have said many times in the past two years, lesser cars, in lesser condition, fell hardest, while the strongest no-stories examples continue to do well. Not as well as last year, but strong nonetheless.

One of the questions bandied about before Monterey had to do with the number of auction companies, and the number of cars for sale. Collectors wondered if there were "just too many auctions, and just too many cars."

Of course, the longer an auction house has been established in Monterey, the more it views the Peninsula as its rightful turf. Surely RM would like a return to yesteryear, when, as the Rick Cole Monterey Sports Car Auction, it owned the weekend.

But over the years, Christies (now essentially replaced and surpassed by Bonhams), then Russo and Steele, followed by Kruse, then Gooding and now Mecum, have all staked out their place on the (very-expensive) turf.

More is, Well, More

From a collector's point of view, the more auction companies, the better. This year, buyers had 836 cars to choose from, compared to just 542 the year before - an impressive 54% increase in the number of lots offered.

And don't forget, by comparison the 900-pound gorilla that isn't at Monterey, Barrett-Jackson, offered 1,239 cars and pulled down $108m at its peak, in 2007. So who's to say that the Monterey peninsula couldn't handle another 300 or 400 cars, if properly cataloged and presented.

Frankly, from an editorial perspective, our life was much simpler when it was only Rick Cole we had to cover. I did the auction reporting myself, often standing should-to-shoulder with Rick Carey (Automarket Journal) and Phil Skinner (Old Cars Weekly). At that time, we were the only guys in the room who actually cared about reporting what was happening.

Now, as our Operations Manager Jennifer Davis-Shockley reports on page XX, our planning for Monterey starts literally months in advance, and I sometimes wonder if the Operation Overlord D-Day preparations were as complicated (B. Mitchell Carlson has offered to parachute in to Pebble Beach to avoid having to wrangle a parking pass, but so far we've been able to restrain him).

Tough Love

That's not to say it was an unrelenting collector car love fest. Russo can't be happy with a near 50% decline in sales, from $9.1m in 2008 to $5m this year. And Bonhams dropped from $21m to $13.2m – surely bittersweet given just how hard their team has worked over the past few years to develop their presence in Monterey.

We've yet to get any official results from Kruse, but our reporters on site saw just a handful of cars, in a nearly-empty tent the day their auction was scheduled; this is just another reflection of the organizational difficulties that are besetting this once-dominant auction company.

Of course the winner of the weekend has to be judged Mecum, selling $14.2m, besting both Russo and Bonhams first time out of the gate. But this total has to be leavened by the fact that the Cobra Daytona made up $7.65m of that total, and they will be hard-pressed to come up with a similar car next year.

But looking back, from 2000 to 2001, the overall weekend totals dropped then, year-to-year, from $54m to $32m, a 40% decline. If we had seen the same this year, the total would have gone from last year's $139m to just $83.4m – in which case there would surely have been red Castrol R running down Calle Principal.

My closing thoughts are that Monterey was really a better weekend than we could have hoped, and it affirmed that collectors of cars have decided that values of motorcars are not nearly so ephemeral as those of other collectibles. The trading market for cars, both in velocity and in terms of overall dollars realized, remains respectably strong.

Finback, Anyone?

For no particular reason, the SCM office has decided it needs a vintage four-door saloon for our outings. First choice would be a finback Mercedes, preferably a 220SE with a floor-shift, but condition trumps options, and a solid car in tasty colors, even powered by a diesel, would be considered. No automatics, please. Second choice would be the earlier ponton, again, six-cylinder preferred but condition even more important. Hopefully, this acquisition will evolve into the next Drive an SCM Car Across the Country saga. If you have a likely suspect, or know of one, contact me at keith.martin@sportscarmarket.com, 503.261.0555 x 210.

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

Sports Car Market magazine invites all collector car enthusiasts to report on events throughout Monterey on Twitter.

Portland, OR -- (SBWIRE) -- 08/14/2009 -- The SCM Army is on the way to Monterey, and they're inviting you to join them. They've got separate Twitter hashtags set up for all the major activities, including auctions, races, and concours. You can follow the activity at http://www.twitter.com/SportsCarMarket; or go to http://sportscarmarket.com/twitter to see how you can add your comments.

SCM will be tweeting live auction results, event updates, and behind-the-scenes info, including Twit Pic postings for a bird's eye view of the festivities.

You can also keep up at the official SCM Facebook page. Stop by and visit SCM at all the various booths in Monterey, and get your fingers ready for the SCM Monterey Tweet-Fest!

Go to http://sportscarmarket.com to see all the places SCM will be.

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

Bad Stitching along the seat seam, inconsistent body gaps, hazing in the glass. Super picky? You bet. Deciphering the 1-6 Condition Scale.

Portland, OR -- (SBWIRE) -- 08/05/2009 -- Beauty may be in the eye of the beholder, but when it comes to collector cars, assessing that beauty accurately is vital for buyers, sellers, auction companies, and price guides.

For more than 21 years, SCM has been rating classic cars -- putting "condition numbers" on them, from #1 to #6.

#1
SCM guide states: "National concours standard/perfect." When assessing 75 cars at a typical auction, #1 cars are the "needle in a stack of needles" … in other words, they are as rare as the numbers-matching engine for your project car.

The first question: Is it "better" than the day it rolled off the showroom floor? If it is, what flaws can you find? If you can find none, then clearly it should claim the highest honor … the #1 rating.

The easiest way to peel off the first layer of the onion is that most of the time you can find a flaw on nearly any car. Bad stitching along the seat seam, inconsistent body gap, a slight hazing in the glass. Super picky? You bet. But one single flaw allows you to respectfully drop a car to a lower level. Find a few more flaws and that car heads close to #2 category.

#2

SCM guide states: "Very good, club concours, some small flaws."
The dilemma with scoring a car #2 is how many flaws will you accept before dropping a particular car to #3? #2 cars present themselves as "world-class show cars" to the casual observer, but not to an experienced professional. They have detectable flaws but you may need to hunt for them. For instance, look at the chrome close up, perhaps the stainless steel trim … how about the steering wheel … these items may show light scratches, polishing marks or a small crack in the steering wheel. Once you have enough of these "minor flaws," you have yourself a #2 car. How many flaws you find will determine if that car will score #2+, #2 or #2-.

#3

SCM guide states: "Average daily driver in decent condition."
This is the broadest range of collectible car conditions. Most of the cars seen at local shows and many auctions will fall into this category. Why? #1 cars have always been fastidiously restored. #2 cars are most likely a former #1 one car that has aged or been driven for a while, allowing the restoration to unwind a bit.

That's where #3 cars come in … as a much older or perhaps amateur restoration. Most "casual" automotive enthusiasts will ultimately see a #3 car as a #2. I have personally observed about 75% of the guys going over a squarely #3 car talking about the car being in #2 condition (or better). When "drivers" are parked next to "drivers" (which is almost always the case at auctions) it's more difficult to remain objective.

But park a "driver" next to a national class show car and the differences are apparent. #3 cars have numerous, but usually minor, easily discernable flaws. Paint and body that is not up to show standards, interiors that look fairly well used and worn (but not beat to death), or an engine bay that is generally tidy but perhaps shows some rust, or paint flaking off the engine block. The easiest way to define a #3 car is that once you walk up to the car you can easily and immediately see multiple flaws.

#4

SCM guide states, "Still a driver, but with some apparent flaws."
This category could use some additional explanation. The best way to describe a #4 car is that you won't need to walk up close to it. The flaws will be apparent from five feet or so. You might see faded paint, chrome that lacks a deep luster or an interior that looks well worn. The engine bay will almost certainly appear old and scruffy. It would not hold up to the "white glove" treatment. Many "unrestored original" cars might fall into this category. These are not horrible cars, but most collectors may avoid them unless they are highly desirable, rare or significant.

#5

SCM guide states, "A nasty beast that runs but has many problems."
As we work our way down the scale it's easier to see the levels. This is the beginning of the SCM "fright pig" rating. #5 cars give themselves away at 5-20 feet. You can see flaws all over the car. No portion of the car will be all that desirable. Actually, you may find yourself "hunting" for a positive attribute. If you find yourself saying something like "well, at least the gage cluster is nice" you most likely have yourself a number five condition automobile. Don't worry, your restoration shop will love you since this car will gnaw away at you until you drag it over to their shop.

#6

SCM guide states, "Good only for parts."
This category needs little further explanation. If a #5 car is a nasty beast, then this thing is Satan. No part of this automobile is delightful. If you're an avid eBay seller, you'll quickly start to crunch the numbers for any part that looks salvageable. The rarer the car the better, as the parts will most certainly outweigh the value of the whole. Look for the guy with a calculator eyeballing the useable parts. Unless they are extraordinarily desirable, #6 condition cars rarely show up at auction.

Conclusion

This article addresses condition only. Great cars in a "preservation" state most often fall into a number four category (or even number three for exceptional examples) but that is acceptable for those cars. Terrific documentation, original equipment and drivetrains, especially significant provenance will not change the condition assessment but most certainly change the value/desirability. That's an entirely different story.

To read more about the assessment of collector cars, check out the market reports in the September issue of Sports Car Market, or visit http://www.sportscarmarket.com.

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

Sports Car Market magazine will host "Time to Buy? Time to Sell?" Seminar on August 15th.

Portland, OR -- (SBWIRE) -- 07/24/2009 -- Don Williams, head of the Blackhawk Collection, will be giving a special presentation at the Eighth Annual SCM Insider's Seminar in Monterey on Saturday, August 15.

At the very top of the multi-billion-dollar-a-year world of collector cars, there is a small group of people who know practically every detail or every great car ever built, who know every major collector on a first name basis, and who buy and sell these cars, moving them like chess pieces on a board that circles the globe.

In that group, Don Williams is grandmaster, the man who buys and sells more million-dollar cars than anyone else in the business. SCM is pleased to have him sharing his rare, exclusive insights into the hobby: "Reflections on 38 Years at Pebble Beach--And What Lies Ahead." To learn more about him, go to www.sportscarmarket.com/content/donwilliams.html.

The title sponsor of the seminar will be Chubb Personal Insurance, along with Gooding & Company. In addition, Meguiar's and Intercity Lines Transport have returned as sponsors. "The Monterey Insider's Seminar is the one event of the year where collectors meet and have no-holds-barred discussions about the current state of the industry, and what trends they are observing," said SCM Publisher Keith Martin. "We're delighted to welcome Chubb as a title sponsor, and welcome back Meguiar's and Intercity Lines as well.

The event, entitled "Time to Buy? Time to Sell?" takes place Saturday, August 15, from 9 am to 12 pm at the Gooding & Company Auction Pavilion at Pebble Beach. Publisher Martin will put today's uncertain market under the microscope, and participants will choose two of four in-depth electives to suit their collecting tastes.

For more information please visit http://www.sportscarmarket.com/monterey2009/.

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

Sports Car Market to sponsor the Alfa Romeo Owner's Club 2009 National Convention Concours

Portland, OR -- (SBWIRE) -- 07/16/2009 -- The Alfa Romeo Owner's Club will be holding its 2009 National Convention in Portland, Oregon, July 15-19.

The weekend will be packed with tons of Alfa events, including seminar and tech sessions, guided tours, art shows, and Saturday's concourso. This will be an opportunity for every person who owns an Alfa in the Northwest to come together in one place to celebrate their favorite marque. The tour cars, the rally cars, the autocross cars, the track cars, the volunteer's cars, and yes, the show cars, should all be in full attendance.

SCM Publisher Keith Martin will be the emcee of the concours on Saturday, July 18. Sponsors of the concour's include Sports Car Market and Concorso Italiano. The SCM crew will be there as well, so be sure to stop by our booth. For more information on the event, visit www.velocenelverde.org.

As always, for all of your collector car needs please visit http://www.sportscarmarket.com.

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

Portland, OR -- (SBWIRE) -- 07/14/2009 -- The Ferrari market has returned to a refreshing level of liquidity, with cars selling again -- although they're 30% below last year's prices. Simply put, too many would-be sellers are lost in the ozone of last year's prices, using the 2008 peak-of-the-market numbers to gauge the value of their cars. Conversely, an equally large number of would-be buyers dwell in a fairyland of Ferraris at 60% or more off. Neither is in touch with today's reality.

Just as the real estate crash led the U.S., England, Spain, and Ireland into this recession, so a real estate recover will ignite the long climb back to prosperity. As real estate begins to hit bottom, let's quantify the recession's effect on the Ferrari market. Some believe that RM's May 2008 auction at the factory in Maranello and the Monterey auctions of August 2008 were the high points of the 2003-08 Ferrari boom. So where are we now?

One only needs to compare a few same-model, same-condition sales from the RM auctions at Maranello in 2008 with the RM auction at Maranello in 2009 for statistical answers. For example, 250 Lusso s/n 5143 was the subject of a five-year restoration and so brought "all the money" at the 2008 auction at $1,174,533. What a difference a year makes: 250 Lusso s/n 4405, also freshly restored (admittedly to a lesser standard), sold at the 2009 auction for $605,000, a drop of 49% in just one year.

Further up the food chain, 250 LWB California Spyder s/n 0923 sold for $3,659,838 at the 2008 auction, while 250 LWB California Spyder s/n 1487 sold for $2,911,563 at the 2009 auction, a drop of 21%. Shifting to newer cars, Euro model F40 s/n 89307 sold for $674,091 at the 2008 auction while Euro model F40 s/n 88835 sold for $393,250 at the 2009 sale. That's a drop of 39% for similar cars.

In only a year, the planet has experienced deleveraging on a breathtaking scale. The good news is that relative to banks and real estate, the drop in Ferrari prices has been modest -- especially compared to the severe drops in the 1990-95 collector car price crash.

Read more about the Ferrari market as well as other important cars featured in the August issue of SCM, including a 1970 Aston Martin DB6 Mk II sold for $135,145, a 1930 Citroen Kegresse "Forestiere" Autochenille sold for $46,575, and a 1980 BMW M1 Coupe sold for $186,300. Plus, this issue is loaded with analysis of 175 more collector cars with sales totaling $43m.

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

Special supplement to Sports Car Market is the go-to resource for all the Monterey events.

Portland, OR -- (SBWIRE) -- 06/26/2009 -- SCM is the authoritative source for all things related to the Monterey collector car events. The info you need about concours, rallies, auctions and more is in our 5th Annual Monterey Supplement, and it's now online and available for download.

This year's guide features a comprehensive timeline to every event on the peninsula - 7 auctions, 6 concours, 5 driving events, art exhibits, seminars, and more! Our timeline details which events occur at the same time, so you won't miss what's most important to you. What to drive in Monterey - we asked our SCMers which car would suit them for all their auction-going, concours-showing, rally-driving, generally-looking-suave needs during the week. We always you a phone directory guide so you can stay in touch and call ahead.

Find out who, what, why, where, and when in Monterey this August at http://www.sportscarmarket.com

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm