By KEITH MARTIN
IN the art market, Impressionist paintings are in favor in some years. Other
times, collectors want Paul Klee. Similar trends
motivate car collectors: in some years, Maseratis are
the big sellers, and other times, it's Mustang Mach I's.
These days, the hottest part of the collector-car market is red, white and blue: American muscle cars (and milder-mannered pony cars) from the 1950's and 60's, and one-of-a-kind custom-built hot rods.
A decade ago, when the collector-car market last flourished, showing up at
the local country club in a Ferrari Daytona marked you as a guy who knew what
was going on. Ferraris were hot, and Daytonas led the
pack. Convertible versions, valued around $150,000 in 1985, jumped to well over
$1 million by 1989, according to Michael Sheehan, a Ferrari broker in
The Ferrari market began to decline in 1990, and prices of Daytona convertibles fell to less than $250,000 by the middle of the decade. Today, they have recovered somewhat, and the cars are now selling in the $350,000 range, with prices relatively unchanged in the last two years.
''Daytonas are old news,'' said Steve Serio, the owner of Aston Martin of
While certain blue-chip cars will always have a following and command high prices when offered for sale -- one example is the 1954-56 Mercedes-Benz 300SL coupe with gullwing doors that open upward -- the value of other cars is dependent on the mood of those who wield the checkbooks.
Chevrolet Bel Air convertibles from 1957 and 1958 have nearly doubled in value in the last four years, and perfectly restored examples, often displayed over mirrors that let bystanders admire their carefully cleaned chassis and drivetrain components, bring nearly $100,000.
High-powered muscle cars -- generally built in the 1960's before government
smog regulations sapped their strength (and escalating insurance rates put them
out of reach of many young buyers) -- have also sharply risen in value. At the Barrett-Jackson Collector Car Auction, held in
The Barrett-Jackson auction is often viewed as a bellwether, setting the tone for the collector-car market in the following year. At this year's event, 700 cars were offered, with 618 of them selling -- an 88 percent sales rate in an industry that considers 60 percent strong. Sales totaled nearly $27 million, up $200,000 from a year earlier. Of the cars offered, more than 60 percent were American-made. In the late 1980's, European cars accounted for nearly all the top sales.
At the lower end of the price spectrum, 1964-66 Mustang convertibles are rapidly gaining value. Properly restored examples with many desirable options -- like high-performance engines and air-conditioning -- had been selling in the $20,000 range. At the Barrett-Jackson auction, it was not unusual for them to sell for $30,000 or more.
But the real surprise in the collector-car market of late has been the soaring values of custom-built hot rods. The cars that bring top dollar, favored for their high-tech interpretations of retro design themes, were created by builders who have a following, like Troy Trepanier, Pete Chapouris, Rob Ida, Roy Brizio and Boyd Coddington. The cars they create have names as well. This year, a creation by Mr. Trepanier called Intruder, loosely based on a 1957 Ford Del Rio station wagon, sold for $130,680.
Two other rods, Black Jack, based on a 1932 Ford High Boy roadster, sold for $172,800, and Sniper, constructed around a 1954 Plymouth Belvedere convertible with a Dodge Viper V-10 engine and highly modified chassis and running gear, brought $162,000.
At least for the next 12 months, a near eternity in any collectible market, it appears that American cars are where the action will be, even at the low end.
''A couple of years ago, a beginner's Camaro, a 1967 to 1969 coupe with a base V-8 and an automatic, was around $5,000,'' said Kibby Riedman, who owns the Chevy Store, a Portland, Ore., dealership that specializes in Corvettes and vintage Chevrolets. ''But those days are gone. Today it's going to cost you more like $10,000 to get a decent car, and $15,000 for a nice one. And they're still base, low-option cars, nothing fancy.''
''My customers have got the room on their credit cards to buy one,'' he added. ''They want to relive the past a little, and with so much nasty stuff going on in the world, they just want to get behind the wheel of their 60's Camaro and have a little fun.''