Volume 13: 3rd Quarter 2010
Classic Cars Invade Pebble Beach
Bugattis, Bentleys and Jaguars Set Records.
What began in August of 1950 as a small car show next to the Lodge at Pebble Beach golf course has evolved into a week-long extravaganza of motoring events dominating the Monterey Peninsula for the second week in August each year. Car aficionados, collectors, dealers, owners and enthusiasts come to the Pebble Beach Concours, and for many years I have joined clients and friends to enjoy these events. This year's festivities began August 11th and culminated with the Concours event at the Lodge on August 15th. Each year, the Pebble Beach Concours honors a featured marque (manufacturer), coach builder or type of car. Last year it was Bentley and Bugatti and this year featured Jaguar and Alfa Romeo.
For many high-end automotive manufacturers, the Concours week is an opportunity to showcase new models and demonstrate them to perspective or existing clients. Jaguar, Mercedes Benz, Ferrari, Porsche, Rolls Royce and Bentley, among others, often have parties and have their latest vehicles available for visitors to test drive.
Kicking off the week is the annual McCall's party held at the Monterey Airport Jet Center. This is an opportunity to view the latest executive transport in the form of private jets from makers such as Gulfstream, Learjet, Bombardier and Canadair, along with historic warbirds and both new and classic autos. Lively music and a variety of food and drink make for a great start to the week.
Thursday's highlight is the Pebble Beach Tour during which those cars entered in Sunday's Concours are driven in a rally and return to Carmel by the Sea, where they line the main street of the village. Friday sees the entire day spent at the Quail Lodge Motorsports gathering and the concurrent Bonhams and Gooding auctions for those looking to add to their car collections or hoping to get a good price for a vehicle they wish to sell. Saturday features additional events and auctions held by RM in Monterey along with the gala dinner for those who will be exhibiting in the actual Concours on Sunday. Last, the main event on Sunday is the Concours d'Elegance at the Lodge at Pebble Beach. This is a week in which there is something for everyone who likes automobiles and a grand social event where many can enjoy time with friends, both old and new, who all share a passion for motoring.
But what about cars as investments? Well, frankly, most cars are anything but investments and these days even many expensive cars depreciate at an eye-watering pace. True enough, the classics that you will see at the Concours on Sunday are almost always worth a small fortune and many reflect not only a high original cost and great rarity, but hundreds of thousands or even millions of dollars in restoration costs. Many of these cars are rarely driven and over time, they appreciate like great pieces of art, which they are.
Every once in a while you hear of what are typically called “barn find” stories. These usually involve finding out that some obscure relative has passed on and left you a property and upon inspection, you find the barn or garage holds a 1930's Bugatti or an Aston Martin DB5. Strange enough, this does happen from time to time, but most people wind up with great cars by either spending a lot to buy them or by spending a lot of hours restoring them or both.
My favorite category of collectible cars are those unique or desirable and likely to appreciate in value over time. However, these cars must be drivable, if not daily drivers, then at least weekend drivers. This sounds like a very narrow category, but there are actually quite a few vehicles that would qualify. Here are the five that fit the bill: 1) Jaguar E Type, 1961 to 1974; 2) Mercedes Benz 230SL to 280SL, 1963 to 1971; 3) Bentley Continental S2 and S3, 1959 to 1965; 4) Alfa Romeo Spider Roadster, 1966 to 1993; 5) Ferrari 246 Dino, 1966 to 1976.
Enjoy the Pebble Beach Concours every August. More information is available at www.pebblebeachconcours.net.
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