Formula One – 2006 Market & Price Guide

After some 50 years of automobile racing, the Grand Prix Formula or Formula One was formed by the FIA (Federation Internationale de L’Automobile) in 1950 with its first race, the British Grand Prix at Silverstone. This was to be the first World Driver’s Championship, in the world’s most technically advanced single-seater racing cars. In 1958, the World Constructor’s Championship was added. Now, one would at last know who the best driver in the world was, as well as which manufacturer had constructed the best racing car. FISA was Formula One’s administrative body, which saw that everyone played by the ever-changing rules. In this guide, I am going to cover the period 1966–1983 for cars built to a 500kg–585kg weight minimum, and powered by 3-liter normally aspirated engines.

Formula One started from very humble beginnings. Teams were comprised of a group of talented people working out of small garages, trying to find the money to go racing. During this time frame, the miracle of the racing sponsor was created and teams grew in size. Great inventions were designed, such as the 3-liter Cosworth DFV engine, the slick racing tire, plus aerodynamic aides ranging from simple wings to full ground effects. This was the beginning of the English racing car industry with manufacturers who relied heavily on Cosworth engines and Hewland gearboxes. World Championship drivers included Andretti, Brabham, Fittipaldi, Hill, Hulme, Hunt, Jones, Lauda, Piquet, Rindt, Rosberg, Scheckter, and Stewart.

Historic Formula One races are run by the U.S.-based HGP (Historic Grand Prix), which allows cars to run from 1966–1983 with 3-liter normally aspirated (non-turbo) engines and no sliding skirts. In Europe, there is the TGP (Thoroughbred Grand Prix) which allows cars manufactured up until 1985 and are also non-turbo and with no sliding skirts. The GPM (Grand Prix Masters) allows cars to run through 1977, which are nonturbo, nonground effect cars. The Monaco Historic Grand Prix is for F1 cars prior to 1977.

When purchasing a Formula One car, condition, race preparation, and spare parts are very important, as is researching the car’s racing history by chassis number.

1970 Tyrrell 001

Ken Tyrrell started racing in the 1950s in 500-cc Formula 3. By 1960, he was running a team of Cooper Formula Juniors. The Tyrrell Racing Organisation was started out of a barn in the Surrey countryside and by 1964 Tyrrell had hired a young Jackie Stewart as driver. This relationship continued into Formula One and in 1969, with Equipe Matra International, Tyrrell won the World Championship. For 1970, Tyrrell had Derek Gardner design the first Tyrrell Formula One car, 001. It was a sleek car of monocoque construction powered by a Coswrth DFV, a front-mounted radiator, and a Hewland gearbox. Chassis 001 had outstanding quality craftsmanship and Gardener was known for his attention to detail. Sponsored by ELF Oil and painted blue, it looked the part and was highly competitive. This design evolved into the cars, which won the 1971 and 1973 World Championships. They were truly magnificent days in motor sports. Today, it is a pleasure to see these Tyrrell Formula One cars on the grid of race series like the TGP, Grand Prix Masters, and HGP.

1973 Shadow DN1

Don Nichols’s company Advanced Vehicle Systems (AVS) of California had been racing in the Can-Am with the Shadow Can-Am car. In 1973, Nichols ventured into Formula One by hiring designer Tony Southgate, formerly of BRM, manager Alan Rees of March, and drivers Jackie Oliver and George Follmer. The first car, the Shadow DN1, was designed in the garage of Southgates’s home in Lincolnshire. It was powered by a 3.0-liter Cosworth DFV mated to a Hewland 5-speed gearbox. Once sorted, it proved to be a consistent front runner. Shadow acquired sponsorship from Universal Oil Products (U.O.P.) and moved into a facility in Northhampton. The cars were liveried in all black and even looked fast. A sister car was operated by Graham Hill’s team with white-and-red Embassy sponsorship. Shadow cars were off to a good start in the competitive world of Formula One.

Criteria Used For Assessing Valuations for this Guide:

• Degree of Originality
• Overall Condition, Restoration
• Technology, Design, Coachbuilder
• Production Numbers/Rarity
• Competition History
• Ownership History, Documentation
• Modern Event Eligibility

Regional Variances

The prices stated in this guide are based on U.S. values. The values of historic racing cars can vary as much as 25%-35% in other countries, depending on local market appeal, currency rates, import duties, and VAT. Most of the time, we are able to document known sales or closed escrows, as they say in real estate. When this is not possible, a logical estimate of the car’s value is given, based on its sales history and relationship to cars of its type.

The prices stated in this guide are based on U.S. values. The values of historic racing cars can vary as much as 25%-35% in other countries, depending on local market appeal, currency rates, import duties, and VAT.