Formula One – 2005 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 Drivers Championship, in the world’s most technically advanced single-seater racing cars. In 1958, the Constructors’ World Championship was added. Now one would at last know who the best driver in the world was, as well as which manufacturers 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 500-kg to 585-kg weight minimum, and powered by 3-liter normally aspirated engines.

Formula One started from very humble beginnings. Teams were composed 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, and aerodynamic aids such as simple wings and full ground effects. This was the beginning of the English racing car industry with manufacturers who relied heavily on Cosworth engines and Hewland gearboxes and the racing comeback of Alfa Romeo. World Championship drivers included Andretti, Brabham, Fittipaldi, Hill, Hulme, Hunt, Jones, Lauda, Piquei, 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 that are 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, that are non-turbo, non-ground effect cars. The Monaco Historic Grand Prix is for F1 cars prior to 1977.

This year the HGP is part of the Canadian Grand Prix race weekend in Montreal, and the IRL race weekends at Sears Point and Watkins Glen. They also race at Mount Tremblant, Road America and Thunderhill.

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.

1977 Wolf WR1

Walter Wolf was an Austrian-born Canadian who entered Formula One first as a Williams team sponsor, then a team principal by purchasing the remains of the Hesketh team. After Wolf Williams, he founded Wolf Racing with designer Harvey Postlethwaite and driver Jody Scheckter. The WR1 was an attractive car and a very successful design. When Scheckter finished races, he was never lower than 3rd. He started 17 races, winning three: Argentina, Monaco and Canada, and was 2nd at Kyalami and Hockenheim and 3rd at Long Beach, Jarama, Zandvoort and Watkins Glen. This little one-car team should have won the Championship but for repeated fuel system problems. Scheckter finished second in the Drivers’ Championship.

By winning the Monaco Grand Prix, Scheckter scored Cosworth’s 100th Grand Prix victory. For 1978, Postlethwaite designed the WR5 and WR6 cars. These Wolf racing cars are highly sought after today.

1973 McLaren M23

After the death of team founder Bruce McLaren, McLaren Grand Prix was run by Teddy Mayer and Ron Dennis. Designer Ralph Bellamy went to Brabham, so designer Gordon Coppuck focused on the new M23.

The Gordon Coppuck–designed M23 was to have a racing career lasting from 1973 to 1977, bringing McLaren 21 victories and two Drivers’ World Championships—one with Fittipaldi in 1974 and another with Hunt in 1976. The design was actually a derivative of the successful Coppuck–designed M16 Indianapolis 500 winner. This was also the start of a long relationship with sponsor Philip Morris (Marlboro).

The 1976 season was one of motor racing’s most famous, with Lauda’s horrific accident at the Nürburgring and Hunt winning seven races, being disqualified from two and being reinstated in one. With Lauda’s miraculous comeback, Hunt only won the title at a rainy final race of the season in Japan. The M23 will forever be a significant part of F1 history.

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.