The Rise of the Preservation Class

Sitting on a beautifully manicured putting green, amid all the glitz and glamour of one of the world’s most prestigious concours d’elegance, sit three examples of the same iconic automobile. The car in question is the holy grail of the collector car world, the ultra-rare and ultra-expensive Ferrari 250 GTO.

On the left is an example that is nothing short of perfection. The paintwork is flawless, the chrome and brightwork gleaming in the bright noonday sun, every component and surface not only looks brand-new, but perhaps even better than when it rolled out of the Maranello works, some 55 years ago.

Sitting in the middle of this trio of Prancing Stallions is another example, which appears identical in form and construction, but upon closer examination one can see that the paint is crazed in places, the seat upholstery appears faded and worn and the brightwork possesses a haze more reminiscent of pewter than that on its mirror-like sibling to the left.

Sitting to the right, like an abused and neglected distant relative invited to the reunion, is a third example. Known in the parlance of the collector car world as a “barn find”—or perhaps more appropriately “basket case”—this GTO is badly dented and damaged. In places the stickers and numbers used to identify it in some long forgotten race, are the only items seemingly holding this poor neglected example together. In short, it is a wreck.

So when the assembled crowd is asked to assess the relative values of each example, wouldn’t it seem to be a fairly obvious choice? Who would pay more for a dilapidated non-running car, if they could get the exact same example, in better than showroom condition? As it turns out, almost any knowledgeable collector.

While a car’s worth is, in some part, surely a representation of all the cost and effort that has gone into restoring it, the true value of a collector car is far more tied up in its history (or provenance) and—more and more—the car’s level of originality.

Take our imaginary 250 GTO trio, as an example. History and provenance prove to be a powerful force multiplier when it comes to a car’s value (which in many ways is a measurable metric of its “Significance”). One real world example sold in recent years for as high as $52 million, while another visually comparable example fetched “only” $30 million. The near $20 million difference in value wasn’t down to the level of restoration, it was driven by the fact that one possessed an exemplary and well-documented racing history, while the other did not. Put another way, what is the value of a stove top hat? Now what is the value of a stove top hat proven to have been worn by Abraham Lincoln? With this concept of history having value in mind, it may now make more sense why a seemingly lesser example of a given car, might in fact be more significant and valuable. But what about the “middle” example, that seemingly unrestored, “used” car.

In certain cases, these odd examples are some of the most significant and important cars on the field, because they represent an ever more elusive—and therefore valuable quality—originality. When the beautiful example on the left was restored, every single part was removed and either replaced with new (where available) or stripped, cleaned, repainted and made to look new. In so doing, the car has essentially had all vestiges of its “originality” stripped away in that restoration process. The collector car movement has come to appreciate that certain extremely original examples, which have been maintained over their lifespan, but not restored, are in themselves important historical touchstones that need to be “preserved.” As such, many of the top concours around the world are now setting aside special “Preservation” classes for original, unrestored examples such as our obviously used 250 GTO in the middle.

One of the great champions of this movement to protect and preserve is Dr. Fred Simeone. Long a well-known and respected collector, in addition to opening his eponymously named museum in Pennsylvania, Simeone’s Automotive Foundation also published a scholarly book, The Stewardship of Historically Important Automobiles, which has come to serve as a founding bible for the preservation movement in the collector car world. According to Simeone, “The desire to respect well-preserved great automobiles is not a new idea. For decades, closet conservators have not come out because of the pristine restoration focus that dominated the hobby. They worried that their scruffy treasure would pale on the show field. They were told a ground-up is mandatory. Was the preservation motivated by parsimony? And, of course, a trophy was out of the question. The mainstream seemed to abhor imperfection. While acknowledging their vehicle was technical jewelry in every way, they shamelessly changed its colors, trim, and even its design. Scores of unusual animals were sacrificed to add wow to the trim. No nut, bolt or tie-rod arm escaped the chrome plater’s tank. Wire wheel spokes scintillated on the podium. Novel colors were protected with clear coat. When it was easier to replace than fix, the choice was easy. Racing damage was a badge of courage.

“Simultaneously, the rest of the world who acquired and respected historical objects took a different tack. If time was kind to their piece, protected by its previous owners, there was no reason to change it. Dare one strip the shellac on a Townsend desk? Alter the face of a Rittenhouse clock? Reblue a Winchester musket? All insults to the original craftsmen. But to those who acknowledge that their preserved car has special significance as an example of the industrial age’s greatest gift, we suggest that you pass it on to future generations as it left the hands of its creators.”

Obviously, as we venture farther back in automotive history, the rarity and significance of these “preservation” examples becomes ever more acute. Take, for example, the 1911 Olds seven-passenger Touring Limited. Only 159 examples were constructed in period and of those, only three are known to survive today. In 2007, Jack Rich of Pennsylvania, paid $1.65 million for one of the three surviving examples, despite the car looking to be a “wreck” by conventional standards. However, this car was significant, not just because it was one of three survivors, but because it was the only example in completely original and unrestored condition—a true rarity for a turn of the century automobile. Having lived in a barn up until the 1950s, the Olds was then put on display in a museum until its sale at RM’s 2007 Hershey auction. Still sitting on its original, but disintegrated tires, the 100-year old Olds also boasted its original—and still intact!—leather interior.

According to the Antique Automobile Club of America Museum, where Mr. Rich placed the Olds on display, “Upon its purchase, the car was carefully transported to Mr. Rich’s private collection, where over many months it was painstakingly documented and inspected in order to formulate a plan for its future. It was Mr. Rich’s stance that the car should never be restored, but because it is a mechanical item and not a static piece of art, it should be brought back to a running, driving example. The Limited’s power plant was seized tight, owing this condition from being filled with water and mud from the 1936 flood. The engine was carefully removed and made to turn free over a period of many months. After disassembly for inspection, only the most necessary internal components were replaced, enabling reuse of the major items, including the original cast iron pistons. In keeping with the terms of originality, it was decided that an electric starter was not to be retrofitted. The original leather cone clutch was still in fantastic shape, and was retained. A careful chassis and upholstery cleaning was performed, being careful only to remove excessive grease and river silt. Pounds and pounds of the river dirt and mud that was removed from the car was sifted through screens, in order to separate and save the many loose items that had fallen off the car over decades. The original shreds of what were once tires were saved on the original Continental rims. New rims were made to carry the new Old Stock Firestone tires that Mr. Swigart (a previous owner) had purchased in 1963. In July of this year, the once-again mighty Limited had awoken from its long sleep, firing to life and driving on its own for the first time since the late teens!”

The car was debuted at the 2009 Pebble Beach Concours d’Elegance. As remarkable as this Olds’ story may seem, this preservation phenomenon is not just limited to cars from history’s distant past. Even much more recent vehicles are commanding both increased attention and value.

In 2013, Bonhams offered for sale a 1964 Aston Martin DB5 Sports Saloon, which had essentially sat in a private collection—maintained, but not driven—since the 1970s and boasted only 48,000 original miles. Intact, but clearly “well aged” this unrestored example sold for a then stunning $414,318—nearly twice what a fully restored example was selling for at the time. And lest one think that the preservation class of vehicle is reserved for only the most rare and exotic marques and models, even the most ubiquitous vehicle on the planet, the plebian Volkswagen Beetle figures into the story.

In 1964, Rudy Zvarich was enjoying his 1957 VW Beetle, but was thinking ahead to when it might need to be replaced. Not liking the model changes on the new 1965 variant, Zvarich made the decision that he would buy one of the 1964 examples and “put it away” until he was done with his ’57. Zvarich took delivery of his ’64 and, without even licensing it, stored it away in a friend’s storage unit (drained of its fluids) with just 22 miles on the odometer. Zvarich’s ’64 slumbered in that storage unit until 2016(!), when it was unearthed and put on display at the 2016 Forest Grove Concours d’Elegance as a true “Time Capsule” car. Likewise, even the most common of the common has importance and can command a market premium, if it is a true preservation vehicle. This was evidenced by the recent sale of a standard 1974 Volkswagen Beetle, with just 90 original kilometers, for a record $43,000.

With all this importance and value now being ascribed to Preservation vehicles, it is only logical that many premier concours, as well as FIVA (the Federation Internationale des Vehicules Anciens), now recognize these special vehicles with their own separate categories. In FIVA’s case, this international organization dedicated to the preservation of global automotive history has codified these, and other historical vehicles, into four distinct classes: Group 1 “Authentic” vehicles, which are factory original and still in possession of all their original equipment, including perishable items such as tires and upholstery; Group 2 “Original” vehicles, which have undergone the replacement of certain perishable items such as tires and hoses; Group 3 “Restored” vehicles, where the vehicles provenance and history is well established and the majority of the car is in good pre-restoration condition; Group 4 “Rebuilt” vehicles, which encompasses essentially the balance of vehicles which have been restored and renewed.

Layered over these four categories, FIVA also ascribes three additional categories for any modifications made to the vehicle: Type A being not modified and as delivered by the factory; Type B being period modifications such as bodywork or any trim changes made in period; and Type C for vehicles with non-original, reproduction parts and components. Thus, under this system, the “gold standard” for a fully preserved vehicle of any era would be an A1 (Authentic, unmodified) example.

With so much more attention and interest being devoted to Preservation class vehicles it is reassuring to know that these critical pieces of automotive history will be valued and maintained for future generations. So, if you are touring one of the many concours fields this year, and come across a tatty old vehicle that looks out of place against its shiny brethren, don’t judge a book by its cover…it’s important that we all make an effort to preserve and protect these pieces of automotive history. After all, they are only original once.

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