Barn finds
For what it is worth, my two pennies as I was at the auction.
Firstly, it was a shock to everybody, including the seller of the Barn find who happens to be a friend. He expected to do well and is very, very happy with the result achieved, I am guessing most people already knew that
.
Many considered experts and big time collectors had this high on the agenda of things to talk about ( and for BMW enthusiasts the $440k M1 it seems there time has arrived) . There is talk that a couple of wealthy collectors are building Barn Find collections and these cars will stay exactly as they are, including dust and dirt.
Nobody disagrees that a great well kept original car, especially if it is an exotic of some kind, should be worth more than a restored car. To use Miles Colliers quote " a restored car will only ever be a facsimile of the original", don't know if I exactly agree with that, but he is considered an important mind in the hobby. There are always cars that are just not that important and/or there are too many of them, these do not fit into this above category.
At what point is the wonderfully restored car a better car than an original, tough question, but there has to be a point somewhere in the scales of deterioration as against fresh restoration……. doesn't there?
Here is my understanding of what is happening in these early stages of "Barn finds" that are left untouched, as it is a fairly new phenomena. Barn finds used to be found and then restored, not any more. Barn finds left as they are, are a whole new niche in our hobby. There is going to be some leveling out and finding out, as to where this part of the hobby really sits. My thoughts are Barn Finds and totally original preserved cars are two very different entities. Totally original preserved cars have been loved and cared for always, the paint can be thin, you may even see some metal, things can be worn, in fact worn a great deal, but, it is a vehicle that has been "preserved" love and cared for its whole life. That category, is clearly defined and a very, very important part of our hobby, how are we going to know how they left the factory if we do not have these survivors? They are expensive and should be.
Now to Barn Finds. There are a few collectors - who seem to have a lot of money - who are collecting this particular category, they don't care if they work, the certain don't care if they have been loved, all that seems to matter is they have been left somewhere and done absolutely nothing for a very long time, a layer of dust always helps as well. Take the 330 GTS at the same auction, pieces missing, certainly not totally original, definitely has some stories in its history and then it makes $2m, yes $2m, far and above any beautifully restored one would make, probably double in fact. In my mind, that is an old car that stopped working and was pushed into a garage and left, yes, a Ferrari and yes it is valuable, but it truly is a clapped out car that needed restoring to my eyes. Document what is original along the way, but valuing it at double a restored one?????
Many people try and use the "art" argument, if a picture or piece of furniture was restored in any significant way it has lost a lot of its value, which is true. I would argue, art and antiques were generally not utilitarian objects, yes, some furniture was used, but the good stuff was always the good stuff. I am guessing _ I could be wrong - Louis the XIV didn't take his furniture outside, sit in it, slide it around corners or wipe snow and rain from it wash it or do some things in cars we all remember doing and wish we could only do again
So we have a new category of very rich collectors who have jumped in with both feet into what they consider a niche in the collector car world. Eventually this will be debated and defined, as yet I don't think anybody really knows how this category will pan out.
For what it is worth, my two pennies as I was at the auction.
Firstly, it was a shock to everybody, including the seller of the Barn find who happens to be a friend. He expected to do well and is very, very happy with the result achieved, I am guessing most people already knew that
.Many considered experts and big time collectors had this high on the agenda of things to talk about ( and for BMW enthusiasts the $440k M1
it seems there time has arrived) . There is talk that a couple of wealthy collectors are building Barn Find collections and these cars will stay exactly as they are, including dust and dirt.Nobody disagrees that a great well kept original car, especially if it is an exotic of some kind, should be worth more than a restored car. To use Miles Colliers quote " a restored car will only ever be a facsimile of the original", don't know if I exactly agree with that, but he is considered an important mind in the hobby. There are always cars that are just not that important and/or there are too many of them, these do not fit into this above category.
At what point is the wonderfully restored car a better car than an original, tough question, but there has to be a point somewhere in the scales of deterioration as against fresh restoration……. doesn't there?
Here is my understanding of what is happening in these early stages of "Barn finds" that are left untouched, as it is a fairly new phenomena. Barn finds used to be found and then restored, not any more. Barn finds left as they are, are a whole new niche in our hobby. There is going to be some leveling out and finding out, as to where this part of the hobby really sits. My thoughts are Barn Finds and totally original preserved cars are two very different entities. Totally original preserved cars have been loved and cared for always, the paint can be thin, you may even see some metal, things can be worn, in fact worn a great deal, but, it is a vehicle that has been "preserved" love and cared for its whole life. That category, is clearly defined and a very, very important part of our hobby, how are we going to know how they left the factory if we do not have these survivors? They are expensive and should be.
Now to Barn Finds. There are a few collectors - who seem to have a lot of money - who are collecting this particular category, they don't care if they work, the certain don't care if they have been loved, all that seems to matter is they have been left somewhere and done absolutely nothing for a very long time, a layer of dust always helps as well. Take the 330 GTS at the same auction, pieces missing, certainly not totally original, definitely has some stories in its history and then it makes $2m, yes $2m, far and above any beautifully restored one would make, probably double in fact. In my mind, that is an old car that stopped working and was pushed into a garage and left, yes, a Ferrari and yes it is valuable, but it truly is a clapped out car that needed restoring to my eyes. Document what is original along the way, but valuing it at double a restored one?????
Many people try and use the "art" argument, if a picture or piece of furniture was restored in any significant way it has lost a lot of its value, which is true. I would argue, art and antiques were generally not utilitarian objects, yes, some furniture was used, but the good stuff was always the good stuff. I am guessing _ I could be wrong - Louis the XIV didn't take his furniture outside, sit in it, slide it around corners or wipe snow and rain from it wash it or do some things in cars we all remember doing
and wish we could only do again So we have a new category of very rich collectors who have jumped in with both feet into what they consider a niche in the collector car world. Eventually this will be debated and defined, as yet I don't think anybody really knows how this category will pan out.
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