Artcurial a Palais Des Congrs Paris: Le Crash Est Arrive

Why wouldn’t the classic car market crash? Not only are the bonus boys getting bounced, but swanning around in multi-million dollar cars is just not done in these turbulent times. And even if it is, the temper of the times still calls for restraint re: purchasing four-wheeled frippery without which even the wealthiest amongst us can survive. The weird thing here is how long it’s taking the MSM and even the specialist press to acknowledge and declare the collapse of the collector-car market. It’s almost as if they’re in cahoots with the people promoting and selling the vehicles, along the lines of those real estate magazines whose articles are as thin as the “there’s never been a better time to buy” logic contained within. Reality checking is a tough job, but someone’s got to do it . . .

A perfect example of the black hole swallowing the biz: the results of the Paris Rétromobile 2009 auction. The over-riding, indeed inescapable trend: cars aren’t even making their reserve. In other words, they’re not selling.

Classic Driver provides the auction results, as a link from Steve Wakefield’s usual livin’ in the sunlight, lovin’ in the moonlight, havin’ a wonderful time report. Thirty-four out of fifty-four vehicles listed were “not sold.” As to whether the cars that did sell made the same money they would have pre-crash, I leave that to those members of the Best and Brightest, whose financially uncompensated efforts in the pursuit of the truth are most appreciated.

If you interpret this collector crater to mean “there’s never been a better time to buy,” I’d like to remind you of my own experience. The asking price for the remaining 2008 Lexus IS-Fs I’m eyeballing have descended by roughly $4k a month. It may not be exactly analagous, but imagine the depreciation on a Ferrari 259 GT Coupé Ellena. If you’re the owner, you might want a stiff brandy before attempting that particular intellectual exercise.