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UNESCO SERVICE
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BEAUTY ARTISANS
MILES COLLIER DONALD O S B O R N E DINO COGNOLATO CORRADO LOPRESTO
ALBERT SPIESS
SANDRA BUTT O N JURGEN LEWANDOWSKI
CONCOURSE D’ELEGANCE INSIGHTS BEHIND T H E
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LORENZO RAMACIOTTI
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THE K E Y 100
Imprint The Key - Top of the Classic Car World is the official magazine of The Classic Car Trust and is published annually. Price CHF 30 / € 30 / $ 30 Publisher The Classic Car Trust, Pflugstrasse 12, 9490 Vaduz, Principality of Liechtenstein Editorial Board Fritz Kaiser Antonio Ghini Duccio Lopresto Editor-in-Chief Antonio Ghini Editorial Office Bianca Hasler Tilmann Schaal Market Intelligence Duccio Lopresto 21iLAB Wealth-X Translations James Knight Kate Singleton Project Coordinators Damian Holenstein Pascal Rossi Art Director Pascal König Photo Coordinator Larissa Frohner Printing Company Thurnher Druckerei GmbH Copyrights & Credits Find all credits & copyrights on: www.classiccartrust.com/thekey2018/credits Contact The Classic Car Trust reg. Pflugstrasse 10/12 9490 Vaduz Principality of Liechtenstein
+423 236 52 22
Envelope
office@classic-car-trust.com
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Key
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4 // TOP OF THE CLASSIC CAR WORLD
We all live in worlds imbued with nostalgia for the past and hope for the future. Because such feelings are not always in alignment, certain happy memories are hard to associate with an optimistic vision for what is still to come. Underlying our passion for the world of classic cars is our appreciation of the way certain automobiles bear eloquent witness to the tastes, design, and technical prowess of the years in which they were built. And because many of us experienced those years first-hand, these vehicles help us breathe new life into memories, thereby providing us with a double delight: that of using the cars, and of reawakening sensations that would otherwise have sunk into oblivion. All this is a far cry from the prospect of a future in which cars will have changed dramatically in concept and
Who, what, and why? use with respect to what we know and love. We collectors are gradually opening up a sort of new horizon of hope for classic car lovers. There is a blatant contrast between today’s increasingly algid, characterless vehicles and the colours, smells and noise of those glorious automobiles that contributed so much to progress in the world. Our shared aim has nurtured the evolution of The Classic Car Trust, with an accent on the last word and its promise of belief in the power to do things together. We share the desire to promote automobile culture, to protect the heritage it represents, to enhance, endorse, and nurture the legacy preserved with passion by private individuals, manufacturers, and museums. The Key is a publication that I am honored to direct, and it aims to give voice to a farsighted project regarding
the future of classic cars. I sincerely hope that my early experience as a racing driver, then as a journalist, and afterward working for Renault, Ferrari, and Lamborghini – three truly visionary manufacturers – will help turn what began as an idea into a stimulating reality. A visionary in his own right, Fritz Kaiser has created a foundation for this in the belief that the pleasure of collecting and using classic cars should be accompanied by greater solidity and awareness. All those interested in contributing to this, and I am one of them, will increasingly appreciate that the delectable sweetness of nostalgia may well be accompanied by a solid and exciting perspective for the future. Antonio Ghini, Chief Editor
WHO, WHAT, AND WHY? // 5
Authors
Massimo Delbò is an outstanding journalist and writer from Italy, who is mainly working in the automobile scene, particularly classic cars and classic car related events and shows. He has been working with noteworthy and well-known publishers within the classic car scene, including Octane and Sports Car Market.
Antonio Ghini is a journalist and brand marketing & communications specialist who started his career in racing. He worked first at Renault as Director of Communication for Italy and then as Global Director of Communication and Brand Management at Ferrari for more than 20 years. Today he works as journalist and consultant in the automotive sector. John Lamm was 15 years old when he decided to become an automotive journalist, and this important decision turned out more than right, as he has become an excellent journalist, writer and photographer. The fact that he received both the Ken Purdy and the Dean Batchelor award shows that he has put his incredible skills to excellent use. Jürgen Lewandowski is a German born author and publisher, who worked for several notable magazines and as a consultant and correspondent for notable publications worldwide. He has been involved in the automobile industry for many years as a chronicler and correspondent, where his close links to outstanding collectors and museums are of a great advantage. Duccio Filippo Lopresto has had cars in his bloodstream since birth. Born in a collector’s family, Duccio developed a taste for beauty and design thanks to his father, Corrado, architect and concept cars aficionado. Before joining The Classic Car Trust, he worked at Lamborghini in the Product Marketing division, supporting the team in the development of the new models and in the creation of museum exhibitions. Adolfo Orsi, historian of Italian motorsport and noted collector car expert. A specialist in authenticity and staunch advocate of preservation, he has also served as Chief Class Judge of the FIVA Award at the Pebble Beach Concours d’Elegance since its inception in 1999. He is also co-author of the Classic Car Auction Yearbook.
Donald Osborne, Accredited Senior Appraiser, automotive consultant and remarkable author, loves to share his passion for cars and his considerable knowledge with other car enthusiasts on the CNBC Primetime show “Jay Leno’s Garage”, as well as in his monthly column in the Sports Car Market magazine.
Tilmann Schaal has been the managing editor of The Classic Car Trust news blog since its beginnings in 2012. Being born near Germany’s motor city, Stuttgart, the marketing and communication professional has always had a soft spot for classic cars. In addition, he has developed an unquenchable interest in everything digital and enjoys exploring the future of wealth.
Photo Credits Adolfo Orsi, Birgit Kaiser, BMW, Christian Philippsen, Corrado Lopresto, Davide Parmegiani, Dorotheum, Enrico Ghinato, European Pressphoto Agency, Ferrari, Fritz Kaiser, Getty Images, Gudrun Muschalla, Jean Todt, Julien Mahiels, Kimball Studios, Massimiliano Serra, Paolo Carlini, Peter Singhof, Remi Dargegen, Sandra Button, Scott Campbell, Staud Studios, The Classic Car Trust
6 // TOP OF THE CLASSIC CAR WORLD
Contents 8
Top of the Classic Car World
Editorial by Fritz Kaiser, Founder of The Classic Car Trust.
13
Jean Todt
President of the Fédération Internationale d’Automobile (FIA), he believes in the importance and value of our world. A further pledge for a stable future.
16
Best of the Best The almost impossible-to-rank queens of the year.
24
Top 100 Collectors 2018 Who are the world’s most significant car collectors? That’s the question we answer in our publication “The Key.”
13
38 Jean Todt President of the Fédération Internationale d’Automobile (FIA), he believes in the importance and value of our world.
Elvis’ 507 Before & After The BMW 507 bought by Elvis Presley during his military service in Europe is one of the most outstanding restorations of the last few years.
46
Sandra Button: Pebble Beach Today & Tomorrow The woman who could transform Pebble Beach from a traditional event to a world class celebration.
54
Lorenzo Ramaciotti: Celebrating the best in beauty and style at Villa d’Este The chief judge at Concorso d’Eleganza Villa d’Este explains why car design deserves to be treated as an art form.
63
The Quest for Beauty Original beauty has no equal. A UNESCO recognition for Corrado Lopresto’s Giulietta Coda Tronca Prototipo.
69
The art and craftsmanship of Dino Cognolato Following the tradition of sixteenth-century Italian artisans, the great restorer from Padua created a Bottega, where knowledge is at the core of every last detail.
76
A look behind the curtains of the Spiess Collection For the first time ever, the famous Swiss collector unveils the story of his passion and research and offers The Classic Car Trust a look at his magnificent collection.
24
84 Top 100 Collectors 2018 Who are the world’s most significant car collectors? That’s the question we answer in our publication “The Key.”
1000 Miglia Just one great round of applause. It’s called the most beautiful race and maybe it really is. The experience helps us understand why.
92
The Value Drivers of Car Collecting The world of classic cars is now a mature market in which we can clearly understand the reasons of many sale successes, not only of the most expensive cars.
101 The Queen, the Outsider, and the Unexpected Classic car expert Adolfo Orsi presents his absolute highlights of the 2017 auctions.
108 Art & Cars Michael Ringier, world-class Art collector and classic car aficionado, compares the two fascinating worlds of Art and Cars.
117 The Times They Are A-Changin’ The story, of how some special automobiles became true Icons together with the most famous actors from the ‘50s & ‘60s.
122 The value of time Renowned clockwork expert Davide Parmegiani shows how mechanical sophistication connects collectible cars and watches.
128 Secrets of Concours Judging
108
What are judges’ secrets in evaluating classic cars at concours?
Art & Cars Michael Ringier, world-class Art collector and classic car aficionado, compares the two fascinating worlds of Art and Cars.
132 Cockpit Classic car market insights with in-depth analysis of the top global collectors and their cars.
138 Seriousness and competence Lamborghini’s Polo Storico is a perfect example of how manufacturers are developing unique services for classic car collectors.
142 Brand Warranties & Certifications Brand by brand, all services offered to collectors and classic car specialists.
150 A Tale A tale of the heart and mind.
CONTENTS // 7
Top of the Classic Car World
Editorial by Fritz Kaiser, Founder of The Classic Car Trust.
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Dear collectors, aficionados and friends Fritz Kaiser is a Liechtenstein entrepreneur, investor, and philanthropist who collects iconic ‘50s and ‘60s sportscars. In this image is Fritz Kaiser with one of his cars, a 1959 Aston Martin DB4 GT, VIN 0131L.
Classic cars are en vogue. They feature in one out of every five advertisements for luxury brands, and if you’re out driving a classic on a bright Sunday morning, you’ll inevitably get a happy thumbs-up from a teenager, an admiring gaze from a beautiful woman, or an excited look of recognition from a fellow aficionado. It’s amazing to see how many people of all ages and backgrounds are fascinated by the design, the technology, or just the sound of these vehicles, and how classic cars still trigger dreams of a golden age. There are still more than six million classic cars on the road, in garages, in museums, and in major collections around the world. They offer enjoyment to millions of people and stand at the heart of a billion-dollar business. Many of these cars are also loved by investors, and the most valuable change hands for tens of millions of dollars before becoming the centerpieces of important collections. This first edition of what will be an annual publication focuses on the top end of the market. Once a year, we will take a bird’s-eye view of the world of classic cars and bring you insights and opinions from the leading lights of the community, together with exciting stories of successful personalities who all have one thing in common — remarkable visions and a great passion for classic automobiles.
The top 100 classic car collectors in the world I’m often asked who I think are the most important collectors, and what we can learn from them. Beyond dropping some prominent names, it has been impossible, until now, to answer this question properly. In an increasingly transparent society, the collector community has, for various reasons, kept off the radar. Well, some people love the limelight and others don’t. We respect them all and want to become their trusted friend and tell some of their more intriguing stories. When we decided to make the list of the 100 most important collectors — a bit like the Forbes lists — we knew that we needed to develop a well-grounded database. Fortunately, some 25 years ago, just about when Ferrari launched the F50, when McLaren unveiled their F1 road car,
and when Jaguar presented the XJ220, a group of visionary technical types dreamed about offering mankind wisdom and knowledge at the touch of a button. Their Internet dream became a reality, and this has allowed us to build a robust database for our market intelligence. Our research team recognized that the digital footprint we leave when we buy, sell, and enjoy our cars is stored somewhere in the vast data cloud out there. They have spent hundreds of hours over the past year using every technical means to systematically search for, collect, and analyze all the available information about the most important classic cars and their collectors and caretakers. We also have data on dealers and carmakers’ museums, though this information is not included in our list. We now know that the top 100 classic car collectors own historic automotive gems worth a combined total of 8 billion US dollars. Half of these cars are in the United States of America. The average age of collectors is 72; the oldest individual is 96, and the youngest 43. The top three brands are all Italian. Ferrari is in the lead, followed by Alfa Romeo and Maserati. Most of the front-runners in our list are businessmen who made their money in fashion, real estate, financial services, or the automotive industry. To produce our list of collectors, we developed a sophisticated scoring system that takes into account value, historic importance, awards won, reputation, and their contribution to the classic car society. This produces a total score of up to 100 points. The list is dynamic and will change as the market changes and our knowledge grows. We very much welcome any kind of help that might improve our database. And while our endeavors might reveal some surprises, we hope that they will also create valuable reference points for collectors, and help nurture the passion of aficionados around the world.
The next generation of collectors Even though they don’t share the youthful memories that fuel my generation’s dreams, my sons still admire the iconic sports cars of the ‘50s and ‘60s in our collection. At the same time, they are excited about modern sports cars, and I can’t predict what they will enjoy 10 or 20 years from now. Personal taste in cars, design, art, and craftsmanship change over time and generations.
Top of the Classic Car World // 9
Half of the top 50 collectors are in their seventies, and most of them live in the United States of America. They are successful people in their own field and have spent a significant part of their life following their passion and putting together these wonderful collections. These people jointly own automotive gems worth billions of dollars. But what will happen to these pieces of history in the future? What are their owners’ succession plans? Will they sell the cars? Donate them to institutions? Create their own museums? Or will their heirs and heiresses be the next caretakers? You don’t need to be a genius to see that the high-end classic car world is coming to a crossroads. So, how do we preserve these treasures and these values? In our cockpit article you will find more
Getting a glimpse of the Kaiser Collection at the Kaiser Partner Campus in Liechtenstein, the home of The Classic Car Trust.
10 // TOP OF THE CLASSIC CAR WORLD
interesting market data, and hopefully some valuable food for thought, while the last chapter of this editorial describes our own contribution to the cause.
racing in Italy into such apt words. The Mille Miglia is, of course, just one of many notable classic car races, alongside the Le Mans Classic, the Historic Grand Prix in Monaco, Goodwood, and more.
Enjoying classic cars. Today and tomorrow
Some aficionados prefer static events, and there are plenty of these all over the world as well. Two, however, stand above the rest. Pebble Beach in California is the global champion, and Sandra Button, chairperson of this world-class celebration, gives us her insights and outlook in an interview. In Europe, every serious collector wants one of the rare invitations to the Concorso d’Eleganza at Villa d’Este in Italy, which is organized by the German BMW group. Winning an award at Villa d’Este is one of the greatest honors a collector can receive. Lorenzo Ramaciotti, who heads the judging committee, offers more insights in his
“Your name and car are announced and then you’re off. Off on an adventure, with masses of people around you… an enthusiastic and knowledgeable crowd that make you feel like the lucky hero… behind the wheel, with tired eyes and a brain jumping between dream and reality…” Read the story of the Mille Miglia written by our chief editor, Antonio Ghini. I have driven in the Mille Miglia myself, and I salute Antonio for being able to put the thrills of classic car
interview with us. The past couple of years have seen the emergence of many more “see and be seen” at events – with lots of champagne for collectors and friends of historic automobiles. Personally, I feel truly alive when taking a serious Sunday morning drive in my DB4 GT up the mountains to St. Moritz; and there’s nothing to beat the cool joy of cruising the Cote d’Azur with my wife in the Spyder Cal or the 507. Not forgetting the classic Alba truffle tour with family and friends. The wonderful smell of old leather and gasoline, the design, the engine, the (non-digital) equipment, and the noise make such a difference. Let’s hope that we’ll be able to get spare-parts, gasoline, and road permissions for many more years to come so we can enjoy our passion to the full.
About The Classic Car Trust Our world has never changed so fast. Trends like “the connected life” and “mobility as a service” will fundamentally transform the automotive world over the next decade. But what will this mean for classic cars? Major collectors, heads of governing bodies like Jean Todt, the president of FIA, and the business community all recognize that profound change may well cause disruption; but we all have one thing in common: we love these precious cars and want their story to continue.
By offering market intelligence, featuring great stories, and inviting influential figures to share their thoughts, we hope our publication will contribute to this effort. We also want to help bring leading collectors and leaders of the classic car business community together to discuss and seek answers to the most pressing questions, and ultimately to keep our cars on the right track for the future.
The Classic Car Trust is dedicated to fostering the heritage, enjoyment, and preservation of classic cars in a fast-moving world.
Top of the Classic Car World // 11