The GT, GT40, Collectibility and Documentation

[eshrink]

There is an interesting story in this week's Autoweek about a GT40 (#1040) that was put up for auction in Paris while it was still fully owned by someone else in America.

It appears that there was a (now deceased) nefarious type who had been building clones (and successfully sued) with few (or no) original parts and passing them off to collectors.

The article (which focusing on the racing provenance of a GT40) is more addressed toward the importance of documentation for those cars that are truly investment quality.

Cars have been sold with incomplete documentation while the same buyer would never consider buy a painting or sculpture with the same reckless abandon.

- doc

 

[SuperB]

I never really understood what 'documentation' they are talking about.
Wouldn't documentation be easier to forge than a car?

 

[eshrink]

They are likely talking about a paper trail from the time of manufacturer, through all owners, etc. Things that we entrust to CarFax currently, and in the past Mercedes made quite a point of having "all the books."

For our older collector cars where neither books nor CarFax applies, it would be important to have all bills-of-sale and other aspects of historical significance. Corvette has longed done this with NCRS (etc) and Pontiac does this as well.

The point of the article appeared to be the ease with which we spend money on cars...and the ease with which we can be duped.

- doc

 

[SuperB]

I see, kind of seemed to me that it would be different for new cars, and since I am the original owner, I guess I am all set.

 

[eshrink]

SuperB:

I think that you are all set.

I think that if you put on some aftermarket parts, tossed out your stock parts, lost your documentation, put an STP decal on it and added some bling, it might be a bit more difficult to sell.

Back to earth, it seems improbable that our cars will appreciate, and I believe that we all accept that depreciation is a reality of today.

The point of the Autoweek article was that for those of us attempting to buy cars with provenance...whether that be a GT40 or something once owned by Sox & Martin, we have to be very careful.

- doc

 

[cobrajeff]

SAAC GT Registry

All the more reason to register your GT with the Shelby American Automobile Club (SAAC). We do the Registry for original Shelby AC Cobras and the original GT40's. The next printing will include the new Ford GT's. What better way to prove your car's provenance than to have it's full history documented in a hard-bound book?

I know some of you guys don't plan to EVER sell yor GT - well, I didn't plan to ever sell my first '66 GT350 (I was making plans to be buried in it) but it succombed to that demon "rust" before I did; I never planned to sell my 1972 DeTomaso Pantera, but then, my wife became terminally ill - I had to make a choice - take care of the Pantera with all it's polished magnesium and aluminum, or take care of my wife and two young children - circumstances change, not always for the better.

There's no better way to "document" your new GT than to submit your info to the SAAC GT Registry - SAAC GT Registry

Many of you already have, the more that do, the better we will be able to serve you with build info, product change info, and documented ownership history.

regards,

Jeff Burgy
"cobrajeff"
SAAC New Ford GT Registrar

 

[eshrink]

Jeff:

Does SAAC acknowledge receipt of registration? I sent in mine immediately upon getting the car, never heard a word, did not know if it was received and/or if SAAC was still active.

Perhaps you could set up an autoresponder so that registrants would know, not double submit, etc.

Also, I do not know if this is important, but the online registration lists a 2007 GT.

Just a thought.

- doc

 

[cobrajeff]

Doc -

Yes, I received your registration, it will be in the next SAAC Registry. The online form included a 2007 Model Year, as, at the tme, we were not sure that a 2007 MY might not be a possibilty. We also included a 2004 MY, as , even though there were no "production" 2004 My cars, there WERE some 2004MY "pre-production" (like the Centennial cars) units built and serialized.

regards,

Jeff Burgy
SAAC New GT Registrar

 

[EasyEric]

"...ugly buildings, politicians and whores all gain respectability if they last long enough".

- John Huston

I suspect the value of something as beautiful and singular as the GT will, in time, do much better than the aforementioned trio. :biggrin

Eric

 

[mardyn]

Yea, I read the AW article this morning too... IMO, it basically says Sbarro was a guy who would think nothing of screwing somebody to line his own pockets... the before and after pics of the original 1040 car, along with the pics of the car Sbarro built (which he now claims is 1040) are easily (for the well informed) distingusihed between the real and the fake... but you would have to be fairly knowlegable to tell the difference.

Good article.

mardyn

 

[eshrink]

mardyn:

Actually, it says something else that is a bit more important.

To wit, if you will not buy a diamond without authentication, why are you buying these cars whose chief value is their provenance and yet you buy them without assurance of the very thing for which you are paying.

It is a strong cautionary note.

Years ago there was a Corvette dealer (still exists) who was selling "matching number" (etc) cars which were "anything but." Many a person was duped.

However, that being said, I now have my GT up for sale. It is the very first one produced and was once owned by President Nixon and Mahatma Ghandi. They had it built as #1250 and had once raced it at LeMans (1999) with DeLorean driving (they were in the pits).

It has been appraised at $967,000, but I am letting it go for $299,000. I have all documentation stored as PSD files on my computer.

- doc

 

[SuperB]

Oh yeah? Mine was the first GT on the moon.
I have pictures to prove it, but the pics are kinda grainy.

 

[mardyn]

'shrink, yea, I got that message from the artilce as well...but I think it's kinda' interesting that the name Sbarro continues to generate story after story about questionable cars... seems like he is (or was) quite a controversial footnote in the history of the original GT40s.

mardyn

 

[mardyn]

Oh yeah? Mine was the first GT on the moon.
I have pictures to prove it, but the pics are kinda grainy.

Hey 'B...

more proof for your GT on the moon story.

NASA has recently realized that all original film/video footage of the moon landing has been "misplaced"... therefore, one can assume your car was actually there unless someone has pics/video/film to prove otherwise.

Congratulations :banana

mardyn :wink

 

[eshrink]

mardyn:

But...if you solely focus on him as a perpetrator of such fraud, you fail to protect yourself against the thousands on e-bay who would have you believe that you are buying a COPO Camaro or Ford Thunderbolt or true W30 442 or valid L89 Corvette or...

I believe that the focus of the article was a general theme of vulnerability to fraud, and this one case was used as an example.

You likely have seen/heard of the Chuck Jackson (Barrett-Jackson) story of how they bought a hemi, in a garage, in England, sight unseen, from buyer unknown, with no assurances whatsoever. Jackson emphasizes that he did this only because it would not have been devastating (due to his financial position) to take a hit if it did not work out. Of course, it did work out (and likely that is the only reason the story was ever made public).

I think that the man defrauding with GT40s is the smallest tip of what may become an enormous iceberg. If this becomes a big enough problem, then the government steps in and regulates, and no sane person wants the government further involved in our lives and certainly no further involved in our hobbies.

- doc