By Glen Woodcock
Because a new season of old car auctions is about to begin, I’ve been giving a lot of thought to the state of the hobby (if hobby is even the right word any more).
Today, it’s become more of a business than a recreational pursuit.
What triggered these dark thoughts were the promo ads on the Speed channel for its live coverage of the Barrett-Jackson auction in Scottsdale, Ariz. starting Jan. 17, 2012.
Because of its inflated prices, I think this annual televised event has done more harm than good to the average collector/restorer of vintage vehicles.
I’ve also been thinking a lot about a recent television documentary on how the fine art market has been transformed from one where knowledgeable collectors bought works for their intrinsic value to one where speculators now rule. Art is no longer bought for its beauty, but as something to be added to the wealthy investor’s portfolio. Not to be enjoyed for what it is, but for how much money it can bring a few years down the line.
I think the same thing has happened in the world of old cars. The investors have taken over and prices have gone through the roof. Continue reading »
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