NOVEMBER 25, 2008
A Rough Ride in Collectible Cars
By JONATHAN WELSH
For some, the first sign of trouble was a Daytona Spyder.
When one of these rare early-1970s Ferrari sports cars turns up at an auction, high-end collectors typically bid aggressively, even fiercely, to acquire it. But at a recent sale in California, one Spyder failed to fetch the minimum bid.
In recent years, the vintage car market has soared, led by the priciest European models. But now, as the economy worsens to the point where even the wealthiest collectors feel pinched, demand for million-dollar sports cars is starting to skid.
There were other signs of trouble at the summer auto auctions. Mike Regalia was at an auction in Pebble Beach, Calif., in August when bidding began for a Porsche that once belonged to actor Steve McQueen. The auction house's estimate was $125,000 to $175,000, though Mr. Regalia, a Sun Valley, Calif., collector who also restores vintage cars, says he thought it would fetch at least $200,000. After all, collectors have paid outlandish sums recently for the late actor's property.
Bidding on the Porsche slowed just above $100,000.
"I realized that the car wasn't going to get anywhere near the number I expected," he says. So he wound up bidding $125,000 and taking the car home. "I hadn't planned on bidding, but I kept thinking, 'These people must be asleep,' " says Mr. Regalia.
Or maybe they just ran out of money. Amid the broad economic deterioration of recent months, spending on extravagances like antique cars has slowed. In many cases, people can no longer afford even to keep their collections, says David Gooding, president of Gooding & Co., a Los Angeles car auction house.
In the past year, many collectors who used home-equity loans or other credit to buy the vintage convertible or muscle car of their dreams have had to sell as the housing and credit markets have declined. The same factors have kept new collectors from entering the market. As a result, many staple collector cars like 1957 Chevrolets, 1940 Fords and 1960s Pontiac GTOs are selling for half what they commanded two or three years ago.
According to industry tracker CNW Research, long-established classic cars are also suffering. The price of a 1934 Packard Touring is down 17% on average, compared with two years ago. The 1957 Ford Thunderbird is down 15%, and the 1940 Ford DeLuxe Coupe is down 40%.
Market watchers are bracing themselves for the next big round of high-end auto auctions in Scottsdale, Ariz., in January -- long a collective barometer of the market's condition. Some fear that these auctions may disappoint, much like this month's New York contemporary-art sales by the Sotheby's and Christie's auction houses. The Sotheby's sale totaled $125 million, well below the low estimate. The Christie's sale brought in $113.6 million, or about half the low estimate. At both auctions, about a third of the lots failed to sell.
For some collectors, the downturn could be a good time to amass a long-coveted vehicle or two -- not just because prices are often lower, but because cars that weren't for sale before are suddenly available. John McCue of Half Moon Bay, Calif., bought a 1958 Mercury Park Lane last summer for $39,000. The 61-year-old retired software executive says it probably cost him about 5% less than the car's value a year earlier. But since he has pursued the car for years, he knows the former owner wouldn't have sold it then.
"There are those cars that you think will never be for sale, the ones the owners will take to their graves," he says. "Well, now a lot of those cars are changing hands."
While many in the collecting business say there will always be enough wealthy people who want vintage cars, others fear the market could be headed for a repeat of its last crash in 1989, when speculators who had no particular interest in vintage cars drove a steep, if fleeting, run-up in prices. Today, more of the buyers are car lovers, but speculation underpins their motives as well.
"The love of cars never outweighs the love of money," Mr. Gooding says.
Goebel of North America Latest News from the M.I. Hummel Club
Pennington, N.J., August 29, 2008 - Goebel Germany has recently announced that it will discontinue production of M.I. Hummel figurines on October 31, 2008 and focus its resources on the company's home accessory brands. Current details concerning Goebel Porzellanmanufaktur's
M.I. Hummel business division are as follows:
The Goebel Information Center in Rodental, Germany closes at the end of August 2008.
The production of Hummel figurines at the Rodental, Germany facility will end on October 31, 2008. Sales will continue as long as supplies last.
The M.I. Hummel Club Center in Rodental, Germany will close at the end of September 2008. The North American M.I. Hummel Club Center in Pennington, NJ USA will remain open for business.
The 2008 International Club Convention in Germany planned for October 17 & 18, 2008 has been cancelled, please read below for more details on this German event. The 2009 International Club Convention in Buffalo-Niagara Falls, NY USA is going forward, please visit http://www.mihummelclub.com/eventsTravel_convention.asp to register for the North American event.
We are confident that a new "solution" will soon be found for M.I. Hummel figurine production and for the Club. Goebel is actively working in this direction and we expect to have further information by the October 18th get together in Rodental, Germany... Visit these pages regularly for the newest information concerning further developments.
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]]>The Future of Estate Taxes
By TOM HERMAN
August 3, 2008
Q: I read your recent answer to a reader question about estate taxes. Part of your answer stated that the estate tax is supposed to disappear entirely in 2010. I seem to recall that when the current rules were put in place several years ago, unless Congress makes changes, starting in 2011 the exemption reverts back to the $600,000 limit that was in place before the current rules were enacted. Is that the case? Also, what will happen to the step-up in basis for inherited assets?
--G.H.P, Sacramento, Cali
Valuable artwork can be converted into liquid assets
"The first thing is, you've got to determine what you have," he said.
Appraisers assess the value of art the same way real estate agents do houses - by comparing them to similar items and checking the prices they brought when sold. Appraisers are available in the Yellow Pages, on the Internet and from estate attorneys.
You'll want an appraiser who is accredited by the American Appraisers Association, the American Society of Appraisers or the International Society of Appraisers, said Milner. With an appraisal, you'll know how much it's worth when you offer it for sale, at an auction or online.
Stayin' Alive: How to Cheat The Estate Tax
July 2, 2008; Page D1
You still can't take it with you. But by timing your death, you can leave more of it to your heirs....