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Originality plus rarity
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The emerging classic car market in China is opening up business opportunities to mechanical experts such as Iain Tyrrell, a judge at the Bund Classic. Drawing on 30 years of experience in tuning and restoring classic vehicles in his native Britain, he has recently embarked on a Chinese venture at the age of 50.
He began as a mechanic on Rolls-Royce and Bentley cars, and founded his own automotive engineering company at the age of 20. Earlier this year, he set up China Classic Cars in Shanghai as his first stand-alone overseas business. It offers a full array of services, from advising clients on purchases, helping them acquire and import antique cars into China, and providing restoration and maintenance.
“I believe there are people who love wine, jewelry, painting and art, and the natural extension of these hobbies is collecting classic cars,” he said. “The market is just starting here.”
Tyrrell said he has met quite a few big collectors of classic cars in this country, whom he described as very passionate and private.
“A lot of my clients are like that,” he said. “I deal with royal families around the world. They don’t want details disclosed. One of the cornerstones of my business is customer confidentiality.”
That trust is important for classic car buyers. One of their biggest concerns is the authenticity of the expensive old cars they want to buy.
“There were once two Ferraris that had been changed to look like much more expensive models,” Tyrrell said. “A guy bought the cars in the 1900s from a dealer who was not much of an expert. I was called in to serve as an expert witness.”
To identify a real vintage car from a fake, he examines the provenance paperwork, physically inspects the car and even tests the material used in the car.
“Since these cars were made in very small numbers, I have built up a huge database about where each chassis number comes from so that I can trace them back,” he said.
Originality plus rarity can generate a very exceptional investment. A Lamborghini Miura that Tyrrell restored to perfection two years ago sold at a record high for the model. It is now valued at an estimated 900,000 pounds (US$1.45 million).
“The classic car is indeed a very niche market, but the fact remains that auction prices are accelerating,” Tyrrell said. “There are, for example, two models of Ferrari that have appreciated 70 percent since January. And the market is everywhere; it’s global.”
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