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Meeting China’s classic car collectors brings to mind an ancient Chinese verse: jin shui lou tai xian de yue. Literally, it translates as “a waterside pavilion gets the moonlight first.” In a broader sense, it means a person in a favored position gains special advantages.
Many vintage car owners are people with long experience in the auto industry — people with the money and resources to indulge an expensive hobby. But there’s no doubting the love they feel toward their vehicles.
“Most people get to know my car dealership through the classic car exhibition center I set up,” Jason Huang, founder and chairman of Sanhe Group, told Shanghai Daily on the sidelines of the Bund Classic. “My brand stands out for its classic car culture.”
Huang, a native of Chengdu, the capital of Sichuan Province, has been collecting classic cars for 20 years, making him a forerunner in this field in China. Despite owning more than 100 classic cars, Huang is coy about calling his collection a museum.
“But I daresay we are the best at restoring Red Flag cars,” he said. “Even those displayed at the Shanghai Auto Museum are our work.”
Indeed, Huang seems to have a special feeling for the first premium car brand of China, developed by FAW in the 1950s. One of the first classic cars he bought was a Red Flag retired from the Sichuan provincial government fleet. He spent more money repairing the car than acquiring it.
“China’s car production and population are now the biggest in the world,” he said. “Nowadays, a car museum anywhere in the world can’t be considered comprehensive without the inclusion of a Chinese car.”
Five years ago, in the first exchange of classic cars between China and the US, Sanhe took a 1958 Red Flag to the Blackhawk Auto Museum in Danville, California, which has the biggest collection of classic cars in the world. Next year, to commemorate the 60th anniversary of the establishment of diplomatic relations between China and France, the company will send two vintage Red Flags to a national museum in France as gifts.
Huang said many cars from the 1950s and the 1960s are scattered across China. For Red Flag alone, there might be 100 to 200 units, but they are seldom displayed in public because their owners don’t have the ability to repair them for show.
This is an industry that Sanhe hopes to develop. The company provides beautifully restored classic cars to rent for commercial activities and exhibitions to help defray the costs of restoration.
Although vintage car collecting is considered an astute investment, Huang said he currently has no plans to sell any of his collection.
“I have been collecting classic cars for 20 years, and I can wait for another 20 years to cash in,” he said.
It takes time for old cars to create their cultural value, which eventually drives up their monetary value, he said. Collectors have to be patient and learn to resist temptation, especially in China, where people like to turn quick profits.
“I also have emotional attachments to these cars,” Huang said. “I really enjoy the process of restoring a car. It gives me a sense of achievement. I don’t want to sell my classic cars. The only time I gave a car away was when I was drunk, and I got it back as soon as I woke up sober. People say I am a car maniac.”
Biggest collection
At age 31, Gao Lu, president of Fugu Motor Corporation, a dealer specializing in supercars and limited edition cars, is probably the youngest collector of classic cars in China and also perhaps the most ambitious. He is striving to amass the world’s biggest collection.
“For me, classics and fashion are interlinked,” said Gao. “I have the ability to realize my dream, which is a healthy dream. I don’t see any problem with that.”
As a high-profile person, he sometimes can be very humble as well. The 1975 Ferrari he displayed at the Bund Classic was bought in Canada two years ago after a very difficult negotiation. For a precious Bentley, he once flew across the Pacific Ocean three times in a month to persuade the seller to sell it to him rather than to another buyer.
Sourcing is just one of many things that frustrate classic car collectors in China. Under national regulations, classic cars can be imported into China only under the guise of exhibition and cannot be driven on the roads under normal circumstances.
Gao said it’s a pity that such beautiful creatures have to sit idle in the garage most of time.
“But I think the situation will change,” he said. “Luckily, I am still young and I am sure I will see that day come.”
Most likely, his classic car collection, now numbering 20, will appreciate in value. All are precious or limited edition models by carmakers such as Rolls-Royce, Bentley, Ferrari and Porsche.
Since there are no official pricing agencies for classic cars in China, Gao refers to international auctions and websites for evaluating a deal. But in many cases, buying a car is often decided by his mood. “For me, collecting classic cars is more of a hobby,” Gao said. “These cars are my precious, so they are not for sale.”
Currently Fugu relies on its business of supercars and limited edition cars to fund its classic class trading, which has a budget of 30 million yuan (US$4.9 million) each year. Gao said he is confident about building the business alongside the profile of his company.
“Unlike antiques like jewelry, paintings and calligraphy, classic cars will cost you a lot after purchase because they need maintenance,” he said. “To possess classic cars, you need not only money but also a lot of heart.”
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