Photo: Bonhams
The classic cars business is doing better than ever, with prices soaring and buyers abundantly available. It seems like everyone is looking to expand their collection or start a new one, so it's a good time to sell.
When your late father was a car-nut that also ran a small private museum of now classic cars, you're basically sitting on top of a fortune. Back in the late fifties and early sixties, the world of motorsport was enjoying a lot of attention. Most car brands were also participating in all kinds of competitions, so there was no shortage of race cars. But with the technology rapidly advancing, they became obsolete rather quickly, so the factory works had to make a decision: preserve them (costly), scrap them (no profit), or sell them (bingo)?
One car that found itself a new owner after taking part in a series of classic races (including Le Mans) during those times is this Jaguar XK120c C-Type. Painted in British Racing Green and sporting a functioning 3.4-liter six-cylinder engine good for 220 hp, the roadster is now estimated to fetch no less than four million of her Majesty's pounds ($5.78 million).
Here's the funny part: back in 1963 when Guy Griffiths bought the car that's now owned by his daughter, Penny Griffiths-Woodley, he only paid the equivalent of $918. Sure, there's the inflation to take into account, but even so that still doesn't account for more than $17,500. It might have taken a long time (53 years, to be more exact), but a $5.76 million profit without doing absolutely anything is still remarkable. It's like finding out that the painting you've had on a wall since you can remember is in fact a very rare Matisse.
The Jaguar C-Type - one of 45 ever built and of five still in existence - will be auctioned by Bonhams in Monte Carlo on May 13, but if British racing legends are your thing, you're going to have to dig deep into your pockets for this one. The Sun quotes the auction house’s director, James Knight, who said that "this is quite possibly the most original Jaguar-C Type in existence."
Ironically, Guy Griffiths, the original owner, never looked to make money off his car collection. "He just wanted to maintain the cars and wasn't interested in making money. When he bought them they were just being sold off by the factories as no one else was interested in them," said Michael Hammond, Mr. Griffiths' stepson. We suspect a lot of collectors will be interested in it this time around.
One car that found itself a new owner after taking part in a series of classic races (including Le Mans) during those times is this Jaguar XK120c C-Type. Painted in British Racing Green and sporting a functioning 3.4-liter six-cylinder engine good for 220 hp, the roadster is now estimated to fetch no less than four million of her Majesty's pounds ($5.78 million).
Here's the funny part: back in 1963 when Guy Griffiths bought the car that's now owned by his daughter, Penny Griffiths-Woodley, he only paid the equivalent of $918. Sure, there's the inflation to take into account, but even so that still doesn't account for more than $17,500. It might have taken a long time (53 years, to be more exact), but a $5.76 million profit without doing absolutely anything is still remarkable. It's like finding out that the painting you've had on a wall since you can remember is in fact a very rare Matisse.
The Jaguar C-Type - one of 45 ever built and of five still in existence - will be auctioned by Bonhams in Monte Carlo on May 13, but if British racing legends are your thing, you're going to have to dig deep into your pockets for this one. The Sun quotes the auction house’s director, James Knight, who said that "this is quite possibly the most original Jaguar-C Type in existence."
Ironically, Guy Griffiths, the original owner, never looked to make money off his car collection. "He just wanted to maintain the cars and wasn't interested in making money. When he bought them they were just being sold off by the factories as no one else was interested in them," said Michael Hammond, Mr. Griffiths' stepson. We suspect a lot of collectors will be interested in it this time around.
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