What's the Value of Heritage?

[bb62]

I’m going to disagree with the thoughts here that this collection should not be sold. If anything, most of these vehicles should have been sold a long time ago. Consider the following:

• If visibility is a priority in maintaining customer interest in the brand, then this heritage collection is a failure in that it was rarely seen by the public. Even a recent article by AutoBlog titled their piece, “General Motors Heritage Collection: An amazing collection few will ever see!” Putting these cars out in the public eye will like bring more visibility than where they currently reside.
• For the fear that these cars will disappear by being hidden in private collections, this fear is overblown. Most of the famous GM vehicles out in public ownership actually vie for time in the public eye rather than escape from it. These owners want the vehicles to be known, if anything to enhance the value of their investment.
• Continuing on the prior line of thought, the most famous and valuable of Corvettes are already “in the public domain” so to speak. All five of the 1963 Grand Sports (easily worth about $5 million EACH) are privately owned. The oldest Corvette 1953 “0003” is privately owned as is the original prototype. The 1967 L88 LeMans Corvette is privately owned. This could be the most valuable production Corvette of all. The 1969 ZL-1 Corvettes are privately owned.
• Of the Corvettes to be sold, they seem to fall in the following categories:
  • Pace Cars
  • Engineering exercises
  • Styling exercises
  • First Builds
• Thus, of those being sold, many are ordinary cars while those that have the potential to be considered special (and I say potential because the fact that they have been locked up out of the public eye has LESSENED their historical value by not being well known) will be enhanced by increased visability.

[8upZR1]

I think bb62 is right on the money. Public circulation of these automobiles will have a positive effect on their value and recognition. Even if the only view the public gets is to see them change hand at auction for prices that are out of reach for most. Besides, its not like they are selling the original master drawings or rights to control their name or anything truely valuable.

I would think the #1 reason for GM to sell would be to alleviate the burden of storing and maintaining these cars as well as insuring them. I suppose they are insured, just in case. It costs $$ to keep a collection of that caliber in the condition its in & I dont think GM can afford that any more than they could afford to let the cars get dirty and fall into disrepair. Selling is probably the only option.

[Nick]

Thoughtful post, Jim. I've been to the Henry Ford museum in Detroit. It was some years ago now, but it was just as you describe. I really enjoyed it. Thank goodness we at LEAST have the Corvette museum.

[ZR1Vette]

Qui alieno suum history haud non suum posterus

[Z Factor]

For those with a differing opinion that is fine, but consider for example what it would be like without the Corvette museum. How many of us would ever get the chance to see such a collection if all those cars were in private collectors storage facilities?

Like Ford, GM should have a museum for enthusiasts to visit in my view.

[IowaZR-1]

Whatever the value is......Craig Jackson is going to get 20% of it(10% buyer AND sellers premium)!

[bb62]

Originally Posted by Z Factor

For those with a differing opinion that is fine, but consider for example what it would be like without the Corvette museum. How many of us would ever get the chance to see such a collection if all those cars were in private collectors storage facilities?

Like Ford, GM should have a museum for enthusiasts to visit in my view.

I’m going to have to disagree here too. Here my perspective:

• While it’s all well and good to have a Corvette museum, there are many events throughout the year where you can see as many if not more than what you could ever see at the museum. Look at the photos (link below) of last year’s NCRS Michigan Regional held at GM’s test track as an example. Every generation (lined up by generations) and you even had a chance to drive on the track.
• The Corvette museum, as a museum, owns few of the cars displayed, and those that it does permanently display are not particularly rare. Much of the museum displays privately owned cars loaned by their owners – perhaps proof that these cars don’t get hidden away in storage facilities.
• Also consider that the Museum is a static display. Which is more impressive, seeing a P47 hung up by guide wires in the National Air and Space Museum or going to an air show to actually see the warbird in flight and to hear that Pratt & Whitney R-2800 roar? I think the same thing is true for Corvettes. Just like in the aforementioned NCRS event, you could see them AND you could hear them roar.
• Note that Ford does not have a museum. The Henry Ford museum is not legally linked to Ford Motor Company and displays more than just Ford vehicles. While the museum clearly was founded by Henry Ford it is not devoted entirely to that produced by the company he started.

http://www.michiganncrs.org/page0/page0.html

[vandornjim]

Well, we haven't given up yet.
One of our old Pirate supporters sent me an email and said he was very interested in this issue and volunteered to become part of a groujp of investors. He mentioned how we started Pirate Racing back in 1997 was the same way. We went 5 years with that one.!

Well, I was also contacted by several Corvette Hall of Fame members who mentioned the same idea. So, I have put together a proposal and sent it to a well known Corvettte enthusiast who happens to own a variety of auto related businesses. I've asked them if they are interested in helping us pull some of these off the block and paying GM directly, or buying them at auction and keeping them in as collection for possible future purchase by the NCM when things loosen up a bit for them. I don't think we need a special paint job or a "first build" but we certainly need the Active car, the Snake Skinner, the Spyder, DR1, and a few others if they are affordable.

Time is critical, but they acknowledged receipt this morning!
We'll see!!

[ZZZZZR1]

Originally Posted by vandornjim

Well, we haven't given up yet.
One of our old Pirate supporters sent me an email and said he was very interested in this issue and volunteered to become part of a groujp of investors. He mentioned how we started Pirate Racing back in 1997 was the same way. We went 5 years with that one.!

Well, I was also contacted by several Corvette Hall of Fame members who mentioned the same idea. So, I have put together a proposal and sent it to a well known Corvettte enthusiast who happens to own a variety of auto related businesses. I've asked them if they are interested in helping us pull some of these off the block and paying GM directly, or buying them at auction and keeping them in as collection for possible future purchase by the NCM when things loosen up a bit for them. I don't think we need a special paint job or a "first build" but we certainly need the Active car, the Snake Skinner, the Spyder, DR1, and a few others if they are affordable.

Time is critical, but they acknowledged receipt this morning!
We'll see!!

Class Jim!

Hope we will be able to see these Z's in the future!!!!!

[vandornjim]

Originally Posted by bb62

Note that Ford does not have a museum. The Henry Ford museum is not legally linked to Ford Motor Company and displays more than just Ford vehicles. While the museum clearly was founded by Henry Ford it is not devoted entirely to that produced by the company he started.

Therefore, there IS a Ford museum, isn't there.

Museums of any type must diversify their exhibits. Privately owned pieces are the majority by far but that leaves huge spaces in day to day chronology. I'd like to see the NCM not only receive vehicle donations, but also purchase icon vehicles when possible. Wouldn't it be nice to have one of every model always on display?

Speaking of private owners. Where are the four CERV's today? (Chevrolet Experimental Racing Vehicle).