The classic car thinks about its future
Governance and generational handover underpin the transmission of this passion, which builds long-term value in historical rootedness
3' min read
Key points
3' min read
While waiting for the Concours d'Elegance and the August Ferragosto auctions in and around Pebble Beach, California, the most important for the American market, the month of June saw many European events take the stage, from the MilleMiglia to the Motor Valley Fest in Italy, as well as Artcurial's auctions in Saint Tropez on 28 June and Bonhams in Switzerland with interlocutory results: 4.8 million for the French with less than half of the lots sold, 5.7 million Swiss Francs for the Geneva auction the following day, with 55% of lots sold. The public success of the events and the return of the market in favour of buyers, with more and more lots offered without reserve, put true collectors, for whom passion counts more than return on investment, at the centre of the dynamics.
The governance of car collections
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In this context, the preservation and transmission of car collections is an increasingly topical issue, which now also enjoys the attention of professionals dealing with estate planning and legal aspects. Private banking boutique Edmond de Rothschild (EdR) and Milan-based law firm Target joined forces to talk openly about these issues on which, according to EdR's Giovanni Francasso, 'we need to take a long-term view, not stop at the short term or the result of a single auction'. The context chosen for the round table on the theme held on 10 June was the headquarters of the Dallara Academy in the province of Parma, which as EdR's Tommaso Benerecetti recalls is "a symbolic place of how certain passions can evolve into prestigious and highly successful entrepreneurial activities". The museum's upward curve starts with projects as far back in time as the Lamborghini Miura and ends with the 2017 Dallara Stradale, retracing the more than 60-year career of engineer Giampaolo Dallara, who did the honours despite being 89 years old.
The handover between generations
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The two determining factors of the future of the collector's car are linked to the intergenerational transfer taking place, and the consequent change in the collector's experience, In this context, one of the most important issues that has emerged is that of succession planning, as recalled by Alessandro Cianci of Edmond de Rothschild: "It is estimated that around 450,000 successions opened each year in Europe have elements of extraneousness and the value amounts to more than 123 billion euros. An element of extraneousness means that there is a transnational character, e.g. assets located in different countries. The resulting complexity or lack of anticipation of issues generates additional costs of about 1.1 billion."
In the Italian case this is aggravated by the regulations on the export of cultural goods, as recalled by the lawyer Silvia Stabile of Target, which also applies to car collecting similarly to art collecting, with potentially restrictive and problematic consequences due to the transnational nature of collections and the need to move cars across borders. The risk that the lack of harmonisation at least at the European level will make this market less attractive is further aggravated at the Italian level.
The Future of Collections and Museums
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Rules and planning are essential to give this sector a future, but even more important is passion for the historical and mechanical aspects of the vehicles. Collector Corrado Lopresto, who specialises in prototypes and one-offs, spoke on the subject of the training of technicians and craftsmen capable of preserving and restoring cars, which is so important that it has prompted him to actively support the establishment of specific training programmes, as mentioned by engineer Dallara. The preservation of knowledge and historic vehicles is an issue that is particularly keenly felt by Italian manufacturers and private individuals: suffice it to recall that on 7 June, during the Motor Valley Fest, the new headquarters of the Panini Collection was inaugurated at Modena airport, a private entity dedicated entirely to the Maserati brand, one of the richest in history and not yet sufficiently valorised, as is the case with Ferrari and its well-known museum, or Pagani, which despite its much more recent history is already an essential sight for motor enthusiasts. Historical roots are increasingly essential for the long-term value of cars in a context where social and image values are changing rapidly.
