Paolo Martel gives tips to vintage car collectors

MANILA, Philippines - From symbols of status, to their continuing prestige as collectibles, vintage cars have always been revered by affluent Filipino motoring enthusiasts. Thus it’s not surprising, perhaps, that exceptional vehicles now join valuable artifacts in the art auctions.

“When we started ‘The Well-Appointed Life’ auction last year, we were determined to develop more categories other than important Philippine art” remarks motoring magazine director and Salcedo Auctions’ timepieces and automobiles specialist Paolo Martel. “This has since expanded to other categories such as jewelry, timepieces, rare books, maps, furniture, decor, and since last year, rare automobiles,” he adds.

As icons of class, declarations of success and accomplishment, or simply big-ticket fancies, the collectible cars found at the auction represent the emerging tastes of society’s upwardly mobile: those keen on celebrating the prestige, heritage and legacies behind each covetable piece.

“The world is looking at the Philippines as a fast emerging market. With the economy booming, the timing is right,” Martel notes of the auction. This has led Salcedo to add foreign currencies to cater to the diverse whims and lifestyles of its bidders. “We anticipate bidders from different demographics — from seasoned bidders to those who have an interest but are only starting to get their feet wet. We have seen people from various ages and backgrounds participate. We also have an online facility that allows bidders to participate from around the world. Regardless, these are clients willing to indulge in their passion,” Martel says.

So, for those living in the fast lane, Martel’s vintage car selection is enough to get those pistons pounding. “Collecting automobiles is fascinating and every car has its story. Today most vintage cars exchange hands primarily among friends,” Martel says, noting that old cars gain fresh interest under the auctioneer’s gavel.

At a sneak peek held at the Rockwell’s Kirov showroom, one car generated plenty of advance buzz. “This year we have a Shelby GT500 ‘Eleanor,’” Martel says of the legendary 1967 Carroll Shelby-designed “supercar” — the only vehicle to earn a star credit in the movie Gone in 60 Seconds. “The car in our auction is a ‘Super Snake,’ identified by its three stripes. It is in impressive condition and very well maintained,” he notes, perhaps hinting at the car’s expected quick sale despite booming early bids.

“We also have a vintage BMW 2002 and 67 Mustang Coupe, fully restored with mechanical upgrades to ensure it can be driven on a daily basis,” Martel says — plenty of consolation for those leaving the auction without “Eleanor” in their hands. Yet whatever car these bidders come home with, they’re all in for a wild ride. “These cars were sourced directly from the owners who took a lot of time to restore them,” he says of the cars’ fine conditions.

Well-versed as he is in the topic of rare and vintage automobiles, Martel has no clue as to the final price on these cars — despite guaranteed dents in the bidders’ savings accounts. “Anything can happen at auction so it’s very hard to predict what (they) might actually sell for,” he says. Besides, such risks during bidding are what keep the big guys lining up.

“Vintage cars are much more difficult to possess. Today, in the Philippines, it is very difficult to import second-hand vehicles. It’s the basic rule of supply and demand,” Martel explains of the surge in popularity and premium of vintage cars even as newer vehicle models experience lower resale value. “Then we can go into further details such as the restoration process and the condition of the vehicle,” he adds.

So, when planning to invest in your own heritage hotrod, Martel suggests some key points to consider. “Major factors are the make, model, condition, whether or not the parts are original, and rarity of the vehicle. This can also be very subjective to the owner, especially if the vehicle has sentimental value. And you also have to consider the experience that comes with owning these vehicles.”

But while prices and provenance determine value for these wheeled assets, Martel believes that, as with any auction, it is still personal passion that seals any deal. “In my opinion, you have to buy what you like. It’s part of the whole experience of owning these cars,” he advises — after all, nobody parts with a seven- to eight-digit sum for something they don’t really like. “Whether it’s a watch, a car or art, the returns can sometimes beat financial markets. However, I have to caution that this does not happen all the time. You must like what you buy; then the commercial side will follow. Of course, one needs to do his or her homework to ensure you’re not overpaying,” Martel adds.

For those not ready to join the race for aspirational automobiles, maybe a timeless luxury chronograph is a perfect warmup skirmish in the bidding wars at Salcedo — these also come with the promise of premium returns. “Some (watches) can be investment-grade pieces such as the Grand Complication Patek Philippe watches that are going to be offered at our auction. We also have a rare vintage Daytona Cosmograph (Ref. 6263) with complete documentation in almost brand new condition,” he notes.

So, be it a masterpiece for your walls, a piece of history decorating your halls, a marker for your wrist, or a perfect vision in your garage — whatever rare and remarkable commodity you’re after — pencil in the date for a day at the auctions.

“’The Well-Appointed Life’ is about having a passion in life and sharing this appreciation for the finer things with others,” says Martel. And what does this bon vivant himdelf appreciate the most? “Simply the joy of owning the car!” he says.

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“The Well-Appointed Life: An Auction Weekend,” will have its second run at the Rockwell Tent from Sept. 19-20. A special preview of some of the finest in the auction lot is slated for Sept. 5-19, 2015 at the Kirov Lounge and Model Unit in Rockwell, Makati.