Everyone has their opinion about where the collector-car market is headed, and no one can honestly claim that their crystal ball is clearer than anyone else’s.
“Legal Files” won’t claim to know more about the market than the real market experts, whose words appear on other pages of this issue. But conducting a legal practice in the collector-car arena puts us in touch with a variety of market players, leading to what may well be useful insights for consideration.
The COVID-19 lockdown has had a dramatic effect on our society. Among the many dislocations are that people are driving less, interacting less — and trying to stay out of trouble. Also, the courts are pretty much shut down except for essential business.
As a result, there haven’t been any juicy legal files popping up lately. So, in a bit of a back-to-basics approach, we’re going to look at a number of legal vignettes where collector cars have found themselves Read More
As I write this, most of us are working from home, practicing safe social distancing and hoping for a speedy return to “normal.” The COVID-19 pandemic has not only cost many lives, but it has caused severe damage to the world economy. No one knows how long it will be before life is “normal” once again.
In the overall scheme of things, the collector-car market is far from the most important thing in the world. But it is still important Read More
Two months ago (February 2020, p. 60), “Legal Files” focused on several traps that unwary sellers might fall into when selling collector cars. This month, we turn the tables and look at ways that a buyer can get into trouble.
Get what you’re paying for
Perhaps the most critical thing is to be sure that the car you are buying is actually what it is supposed to be.
Condition problems can always be corrected, but authenticity cannot be created — Read More
Last month’s “Legal Files” made a number of suggestions for sellers of collector cars. The printer’s ink wasn’t even dry when an inquiry arrived from an SCMer who presented a perfect example about how online sales can be troublesome:
Dear Legal Files:
I recently sold my 1972 Porsche 911 Targa on Bring a Trailer, and ran into an unexpected situation.
I was the second owner of the car and bought it from a fellow PCA member after it had sat Read More
They say that all good things come to an end — and now it’s time to sell your collector car. While it may seem like an easy thing to do, there are a lot of potential legal land mines waiting for you when you become a collector-car seller.
The first thing to come to the mind of an SCMer is to consign the car to an auction. For some cars, that is the best option. For some, it’s a Read More
You’ve probably seen news reports about comedian Kevin Hart’s car crash and his extensive injuries. Despite Internet reports that all involved have “lawyered up” and that a “lawsuit’s almost certain,” we haven’t seen an actual lawsuit filed.
Maybe it’s getting filed as you read this, but the lack of a lawsuit doesn’t mean we can’t use this as an example of how insurance and legal liability work.
In case you’ve missed the hubbub, Hart is a very popular 40-year-old actor Read More
Falcon Woods LLC, a Nevis, West Indies, limited-liability company, was about to cut a fat hog. It had consigned its 1954 Ferrari 250 Europa GT coupe, chassis number 0379GT, to Gooding & Company for its 2018 Scottsdale auction. The estimated sales price for Lot 116 was $1.6m to $2m. Just before the auction started, Falcon Woods received an alarming phone call. Gooding had been contacted by a Peter Piper, who claimed that the Ferrari still belonged to the estate of Read More
SCMer Lee Cross, a Shelby enthusiast who organizes the annual GT350 Tour, shared a very interesting story:
I am passing along an incident as something that might present a topic with wide relevance to your audience; i.e., the legal technicalities that arise when a collector attaches a trailer to their tow vehicle.
I usually trailer one of our Cobras across the country when I depart Delaware for Monterey. This year was a little different. My 289 Cobra was already in Read More
You’re a trusting soul — a nice guy. Your best friend Tom tells you how disappointed he is that his Ferrari is in the shop for an extended stay and he has to miss the next Ferrari Club weekend drive. You have already agreed to spend that weekend with your in-laws, so you tell your friend, “Don’t sweat it. Take my 488 — just be careful with it!”
Tom is as careful as you would hope — attentive driving, no Read More