JAGUAR SERIES I E-TYPE SETS NEW AUCTION WORLD RECORD

When the global economy first began to show signs of recovery in 2010, the collector car market began to show signs of rebounding as well. With a second recession less and less likely, high‑net‑worth individuals began to invest heavily in “blue chip tangibles,” which included the high‑end collector car market. Prices for Ferraris, Bugattis, C and D‑Type Jaguar cars, Porsches, and Mercedes‑Benz all went up, accordingly.

The 1966 4.2 liter Jaguar E‑Type Series I convertible, also known as "Black Beauty" on display with Jaguar North America on Peter Hay Hill at the 2013 Pebble Beach Concours d'Elegance in Calif. 

The new found prosperity spread to the middle of the collector market by 2011, driving up prices for cars in the $100,000 to $750,000 price range. One of the cars that had just begun to knock on the $100k door was the iconic Jaguar E‑Type, with some examples peaking in the $90,000 range.

The E‑Type had certain factors working against it as a true high‑end collectable. As beautiful and timeless as the E‑Type is, it was produced in high numbers when compared against Ferrari Daytonas or BMW 507s. Also, most E‑Types had been in the hands of “hobbyists,” who cherished and maintained their cars extremely well, but also often drove them religiously and which caused them to suffer the vagaries of the road accordingly.

Photo Credit: Classic Showcase    

But when the hammer rang came down on Lot number 147 at this year’s Gooding and Company’s Pebble Beach Auction, a beautifully original Opalescent Green 1965 Series I E‑Type Convertible stunned observers by bringing in $269,500.00, the highest price ever paid for a non‑competition or “Lightweight” E‑Type.

Many Jaguar owners and aficionados wondered what effect the world record result would have on their cars.

Overnight, Jaguar owners began to question whether their cars had become too valuable to enjoy and drive. Then, on November 21, 2013 at RM Auctions’ event at “Art and the Automobile” in New York, the record was shattered yet again. A car known on the Concours circuit as “Black Beauty”, sold for an astonishing $467,500.00.

Photo Credit: Classic Showcase    

According to Jaguar’s North American archives in Mahwah, NJ, the car was originally delivered through Jaguar Cars of New York to Oceana Aerial Surveys, of San Marino, Calif., on December 23, 1965.

Consigned to RM Auctions by its current owner and restorer, Tom Krefetz’s Classic Showcase of Oceanside, California, the 1966 4.2 liter Series I convertible was shown in three separate Jaguar Club of North America‑sanctioned events achieving a 100‑point score each time.

Accordingly, “Black Beauty” has been recognized as a three‑time JCNA National Champion. It was also “First in Class” winner at the Dana Point Concours and the Desert Classic. Most recently, it was invited by Jaguar North America to be part of its corporate display on Peter Hay Hill at this year’s Pebble Beach Concours d’Elegance, where it was the E‑Type selected to share space with a C‑Type, D‑Type, and its successor, Jaguar’s first true sports car in 40 years, the all‑new F‑TYPE.

What does this mean for Jaguar E‑Type owners? Are the cars now too valuable to drive to their local club meetings or are these collectibles on the verge of a windfall perhaps?

One thing is for sure, “Black Beauty” signals an increasingly dynamic Jaguar sports car heritage market.

Photo Credit: Classic Showcase    

Los Angeles’ Petersen Automotive Museum, one of the world’s premier automotive collections, has recognized this by launching a unique exhibition – “An Icon Re‑Envisioned: The Jaguar Sports Car” – in celebration of the Jaguar’s importance as one of history’s quintessential sports cars.

The latest Petersen Automotive Museum exhibition pays tribute to Jaguar’s legacy by showcasing five of the marque’s most iconic vehicles including a 1937 SS100 formerly owned by entertainer Mel Torme, a 1949 XK120 used in the movie Gangster Squad, a 1956 XKSS formerly owned by Steve McQueen, a 1965 E‑Type used in the television show Mad Men and a 2014 F‑TYPE V8 S. The exhibition, which opened to the public this past weekend, will run through February 16, 2014.