There are cars that look cinematic. They are historic, antique, classic and even rare. They ooze elegance, like a glass of Château Lafite 1797 that soothes the soul. But how do you differentiate antiques from classics and vintage cars?
Julius Kruta, the head of tradition at Bugatti, a French car manufacturer, explains that the word classic and vintage have been overstretched and used inappropriately.
‘‘Not every old car is a thoroughbred. For cultural development of a nation, then you can describe car like Renault 5 as being historic to France but that’s not a vintage car. They were mass produced. It isn’t limited or extraordinary or special,” he said in an interview.
“A car without a story, history or a reputation isn’t extraordinary. It is haute couture, a car of rarity or specially built. For example, Bugatti only built 8,000 cars in 30 years. Also, human beings love competition, therefore the most sought out brands have been known for racing and for speed such as Lamborghini and Ferrari, hence their reputation,” says Mr Kruta.
“Antique is a phrase used largely to describe any old car. But by a more strict definition, a veteran car was made before 1918, a vintage car was made between World War I and World War II while a classic car is any collectable car aged more than 30 years old,” says Poppy Smith, a motoring press officer at Bonham’s, one of UK’s auction houses that holds sales of classic motor cars, motorcycles and related memorabilia.
The most sought-after cars at auctions include a Ferrari 250 GTO which is considered to be one of the rarest and desirable cars, as only 39 were ever made. In 2014, Bonham’s auctioned one of these Ferraris at a world record-breaking Sh3.8 billion.
Other sought-after cars include Lightweight Jaguar E-Types, Blower Bentleys and Aston Martin DB4GT Zagatos. Different aspects are taken into consideration during the valuation of these cars to arrive at the price.
It depends on the rarity of the model, the desirability of the marque, its condition and its history. History of entering in certain races and special ownership can add value to a car. If it has been raced in a race such as the 24 Hours of Le Mans by a celebrated racing driver, it adds considerable value.
Celebrity ownership or a very long-term single-family ownership is important too. There are several famous collectors like the Sultan of Brunei whose collection has been speculated between 3,000 and 6,000 cars.
American rapper Wyclef Jean’s collection includes a Rolls-Royce Phantom and a Bentley Arnage. American stand-up comedian Jerry Seinfeld loves Porsches so much that he owns more than 15 types, ranging from 1949 Porsche 356/2 to Porsche 959, which is one of 333 ever built. Renowned fashion designer, Ralph Lauren is known for his rare and designer collections of cars. These include: McLaren F1, 1955 Jaguar XKD, 1958 Ferrari 250 Testa Rossa, 1938 Alfa Romeo 8C2900 Mille Miglia and a 1937 Mercedes Benz Count Trossi SSK.
The US, the UK, France and Germany are the top three leading global countries for collectors. From Africa, there are some auction buyers from South Africa and Nigeria. Enthusiasts who collect cars or intend on collecting cars can attend global events, museums or join clubs where they engage and interact with the other enthusiasts and specialists.
For instance, the Concours d’Elegance which has become a must-attend event in Kenya started years ago in France, where aristocrats paraded their horse-drawn carriages in the parks of Paris during summer weekends and holidays.
There are other events such as the Sotheby’s global auctions, Rallyes Classic Car, Chantilly Arts & Elegance (France), Porsche Classics at the Castle (UK).
Museums are also an option. The Musée national de l’automobile, in France, for instance, has 125 Bugattis. “These museums have a lot of history that show the story, romance, tragedy and pleasure. Ettore Bugatti the creator of Bugatti cars died two weeks before World War II started and his son Jean died after World War II. That is Bugatti’s tragedy,” says Mr Kruta.
Ms Maina is a luxury consultant for brands and family offices
The Porsche museum in Germany has more than 550 cars in its collection with about 80 of them being on display at the Porsche Museum in Stuttgart-Zuffenhausen.
For collectors and prospective, auctions are a good place to engage with the cars and the specialists and also learn how to collect cars.
“We have up to 20 auctions a year, but we have 18 that take place annually across the globe at the most exclusive and glamorous motoring events across the world. Some are at classic races such as our Monaco sale in May, and some take place on site at our flagship saleroom on Bond Street in London such as the London to Brighton Sale in November. They are all different and focus on different cars, but all have a wonderful and impressive selection of lots on offer ranging from veteran touring cars to F1 racing cars,” said McKenzie Smith of Sotheby’s, one of the largest brokers of collectibles.
The most-expensive cars sold in 2018 at public auction were a Ferrari 275 GTB Special, a Porsche 550A Spyder, a Ferrari 500 Mondial and three Bugattis: a Chiron, Type 55 Roadster and a Type 57C Atalante Coupé.
World Bank pushes G-20 to extend debt relief to 2021
World Bank Group President David Malpass has urged the Group of 20 rich countries to extend the time frame of the Debt Service Suspension Initiative(DSSI) through the end of 2021, calling it one of the key factors in strengthening global recovery.
“I urge you to extend the time frame of the DSSI through the end of 2021 and commit to giving the initiative as broad a scope as possible,” said Malpass.
He made these remarks at last week’s virtual G20 Finance Ministers and Central Bank Governors Meeting.
The World Bank Chief said the COVID-19 pandemic has triggered the deepest global recession in decades and what may turn out to be one of the most unequal in terms of impact.
People in developing countries are particularly hard hit by capital outflows, declines in remittances, the collapse of informal labor markets, and social safety nets that are much less robust than in the advanced economies.
For the poorest countries, poverty is rising rapidly, median incomes are falling and growth is deeply negative.
Debt burdens, already unsustainable for many countries, are rising to crisis levels.
“The situation in developing countries is increasingly desperate. Time is short. We need to take action quickly on debt suspension, debt reduction, debt resolution mechanisms and debt transparency,” said Malpass.
Kenya’s Central Bank Drafts New Laws to Regulate Non-Bank Digital Loans
The Central Bank of Kenya (CBK) will regulate interest rates charged on mobile loans by digital lending platforms if amendments on the Central bank of Kenya Act pass to law. The amendments will require digital lenders to seek approval from CBK before launching new products or changing interest rates on loans among other charges, just like commercial banks.
“The principal objective of this bill is to amend the Central bank of Kenya Act to regulate the conduct of providers of digital financial products and services,” reads a notice on the bill. “CBK will have an obligation of ensuring that there is fair and non-discriminatory marketplace access to credit.”
According to Business Daily, the legislation will also enable the Central Bank to monitor non-performing loans, capping the limit at not twice the amount of the defaulted loan while protecting consumers from predatory lending by digital loan platforms.
Tighter Reins on Platforms for Mobile Loans
The legislation will boost efforts to protect customers, building upon a previous gazette notice that blocked lenders from blacklisting non-performing loans below Ksh 1000. The CBK also withdrew submissions of unregulated mobile loan platforms into Credit Reference Bureau. The withdrawal came after complaints of misuse over data in the Credit Information Sharing (CIS) System available for lenders.
Last year, Kenya had over 49 platforms providing mobile loans, taking advantage of regulation gaps to charge obscene rates as high as 150% a year. While most platforms allow borrowers to prepay within a month, creditors still pay the full amount plus interest.
Amendments in the CBK Act will help shield consumers from high-interest rates as well as offer transparency on terms of digital loans.
Scope Markets Kenya customers to have instant access to global financial markets
NAIROBI, Kenya, Jul 20 – Clients trading through the Scope Markets Kenya trading platform will get instant access to global financial markets and wider investment options.
This follows the launch of a new Scope Markets app, available on both the Google PlayStore and IOS Apple Store.
The Scope Markets app offers clients over 500 investment opportunities across global financial markets.
The Scope Markets app has a brand new user interface that is very user friendly, following feedback from customers.
The application offers real-time quotes; newsfeeds; research facilities, and a chat feature which enables a customer to make direct contact with the Customer Service Team during trading days (Monday to Friday).
The platform also offers an enhanced client interface including catering for those who trade at night.
The client will get instant access to several asset classes in the global financial markets including; Single Stocks CFDs (US, UK, EU) such as Facebook, Amazon, Apple, Netflix and Google, BP, Carrefour; Indices (Nasdaq, FTSE UK), Metals (Gold, Silver); Currencies (60+ Pairs), Commodities (Oil, Natural Gas).
The launch is part of Scope Markets Kenya strategy of enriching the customer experience while offering clients access to global trading opportunities.
Scope Markets Kenya CEO, Kevin Ng’ang’a observed, “the Sope Markets app is very easy to use especially when executing trades. Customers are at the heart of everything we do. We designed the Scope Markets app with the customer experience in mind as we seek to respond to feedback from our customers.”
He added that enhancing the client experience builds upon the robust trading platform, Meta Trader 5, unveiled in 2019, enabling Scope Markets Kenya to broaden the asset classes available on the trading platform.