While the crushing forces of inflation are steadily robbing our pockets of buying power, some segments of the classic car market are experiencing the opposite force of deflation. Like a black hole, the value of vehicles in these segments is slowly being sucked away. Amazingly, full classics from the thirties are starting to stagnate or slide back in price when brought to market. Take for example this 1939 Lincoln Brunn bodied Victoria convertible for sale on eBay in Mocksville, North Carolina. This incredible car would have either gone to a high-end auction house or quietly changed hands behind the scenes two or three decades ago. Now it is sitting on eBay with a starting bid of $50,000 with zero bids and two days left in the auction. While that is not a “Buy It Now” price, it is a huge indicator that magnificent cars such as this are undeniably falling in price. What do you think it will eventually sell for? Will average collectors soon be able to afford such cars?
For those who aren’t up on your Lincoln history, the K-Series were the finest Lincolns ever produced. Built from 1931 through 1940, these Lincolns were built to compete with the upper-end classics of the day. They were considered the equals to the 12- and 16-cylinder Cadillacs of the era, Chrysler Imperials, higher-end Packards, and other such vehicles. These upper-crust cars sometimes came with bodies from the factory but were often sent to custom design houses for one-off bodies to be fitted. Powered by a 12-cylinder engine displacing 447 cubic inches at their largest, Lincolns of this era represented the best that the Ford Motor Company could offer at the time. Given that Ford was one of the largest automakers on the planet, that was no small boast. It is theorized that the company lost money on every single one of these handcrafted cars. It was about the company’s reputation though, not money.
One of the most popular coachbuilders for Lincolns of this caliber was Brunn and Company of Buffalo, New York. This relationship was fostered by Edsel Ford’s relationship with the firm. Edsel was a good and frequent customer of the firm for his personal vehicles and Brunn ended up in a relationship with Lincoln that benefitted both parties. Brunn would provide semi-custom bodies to be shipped to Detroit for final installation. While never outrageous, the classic lines of these Brunn-bodied vehicles epitomize understated elegance.
The 1939 Lincoln convertible is a perfect example of that subtle beauty. While most Victoria bodies are hardtops, the lines flow well over this long Lincoln. It is hard to make a two-door car look proportional over a 136-inch wheelbase, but Brunn managed to do so seamlessly. Unfortunately for enthusiasts of these custom-bodied cars, the end for such vehicles was just around the corner. Lincoln’s aerodynamic and much less expensive Zephyr debuted in 1939 and became an actual moneymaker for Lincoln. Vehicles that utilized custom bodies built on factory-supplied chassis were quickly becoming a thing of the past by the end of the 1930s. 1939 would be the last year that Lincoln would offer the K-Series to the general public, with the firm building the famous “Sunshine Special” presidential limousine for President Roosevelt on one of the last of these chassis in 1939. January 1940 marked the last delivery of a K-Series Lincoln.
According to the seller, this convertible was one of two made for the New York or Los Angeles auto shows. Sadly, they are not sure which auto show this car ended up at. We don’t know anything else about the history of these cars other than the seller’s mention of two different gentlemen owning the car afterward (Don Sears and Don Connolly). If anyone is familiar with these names, please let us know in the comments. At any rate, this appears to be a partially original car. The engine was rebuilt, a new paint job and pin striping were applied, and various refurbishment was done as needed. The ad does not mention a full frame off restoration being done, and even suggests that the top is original and hints that it will make a great pattern for a new one.
The additional comments that some of the glass has gotten cloudy adds to the suspicion that this car has lived a pampered life, but various evidence of aging has been handled on a case-by-case basis. Another interesting tidbit of information is that the interior was upholstered in vinyl. Given that this was surely one of the most expensive cars sold in 1939, it is almost impossible to believe that this is how it came from the factory. It would be nice to know some of the backstory on the car. If this was a car that someone without unlimited means drove and enjoyed while preserving it the best they could, then that is perfectly fine. If it is a car that received everything on the cheap, then that is another thing entirely. Pricing for vehicles of this caliber is quite reliant on the provenance of the vehicle.
Perhaps most intriguing is the opening bid of $50,000 and the complete lack of interest in this auction. While Lincoln K-Series cars have never brought the money that comparable Packards and Cadillacs seem to generate, these cars are full classics in every way. They are also highly respected in the upper end of this market. So why is this car not generating bids? One theory is that it is not a top-shelf example with a recent six-figure restoration in its recent past. Another more likely theory is that the value of these Lincolns has slipped below what those with means consider to be an acceptable risk/reward relationship when the costs of a full boat restoration are added to the purchase price. In other words, the cost to restore it to perfection added to the purchase cost is too far out of whack when you consider the car as an investment. Sadly, cars like this one are always considered an investment by the Pebble Beach crowd.
So what does that mean for those of us who don’t have Pebble Beach money? This car may be an indicator that these previously unattainable thirties full classics may be ebbing in value to a point where the average collector has a chance to purchase and enjoy cars such as this. I don’t think we will ever see Duesenbergs on the back row of used car lots again, but there are a whole lot of cars at your local Ford dealer that have sticker prices north of $50,000. When this car eventually sells, it won’t be for $50,000. However, it likely won’t bring the $176,000 that a similar 1938 example brought at Amelia Island in 2013 either. Somewhere in the middle is the sweet spot, but that number seems to be falling by the day.
Do you think cars like this 1939 will ever be “affordable?” What do you think this car is worth in today’s market? Please share your thoughts in the comments.
Sadly the people that were the caretakers of these cars are disappearing. These are not as important to today’s collector, just a hard fact. It is a beautiful car and the styling is almost timeless.
In my opinion, the folks who are really enthusiastic about pre-war cars have mostly passed from this mortal coil. Those cars were the eye candy my Father (b.1916) and his friend, Bill Harrah oohed and aahed about my whole childhood. I believe an emotional connection is needed for a middle class person to spend a years wages, and I know only a few of my own age group who qualify. I, personally would sell (whats left) of my mutual fund for this car. But not $150,000.
Yet, the Antique Automobile Club of America is still the largest collector group to raise a voice for the hobby.
Everyone has their own auto-nostalgia pending when they were growing up, usually the cars they either drove or were around. As each generation ages and eventually passes that means less interest, i.e. buyers available, and subsequently there is a slide in market value. Makes sense that pre-war autos are not as sought after, or as valuable, as say ten, twenty years ago. Same will be for fifties vehicles, than sixties, seventies and so on. Unless there’s a drastic change in interest from younger generations for these cars and trucks, I think it’s realistic to expect that inevitably these vehicles will be worth nowhere near their high-water mark dollar wise in years, decades, to come. Just my opinion.
I guess this all means that I’ll be dead or drooling in my wheelchair by the time my dream cars are finally affordable. Basic economics, supply and demand. What da fluff.
Some real deco beauties rolling by this week. I think the slide in interest is three stage. 1, yes the lovers of these have gone on to the big parking lot in the sky and the 2. These cars are not as drivable as the 55 and up units. They weren’t turned out in the numbers so generations cross. Parts are impossible, unlike a 57 chevy or pick one from this era. Finally 3, 55 and up have become world cars. By that I mean every corner of the earth wants, knows, or has a 50s through 80s American car. I think values will slide on pre war cars but others will hold or climb. Don’t worry you will never live long enough for a 10k Duesenburg or V16 Cadillac..lol
Simply said, too brutally true, Chris and the rest of you here.
The connoisseurs of true deco age classic cars and those of us that just like them for their cool factor are slowly ebbing away fiscally and mortally.
Sad, but there’s no tax on dreams-so far, anyway, so we HAVE to keep the dream alive as long as we can.
OMG, reupholstered in Vinyl?? That fact certainly tweeked my ever so sensitive concours judge nerves. That alone will hurt the selling in the pre-war collecting crowd. At least those that are still breathing. Oh, the humanity!
I’m guessing they found a few spare naugas. I know they’re becoming more and more rare as they are listed “endangered”.
Lots of good point made. Classics like this are now mainly museum pieces, not really suited for highway driving. Add to that the younger generations don’t appreciate the craftsmanship in a vehicle like this, really in most vehicles because a lot of them don’t even drive! They have lost the feelings of independence and freedom that driving used to bring, autos are mere appliances to them to be used and thrown away. It’s sad, really.
Brunn was also a major supplier to Buffalo-based Pierce-Arrow.
I don’t blame the era of car for not selling. From personal experience I’ve found that no collector/special interest cars are selling. I’ve been trying to sell 1948, 1972, 1977, and 2000 super cool cars, and can’t even give them away. People offer half price, and when I drop the price to half price, then they want to offer half of that.
I’ll take any old car you have from 1948! A Buick Roadmaster would be nice. :D
I would love to know what you have TomP. I recently scooped up a 78 Lincoln Continental and a 78 Ford F 350, both in pristine condition. Working on obtaining a 65. Just starting my collection but I will look at anything. TomG.
The old addage is a thing is only worth what a person pays for it.
You lost me when you blamed FDR for the depression. I guess that’s why he got elected three times. He was doing such a bad job. Ever hear of Herbert Hoover? Any way flagging your post for politics.
Exactly. Actually Ford retrofitted the FDR car in 1942 with a new front end clip to keep it modern.And I agree the original post is political
The first photo shows the beautiful lines of this car. I’d love to own it but the cost doesn’t stop at purchasing the car. One tire probably costs more than the 4 of my daily driver. The maintenance of that engine takes a special person and more $$$. It’s kind of like owning a race horse. And this horse wouldn’t even fit in my garage. I used to attend a local car show where an elderly woman would always show up with a very tired Packard. I used to wonder why she didn’t fix it up until I was older and realized what it costs to keep a classic rolling and looking pretty.
LS swap, tub the back end, and some flames. Turn it into a hot rod Lincoln.
I saw that comment coming, I just wonder why it took someone so long to post.
Just goes to show that there are 5 people at this time that shouldn’t even be looking at beautiful cars like this very rare Lincoln and thinking that it would make a great hot rod. There are enough scrapped cars that would make wonderful hot rods so I don’t have a problem with that. I once gave a 1933/4 Chev coupe to a hot rodder friend and my fellow vintage car club members were aghast at what I had done, but when I reminded them that the body had been offered for sale in the club magazine for over 6 months NOBODY came forward to buy it! The guy took 3 years to do such a magnificent build that when it was completed I invited him to our club day and everybody was amazed at the finished article and were glad that it had been saved from the scrapyard!
I’m hoping it was tongue in cheek sarcasm………
Shut up.
Every generation takes special notice of the cars in their time, and often will re-discover these items as they age. The twenties and thirties cars had quite a following, but the interest and the interested are dying off. What is left of these cars belong in museums.
Few have the wherewithal anymore to have something like this on-hand.
Currently, with mortgage rates and “starter” homes at 350K in Cincinnati, there isn’t a lot left over if you have kids and all the other sundry expenses of life.
I’m also convinced at sixty-five years old, that our grown children, as hard as they work and save, that few will enjoy all the things we took for granted just forty years ago.
All that and how many mechanics will tackle a major issue with a V-12 in your neighborhood?
Agree 100%! Not only the purchase price, but the ongoing maintenance costs. I’m amazed at how many people today can’t find mechanics to work on their vintage vehicles. I have a good friend who owns his own body shop. He only works on hot rods or vintage cars. He’s SWAMPED with work.
Informative and well-written description of this car and era.
A beauty of a car, no question of that. I do wonder about all ICE car values over the next ten to twenty years when they begin to be replaced by EVs,etc. Will they be looked at like we look at a Model T these days? I drove a T for about eight years on and off about twenty years ago now and I could drive it on four lane highways much to the amusement of passersby. Its brakes were terrible and it could only do about forty mph easily but as a special interest vehicle to be used on holidays, etc., it was okay. Will this Lincoln end up in such a category soon? Hope not.
Lots of good opinions! There will always be interests, and no they don’t belong in museums either. These cars were meant to be driven. I drive all of my pre 1915 brass cars. Not just to shows, but tours. Sometimes a few hundred miles in a week of touring. And then to the grocery store just to see kids eyes open up and the smiles. Hey, how would you like to be say, 80 years old, and somebody sais to you that hey mister, you belong in a museum! Or even seventy, or sixty! God forbid that prewarcars all end up in museums. I hope to see this one on the road!
At every car show, and cruise-in, there is someone who has to warn of the impending crash of the muscle car market. What they dont understand, is that’s not why we own these cars. I love my 69 AMX, and I dont give a rat’s a** about its value. That is for the high rollers at the Barrett-Jackson auctions to worry about. If I lose every penny I invest in my car, I dont care. I am having the time of my life, driving my dream car. That is priceless.
Yes, mundane pickup trucks are rolling out of Detroit for $50k plus. But go down to your local bank, and try and get a loan on a ’39 Lincoln! With the way the economy is going? Cars like this will still be the play toys of the rich. The kids don’t even know what they are. The 30 somethings are looking for Asian JDM’s. The 40ish crowd is wondering how to pay for the kids “social justice” college degrees. And many of us older ones are trying to figure out if we can outlast our retirement!
I met Don Sears in the mid-1980s at his home in Omaha.. He was an avid collector with nothing but top-notch cars that he could easily afford.
I’ve also dealt with Shawn Miller at Significant Cars. He’s a collector in his own right who does consignments. I went through him to sell a Pierce-Arrow that ended up in Australia.
No doubt there are fewer of us who care about the true classics, regardless of the era. If prices decline enough, maybe buying decisions will be driven by collectors and not speculators. I’ll be dirt-napping by then but the cars will still be around.
How any way you look at it parts will continue to grow both fewer and more expensive. Also mechanics skilled in the these types of cars are far and fewer available. I really don’t see the younger generation lining up to get into this niche business. Only the Uber rich will be involved, just like expensive art and antiquities, that’s the sad truth that lies ahead for us
Lots of insightful comments about our car hobby posted here today. It really has changed significantly over the past twenty years. Younger generations are already changing the hobby. You can see this at more and more car shows. Sixty plus years ago when I acquired my first collector car, there was very little emphasis on cars being an investment. That started changing in the late’90s and got worse during this century. I decided quite some time ago to just enjoy my collector cars and not stress about value. Lots more fun that way. Someone will buy this car because they like it. If people are looking at these old machines as investments than good luck with that. Also as was stated in earlier post it really is getting much harder to find mechanics that will work on the old stuff.
It’s a beautiful car. There is a demographic factor in play, for the collector car market.
The baby boom generation (1946-’64) is starting to die off, and as we do there will be many old cars being sold by widows and children.
As another commentor mentioned, the market for pre-WW2 vehicles such as this Lincoln are already being affected.
Over here in the UK, prewar car values are diving, and I can scarcely get anyone to work on something as simple as my 74 Land Rover without messing it up, never mind anything like this Lincoln.
And as for my 63 Rambler, forget getting mechs to fix that. If it weren’t for the AMC forum I’d be lost, plus of course there is no online resource for most prewar cars.
When I need a mechanic, I have to find him by looking in the mirror and at 72yo he’s not so keen to get out and get under as he once was.
I wonder if the lack of bids might say more about the presentation of the car in the ad than the market for these cars. For the money they are hoping to get for the car you’d think they’d push it out and take better pictures of it. The description of it’s current condition is a bit thin as well.
I really like this Lincoln I would buy it if I could afford it. It’s getting harder to find mechanics to work on these cars. Are you kidding me the cars of this era were very easy to work on. I wouldn’t have a problem keeping it going. I always did all my own work. My cars were always driver quality and I drove them all the time. I surely hope that someone that has the knowledge to keep it running buys it and enjoys driving it often. It needs to be driven as Mr Ford intended. GLWTA