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In the opening scene of The League of Gentlemen, a 1960 British crime drama, a manhole opens in the dead of the night and from it emerges the protagonist, Jack Hawkins. Straightening his dinner suit and bowtie, he quickly walks across the deserted street to a Rolls-Royce 20/25 and drives away. For the next minute-and-a-half, the camera stays on the shiny black car as the credits roll to suspenseful music.
The Rolls-Royce 20/25, which also features prominently in the British comedy, Father Came Too! (1963), and the action-horror, The Brides of Fu Manchu (1966), was built from 1929 to 1936 — the period between the two World Wars. So successful was it that it helped Rolls-Royce survive the decade-long Great Depression, which coincidentally began the year this model was introduced.
In all 3,827 cars were manufactured, one of which, a 1934 Rolls-Royce 20/25 limousine built by Thrupp & Maberly, the coach makers to Queen Victoria, will come up for bidding at AstaGuru’s fifth vintage car auction in the third week of November, to be conducted online.
Porsche 911 - 996.2, 2003 (coupe, petrol)
Engine type: 6 cyl
Engine capacity: 3600cc
Transmission: 6 speed, floor shift
Well-designed and easier to maintain, from vintage vehicle standards, a majority of these cars are reported to be still in use globally. In India, though, whoever buys it will not be able to drive it around routinely.
The law of the land does not permit vintage cars to be driven for regular or commercial purposes. These head turners are allowed on the road only for exhibition, maintenance, refuelling, or for one-off rallies that require permission. Their owners cannot park them in public.
None of this stops the enthusiasts from participating in private sales and auctions, held largely online by organisations such as AstaGuru, Heritage Auctions, and Big Boy Toyz.
It is a niche segment, and forms a fraction of the global classic car market, which Statista projects will touch about $43.4 billion this year. Europe and North America dominate the scene.
Standard Herald, 1971 (coupe, petrol)
Engine type: 4 cyl
Engine capacity: 948cc
Transmission: 4 speed, floor shift
Stamp of approval
Classic cars are counted as passion buys, alongside luxury watches, art, jewellery, bespoke handbags, wine, rare whisky, and so on.
Knight Frank’s “The Wealth Report 2024” finds that in India, ultra-high-net-worth individuals (UHNWIs) spend 17 per cent of their investment on these categories. Luxury watches get the lion’s share, followed by art, jewellery and classic cars. Globally, classic cars come third in the pecking order, behind art and watches.
Those in the vintage car business in India are confident that the pool of collectors will increase. That is not just because, of all countries, India will see the highest increase in the number of UHNWIs (Knight Frank report), who are defined as those with a net worth of at least $30 million. It is also because the law has finally given a stamp of approval to vintage cars.
In 2021, the Ministry of Road Transport and Highways amended the Central Motor Vehicles Rules 1989, formalising the registration process of vintage vehicles. The rules allowed all two- and four-wheelers aged more than 50 years to be registered as vintage motor vehicles, provided they had been maintained in their original form and had not undergone substantial overhaul.
Rolls-Royce Silver Wraith 1947 (saloon, petrol)
Engine type: 4 cyl
Engine capacity: 3000cc
Transmission: Manual
Sold for Rs 17,057,922 in 2018 (highest recorded bid at AstaGuru)
Auction houses are broadening the range of cars they are putting up. AstaGuru’s November auction of 15-plus vehicles will, for instance, showcase not just vintage (dating 1901 to 1949), but also classic (1950-1985), and modern classic (1986-2005) cars.
Besides the 1934 Rolls-Royce 20/25 and a 1948 Jaguar Mark IV black sedan will be the modest 1957 Fiat Elegant and a 1971 Standard Herald white and red coupe. In the modern classic category will be a limited-edition 2003 Porsche 911, which the German automobile manufacturer had launched on the 911’s 40th anniversary.
“It is the only one of its kind in India,” says Muzammil Kazi, AstaGuru’s vintage and classic car specialist, who is also a collector.
Porsche had brought out 1,963 units of this model to commemorate 911’s birth in 1963. In its original avatar, the special-edition model bore the slogan “40 Jahre” (40 fast years) and its body was silver. The owner (name undisclosed) personalised it — as many vintage car owners do — and gave it a different set of wheels plus a blue exterior.
Range of aficionados
One would imagine that it is mainly men of a certain age group who dominate the vintage car market. Kazi, however, says the demographic profile of the bidders varies depending on the type of cars.
“For vintage and classic cars, the majority of collectors tend to be between 45 and 85 years,” he says.
For classic and modern classic cars, Kazi sees bidders typically falling between 18 and 65 years, showcasing the broad appeal of these vehicles. “In terms of gender, though the majority of our bidders are male, with about 70 per cent participation, we are also seeing growing interest from female collectors, who now make up approximately 30 per cent of our audience,” he adds.
Only serious bidders are entertained, and whether it is AstaGuru, Heritage Auctions, or Big Boy Toyz, each has a way of keeping the frivolous ones out.
“All first-time bidders are required to make a security deposit, which amounts to 10 per cent of their intended bidding limit,” says Kazi. For instance, if a bidder is interested in a car valued at Rs 1 crore, they would need to place a deposit of Rs 10 lakh. The deposit structure is designed to provide confidence to both buyers and sellers.
There is also the taxation aspect. “Vintage vehicle owners may face capital gains tax if they decide to sell their classic automobile for a profit,” says Rajarshi Dasgupta, executive director, Tax, AQUILAW, a Delhi-based law firm. Some states, he adds, offer tax incentives or reduced rates to vintage vehicle owners who obtain heritage status for their automobiles.
This recognition is given to vehicles of exceptional historical or cultural significance — which usually are good enough to adorn a movie screen for a minute-and-a-half while suspenseful music plays.
