A crowd has formed in front of the 1934 Duesenberg — no surprise considering talk show host and uber-classic car collector Jay Leno is giving the elegant convertible a close inspection. But when Leno wanders off to check out a nearby Delahaye, everyone else stays put.This is, after all, the annual Pebble Beach Concours d’Elegance, a place where the cars are the stars — and where a classic can command a price tag that might make even a celebrity like Leno blush.
If the Concours is any indication, the market for these rare cars has bounced back in a big way, as an auction held in conjunction with the show brought in a record take of nearly $65 million.
“The best classic car show in the world,” proclaims Leno, who’s a regular fixture at the event, which is held on a verdant expanse behind the Lodge at Pebble Beach on California's Monterey Peninsula.
As always, Leno served as one of the commentators for the event, though the lantern-jawed comedian frequently also enters a classic of his own from his vast and esoteric collection. And Leno is not alone among celebrities — fashionista Ralph Lauren and Porsche-crazed comedian Jerry Seinfeld also regularly enter cars from their collections.
The rest of the field are less likely to be known to the general public, though it takes deep pockets and serious commitment to land a car in the Concours. By various estimates, the 180 classic vehicles on display this year were collectively worth more than $250 million, and it’s not unusual to see an owner invest as much as $5 million into the restoration of a truly great vehicle with a chance to take the event’s coveted best-of-show honors.
But a win can readily “increase the value of a winner by at least a million dollars,” notes Jim McCraw, a long-time automotive journalist and a regular attendee of the show.
