The price performance of this Favre GTO replica, at least to those who do not count their wealth (or measure their debts) in Swiss francs, is not what it appears. On the surface it was bought in Gstaad in 1999 for the equivalent of $155,764. Sold here for $133,912 it would appear the value of the car, presented here in essentially the same condition as it was two years ago, declined by 14%. The seller, who paid a commission to Bonhams of probably 10% of the hammer bid, would appear to have taken a real hosing.

That's just not so, at least not to a Swiss owner who balances his checquebook in Swiss francs in both 1999 and 2001.

The GTO replica was bought for 220,000 Swiss francs in 1999. Today's buyer paid 219,950 Swiss francs. There was effectively no diminution in value at all. The seller did absorb the transactional losses (the 24,950 Swiss francs buyer's commission included in today's reported price and whatever seller's commission Bonhams charged him directly.) If the seller's commission was 10% of hammer, the transactional costs amounted to something on the order of 44,500 Swiss francs, about $27,100 at the 2001 exchange rate.

SFR 44,450 is not trivial - but at the current equivalent of $27,100 neither is it the $49,000 or so the same set of calculations show when they're performed on 1999-2001 US$ equivalents. This GTO Replica's transaction history doesn't exactly signal an ebullient market, but neither is does it signal some precipitous decline. It does illustrate a factor to be kept in mind when evaluating multi-currency transactions converted to a common currency at historical exchange rates and signals an opportunity for strong currency (i.e., US dollar) buyers in today's Euro (or Euro-following) markets.

Bonhams/Brooks 250 GTO Replica S/N 3839GT

Event	Price w/comm..	% Price Change	Net to Seller after 10% seller's comm.	Apparent Ownership Cost	2001 US$ Equivalent
Purchase 1999 SFR	220,000
Sale 2001 SFR	219,950	-0.022%	175,500	44,500	$27,100
Purchase 1999 US$	$155,764
Sale 2001 US$	$133,912	-14.029%	$106,849	$48,900	$48,900

There is more analysis of the effects of currency exchange rate fluctuations on collector car prices at www.rickcarey.com under the topic "Currency Exchange Rates".