Vehicle Appraisal

Prepared by:

Classic Gray
Member:

For: Marshall Steam Museum at Auburn Heights Preserve ~ 3000 Creek Road ~ Yorklyn, DE ~19736
Date: October 24, 2013 Of the following vehicle:

YEAR - 1932

MAKE- Packard MODEL- 905/Twin-Six BODY- Sport Phaeton, Dual Cowl

Reproduction shown for legibility

VIN 581 16

581 denotes Sport Phaeton, 16 = 16th produced.

NOTE: This is the Model #, either the Chassis or Engine # is typically used as the VIN; neither was supplied or visible.

BUILD DATE - 5/13/32, 1 of 311 Model 905s built. 549 total Twin-Sixes including Model 906 production. MILEAGE- 14,860 COLOR EXT. Yellow & Black ACTUAL - No, believed to exceed 100,000 COLOR INT. /Matl. Brown/Leather COLOR TOP/Matl. Black/Cloth

ENGINE/LOCATION- V-12, 445.5ci/ Front TRANS. 3 spd. Manual Synchromesh, floor CLOCK- Yes, Waltham

FUEL DELIVERY- 1 Stromberg Dual Downdraft Carburetor REAR/DRIVE Hotchkiss 4.69:1/RWD TACH- No

ADDTL. Luggage Rack & Trunk, Dual Covered Spares & Mirrors, Wind Wings BRAKES-Mechanical, vacuum assisted 4-wheel drum STEERING- Worm & Sector

SUSPENSION- F. Semi-elliptical leaf spring, R. Solid axle EXHAUST New Custom Stainless Steel WHEELS- Factory Wire, painted TIRES- 18/7.5 WWWs

NOTE: When viewed on a computer, this appraisal may be enlarged 300% to enhance detail.
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HISTORY/PROVENANCE- This Sport Phaeton was originally delivered to a Packard Dealership in Washington, D.C. Its believed there were approximately five owners before its acquisition by Tom Marshall in 1956. Prior owners included Smithsonian historian S. Hempstone Oliver, and Gordon F. Biehn of Hockessin, Delaware. Mr. Tom Marshall gifted this Packard to FAHP in 2007. RESTORATIVE WORK/MODIFICATIONS-Cosmetically restored in 1975-76, encompassing new paint, top, interior & an overall freshening up. Engine has been serviced regularly as needed but only a verbal record exists of an alleged rebuild by Packard in the early `50s. & to what extent is not known. EXTERIOR- The almost 40 yr. old respray shows very well w/ minor edge chipping & a few nicks here & there. All panels are solid, straight & dent-free w/ good gaps & fit. All trim/brightwork are Very Good/Good w/ only minimal bubbling on the light housings. The front bumper & luggage rack have the most noticeable finish loss. Wheels, tires, top & glass, are all Good. INTERIOR- The re-upholstering is Good/Fair showing wear w/ some noticeable cracking & stitching loss on the drivers side as would be expected. Carpets, door panels, dash back panel & top are Good/Very Good. The instrument cluster backing is Fair/Poor showing complete finish loss & all bezels initially appeared dull w/ pitting but w/ some rubbing produced a relatively smooth shiny surface. Faces & gauges are Good. UNDERCARRIAGE/ENGINE-Undercarriage appears as an old driver & seems to be emitting fluids from wherever possible. Some is normal for the vintage & much can be years of accumulation w/ driving splattering the entire chassis w/ grease etc. No significant problems evident, but a power wash & inspection as discussed are in order. Engine is relatively clean, but not detailed & no leaks/drips are evident. No rust is evident in either areas or on the car overall. MECHANICAL/ROAD TEST- Car started & was moved easily. All drivers keep detailed logs & car is maintained & driven on a fairly regular basis w/ no reported issues. SUMMARY/CONDITION- A vehicle fulfilling all the attributes of a #3- vehicle. See Condition Grading Guide Definitions on p5. Ten body styles were offered on the 905 chassis. The loss of factory records makes validating how many of these Count Alex de Sakhnoffsky, Sport Phaeton bodies were built, but many historians feel twelve cars, some say sixteen. Today, only six or seven remain, of which just five were built on the prestigious twelve cylinder chassis. Of these five, only two were crafted in 1932 w/ the 12 cylinder & considered completely authentic; this example is one of them. In the throes of the Great Depression what does Packard do, re-introduce their Cornelius Van Ranst designed, 2nd Gen V-12! & then, continue w/ the Twin-Six anachronism. It worked! This strategy increased Packards prestige & competitive edge on the Dietrich inspired coachwork & a legend was born w/ increased sales. A customer received all this for only a couple of hundred dollars more than Packards eight cylinder models. Of course maintenance then & now could be pricey. Upon delivery, each car came with a Certificate of Approval signed by a Packard engineer, attesting to a 250mile break-in run, after which all necessary adjustments were made. With a full detailing top to bottom this classic would be a solid #3/#3+ car. Presently, theres a dusty film over the entire car which diminishes its condition rating but certainly not its spectacular appeal. Its cosmetics will restrict it from the major Concours, but its extreme rarity, originality, provenance & authenticity will hold it in high esteem w/ collectors who are more & more, looking for the unquestionable attributes of this Twin-Six over the perfection of a poser.

MARKET VALUATION- Using a Market Approach** based on recent auction/dealer/personal sales & asking
prices combined with research into future trends, the Market Value* of this as a vehicle fulfilling the description of a typical, #3- condition would be in the $195,000.00 - $260,000.00 range. But, considering its exclusivity, higher prices are possible, although the savvy buyer knows full well that a full resto could easily approach the low price range above. NOTE: Although auction prices may be higher, they can be elevated due to seller, i.e. auction house incorporating all the various fees paid to them into the selling price.

INSURANCE VALUATION- I would recommend an Agreed Replacement Value of $285,000.00 be placed on

this vehicle w/ an anticipated Private Party sale yielding the price range outlined above.

Appraiser:

Date:

November 4, 2013

Classic Gray
[2.]

COMPARABLE PRIVATE PARTY VEHICLE VALUES

St. Johns

1932 Packard Twin Six Sport Phaeton-#581-15

To be auctioned on Saturday, July 27, 2013. Sold for $330,000
A #2+ former 1st in Class Pebble Beach in 1993 that sold for $462,000 in `07. Pricing has decreased since `08, but the market is rebounding for significant classics.

Book Values
NOTE: Values for a specific vehicle if listed in a Price Guide show a wide variance among publications which is the norm. Some guides use different numbering systems, do not differentiate between models or give pricing for certain options or have the same range from the lowest to highest conditions.

Old Cars Report #3 #2 $118,000 Pricing is very low.

Collector Car Market Review Value Report

CAAARGUIDE Condition Rating - S(Salvage parts) >10 (Excellent or a standard guide #1 vehicle)
#3- Range
Model #
581

Year Make, Model &Body Type

1932

Pass Wheelbase Engine

142.5" wb 3sp 445.5ci V12 2bbl 160hp

S
25530

2
85100

4
255300

6
340400

10
765900

PACKARD TWIN SIX (905) SPORT 5p PHAETON

510600

Based on even elevated auction results, these prices are a bit high considering the RM results above for a corresponding #7/#8 vehicle on this guide.

Classic Gray
[3.]

NADA typically 15%-20% higher pricing

1932 Packard 905 Twin

Sport Phaeton
Original MSRP Low Retail Average Retail High Retail

Base Price

$4,090 $4,090

$190,900 $190,900

$368,200 $368,200

$718,000 $718,000

TOTAL PRICE:

Average (means high #3) $279,550.-20% = $223,640. -15% = $237,618.

MARKET VALUE*- A justifiable expectation of an items USD value that would be realized in an open & fair retail market between knowledgeable parties who are not unduly influenced by coercion or enticements to buy or sell.

MARKET APPROACH**: The more similar and numerous the number of historical sales of comparable items within a given market, the narrower the range of values assigned, using the market approach to valuation. On occasion, outlier transactions might reflect a particularly motivated buyer or seller. The central tendency, however, is a steep bell curve, where most sales prices aggregate around fair market value. The market approach, in some ways, can be more objective, as it intends to capture what actual investors pay for businesses in many industries.

Classic Gray
[4.]

PURPOSE AND CONDITIONS /LIMITATIONS OF APPRAISAL

Classic Gray, a member in good standing of the PAAA acts in strict accordance with the Appraisal Foundation
Boards report - Professional Standards & Principles of Practice. Moreover, our appraisers fee structures are based on a single fixed sum - never on a percentage of the appraised items value.

This appraisal is made at the request of the party named above for his/her use. It is not an indication or certificate of title or ownership. It is further stated that the appraiser has no personal interest in the appraised item(s). The value(s) expressed herein is based on the appraiser's best judgment and opinion and is not a representation or warranty that the item(s) will realize that value if offered for sale at auction or otherwise. Stated values are given by item unless clearly stated as being per lot. Unless otherwise stated herein, value(s) expressed are based on the general expertise and qualification of the appraiser as to the appropriate market and valuation for the item(s) and purpose involved. Where particular detailed valuation information is relied on, it will be so stated in writing. Where an appraisal is based not only the item(s), but also on data or documentation supplied therewith, this appraisal shall so state by making reference thereto and, where appropriate, attaching copies herewith. The rendering of the professional service in connection with this appraisal assumes that there are no other obligations to provide further services or other liability unless clearly stated. In the event of a dispute the maximum liability of the appraiser is limited to the appraisal fee paid. Payment of the appraisal fee establishes that the recipient is aware of the foregoing qualifying statements and is in agreement with the foregoing.
Owner represents that all of Owners statements and claims with respect to item/vehicle are true and correct to the best of the Owners knowledge and belief and Owner has not withheld from disclosure any known or unknown material problems, flaws or discrepancies with regard to the item/vehicle. Condition Grading Definitions
#1 Excellent: A close to perfect original, or a vehicle restored to maximum standards. Generally a body-off restoration, but a well-done body-on restoration that has been fully detailed may qualify. The vehicle is stunning to look at and any flaws are trivial and not readily apparent. Everything appears and works as new. All equipment is original, NOS, or excellent quality reproductions. A High 90 s point vehicle at National level. Ms. Trailer Queen Seldom seen, and only driven in & out of the trailer to the Winners circle #2 Show/Fine: An extremely presentable vehicle showing very minimal wear, or a well-restored vehicle. Runs and drives smooth and tight, although driven minimally. Needs no mechanical or cosmetic work. All areas chassis generally included have been fully detailed. Beautiful to look at but below a #1 vehicle in a side-by-side comparison. Its a Show Winner at the regional level. As good as most vehicles get. #3 Very Good: Presentable inside and out with some signs of wear. May not be completely detailed but very clean. Body should be straight and solid with no apparent rust and absolutely no rust-through anywhere. Shiny, attractive paint but may have evidence of minor fading or checking or other imperfections. Runs and drives well. May need some minor mechanical or cosmetic work but is fully usable and enjoyable as is. A 20- footer winning most local shows. #4 Good/Fair: Runs and drives OK but needs work throughout the vehicle. Body shows signs of wear or previous restoration work. Any rust should be minimal and not in any structural areas. Cosmetics, body, and mechanics all need work to some degree. May even pass State Inspection. Your basic Driver #5 Restorable/Poor: In need of total restoration, but is complete and not a rust bucket beyond repair. May or may not run and drive. Probably not roadworthy. This is a Project car #6 Parts or Salvage: Incomplete vehicle, mostly useful for parts. Generally, take 40-50% of the #5 value. The proverbial Basket Case

GRAYSON HENRY 451 BETHLEHEM PIKE

www.ClassicGray.com

Cottage COLMAR, PENNSYLVANIA 18915

215-409-5747 ClassicGray@verizon.net

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All Photography by: GRAYSON HENRY Photography

Classic Gray
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Conditions: Indoor Garage, low light - 65