There's a factor in play here that's not being considered, which is that we are valuing a charitable donation, not guessing what the bike would bring on eBay. As such, the donor is entitled to put the best possible price on the item giving every consideration to it's intrinsic value and historical significance. The IRS is free to dispute it in an audit. Indeed, the donor may be a sucker if he doesn't aggressively set his price to allow for the inevitable IRS discounting if he is audited.
So here we have the actual bike that was ridden to a top ten in the 1976 Olympics, directly starting a chain of events that eventually will result in Lance Armstrong winning his sixth Tour De France in 2005. (I think he loses one on the way.) Far fetched, you say? Well, consider the following.
Prior to '76, US international cycling success was limited to our women. And women were limited to the track, as they were not "sturdy enough" to endure the rigors of road racing. US racing budgets were peanuts, and racers were constantly living hand to mouth looking for help just to arrive at the starting line. Europe laughed at the "All American" boys, who seemingly could barely get around the course, they were so tired from cheap travel and having no money for training.
Then George Mount got into the decisive break at Montreal Olympics Road Race, duked it out with the best in the world and finished an excellent sixth.The tiny US bike racing world shook from top to bottom. Maybe there is some hope. Like a snowball rolling down hill, US racing begins to grow. Mike Neel finished in the top ten in the '76 or '77 mens pro road race. A frizzy haired kid named Lemond is inspired to win the junior Worlds. Jacques Boyer becomes the first US citizen to ride the Tour. The Lemond story picks up steam, with a win of a Rainbow Jersey in '83 and the Tour a few years later. Domestic racing is picking up. The US wins both road races in the '84 LA Olympics. 7-11 sponsors a predominately US pro team in Europe. Andy Hampsten wins the Giro. A brash Texan named Armstrong dares to dream of making a living as a bike racer. Before Mount in '76, nada. After, all this. How different it all might have been, if this Guerciotti in Velo Sport colors had skidded and crashed half a lap from the finish---.
Far fetched? I don't think so. I know several racing writers point to Mount's victory as a watershed event in the history of US road cycling. As such, $17-18,000 doesn't strike me as an outrageous value to put on this bike. Certainly a Guerciotti of this vintage, that actually rode in an olympic race with solid provenance should be valued at $3-$4,000 for donation purposes, even if it was rode by Joe Schmoeski of Doanunderstan. It might not bring that much on eBay, but we're talking the best possible price for a one of a kind item. Heck, you could eventually get $1,500 for the bike just as a rider with no provenance, if you waited for the right buyer. This acutal bike is a spiritual ancestor of Armstrong's Carbonfibre Trek, and has historical value far beyond it's user price.
Tom (Team Velo Snort) Adams (former tax and charitable org. lawyer) in Shrewsbury NJ
>From: "Jim Cunningham"
>To:
,
>Subject: RE: [CR]Historic bike value
>Date: Sun, 12 Jan 2003 14:27:47 -0800
>
>I'd like to provide a little more detail and perspective on my request
>for opinions of value on George Mount's 1976 Olympic bike and jerseys.
>
>First, I'd not mentioned and several have asked, who made the frame.
>Guerciotti, although quite different than the later ones. This frame
>for example has no "stars" or BB cut outs. It has only simple teardrop
>cut outs in the lugs and very clean workmanship.
>
>There have been comparisons to a Bianchi ridden by Coppi sold last year
>for $9,000 at auction. Pre auction estimates and Post auction "if only"
>projections were $30-50,000.
>
>The Coppi Bianchi was poorly restored and it's documentation was not as
>good. Provenance was third party, the seller actually... The Bianchi
>"restoration" if it can be called that, used numerous incorrect parts,
>the paint and graphics were not accurate. While there are photos of
>Coppi riding what is possibly this bike, it was not even Coppi's usual
>size. I don't think there was any specific claim that that bike was
>used in any landmark event. There were no jerseys or other accessories
>included.
>
>George's bike uses the correct parts, the actual parts used from the
>seat on down. The owner was wise enough to store parts he took off as he
>made changes to the bike. Although CyclArt does a lot of touch ups and
>"preservation clear coats" on original finishes, that was not an option
>in this case. Repainting was required to reverse a previous repaint.
>CyclArt used the same color and with original team issue decals. We
>replaced a few parts and the consumables as required. Note the single
>Gold chain ring bolt, a set of 5 of these was given to George at the
>Olympics. He gave one to each of the team members.
>
>Granted, George was certainly not the international star that Coppi was.
>On the other hand, there were many bikes used by Coppi and essentially
>identical bikes used by his teams. There is only one bike documented as
>THE bike that was used to bring the US it's best Olympic road race
>finish in 52 years and was ridden by the vanguard of US success in
>European racing. I was incorrect about George medaling, I misunderstood
>something said by the owner and should have known better. Still, George
>clearly was at the head of a chain that includes, Boyer, LeMond and
>Armstrong.
>
>Given all of the above, it seems very unfair to arrive at a value of
>less than one half the auction price of the Bianchi.
>
>I've been told that Europeans don't see value in old race bikes.
>Neither did they see value in old race cars. Ferrari crushed their race
>cars at the end of the each season until the late 1970's. Similar cars
>have sold for prices into the millions. RESTORED! Can they have been
>more wrong? Fine cars at auction bring more money restored than "as
>raced" and are rarely shown or sold in other that pristine condition.
>Why is it that some feel that bicycles lose all their "mojo" when damage
>is repaired and cars do not? I think this comes from the perception
>that bicycles are not "worth" restoring. Maybe we should crush old race
>bikes; I dont think so.
>
>Also I think many are adopting the "don't touch it" mindset due to the
>influence of Antiques Roadshow, but bicycles are certainly more like
>race cars than furniture.
>
>If George's bike is worth $2,500 as some suggest, that means a
>contemporary pro bike, available everywhere with no history whatever,
>with a usable life span a fraction of this bike and absolutely no soul
>is worth twice as much? Something is seriously wrong with our
>priorities here. Many of us would even prefer to ride a bike like
>George's than many contemporary bikes. Even as a useable piece of
>equipment the valuation seems low to me.
>
>Sorry I did not provide more in my initial post. I'd appreciate any
>further, or recalibrated opinions of value.
>
>This bike cannot be auctioned as it is donated to the US Hall of Fame
>and is there now. I think that is where it belongs.
>I encourage all who can to visit and support our Hall of Fame.
>
>For another look here's the link:
>
>http://www.cyclart.com/photos/Recent%20work/SmilingGeorge/
>
>Thanks,
>
>Jim Cunnningham ~ CyclArtist
>Vista, CA
>
>_______________________________________________
>Classicrendezvous mailing list
>Classicrendezvous@bikelist.org
>http://www.bikelist.org/mailman/listinfo/classicrendezvous
------------------------------------------ MSN 8: advanced junk mail protection and ------------------------------------------ 2 months FREE* ------------------------------------------
------------------------------------------
_______________________________________________
Classicrendezvous mailing list
Classicrendezvous@bikelist.org
http://www.bikelist.org/