In thinking over the NOS Paramount debate, I was mulling over the whole issue of how one fixes the real 'value' (i.e. sale price or purchase price) of a vintage bike. Rarity? Allure? Mystique? Or a combination thereof?
Let's consider the Carlsbad Masi: The 'cradle' of many outstanding builders who went on from there to build their own frames (Brian Baylis, Curt, etc) and those who are now still engaged in the vintage restoration scene (such as Jim Cunningham.) That adds to their luster. The build quality and paint is of the highest order. Add another point. Design? Yet another point. Now mystique. Not only famous in vintage circles, but how many have not seen "BREAKING AWAY" and now own a Masi in Team Red or "Breaking Away" Red? Game, set and match.
Cinelli Laser and Colnago Oval CX: Very low production, very exotic design, and loaded (at least the Colnago) with panto'ed parts, ornate lugs, etc. The 'aero era' adds to the mystique. Price? Whatever the market will bear when they show up, which is very infrequently but usually in pristine condition since riding them is hardly a pleasure and most were bought and then carefully stored. (When I got my Oval CX, I doubt if it had 10 miles on it. When I rode it, I know why, not the most pleasurable ride on Earth. Lovely to look at and in pristine condition. It will get its exercise once or twice a year, but only on flat ground where I don't have to depend on the Kronos brakes.)
But now let's look at where rarity does not equate to enhanced value or price. I have a passle of classic Paramounts. I bought them all for what I feel were very realistic prices. All of them are restored to like new condition including correct components. All of them are 'riders' and are ridden. One of my favorites is the 1967. Unlike the 73 P-15, the 1961 and 1959 road, and the 1959 Track bike, which all use the Nervex Professional lugs (chrome), the white-painted 1967 uses the Prugnat lug set. While less ornate than the Nervex, the fit and finish on this bike, and the lug work is outstanding. I don't know if that is typical of the Prugnat Paramounts, but I am very pleased with it.
How many classic Paramounts were built with these lugs as contrasted to those with the Nervex lugs? Very, very few. (The Waterford site explains that they were not popular when they were introduced, so Schwinn went back to the Nervex head and seat lugs, using the Prugnat BB only.) However, while these bikes would then be the most rare of the classic Paramounts short of the "Keyhole" lugs used on the 38 through early 50s Paramounts, do they command a premium when they appear on the market?
No. Does that make sense? IMHO, no.
Okay, if you are a classic Paramount buff, why wouldn't you want a model that is different from the comparative 'hoard' of frames built from the late 50s through the mid 70s? Why wouldn't you pay a premium for the far-more difficult to find Prugnat lugged frame? Is it 'inferior?' Hardly? Is it rarer than its Nervex brethern? Sure. Do you have to pay more to get one? No, and either did I.
Go figure.
Just some thoughts as I catch my breath on the train on the way into the office after my moring ride on the 67.
Dave Novoselsky
Chicago, Illinois