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There have always been modellers who have “caught the brass bug” and developed the collecting habit. However recently there has been something of a concerted effort on the part of the brass industry to encourage the growth of a different type of collector, one who sees brass trains as having artistic worth and merit beyond the craftsmanship and technology they embody.
But a brass locomotive has no more artistic merit than a vintage motor car.
Is Brass a Sound Investment ?
How justified is an investment in classic brass as a way of making a profit? Well, let’s look at a few examples from 1967 and 1977, noting that the following are retail prices, that new purchases in America are always discounted, (you should never pay the full retail price!), and like all investments, prices can go down as well as up:
brass was in its Japanese prime, tell us that £250 then would be nearly £2,000 today; and if we come a bit more recent, say to 1981, £250 then would now be worth £980, and £300 would equal £1,055. Of course, the US Dollar conversion rate means that comparisons need to be looked at carefully, but here are a few examples; first from 1975:
Model
1. PFM United ATSF 2-10-4;
2. GEM PRR N-1 2-10-2;
3. PFM SP AC12 4-8-8-2 Crown; $ 850,
4. PFM GN P-2 4-8-2 Crown;
5. PFM FRISCO Russian 2-10-0; 6. Alco Models C628 diesel;
7. Hallmark EMD SD-9 diesel; 8. Lambert PRR GG-1 electric;
$ 325, $ 145, $ 80, $ 98, $ 225
Then from 1981: Model
1981 Price
1975 Price
2018 Price
$ 395.
$ 250
$ 1,295. $ 695.
$ 225. $ 85. $ 85 $ 175
2018 Price
$ 425
$ 650 $ 2,100 $ 800 $ 950 $ 575 $ 90
$ 590
$ 250, $ 200
Model
1967 Selling Price in Model Railroader
1994 Valuation (Note *)
2018 Valuation (Note #)
LMB NYC H10b 2-8-2 Mikado RTR unpainted KMT
$64.50
$235-290
$250
PFM GN F8 2-8-0 factory-painted Tenshodo
$79.95
$250-350
$285
GEM N&W J 4-8-4 Northern unpainted Olympia
$99.95
$410-470
$275
BALBOA SP MT-3 4-8-2 Mountain unpainted KTM
$69.95
$320-380
$250
TRAINS Inc EMD TR-6 Cow & Calf Diesel unpainted KMT
$54.95
$125-150
$95
Model
1977 Selling Price from MR
1994 Valuation
2018 Valuation
WESTSIDE UP FEF-3 4-8-4 rerun unpainted KTM
$199.00
$260-280
S250
HALLMARK ATSF 2507 2-8-0 unpainted GOM
$179.00
$265
S175-250
NICKEL PLATE PRODUCTS (NPP) CB&Q K-2 4-6-0
$119.00
$130-180
$350 painted
PFM A&LM 4-6-0 1st run unpainted Fujiyama
$129.00
$260
$195
PFM NP Z-5 2-8-8-4 Fujiyama CROWN
$590.00
$1,900
(at auction)
$795-950 (Note ^)
Note * Taken from John Glabb’s 3rd Edition of The Brown Book.
Note # Taken from the current BrassTrains.com website. Note ^ The final 1985 run sells for $1,350.
Several features are immediately obvious: We shouldn’t make claims based on a single example, but Diesels generally are not good investments. Most models will appreciate over time, but will probably not keep pace with inflation. Older models often showed a reasonable appreciation in the medium term, but then fall back as more recent improvements or re-runs overtake them.
Here is another way of looking at this: The inflation figures published by the Bank of England for the period since 1975, when
So brass models, even Crowns, (about which more later), do not keep pace with inflation in the long term. Diesels made before the mid-1980’s are particularly poor investments. Only those models which are rare, unusual or unlikely to be reproduced again, or that are relatively expensive to start with, tend to hold their value. In this respect classic or vintage brass locos are not unlike motor cars.
There has been a steady and inexorable increase in the cost and quality of new brass models. New and improved production runs, especially from the 1980’s and into the ‘90’s and early 21st Century, have in many cases replaced the classic models of earlier vintage, with the consequences we have seen above. Today most new locomotives, both steam and diesel, will cost over $1,000 and even passenger cars and MoW items may cost over $500.
More next time when we shall cover:
• Where do brass models come from?;
• How have brass models evolved over time? • Reference sources
In the meantime there are some more photos overleaf.
Tom Watson
NMRA (British Region) Member Aid Officer February 2018
1. PFM PRR K4s 4-6-2
2. PFM UP FEF-1 Mod 4-8-4
3. CB VGN AE 2-10-10-2
4. LMB ERIE Triplex 2-8-8-8-2
5. PFM NP Z-5 2-8-8-4 Crown
6. PFM RG M75 4-8-2 Crown
7. Hallmark EMD GP-18 diesel
8. Oriental UP E2A+B+B diesel
S 495 $ 285 $ 539 $ 500 $ 650 $625 $110 $450
Here is a nice example of a very recent model, a Southern Pacific Steel Flanger, SP MW320, by Albrae Models in 2017.
April 2018 - ROUNDHOUSE 17