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I reckon it must involve the regard in which the craft was held when it was new.
If people thought it was a beauty, and leader in it's class, a real gem, then as an old lady it must be a Classic.

The parrallel can be drawn with cars. An E-Type, a Mini Cooper S, a Lagonda with a hand-built cabrio body, an MGTD, A Triumph 1800 Roadster, a Rover 3 Litre. Many cars have a long history of being revered and sought after, or just plain held in esteem and are Classics now.

An A40 Farina, a Morris 1000, a Ford Cortina?

Certainly not Classics.

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Victorious was built.. down to a price..nailed together . as a workboat...With an expected lifespan of only a decade or two... one of many.... No "outstanding" workmanship....Very rough indeed if compared to an A40..... is she not a classic?