Car Auction $$$$ Way Off?

[terry lee]

WELL GUYS AND GALS TOO, I JUST WANTED TO SHARE THIS INFO WIYH YOU.

Yesterday I spent the day at the RM Classic Car Auction in Boca Raton Florida. After watching the Barrett Jackson auction last month I was anxious to see first hand what the cars are bringing today. The bottom line in my opinion is that the resale market is off by 20 - 25% of what it was.

Cases in point:
1. A '98 alum. Kirkham painted red w/hite stripes w/ the Kirkhams own 427 side oiler and 4 speed top loader had a reserve of $90K, it brought a top bid of $55K - not a whole lot of interest - did not sell.

2. A Contemporary Cobra ('98 I believe) was auctioned as having a 428 Cobra Jet engine and sold at $33K.

On the other hand:
I was told that on Saturday an original 427 race setup Cobra with impressive racing history (incl. Bob Bondurant and Dan Gurney) went for $525K. (I took pix of car and will try to post later. I haven't done that yet, so bear with me.) All the Shelby Mustangs went thru on Saturday and sold. I don't know the amounts. I saw a real nice '65 GT350R (totally restored), a'66 GT350 street car, '2 - '67 GT350's - one red w/white stripes, and one lime green and white stripes. All really nice restorations.

Several other Fords of interest:
'69 Boss 302 Race car (Orange and black) did not sell
'69 Mustang rag top red white interior, auto, with a 429 NASCAR motor (biggest valve covers I have ever seen) sold at $33K(?)
'66 GT350 rag top (original Shelby) painted some shade of light lime green (odd color) sold: price ??? real nice car though.

There were many other cars that ran thru, but I would say that on the whole, for the entire 3 day auction; if they sold 50-60% of the cars that were run thru, it would be alot. I am only guessing by what I saw run thru on Sunday, and the cars that were run thru earlier and still available as of late Sunday.
My take: it's a buyers market now. If you don't need to sell, sit tight and fasten your seat belt for awhile.

I hope this is of some interest.
TL