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You are exactly right. Some cars sold for a lot less than previous auctions. But, a Superbird "recreation" sold for 551,000 and a late model Mustang FR500CJ sold for 412,000.
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The Mustang was a 1 of 2 prototype that has a very interesting history (still overpriced if you ask me). The Superbird was a charity car so it's basically a tax write-off for the buyer who gets his 3 minutes of TV fame.
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Barrett Jackson have become pure greed on their part...I saw several people get hurt on the No Reserve auction.
But then again, it was their choice to participate. Mecum is my choice for a fair priced "reserve auction". Anybody hear how Russo-Steele did this year? |
If it wouldn't have been for that one BJ regular bidding up and buying everything, it would have really been a soft auction. From the looks of things there they are really full of themselves - some staff wearing sunglasses,etc. :LOL:
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Not very well. I was there every day due to my superformance going across and at least 40-50% or the "featured cars" didn't hit their reserve to sell. CSX 2009 hit $1 Mil but it was not enough to sell. a 65 GT 350 got up to about $500K but didn't sell. (It would of been a record price for one I believe. There were quite a few Mustangs and Camaro's that didn't get even halfway to their reserve. A Factory Five race prepped car with $125K into it didn't get past $50K in Bidding. They are not posting results in real time like Barrett Jackson but I am guessing at least 20-25% down from last year
CSX 4910 |
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My Bad. You are right it was an R model
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Agree with you on Russo auctions. Everyone saw the Russo people talking to the owners to remove reserve. Some did and were not happy. Not once did the price go up after removing the reserve that I saw. Missed the Ferrari 308 for 21k but not the 7k tuneup that was needed. Prices way down and alot of cars not even close to reserve.
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It's just like the housing market (inflated), there have been too many rich guys,full of booze, paying over inflated amounts for these cars in past years. This year has produce a little reality....fewer rich guys , full of booze and paying slightly less... and so what's the deal?
There were a few bargains for certain really nice cars, but most were still way up there in the "collector range" and not good for normal folks that are spending their 401K's. Fun to attend and see the actual cars in person. Bill |
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I realize that car is 1 of 50 or so and that it is the pinnacle of Chevy "factory" cars. And I even used to have a '71 Camaro that I painted that same, beautiful deep forest green. But I also believe that particular color can hold the price of car down somewhat in a cooled off economy. If it had been black or red, would have gone for more $$$. I DVR'd the whole thing and continue to be appalled by the number of commercials. Sad... -Dean |
The Reggie Jackson 69 ZL1 was stated to be a rebody. I'm sure if it was not a rebody you would have seen a much higher price. These cars have traded upwards of 800k in the last year or two.
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Economic Darwinism appears to have trickled down to the auto collector realm. As a potential consignor you have to think twice about entering your car into a "no reserve" auction when there's a distinct possibility you will not recoup your "time and materials." The "dot com drunks" were long gone; folks appeared to be a little more astute about what they were buying. I thought the restored pick-up trucks had potential for a new niche, with growth potential. The GM collection was "interesting," the caveat there was how the titled the car; if you can't title and register the car for use on the street, what's the point? Salvage and scrap titles can be problematic, so unless its going to sit in a museum...buyer beware!
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Mike Joy made mention the following night that they received a lot of emails questioning Reggie's bidding and he explained that Reggie did not own the car. :rolleyes: |
Sellers bid on their own cars all the time, especially at a no reserve auction. They will either drive the price up or buy it back themselves and pay the commissions. Think about some guy who has $100,000 in a car and it stalls at $50,000. He can't let it go for that amount so he (or his buddy) jumps in and starts bidding.
Wayne |
I think one reason the prices were down as they werent the caliber of cars there usually are. Some of the cars that looked good on tv did not look that good close up. I think the highly restored cars stayed at home fearing the economic turndown and lower prices. I think overall the prices reflected the caliber of cars presented. IMHO
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If it wasn't for some serious pushing, Tony Stewarts race car sold on Sunday would have stalled at $100K...major drop from last years $300K. That really seemed to be my impression of the entire event...overall drop in prices which were reduced only by determined actions on the part of BJ's staff.
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2008 Ultima Can Am
I was there on Tuesday and had a lengthy conversation with the owner of an Ultima Can Am. He's from Michigan and likes to do some flipping of cars. This past summer he sold a Corvette, can't remember what year, plus added cash to buy an Ultima for $70,000. Shipping from the UK is included to closest port (NY), then, had paid $1100.00 for shipping to Michigan. $20,000 later, and with help from some friends, the car was completed. While breaking in the motor, a rod broke and he had to remove the back end of body and extract the motor to replace the rod, I think he said that set him back a few grand. He finally shipped the car to Barrett-Jackson via Fed Ex, at $1300.00 and was encouraged , by BJ, to put the car on the blocks for Friday evening to get the best price. So now, to have the privelege of selling his car there and during prime time, that set him back another $1600.00. He was in Arizona for 5 or 6 days, so add lodging and meals, let's say, $100 per day. He told me he was expecting to fetch about $140,000 for his car, sadly it only sold for $47.000. He had $90,000 into it just in the build, and once he paid the 8% seller's commission, well,... that poor guy will probably never set foot back in Scottsdale.:CRY::CRY:
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The 1965 Shelby Cobra 289 Mk 11 sold for $467,500.
http://www.sportscarmarket.com/aucti...x_01-16-09.pdf http://www.sportscarmarket.com/aucti...e_01-17-09.pdf Despite the gloom and doom of the economic soothsayers, preliminary indications are that collector cars are doing just fine. The above two auctions totaled $50M ($4.9M on one Ferrari 250 GT SWB). |
I note that the high bids on cars that did not sell at RM were included, but not so for the Gooding auction. Of the 2 Cobras at Gooding, CSX 2122 was bid to $350k and CSX 3287 got up to $625k, but neither was sufficient to buy the cars.
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