Barrett-Jackson - Scottsdale 2010
I had a chance to attend the Barrett-Jackson Auto Auction in Scottsdale on Thursday and spend many hours watching the coverage on Speed TV. (That mostly explains why I haven't spent much time on the forum for the past several days.)
Although there were still dozens of cars that sold for $100K+ it was very clear the value of collectible cars has taken a hit just like the stock marker. Based on historic prices, some of the Hemi E-bodies and Superbirds looked cheap. |
I love watching the auction, and "someday" I want to attend it. I'm thinking about making the trip to Palm Springs in April.
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My wife and I are HUGE fans of BJ. We even watch the reruns.
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A fellow Auctioneer I work with once a week at a Manheim auction works out there as a ringman. He is a really good auctioneer but he is a way down the line for a turn to get on the block. I'd darn near give my right arm to sell out there, it's kinda like being in the world series for an auctioneer.
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The big difference however, is speed. At Manheim, things are moving fast! The buyer has to be ready. At BJ, the buyers seem to have forever to decide.
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I wonder how many sellers buy their own car?
Given that Barrett-Jackson runs a no-reserve auction I'd love to know what percentage of the "buyers" are people who simply repurchased their own vehicle because the price was too low?
I noticed on several occasions the person who made the winning bid didn't look happy. I kept wondering if it was the owner of the vehicle expressing his frustration that he just took a 20% hit and still needs to haul the car home. :confused: It also seemed odd that the Minter T-Birds all sold for $95 - $100K when identical looking T-Birds sold for $30 - $40K less. I know that Minter has a great reputation, but I still have a hard time believing their restoration warrants a $40K premium. (My suspicion grew when Craig Jackson cited the selling price of the Minter T-Birds as evidence that the collector car market is still strong.) |
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I went with my dad so we only spent half a day at the auction. Because we went on one of their slower days the ticket price was only $10/ticket and allowed us access from 5 p.m. to close. I also noticed that Barrett-Jackson is adding an auction in Orange County this year. At some point I'm thinking people are going to question why they're paying 20% commission for a vehicle transaction, but in the mean time it's interesting to follow. |
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