At BarrettJackson...

One sold in Monterey at acution about 1.2 Million.

 

The link to auction results on the B-J website gives the final price including the 8% buyer's premium.

Think about this, though; Barrett-Jackson gets 8% from the buyer, and another 8% from the seller! Do the math on all the cars running through here, especially the $3M Olds! No wonder the bidders all get free drinks!

 

Don't forget that not only does the buyer pay 8% on top of the sale the seller pays 10% of the sale. Sooooo...for the $3mill Olds Craig Jackson pocketed a cool $540,000. Not bad huh??? Not to mention valet parking at $20 a car, with lines so long you wouldn't believe it. Plus all the merchandise etc. All in all I think Craig is doing OKAY...don't you???
BTW: when the Olds went thru the auction yesterday it was pouring rain and the only dry warm place was the big tent, so almost everyone at the auction tried to get into this tent. So much so that the fire marshall came and shut off entrance to the place. So the place was jammed when that car hit 1 mill, 2 mill, 3 mill.....the place came unglued. I suspect that helped push the price up.

 

You'll notice that every car in the auction this year is listed with "No Reserve," which guarantees the premiums to the auction. I believe that the seller's premium is 10% w/ reserve and 8% w/out. I may be wrong, though. Either way, that's a lot of money. Figure in the sponsors, the vendors, the parking, the auction registration fee ($350 per bidder), and it all adds up to big $$$.

 

I agree the B-J prices are unreal, and that is the general consensus here, but somehow they dont seem to have any trouble finding both buyers and sellers.

 

Both of the 512 Boxers were bargains. The more expensive one looked descent and the edgy one would have made a fun project. When is the last time we saw a 512 for under 50,000 running under its own power. Last I checked, nice ones were changing hands in the 80k neighborhood. I dont really like the 512 cars that much, but I have to admit it would have been hard to leave the tent without them had I been there.
The yellow 355 spider looked to be a nice car for the money. Hated the wheels, but seemed on the money.
The thing that has me puzzled is, why would they allow the rough 512 to run through the sale in the first place? B-J earns their money on commisions and that car clearly wasnt going to bring big bucks. I heard the Speed guys comment about how many applications got denied the right to run through.
Maybe that car got the pick because there was low representation from the Ferrari world, with good reason as none save for the 308QV seemed to bring strong money. Big money or not, you have to have Ferraris on hand. Even ratty ones!
John

 

Also being on live television strokes the egos of the big buck buyers. Everyone likes to get their 15 minutes of fame in sometime during their life. Seeing some of these incredible sale prices for the hemis makes me long for the days when silver was $50 an ounce and Yahoo stock was over $400 a share. As long as the taxpayer doesn't get stuck with these buying indiscretions somehow, I say go for it. I also believe male baby boomers will never outlive their fascination they had with their Mattel Hot Wheels cars when they were growing up as a kid. Instead of placing their fantasy cars in a plastic tire collector case as a child, they now end up in their multi-car garage or warehouse as an adult...

 

Above is true.

 

i agree. I think those were were a plant to keep Ferrari prices down. I have a feeling that BJ likes the old muscle cars much better then old Itilain ones. One does wonder what would happen if a 250GTO went to the block. I wonder just how much money that car would bring at an auction such as this one. BJ prides itself on haveing the finest cars available to auction. Some how they totaly missed the boat with the Ferrari's. And 59k for a 308? Maybe our lowly little 308 are starting to be come the wanted machine? Humm I doubt it but you never know what somthing like that is going to do to some owners heads.

Funny how we can say a muscle car is not worth the money they are paying..but when a Ferrari goes for big bucks it seems right..wierd.

 

Crazy prices or not, BJ is the first auction of the year and tends to be the benchmark quoted by experts like Keith Martin's Sports Car Market.

I enjoy BJ and I have bought something there every year. Ferraris tend to be bargains because the auction is becoming a muscle car Mecca and very few exotics are offered there. The real Ferraris are seen at the RM auction held on the Friday of the BJ auction at the Phoenix Biltmore Hotel.
Their top sale was a Zagato bodied Aston Martin DB4 which went for over $2,450,000 plus commission. There were several Ferraris on offer including a 1953 250 Mille Miglia Berlinetta estimated at $1,500,000, a 1954 250 Europa estimated at $500,000 and several other significant Ferraris.

 

A bit less than the Olds Concept car but one I'd rather own.

 

Well, I just got back from the auctions in Phoenix. Where were all the Ferrari's and other exotics? Where were the other cars of significance? It was my first time to check things out at this event and I hate to say it but it was a disappointment. It really should be named “Muscle Car Mania”. I think 98% of the cars were of that variety. The only auction with variety was the RM auction at the Biltmore. Not to bad mouth muscle cars but I thought I would gag if I saw another Chevelle, Mustang or Camaro and people talking $50,000 plus for same. Or, I guy I talked to telling me he expected to get $200,000 for his Challenger RT (beautifully done by the way). I grew up with those cars and the 60’s and 70’s were not exactly know for their build quality / sophistication. Please, those of you who own these cars take no offense as none was meant. I guess I just don’t get it but that is why I am not in commodities. Sellers were hoping for a 5 year run on these cars. Maybe I’ll go back in 2010 and the tide will turn and my interest will peak again.

 

I find it funny that some consider Keith Martin an expert. The Sports Car Merket Letter was mostly Alfa when he first got started, and it was only about 15 years ago. There are people around that have been involved in sports cars longer than Keith Martin has been living. Some have probibly forgotten more about cars than Keith Martin will ever know.

 

What about the Chevelle that sold for $300,000? The entry fees to get in are outrageous too... $40 with a student I.D. Craig Jackson must be a happy man.

 

I bet so.

 

Begining of the Bubble?

 

I think more like an example of an era of reality television in which everyone is obsessed with real-life drama and real people being stars on tv.
BJ is just another reality tv show

 

Just like when Ferrari prices peaked eventually this bubble will burst and a lot a people will not understand why there Detroit iron will be worth what it weighs. I like power and muscle cars but spending six figures for a car that is one in several thousand is beyond me. I'm sure the commentators from SpeedTV are being well taken care of by BJ.

 

The 86 Modial Cab. is coming up soon, it will be interesting what is sells for.

 

thanks for the heads up, got it on now.

 

I think it will be hard pressed to see $20K or $25K.

 

http://www.barrett-jackson.com/events/scottsdale/vehicles/cardetail_list.asp?id=180274

Here's the link, maybe it's a one off with the custom body work.

j/k

 

hmm interesting, it should be next or two away.

 

Absolutely.

People who believe that B-J sets the stage on the value of a vehicle are only misleading themselves. Every kid on the block who has an old hemi in their garage is going to believe their car is worth 200k +. The hard reality is that they are worth nowhere near this.

B-J caters to the few folks with money to burn who would bid this amount for this vehicle or others like it. If a car goes for this amount at B-J it only proves that there are only about 2 people maybe 3 who think this vehicle is worth this amount. The high bidder and the second highest bidder or bidders. That is not representative of what the buying public would value these vehicles at.

B-J is really a showcase for folks who need their egos pumped and to show the world how much money they have to flaunt. Craig knows this and milks them for every penny he can. Can't say I blame him. If fools are out there willing to part with their megabucks, why not get a piece of it.

I had originally thought about going to B-J specifically to bid on the Ferrari GTB/4 conversion. It went a bit more than I had anticipated. Last year, I believe they had 2 GTB/4s on the block and they went for around 130k including buyers fee. At 162k for this GTB it will be hard for me to find a decent one for the 135k I was willing to give for one. Heck, I'll bet that Michael Sheehan probably bought the thing and it will appear on his website later this month for around 180 to 190k.

Now there are a few guys who wanted a specific model and would pay whatever they could to get it and didn't need thier egos stroked. Telephone bidders I would say fall into this category. But there weren't that many on the phone who ended up with a particular car. And I don't think I ever saw a Virtual bidder win one of the cars on the block.

Good thing I am not into the Muscle Cars. I drove them back in the 70s and had my fun with them then. No way would I spend the kind of money they went for at B-J just to relive a bit of yesteryear.