Was this just 2 guys who got drunk? [ATTACH]
But in all seriousness, why bid 100% over mkt value? Wasn't alloy. Rudge wheels don't command that much of a premium..
That car was the one standout from all the Arizona auctions. Otherwise, things seemed kind of "blah".
Couple more actually. https://www.azcentral.com/picture-gallery/entertainment/2024/01/29/10-most-expensive-cars-at-barrett-jackson-2024/72399559007/
Throwing out some old car mags and I Thought I’d post these 2004 ads to make us laugh Image Unavailable, Please Login Or maybe cry As some of you know I don’t believe in the classic car bubble. I believe in the soufflé. Hot air will escape again just as it has in the past.
Demand is still higher than supply 20/30/40 years ago. You are correct in that those numbers are not coming back. These cars are now given art valuations and are no longer seen as just well organized bundles of metal, rubber, glass, etc........
From my perspective the bubble sure seemed to burst at Broad Arrows Amelia if the estimates were right, especially on some of the classics that brought half or less than half of low estimate. I know that room is full of smart savey wealthy buyers, so are the cars questionable? Some of the cars did well according to estimates but it seemed most estimates were off? I'd like to hear from an expert. Thanks
Not very many of the Gooding cars made the low estimate. Luckily, Gooding had the largest number of "no reserve" cars I can remember for one of their auctions.
Dyke I think that when a consignor agrees to a No Reserve sale the auction house may allow an optimistic estimate?
I'm out of the loop, but it appears that there is more supply of vintage/classic cars today than in the past. Am I incorrect in this assumption?
375+: You may be correct. Estimates are negotiated between the auction house and the consigner. I do know that some auctions prefer to use low estimates as they believe the lower estimate generates more bidders, and the price goes up as a result.
I've always thought, right or wrong, other than highly sought after examples likely to generate serious (bidding or marketing) interest, most cars with "reserve" in most auctions, especially large scale ones, seem to come from their "regular" consignors, like auction houses own inventory "collections"/warehouses, partnership dealers, etc, while most "no reserve" consignments seem to come from those infrequently selling only a car or few and perhaps "shop" between houses for the "best deal" they can get and/or hoping to get a "reserve". I hear all the time (and have for decades) from individuals who tried to get their car(s) consigned and sold through an online or physical auction, only to get turned down if they try insisting on a "reserve" to be set.
Wow! Those are big numbers. Has the baton been passed? Are the Boomers and the Greatest Generation history? Sent from my iPhone using FerrariChat
Timo: I do not know anything about the B-J Gullwing except that it sold for an abnormally high amount.
Thanks for clarifying. So perhaps it can assumed it might’ve been one of those “smoke & mirrors” transactions we all have periodically witnessed (knowingly or not) over the decades, especially when it comes to these circus/TV show auctions.
Amelia, Broad Arrow auction had a 365 GTC 4 sell thru at $142,500. That sure seems low for what appeared to be a good example.
The reason Broad Arrow was flat was the Auctioneer (!) The very WORST I have ever witnessed. I was at both Gooding and theirs and the cars/ motorcycles brought really tall money @Gooding. Example: 2004 575M $280,000, 2011 599GTO $907k, 2000 550 $318,500
365 GTCs generally do not get much love it seems. Bid to $128K in March 2023 although this is a not so ideal example. https://bringatrailer.com/listing/1972-ferrari-365-gtc-4-3/
