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Barrett-Jackson

isellhondasisellhondas Issaquah WashingtonPosts: 17,349
edited April 15 in General
I've been watching the ongoing Barrett-Jackson auctions the past couple of nights and I'm just amazed at the prices some of these cars are bringing!

But I'm sure in many cases, the restoration costs far exceeded the prices bought.

A lot of these cars are over restored far beyond they way they left the factory.
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Comments

  • fintailfintail Posts: 32,907
    The car was also sold new in Seattle...as pretty much a rule, AC is uncommon (when optional) in Pacific NW cars until the 80s
  • Yes, one has to be careful in comparing some of the B-J cars to the ones in your neighbor's driveway. Also one has to be careful to believe that there is a real bid on some of the cars.

    But in some cases, the bids are just not smart, and the bidder would find it nearly impossible to re-sell the car privately for what he paid. I've seen some cars drop 30%.

    Of course, the PREMIUM cars with HIGH DEMAND are holding steady but that's the cream of the crop. The rest of the crop is going soft.

    Lots of European bidders by phone I'd bet. They're sick of old MGBs and little Alfas, they want to top-notch expensive stuff because they are shopping with Euros, so essentially they are only paying perhaps 70% of what you see the price listed at in USD.
  • texasestexases Posts: 5,424
    I watched some last night, and (for the hour I watched) none of the cars failed to meet reserve - that seems odd, or did they have a 'no reserve' night?
  • parmparm Posts: 723
    I've watched nearly every minute of the Barrett-Jackson coverage this week. I even sat through the brutally painful auction of the Monster Garage creations. Good Gawd! What a huge was of time.

    In any event, none of the cars have sold with a reserve. B-J has strictly been a no reserve auction for the last five years or so.
  • texasestexases Posts: 5,424
    B-J has strictly been a no reserve auction for the last five years or so.

    Thanks, that's good to know, makes it more interesting, rather than a bunch of fishing exercises.
  • isellhondasisellhondas Issaquah WashingtonPosts: 17,349
    I enjoy watching the "floor assistants" work the bidders. These people can make things happen. "Amy" is a real babe too!

    In addition to the prices paid, there is a 10% bidders fee to be considered too.

    And, some of those cars, I keep thining, "what if something breaks".

    A 1929 (I think) Nash went through last night. What in the world would a person do if somthing irreplacable were to break?

    Not like a 1955 Chevy where they reproduce everything.
  • texasestexases Posts: 5,424
    "what if something breaks"

    Well, that applies to lots of the pre-war stuff, there are shops that can make many of these parts from scratch - they are pretty lightly stressed. Not cheap, that's for sure. Also, there is some commonality in axles, engines, transmissions.
  • hymeshymes Posts: 4
    New here, fellows. I joined the site because I thought I would certainly need some help on a restoration of mine. Found it to be far more interesting than just that. Anyhow, I picked up a solid body 1973 Javelin 401, complete with roller cam and rockers, Holly 780 on a Torquer manifold, .080 overbore. T-10 4 speed. I've decided it's deserving of a major, as I bought it from a lifelong friend who needed money and has had the car from day one. The driveshaft busted, and broke the U-joint saddle at the differential. Anybody have any idea what AMC was using on this muscle car? I assume some Mopar piece, but this not an area I'm versed in. By the way, he has Camaro leafs on it, a direct bolt in. Figure. Thank you.
  • hymeshymes Posts: 4
    Uh, apparently I've already screwed up and posted this under an existing topic. Sorry.
  • You could post here!

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  • I enjoy watching the Barrett-Jackson Auctions,but the prices they are getting for the cars are killing the average guy who wants to buy something to fix up.All of a sudden that 3,500.00 camaro is now worth 10,000.00. I guess thats just the way it is.
  • isellhondasisellhondas Issaquah WashingtonPosts: 17,349
    And everyone thinks the old car they own is "almost" as nice as the ones that went through the auctions.
  • fintailfintail Posts: 32,907
    I love the ads that say "this car sold at B-J for 100K", where the rat the seller is trying to con someone into buying might be worth 3K...people don't understand the high dollar car received a 50K restoration and was bid on by drunken fools.
  • I have to shatter so many people's dreams in the appraisal business :cry:

    Sometimes (now and then) I'll see a family bickering over deceased Dad's old car which they think is worth $50,000, only to find out that it's worth $6,500.

    Talk about jaws hitting the floor. I just tell 'em "don't kill the messenger. That's what appraisers are for...we have no interest in the car, no mad passion for it, no desire or payoff attached--we just call 'em as the market directs us".

    Or a divorce where hubby sunk $35,000 in a car worth $8,000. Wivey wants half, which is only fair, but it's going to be half of the market value, not half of the restoration costs.

    B-J really distorts reality because we are viewing unusual merchandise sold under unusual circumstances----which is NOT the legal definition of fair market value.
  • fintailfintail Posts: 32,907
    I'd think it would be fun to shatter peoples unrealistic ideas, but then again I am a jerk ;)

    I've had people come up to me and tell me the fintail must be worth 50K, as they see a new MB costing this much. They are shocked when I tell them 5K would be a very fair price for it.
  • isellhondasisellhondas Issaquah WashingtonPosts: 17,349
    What do these buyers DO with these over restored trailer queens?

    Some of them are museum pieces and I can't imagine there are that many buyers with museums!

    Do they drive them on nice days on city streets with their irreplacable
    parts in harms way?

    One thing is apparant, there are people with a LOT of money to throw around!

    Did anyone see the 30' Miami Vice speedboat with 1150 horsepower that came with it's own custom Hummer and trailer?

    What in the hell would anyone do with such a thing yet it brought (I think) 600,000!

    A prototype UGLY 1963 Corvette went for over a million!

    Amazing....
  • parmparm Posts: 723
    Every year, at the end of the auction, when Craig Jackson is interviewed on Speed TV, he ALWAYS utters these words, "the market is strong" and goes on and on about how these cars are great investments. So, when Mike Joy interviewed Craig Jackson this evening, sure enough, he said it again, "the market is strong". But, unlike past years, he didn't go overboard about how B-J is the bell-weather of the market or that values are up, Up, UP!, etc. In the interview, C. Jackson chose his words rather carefully.

    PERHAPS for these extremely rare &/or well-preserved/restored iconic cars, there will always be enough millionaires around to buy them.

    Yes, the Miami Vice boat/trailer/Hummer sale was kind of nuts. But, the thing that gets me is the purchase of these non-vintage race cars. Where in the hell are you going to drive something like that? No where. Perhaps if you own a car dealership or a sports bar, you might buy something like that as a draw. But, for the price paid for these cars, you'd need to sell a heck of a lot of hot wings and beer.
  • parmparm Posts: 723
    http://www.barrett-jackson.com/application/search/carlist_Details.aspx?&In_LotNu- - mber=17

    Actually, one of my favorite cars at the B-J auction was this '67 Parklane convertible and it sold for only $16,000. Yes, I'm sure some will argue that $16K is ridiculously high for this car. But, where are you going to find another one - let alone SEE another one driving down the road? This car sold on Tuesday which is when grunts like me are in attendance. ;-)
  • andre1969andre1969 Posts: 21,589
    I dunno...$16K might be a little high, but it looks like the car is in really good shape. If its price is inflated, it's still a lot more reasonable than most of the other B-J stuff. Although I'd lose those awful rear skirts. And are those wire hubcaps authentic? I don't really care for them, but I guess they do suit that car. It's not supposed to be a sporty car, but more of a cushy cruiser.
  • parmparm Posts: 723
    Yup, I'd probably replace those wire wheel covers too. When I was a kid, we had a new '67 Colony Park station wagon which probably explains whey this convertible caught my eye. I clearly remember the hub caps on that car, which were very good looking as hubcaps go - sort of like what you'd see standard on a 64-64 Thunderbird.

    I'd probably leave the fender skirts on. Yeah, they may be somewhat hokey, but they lend a bit of panache IMHO.
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