Tom, et.al:I know there are many folks who only became aware of the collector automobile auction stuff thanks to Barrett-Jackson on television, however many of these companies (including B-J) have been around since the 1960s.
I would disagree that 'auction fever' is limited to the last 3-5 years. Until a year ago, the highest-selling car at auction was a Duesenberg at Christie's in 1987. This has been topped twice by two Ferraris at RM's annual Maranello, Italy sale in 2008 and 2009 - that's right, just this past August, $12.7 million. Since a rather ugly painting just sold at Sotheby's for $33 million and you can't drive it, cars are dirt-cheap! 8-)
Having attended scads of sales all over the USA, I can say that in general much better quality cars show up and are relative values against the greater marketplace, so it is hardly outside the reach of the average car enthusiast - the old 'pay me now or pay me later' deal applies since generally you can buy a better car at a live auction. Plenty of private buyers participate as well as collector automobile dealers. Typical 'eBay' quality cars do not do well at collector car auctions.
The only bubble was that of production-grade muscle cars, which generally returned in 2008 to pre-bubble levels (ca. 2002). Front engine Ferrari V12s, Pre-War Grand Classics (i.e. mid-late 1930s CCCA cars) and brass stuff - especially London to Brighton eligible - are and have been on the rise over the last three years. There's no correction in sight on those sectors or others.
Quality stuff like low-mileage examples will always cross the lines of interest based first on the time-capsule-like originality exhibited by that car. Apart from my '40 Nash, I have no other AMCs - but I find it hard to pass up any 'antique' car with under 10k on the clock.
Chip Lamb Auction Analyst, Sports Car Market magazine (in its 21st year) At 02:30 AM 12/16/2009, you wrote:
My take on all that auction fever of the last 3, 4, 5, years is, it was part of the financial bubble, a symptom. There's always been auto auctions of the high end sort, but we didn't hear much about them for good reason, it's outside the interests and abilities of most car nuts, not only (but obviously) money, but what we do with cars too. There was lot of quickly made -- and lost -- money that peaked in 2008, and it's over now. All sorts of stuff got grossly over-inflated, a handful of $1M cars got everyone greedy and rabid and a dust devil of money and media spun it all up. It's hard to believe that soon enough, the really big money stuff will go back to relative obscurity and the rest of it will calm down to sensibility. I'd have no idea what to do with a super-low-mileage car! Drive it I guess! But all that old stuff is needing repair, old rubber, everything ready for a rebuild... ugh, I'll keep my worn-then-rebuilt oldies!
-- William "Chip" Lamb Richmond, VA - 804-357-4926 Freelance Automotive Journalist Representing http://www.classicmotorsports.net/ http://www.sportscarmarket.com/ http://www.vettemarket.com/ _______________________________________________ AMC-list mailing list AMC-list@xxxxxxxxxxxx http://list.amc-list.com/listinfo.cgi/amc-list-amc-list.com
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