Barrett-Jackson Records Strong Sales

[DarrenX33]

Barrett-Jackson Records Strong Sales, Exceeds Expectations at 2009 Scottsdale Auction

SCOTTSDALE, Ariz., Jan 20, 2009 (BUSINESS WIRE) -- The Barrett-Jackson Auction Company exceeded industry-wide expectations by recording more than $63 million in sales last week during the 38th annual Scottsdale auction. From Jan. 11-18, 2009, the all No Reserve auction featured an eclectic offering, including a 1929 Ford 4-AT-E Tri-Motor airplane that sold for $1.21 million and the "first production" 1955 Ford Thunderbird that fetched $660,000. Despite an uncertain economy, numerous Barrett-Jackson records were set, including $220,000 for a 1959 Chevrolet Corvette convertible, $250,000 for a 50th Anniversary Hurst Performance 2008 Dodge Viper and $137,500 for a 1970 Ford Mustang Boss 302 fastback.
Hailed as "The World's Greatest Collector Car Auctions(TM)," the 2009 Scottsdale event featured over 1,100 collector vehicles and 40 hours of live, high-definition TV coverage on SPEED. For the third consecutive year, more than 200,000 people attended the Scottsdale auction.
"The car collector community enjoyed another stellar Scottsdale event at Barrett-Jackson," said Craig Jackson, Chairman/CEO of Barrett-Jackson. "It was truly a celebration of our hobby and its resiliency. Sales were solid from start to finish and exceeded expectations. Barrett-Jackson was an oasis for hundreds of thousands of people looking to escape the economic headlines and enjoy some amazing cars in beautiful weather."
The rare Tri-Motor aircraft, one of only a handful known to be in existence today and extensively restored by aviation expert, Bob Woods, has led a storybook existence, including being shot during the World War II attack at Pearl Harbor. The Thunderbird that was sold is also overflowing with provenance, as it is documented by Ford Motor Company as No. 1 and represents the birth of Ford's sports car program.
In addition to the top sellers, Barrett-Jackson offered a healthy collection of entry level to mid range cars. With nearly 70 percent of all purchases made by new buyers, these vehicles served as the nucleus of the 2009 event. The diverse docket also catered to buyers planning to spend conservatively in today's economy.
"Our customers asked us to offer more mid range vehicles this year," noted Steve Davis, president of Barrett-Jackson. "And the solid sales performance demonstrates the wisdom of our approach. While the Tri-Motor and Thunderbird were highlights of the week, collectors really responded to cars in the $50,000 to $150,000 price range. We're cognizant of the current economic conditions and made sure to offer something for everyone."
Barrett-Jackson joined forces with General Motors to offer a select group of vehicles from the GM Heritage Fleet, which was embraced by the company's diverse clientele. "The General Motors Offering represented an opportunity for collectors to own a piece of GM history," continued Davis. "An example was the show-stopping 'Blackhawk' concept that went for more than $500,000. Many of the vehicles from the GM Offering exceeded our original estimates, validating this once-in-a-lifetime opportunity."
Barrett-Jackson continued to elevate into a passion-filled lifestyle experience, including celebrities in attendance and more than 350 exhibitors, ranging from luxury to mainstream products and services. The passion and enthusiasm for the car collecting hobby and the lifestyle it represents remains healthy, despite the current economy. Additionally, Barrett-Jackson helped raise more than $4.4 million for various charitable organizations during the 2009 Scottsdale auction with the help of Richard Petty, Rusty Wallace, Goose Gossage, Bill Goldberg, Reggie Jackson and Robert Yates, among others.
"The Scottsdale auction was a success on many levels," added Jackson. "People are already asking for bidder and consignment applications for our Palm Beach event in April. Everyone involved in this fantastic week would agree that the collector car hobby continues to be healthy."
The top 10 cars sold in Scottsdale include:
-- 1929 Ford 4-AT-E Tri-Motor airplane - $1.21 million (Lot #1307)
-- 1955 Ford Thunderbird convertible "Production No. 1" - $660,000 (Lot #1295)
-- 1996 Buick Custom "Blackhawk" - $522,500 (Lot #1303)
-- 1970 Plymouth Superbird custom tribute - $501,100 (Lot #1289)
-- 2006 Chevrolet Monte Carlo NASCAR "Jeff Gordon's" - $500,000 (Lot #1274)
-- 2005 Saleen S7 Twin-Turbo 2-door coupe - $412,500 (Lot #1305)
-- 2009 Ford Mustang FR500CJ Cobra Jet prototype - $375,000 (Lot #1333.1)
-- 2010 Chevrolet Camaro "First Retail Production" - $350,000 (Lot #1316)
-- 1969 Chevrolet Camaro ZL-1 COPO coupe - $319,000 (Lot #1277.1)
-- 1969 Chevrolet Camaro Yenko COPO coupe - $297,000 (Lot #1278)
With strong sales last week in Scottsdale and a successful inaugural Las Vegas auction last October, Barrett-Jackson has recorded over $90 million in sales over the last four months. The company is taking consignments for Palm Beach as it carries forward the momentum of the car collecting passion exhibited by its performance in Las Vegas and Scottsdale. The 7th Annual Barrett-Jackson Collector Car Auction in Palm Beach, Fla., will be held April 9-11, 2009.

[x Baldwin Motion]

I thought the "First" 55 tBird was #005 and afterward it was discussed that #004 exists?

[StealthBird]

And I can see Craig Jackson now commenting on the 2009 sales figures..."Nothing to see here folks, move along...."



The collector market is still healthy?

Barrett-Jackson Sales Totals
----------------------------
2007 Sales $112 mil
2008 Sales $88 mil
2009 Sales $63 mil

And that low $63 mil figure was boosted by a $1.1 mil Tri-Motor airplane (not even on the grounds), and a record 14 charity cars, which always have greatly inflated prices.

One thing that's obvious, the high end cars have fallen dramatically. Dozens of Hemi cars sold for under $100K, where 3 years ago, nearly EVERY Hemi car at B-J sold for over $150K (even crate motored customs), and back in 2006, many sold for $500K+. But the mid-level cars were still strong this year, as was stated in the closing comments by the commentators. The base model SS396 Chevelles, SS396 Camaros, 442's, GTO's, were as strong if not stronger than last year. Price adjustments I guess, seeing as how the economy isn't too great right now. It seems like the higher end cars came down, and the lower end cars went up.

[farone]

Would you expect them to claim anything else ???? There hasn't been much other truth with the horse and pony show....

[Johnny Horsepower]

[ QUOTE ]
Barrett-Jackson Sales Totals
----------------------------
2007 Sales $112 mil
2008 Sales $88 mil
2009 Sales $63 mil

And that low $63 mil figure was boosted by a $1.1 mil Tri-Motor airplane (not even on the grounds), and a record 14 charity cars, which always have greatly inflated prices.

One thing that's obvious, the high end cars have fallen dramatically. Dozens of Hemi cars sold for under $100K, where 3 years ago, nearly EVERY Hemi car at B-J sold for over $150K (even crate motored customs), and back in 2006, many sold for $500K+. But the mid-level cars were still strong this year, as was stated in the closing comments by the commentators. The base model SS396 Chevelles, SS396 Camaros, 442's, GTO's, were as strong if not stronger than last year. Price adjustments I guess, seeing as how the economy isn't too great right now. It seems like the higher end cars came down, and the lower end cars went up.

[/ QUOTE ]

While being a numbers guy, I typically say that they don;t lie. However in this case you must include an important factor. First let me say, it is obvious the market is soft................take a look around the world............things are a little screwy.

That being said, the total numbers look worse than they are because of the no reserve factor. When the market is good people will risk it, when the market is bad they stay at home or go to a reserve auction.
If you changed all these cars to 07 prices, it would still be a lot less because there just was not many nice cars.
I have been going for a decade and can tell you, i struggled to find more than a handful the whole weekend that I was even curious to watch. Years past there were a handfull every 2 hours.

My $.02

John

[StealthBird]

John, agreed!

Like you said, the reason you didn't see too many "nice" cars may because it was a no reserve auction. But the nice cars that did go through (maybe the owners had to sell) were pounded pretty bad. There appeared to be some excellent Hemis and Shelbys there, and they were way down. Noticeable absence of GM A-body muscle, with the exception of the 71 GS Stage 1 Convertible 4-speed, and I think that went low for what was into it. They said it had over 1000 hrs of labor, and I'm guesstimating at $80K-$90K in labor, plus parts, the car itself, I would bet they were hoping for $175K just to break even, $200K in a good market, but it sold for under $150K. That appeared to be one of the nicest cars there.

[Johnny Horsepower]

I did not see those up close to know if they had pedigree, but no question the market is down. I just don;t think those numbers reflect how much. The only Hemi car I looked at was an auto car. It did ok for what the market is like and the fact that you can pick and chose right now.

John

[rich p]

The Hemi E-body's at Russo did pretty well I thought. One sold(Cage car)sold for 400K and 71 Hemi Challenger $350K
The BJ Blue 70 Hemi Cuda did 190K+(not a nice car) and the Yellow terd with non original drivetrain and auto on the column did 120K..
Pedigree cars are doing well in my book but any flaws and people dont even want to talk about it for any money.
I get a lot of calls from guys sitting on there couch watching, you need to see these cars first hand and you would understand why some of these cars bring what they brought in price. Like John said: No killer cars to say,we must see this go off the block !!
The ZL1 brought killer money as did his Yenko's. I told him his Yellow Yenko was going to be a homerun.
Big thing I noticed,they didnt do ALL the hoopla between the cars during prime time.. I think they learned that was a BIG mistake in the past few years..
The market took a big hit that weekend from the Beatles memorabilia.. Look at the #'s before that,you will notice the #'s were great from Tues-Sat afternoon and then the mudslide after at that !!!

Just my 5cents !!!

[GRB]

I now know to never question the "wisdom" of B-J and Steve Davis. Bound and gag that clown somewhere off-stage and Barrett-Jackson's credibility would go up 25%. If CJ had any brains whatsoever he would never allow that moron to open his mouth!!

[OldZ28Owner]

Does anyone know why the ZL1 that Reggie Jackson brought only sold for about $240,000? It seemed low, and the car looked good. I wasn't expecting $850,000 like the "unrestored" one last year, but that seemed low.

Oh, and I am sending in a contribution to join today!