Barrett-Jackson 2010 WOW!!

[gb70]

IMO there are a number of self made, small to medium size business owners that are struggling at best with their businesses and need capital to ride through this rough economy. Selling some investments such as collectors cars are much easier to do than say real estate portfolios, and or stocks.

[MultiMopars]

The highest prices paid for any kinds of muscle cars that I recall at B-J were the Super Snake Cobra and some of the GM Motorama cars. The highest priced Mopar there that I recall was a Hemi Cuda hardtop that sold for $600K and BTW was announced on national TV during the auction as a rebodied car.

I don't think that the F.E. thing is go effect Barrett-Jackson or much else in the market. The HUGE prices paid for a select few Mopars like the $2M Hemi Cuda vert. were supposed "private" sales. I think what has come to light through the F.E. thing is that those were really "paper" sales that were designed for barrowing purposes. Yes, it sounds like there will be a few other people involved in some of these schemes that may end up in some kind of trouble as well.

Regarding the prices of the cars in a post above, It is not just Hemi Cuda's but Hemi cars and E bodies in general. The 1969 six pack car are really down FAR less in relation to the others and if you compare recent prices of a 1969 Coronet R/T vs. a 1969 six pack car, they are VERY close. This make no sence to me at all.

The highest price ever paid for a 1969 six pack car was Colin's Super Bee which with buyers fee was $216K and that car was a previously burned totlaled car with updated disc brakes and NOM.

My point of some of these example cars and prices paid just goes to show you that there is no rhyme or reason as to what some people in the market place will buy and pay for.

[BJCHEV396]

In such a bad economy,and a buyer's market,how does B-J convince the seller's to sell at no reserve?Has to be some desperate people who need whatever cash they can get their hands on.

[RichSchmidt]

I would NEVER bring any car worth serious money to a no reserve auction in this economy.Guys must be cutting throats to getthe first spots over the block because I can see the big money drying up very fast.

[MultiMopars]

I don't know how many of you guys have ever attended B-J or really know how it works so I will tell you what I know.

I have attended the B-J auction for 27 out of the last 28 years. Beginning about 2002 I started taking a motorhome staying for the entire week and purchasing a bidders paddle. I have never bought or sold a car through there auction or any other for that matter. Over these years I got to know a lot of the big players there.

First of all B-J gained a reputation as "THE AUCTION" for a large number of quality cars for sale in one place in the middle of the winter with perfect weather. As their attendance grew for both buyers and sellers, they took the gamble that they could run a no reserve auction and still maintain their standing. To some degree they have. They have set record numbers each year since they began the no reserve. However they have had to get creative to do it, such as all the GM "special collection" cars sold last year. Many of those cars held absolutely NO desirability to me as anything special. B-J has lost a lot of their old customers that were big dealers that brought multiple transport loads of quality cars in the past. These same dealers also BOUGHT a lot of cars. These people are not willing to chance on a reserve auction. Many of them have moved on to other auctions held at the same time in AZ. such as the Russo & Steele.

The big money is NOT at the start of the auction but rather on Sat. and Sun. with prime times of those days bringing premium prices for the seller to get one of those spots. You can't just BUY those spots, B-J hand picks the cars THEY want for those days and times. They have more sellers every year than they can handle and turn many away. They try to have a good mix of cars and prices throughout the auction to draw and satisfy all. However the lower priced less desireable cars run early in the first days and late at night in the early days and late the last day.

In my opinion the overall quality of the cars there has dropped considerably in the last few years simply because of the no reserve policy. However they still turn cars away every year.

The sellers fee is 8% plus and extra fee for special run time, 8% buyers fee, close to 10% sales tax. If you buy your own car back (which has to be done by a straw buyer) you have to pay ALL of the above fees unless you are a dealer in which case there is no sales tax.

As you can see from other auction reports around the country there are STILL alot of cars selling for big money. You can BET that a lot of people wait each year for the big Scottsdale auctions as they have traditionally drawn the best cars in the hobby.

Many of these buyers and sellers are sucessful, busy, business people that don't have the time to dedicate to selling or buying a car personally and also want to have a large number of cars to choose from in one place that they KNOW are going to sell. Time is valuable to these people and worth the extra money they may pay to buy or sell quickly. Have you ever considered the time & money you have spent on the phone, computer, traveling to look at cars you never bought? Multiply those hours (plus expenses) by $500-$1000. which is what some of these people's time is worth per hour.

In closing, my GUESS is that B-J will have another very suscessful auction and there will again be records set.

[dreemz]

Am I missing something here? Is the list of cars at the BJ web site complete or partial? With Fri and Sat being the most desirable to sell your car there seems to be few upper crust cars. The BJ line-up can't hold a candle to what Dana Mecum put together last spring.

[MultiMopars]

[ QUOTE ]
Am I missing something here? Is the list of cars at the BJ web site complete or partial? With Fri and Sat being the most desirable to sell your car there seems to be few upper crust cars. The BJ line-up can't hold a candle to what Dana Mecum put together last spring.

[/ QUOTE ]


Many of the cars will not be listed in sales position until shortly before the auction and even then they are subject to change. B-J controls the run days and times pretty closely to what they believe will be for the most effective sales positions.

I used to live in the mid-west and have followed the Mecum auctions for years. They have come a long ways over the years and especially the last 5 years.