Barrett Jackson

[Lee Stewart]

Originally Posted by whitetop

I would bet Pratt also received deep discounts on commissions both ways from BJ and in some cases I would bet he paid none at all. In effect he was used as advertising for BJ for people to spend more money than they would have otherwise.

Potential buyers think: Here is a super rich, smart guy buying very high priced cars. He must know something I don't so i will pay high prices too.

Probably some right offs also done by sharp accountants.

Guys like Pratt don't normally lose money.

If you buy a car, keep it for a year and make a profit - that profit minus expenses is taxed as Capital Gains. But if you lose money on the car - you can't write that off.

[427TJ]

The trick is to be rich enough not to care. If a 110K '69 Z is like 100 bucks out of pocket then I'd buy it and enjoy it.

[MosportGreen66]

Originally Posted by SeattleCarGuy

I don't look to B-J as the barometer of the market at all. Maybe when things peaked in 2006-2007, you could say it was representative, but probably not anymore.

In general, its just great entertainment being down there. We hit most of the auctions, B-J, Russo, RM, Silver. Biggest surprise was Russo-Steele. Seemed like they had maybe 60% of the cars they had last year and maybe half a dozen nice correct musclecars. Lots of junk, in my opinion.

Barrett Jackson never disappoints in being great entertainment, seeing some beautiful cars, some great deals (what's with all those 1957 Chev 150 sedans going for around $50k, even the fuelie's?), and just having fun talking to vendors, etc. Even George W. Bush showed up. That was a treat!

Super fun week, wouldn't miss it.

And for the record, I'm 47. Hope to be in the hobby and still buy quite a number of cars in the future. Not looking at the cars as an investment anymore, just a fun hobby. Stock market and real estate lately are much better.

Precisely. I'm only 31 and my intent is to enjoy BJ for as long as it lasts. Jackson throws one hell of a car party. In the last nine years I've been to Scottsdale BJ six times. It should be on every car guy's bucket list. I cannot see myself ever buying a car at BJ but I did sell one at BJ Scottsdale and plan to sell others too.

Dan

[CamarosRus]

Italian Guy ref is probably JOHN STALUPPI.....self made Multi Millionaire
who owns HONDA and HYANDAI dealerships, etc etc

[Craig_Maiorana]

Originally Posted by EZ Nova

It's "THE SHOW". Can't look to Bj any more for the "health" of the collectors car market.

Good example is Ray Allen LS-6 rag top. Bj price was over 1 million in 2006. Same car went to Mecum in 2015 with a value between 5-600,000? I think it's more the cars being "bid-up" for the Tv show more than anything from what I heard.

I PVR'd it and will watch after the shows over.

And not to mention prior to it hitting Mecum it also sold at an R&M auction at the petersen for 240 k in 2009

[Ambrola]

Originally Posted by whitetop

I would bet Pratt also received deep discounts on commissions both ways from BJ and in some cases I would bet he paid none at all. In effect he was used as advertising for BJ for people to spend more money than they would have otherwise.

Potential buyers think: Here is a super rich, smart guy buying very high priced cars. He must know something I don't so i will pay high prices too.

Probably some right offs also done by sharp accountants.

Guys like Pratt don't normally lose money.

I always enjoyed watching Pratt when he was buying. But I would bet BJ didn't cut him any slack on the commissions? I was surprised at the prices the restomods were bringing.

[JRSully]

I was in the local Chev dealer, early am, a few months back getting some service on the Tahoe. Who was sitting in the waiting area by himself? John Staluppi. He owns the place and just recently built it. Was gonna chat with him, but he checked the fit of the new front doors, then left in his car. Very straight up, self made guy

[SBR]

My take is that market is very strong for rare and desirable cars. I do think that resto mods are here to stay and believe that whatever creates more interest in the hobby is a good thing.

[jdv69z]

Originally Posted by Lee Stewart

If you buy a car, keep it for a year and make a profit - that profit minus expenses is taxed as Capital Gains. But if you lose money on the car - you can't write that off.

I believe if you sell a car at a loss, you can use the loss against another car sale on which you made a gain (profit) to offset the capital gain and thus the capital gains tax. Same as you would with sales of stocks. So tax would be on the net gain of the 2 sales. But I am not an accountant.

[the427king]

That is correct. However if you lose 30K on a sale and do not profit on another you cannot take the 30K as a capital loss. It can only be used against profit