Collector Car Auctions Arizona-lucky-2013

Collector Car Auctions Arizona-lucky-2013

 

 

 

 

 

 

 

 

It’s always fun to go to the Barrett Jackson Auction; it’s a Car Guys “Greatest Show on Earth”

If what you read, seen on TV and heard about seamed surreal?  It was!  If you thought the Barrett Jackson TV “Speed coverage” made it appear crowed? It was!  If you thought the attendees over paid and over spent. Well only time will tell! Or I could go on a limb and say once again. The great Cars will always get the great money. The future will define which of them are great

TV, internet and written coverage of the events that took place in Arizona brings the world to Scottsdale. I can’t tell you how many fans just come to see the event first hand. The attendees I asked told me specifically “I have been watching for years and decided I should come to see the “Barrett Jackson” for myself”. I was talking to a young (new) buyer who just told me that he bought the car I was looking at. Dies it had air? He looked puzzled and looked to the written description on the windshield that describes the cars, before he answered.  He may have been excited and bought it without knowing what he bought. The good (Lucky) thing was I didn’t think he overpaid anyway.

Don’t think that the economy hasn’t contributed to this!  Craig Jackson said in an interview in 2011 “If you setup a graph to show the collector car market it would form a Pyramid”.  The broader base would be made up with entry-level and the peak with fewer seasoned and well healed collectors at the top.  He certainly brings new buyers, which buy the cars from the bottom. The lowest priced cars run the first few days of the sale. The Friday and Saturday “Prime Time” are the most expensive going to the buyers at the top of the Pyramid.

How does the economy fit into this?   Older (more seasoned) seller’s mid-pyramid sell to address their financial and planned downsizing needs. Some of those at the top of the Pyramid rotate their collection to get the best they can. Selling off good ones and buying better cars for similar reasons I mentioned.

Barrett along with RM, Gooding, Russo and Steele, Bonham and the Silver auctions dockets brought thousands of cars from sellers to buyers in January in Scottsdale.

I must mention that Mecum auctions brought an additional 2,610 cars to Kissimmee FL that also got tremendous TV, internet and written coverage.

How does the economy fit into this?   Older (more seasoned) seller’s mid-pyramid sell to address their financial and planned downsizing needs.   Collectors (those with collections) at the top of the Pyramid rotate their collection to get the best they can. Drew Alkazar, of the Russo and Steele auctions advised his clients to rotate to better cars by taking advantage of the market a few years ago by selling off good and buying better cars for similar reasons I mentioned.

Barrett Jackson brought over 1300 cars and netted $109 million in sales. Attendees topped all his previous auctions with over 300,000. Millions watched speed channel as the George Barris Batmobile sold for $4.62 million dollars.

Gooding & Company, auction house acclaimed for selling the world’s most significant and valuable collector cars, realized $52.5 million at its annual Scottsdale Auctions this weekend. The auction house sold 101 of 104 lots, resulting in a 97% sales rate

Bonhams offered 112 automobiles for sale, with 92 finding a new owner, reflecting an 82% sales rate. Total sales volume was $13,455,950 inclusive of buyer’s premiums.

Russo and Steele’s Scottsdale auction reports a preliminary total sales number of over $17.5 million dollars with a sales rate of 68%; with significant post-sales still pending

Silver Auctions reported sales were $2.8 million dollars.

Mecum Auctions’ record-setting 10-day auction, held Jan. 18-27, exceeded all expectations transforming more than 100 acres of land at Osceola Heritage Park in Kissimmee, Fla., into the nation’s collector car epicenter. A total of 3,337 lots filled every building and 15 acres of tents with a total of 2,610 cars crossing the auction block and a huge selection of Road Art and memorabilia. With 1,811 vehicles sold, an astounding 70 % sell-through rate was achieved and total sales for the event reached $71,635,356. As sales continue to finalize with Mecum’s “The Bid Goes On” department, totals are expected to reach $75 million.

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