Barrett jackson $3 Million Oldsmobile F88 concept

[Kirby]

I posted a few days back about the Barrett Jackspn auction in Arizona. I planned my weekend so I could work around the house on a few projects and also watch or listen. I think I was able to catch about 12 of the 24 hours total.

Some unbelievable prices and surprises. Most people, including me, would expect that the Corvettes and Cobras would bring the highest bids. But the surprise was that the Hemi powered Cudas brought $200K - $300K.

The top seller was the car below. An Oldsmobile concept that was planned to compete with the vette. But the vette sold so poorly the first few years that Old dumped the idea. The guy that bought it was a buyer for the owner of the Discovery Channel who is a huge car collector. They are opening a museum near Denver, CO.


CNN Article

 

[jrt67ss350]

Yeah, I saw the $3 million bid be placed on that car. That was crazy - that guy was kinda nutty acting. I just couldn't help but think how the buyer was going to have to pay 8% more for Barrett-Jackson's commission on top of the price and in addition to the auctioneer's 8% fee charged to the seller. Barrett-Jackson made a staggering $480,000 just for auctioning that one single car off.

I spent most of my Saturday watching the auction. There were some nice and unique cars as usual, but the going prices seemed to be a little too astronomical - the selling prices didn't seem to be very well in line with the actual values of the cars. I guess if you have a nice classic car, auctioning it off at Barrett-Jackson will get you the most money for it.

 

[wood_e]

Barret Jackson usually gives inflated prices on the cars there. I saw lots of unspectacular muscle cars go for way too much...

 

[///M SPEED]

I seen that auction too. Just as Justin stated the guy was egging the other bidder on to bid more. He stated he didn't care how high the car sold for he was going to buy it. That guy was insane. Those Cuda's were beautiful....

 

[Big Daddy]

Barret Jackson usually gives inflated prices on the cars there. I saw lots of unspectacular muscle cars go for way too much...

Barret Jackson does not set a price, the bidders do. I agree that several of those cars went for far more than I would pay for them, but is the price too much if someone bids on it? I guess that depends on if you are the seller or buyer. Like the guy that bought the Olds for 3mil, he was quoted as saying he would have paid up to 6mil for that car....not me, but I wish it had been mine and I was selling it!

 

[jrt67ss350]

Barret Jackson does not set a price, the bidders do. I agree that several of those cars went for far more than I would pay for them, but is the price too much if someone bids on it? I guess that depends on if you are the seller or buyer. Like the guy that bought the Olds for 3mil, he was quoted as saying he would have paid up to 6mil for that car....not me, but I wish it had been mine and I was selling it!

The thing about the prices is that in general, the selling prices seemed exorbitant. Yes, the bidders set the price, and yeah, a car is worth whatever someone will pay for it. However, I dare say that the prices that were fetched on some of those cars were as high as they were only because it was the Barrett-Jackson auction. If they had been sold anywhere else, there is no way that the prices would have escalated as high as they did.

For example: There was a yellow and white 1955 Chevy 210 sedan that went for $221,400. It was a beautiful car, but it was basically built out of things that you can order out of the ads in the back of a Super Chevy magazine. The thing had a GM 502 ci crate motor that costs $5000 at any GM dealership (except with a cool Hilborn-style fuel injection setup on it). Yes, it was a very nice car, and I'd love to own it, but it wasn't anything that I haven't seen at numerous car shows. It's not like it was some super-rare car - just a modified and customized originally bottom-of-the-line 1955 two door post sedan (not even a hardtop). There is no way that car should have gone for $221,400. In contrast, also on Saturday, a 1957 Chevy 150 Fuel Injected sedan only went for $65,880. This was an extremely rare meticulously restored car that had the original 283 ci engine, the entire original fuel injection system, rare limited slip differential, a rare automatic transmission, and all original sheet metal. Shows you how ridiculous the $221,400 1955 Chevy's bid was.

Another example: A 1968 Chevy Camaro hardtop with a non-original 396 ci engine and lowered suspension went for over $31,000!!! That is absolutely insane!!! The '68s are worth the least out of the first gen Camaros, and $31,000 would be way high for a perfect condition '68 Camaro with the ORIGINAL 396 engine (current market value about $23,000 for a '68 with the original 396). I paid $5000 for my '67 and probably have about $10,000 - $13,000 total in it now - if I just slapped a 396 in it like this guy did, that certainly wouldn't make it instantly worth 30 grand.

You can't base the true current values of classic cars on the Barrett-Jackson auction. You'd never get that kind of money for most of those cars off of that auction block.

 

[Big Daddy]

I am not arguing that the prices were not high, if someone regardless of who auctions the car is willing to pay that price....well so be it. I agree 100%, I would not pay that much and yes you could build your own for a lot less. Read my post again, I do not believe we are in conflict, and I never suggested using Jackson's auction as a base for setting values. My main point was that Jackson does NOT set the price. I think we agree here and most everywhere else too.

 

[Kirby]

I go to local antique (non-auto) auctions, and have collected a small number of antique clocks and also beer advertising stuff.. Sometimes you see bidders that have *no clue* what the value of something is, way too much money in their pocket, and they get caught up in the excitement and way overbid something. I think that's some of what is happening at the Barrett Jackson auctions. Also, there's the probability of "I spent $$$$$$$$$ at BARRETT JACKSON" bragging rights.

 

[Big Daddy]

Good point, check eBay and you can see the same things happening. I once was watching a chrome strip aucion for a BMW I use to have and the final bidder paid about $10.00 more than I was quoted at a local dealer, and he had to pay shipping?

 

[jrt67ss350]

I am not arguing that the prices were not high, if someone regardless of who auctions the car is willing to pay that price....well so be it. I agree 100%, I would not pay that much and yes you could build your own for a lot less. Read my post again, I do not believe we are in conflict, and I never suggested using Jackson's auction as a base for setting values. My main point was that Jackson does NOT set the price. I think we agree here and most everywhere else too.

Right on. We are in agreement!

 

[cea]

That was sweet. The Dude sat in the car before he even won.

 

[Kirby]

Yeah, it was like he was squattin' in and daring somebody to throw him out.