BJ Auction WOW!!!!!!!!!!!!!!!!!!!!!

[computerworks]

Although there were some good prices and great deals, as well as many cars going to the gavel at the expected price...
...I think that basically there was some "dumb money" at BJ this year.

[DAVID GAGNARD]

I think there is always some "dumb" money at the B-J auction.....

I saw a red 63 Split-Window Vette with a 327 and power-glide go for 35k,to me a steal.....They said it was a "plain jane" standard car,few if any options plus the power-glide..... Auctioneer said it would make a "nice driver" though.....

I'm not particularly into Vettes,but I do love the 63 Split-Window.....When I was kid a guy two houses down had a convertible 63 and a 65 coupe (hardtop),both the same color blue and I loved those early cars,they were drivers and I rode in them many times in parades and Sunday afternoon cruises in my teen years....

David

[Tout]

This will only confuse the market for the next year, how many people could have bought a car and had it done to the same resto or better for far less money? I would never go to a BJ auction unless I just hit the power ball lotto or going to sell a car. I should go into the resto mod business.
Tout

[RACERAL]

The BJ name is what does it... would these folks buy these cars from a newspaper add.. heck no!...Ole Jackson sitting up on that stool ... he's not laughing with the buyers.. he's laughing AT the buyers...

[clayfoushee]

Of course the B-J folks are laughing at those prices. They get an 8% commission of the sales price of every car sold.

[Dave Crace]

I thought I heard them say that the buyer also paid a commision. Was it the same amount?

[clayfoushee]

David, you're right the buyer also pays a commission, but I don't remember the amount, I think it's smaller.

[REAL 1]

No doubt about it. When Mr. Jackson was "high five'n" his buddy up on the stage and laughing I said to my wife "at the prices some of those cars are selling for I'd be laughing and jumping up and down too if I was him".

That Zeypher that sold for $400K was the joke of the evening if you ask me. You had to be out of your skull to pay that amount of money for that car if you ask me. But thats just me.

Some of the Muscle cars went for crazy numbers. That Z28 selling for $112K was nuts. Nice car but no way.

The GT500R selling for over $200K was crazy and as Mr. Mustang said way over market.

The car I really liked was the GT350SR. I didn't know they were being made new. How much do they sell for new? Was the $130K selling price at the auction over the retail price?

There were some good buys though. The Ferrari 355, the red Porsche Spider and the Lambo Countach, the Conversion Ferrari Daytona Spider. All went for fair prices I thought.

Those Corvettes and Hemis all brought some crazy prices though! Wow! Whats the deal with that? Nice cars but way beyond what I'd pay.

[Excaliber]

'63 Split Window Vette for sale here in the Islands, 4 speed $35K. It's been in the paper for several weeks now.

Power Slide in a Vette? No way I want one of those!

Ernie

[luke-44]

Of course the B-J folks are laughing at those prices. They get an 8% commission of the sales price of every car sold

Check B-J's uying terms from their web site - not only do they get a commission from the seller, there is a 'fee" added to the buy price - all buyers pay the hammer price PLUS - I think it's 8 or 10%.

Sheesh...talk about printing money.

[luke-44]

ooops - forgot the link to B-J's web site - it is 8% premium over hammer price if you are there, 10% if bidding by phone/internet.

http://www.barrett-jackson.com/event...er/default.asp

[Turk]

I think a few of us are missing the boat on this one.
Auction prices determine value, on that given day. Some of us think that is too much and some will undoubtedly think the price on a given car is too low.

Unless you bought a car or sold one on that given day, the prices you and I think are moot.

Some will go and restore a similar car thinking they could take it to the next B.J and make a killing.

Many have been heartbroken over that before. Next auction there could be heavy emphasis on Ferraris. It is a trendy and cyclical thing.

If by his own admission Mr. Mustang would miss one car by over $140,000 who is the authority on what that car is worth? Mr. Mustand or the people who bought and sold on that day. None of us saw that one coming, including the seller.

I am not picking on Bill. As that car was gong through the block Jamo and I were on the phone. He was watching the show and I was driving back from Provo. I stayed on the phone long enough to hear it sold. At $100,000 I thought I should be hanging up any moment. When I arrived at my driveway, they were still bidding.

I guess my point is, NO ONE knows what these cars are worth except the seller and the buyers getting together at an auction. That is what makes the market.

Three years ago, I thought anything over $25,000 for 60's Camaros were too much. Two years ago I thought $35,000 was nuts. Last year at $60's I thought they have lost their mind.

As soon as they get back down to the $20's I am going buy me a bunch of them and store them.

Mark my words. Split Window Corvettes, ANY split Window Corvette will be worth GOLD one of these days.

TURK

[mrmustang]

Hey Turk,

I never said I was 100% accurate in regards to the auction values(where all it takes are two people with more money than brains to outbid each other over and over, measuring their own testosterone as they go), just the real world values from a private sellers standpoint. I can guarantee that next week your going to have a slew of 67GT500's on Ebay with buy it now prices (or hidden reserves) that are far above what the real market will sustain.....Then again, you never know.....Perhaps it's time to get out the dusty old GT350 & 500 convertibles and send them to the next BJ auction in West Palm Beach..............


Bill S.

[KobraKarl]

Good points all...

The BJ auction and associated markets are unmistakenly like the late 90's dot com. market..........

........... buy on rumour......... sell on fact..

KK

[clayfoushee]

Turk and Bill,

I think you both make valid points. I thought I was a lucky SOB to locally sell my non-numbers matching '69 Camaro SS-350 convertible, body-off-frame, stock resto. for $30K last year. I talked to the B-J guys about consigning it, and they said $30K was about right and on the high side.

Bottom line.....no one knows what any given car is going to do in any given year at that event.

[Turk]

Bill,
Missing a car by $140,000 is not what I was pointing out . I don't think there is anyone on ClubCobra or at B.J's for that matter who wouldn't have missed that car by a similar amount.

My point is after the seller and buyer have agreed on the new established price, we must remain corrected and agree that THAT is the new , current market for that and identical cars. PERIOD.

It doesn't matter what you and I thought before the auction or after the auction. Dismissing the outcome as "Silly money",or "dot.com" only goes to excuse our own mistakes, but in no way negate the value of that car TODAY.

I am pretty sure no one person on CC ever bought and sold as many cars on the block as I have during the last 18 years. Sometimes as many as -500 in one month-.

To this date I go to the auction to find out what a car is worth, and then decide if I want to buy at that price or not. I never go there to tell the Auction what a car is worth.
It don't work that way.
This ain't the eBay.

TURK
going once...going twice....Gone!!

[KobraKarl]

Turk,

The value of that car "yesterday" , is beyond reproach.......

........the dot com . refference was just to illustrate the volatility of an item that has vastly out paced expectations by maintaining thrust on "perceived value" ( very transitory ) ...

....determining even a short term future is treacherous at best .

If I had one .....I would be glad to have sold it yesterday...

KK

[clayfoushee]

It also helps to have a guy like the one in the yellow coat at B-J show at up on your doorstep in response to your ad. I would have given him a "bargain" on my 69 Camaro.

[RaceDeck]

I just got back from BJ and it was really fun to see all the happenings, I came as a bidder but once the camera's turn on all reality leaves the house....Big Egos and Bis Cash are a dangerous combination....
However, it was great to see "good ole American Muscle" Take home all of the big money over the Europeon cars....

[Russ Dickey]

Ah, the power of the entertainment industry.

I've been after a '67 Shelby GT-500 for awhile now, and have had a wild ride tracking their values. Just a few years ago, you could get a nice driver-quality '67 GT-500 in the mid-30's. In fact, I overheard at a SAAC meet that the '67's were considered one of the least desirable. This was great for me, because the '67's consistenly had the lowest prices on the market of any of the '65-'70 Shelby's.

Then, the cheese-ball movie "Gone in 60 Seconds" comes out, highlighting a '67 GT-500 clone in the starring role of Eleanor, and instantly '67 GT-500's double in price.

A year or so later, Eleanor clones and GT-500E's start popping up everywhere, and the prices of original's go up another 15%, causing my derriere to really start puckering.

NOW, some rich goof with more money than sense pays $260K for an "original"...that has American Racing wheels on it!!! I don't even want to know what this will do to the rest of the cars on the market, but I can pretty much resign myself to the fact that they are WAY out of the "average joe's" price range.

I personally blame Jerry Bruckenheimer for the fact that I will never own a '67 GT-500. WHY didn't he film his crappy film remake using a '71-73 Mustang...like the original??? There are plenty of those boats still cruising around for Sanderson to make their fugly replica's out of!

Rant done.

Russ