Daytona at Indy Mecum auction-what's the back story?

[Historybuff]

All I an tell by their press release is that it --one of six Cobra Daytona coupes raced by Shelby-American back in the Sixties--didn't sell. I was expecting maybe a record price like $13 million.but the
press release is obtuse and doesn't give any details on who the prime bidders were , how high the bidding got to or what the seller's reserve was or what auction it will be in next. Any speculation on any of this? (even gossip is OK by me, for instance I would have thought the Monterey auction would be the appropriate place..) ...Anyhow I cut down their news release I received today to just the Cobra/Shelby stuff....so here it is , not a word changed except cutting off after it stops mentioning Shelby stuff.




DANA MECUM'S ORIGINAL SPRING CLASSIC AUCTION APPROACHES $40 MILLION IN SALES
Indy Event is Company's Largest Auction Ever, Deals Continue with The Bid Goes On

MARENGO, Ill. - Hundreds of collector cars left the Indianapolis State Fairgrounds with new owners during the 22nd Annual Mecum Original Spring Classic Auction, May 13-17, 2009, in Indianapolis, Ind. The five-day auction boasted total gross sales (including buyer's premium) approaching $40 million.

Mecum offered more than 1,000 high-quality collector cars and 350 vintage neon signs - which have exploded in popularity and value during the past few years - to registered bidders, reporting a 70% sold rate for the Indy auction.

"I think the economy is tough right now, but we're taking the position that we're going to exist above it," said President Dana Mecum. "Three years ago at the peak of the collector car hobby, we sold a best of $30 million. In the current economic climate, the team at Mecum got back to basics and worked hard for buyers and sellers to have the strongest presentation of cars and registered bidders we've ever organized. The Mecum employees deserve all the credit for their wonderful customer service, energy and dedication at the auction."

Mecum estimates final sales for the Spring Classic Auction will reach $40 million with The Bid Goes On purchases. When cars don't sell on the auction block at a reserve auction, Mecum continues to market those vehicles through its program The Bid Goes On, which has successfully sold 35 cars for $2.5 million in sales from the Indy event with additional deals pending.

The legendary 1965 Shelby Daytona Cobra Coupe did not meet the reserve on the auction block, but continues to be marketed at The Bid Goes On. Serving as the centerpiece for the Indy Spring Classic, the Shelby Daytona brought great energy and many new customers to the auction.

"Several interested buyers are making offers on this big-ticket racecar, which reflects the high quality of vehicles that Mecum Auction attracts," said Mecum. "In its first race the Shelby Daytona Cobra did not finish but went on to win the world championship. While it did not sell over the weekend, it will certainly finish in record form again."

The Original Spring Classic's Top 10 Sales (all sales reflect hammer prices) were:
1. 1966 Shelby 427 S/C Cobra Roadster (Lot F248.1) at $1,165,000
2. 1966 Shelby Cobra 427 Ex-Tom Payne Competition Roadster (Lot F246) at $1,000,000
3. 1967 Shelby GT500 Convertible (Lot F248) at $825,000
4. 1964 Cooper Monaco King Cobra (Lot F237) at $600,000

[1ntCobra]

Wally,

Why didn't you just watch the auction on TV or record it? There are other threads about this. Why not search for "CSX 2601" or "tounge action" on this site?

[Historybuff]

Luddite here. No cable. No recording device. More interested in who the big buyers are in the Cobra world--for instance maybe Rob Walton who bought the GT40 that won LeMans twice (SN1075). I don't know if on TV they mentioned who the big bidders were but maybe someone there on the scene saw them. Sometimes at those auctions that is a bidder's moment of glory when the TV shows them bidding.
At any rate I heard it bid under $7 million, disappointing when there was pre-auction talk of $11 million

[mschjone]

Gossip rules apply here, as this is what I heard, the Daytona is Dana Mecum's car and he has about 8 mill. into the car. Highest bid was just North of 6. Also that someone outside the auction offered Dana 8. Who knows where the reserve was. Gotta be between 8 and 10.

[1ntCobra]

It appeared that there was a single bidder who got up to 6.8 million. It seemed like he said something like everytime he up'ed his bid that it was matched. Perhaps he realized that someone in the house was just matching his bid each time, so he stopped bidding. Mecum was right there with the bidder pressuring him to bid again. And I think Mecum told the bidder what the reserve was trying to get him to bid again. And they really dragged out the time with the only real bidder not bidding again.

I think on saacforum.com it is not really Mecum who owns the car, but some company and a handful of investors who bought it with the hope of flipping it for big bucks at the auction. Perhaps they paid too much for the car. And now they are upside down on their bet.

[Silverback51]

Originally Posted by 1ntCobra

It appeared that there was a single bidder who got up to 6.8 million. It seemed like he said something like everytime he up'ed his bid that it was matched. Perhaps he realized that someone in the house was just matching his bid each time, so he stopped bidding. Mecum was right there with the bidder pressuring him to bid again. And I think Mecum told the bidder what the reserve was trying to get him to bid again. And they really dragged out the time with the only real bidder not bidding again.

I think on saacforum.com it is not really Mecum who owns the car, but some company and a handful of investors who bought it with the hope of flipping it for big bucks at the auction. Perhaps they paid too much for the car. And now they are upside down on their bet.

If true, what a shame.

I hate it when investors buy cars and try to just turn a buck.

[RedBarchetta]

I love it when a well laid out plan falls apart.

[ZOERA-SC7XX]

Unfortunately, speculators only care about the big bucks, not the fine automobiles themselves. "Flip it for the profit"...sound familiar? Seems they should learn from Wall St.

[1ntCobra]

http://saacforum.com/index.php?topic...33935#msg33935

says... I "heard" (from a reliable source) that CSX 2601 is now owned by Harley Cluxton and a group of private investors. May be just a rumor. Who knows for sure. Don't ask.

[1985 CCX]

Mecum Shelby Night - Friday May15th

When I was watching CSX3034 hit 1.3M W/O sale? Owner announced 1.5 would take it, funny it sold after for 1.165M?

[1ntCobra]

http://saacforum.com/index.php?topic...35417#msg35417

But then again, this contradicts that statement.