CSX2019 Factory Comp Dragonsnake for Sale

[Michael4yah]

Maybe Im wrong but if it was @ Barrett Jackson it would have gone for 2Mil.

[Excaliber]

I hear you Michael, and if I was the owner it would have been a tough call. I REALLY don't like B.J., but I would want the most return I could get.

I wonder what the costs are for the seller B.J. vs Mecum? And of course there is the getting the car to the auction site problem. I bet it was just easier all around for Hal to go with Mecum.

[Wahoo]

Originally Posted by Michael4yah

Maybe Im wrong but if it was @ Barrett Jackson it would have gone for 2Mil.

Probably, but I believe the house 'take' is more. Plus, there would be no way CJ would auction it with a reserve. Barrett Jackson is no reserve. Its not for the faint of heart. With Mecum you can set a reserve - which is probably why he sold it. Went to the auction - great car. Brought good money IMHO. Shelby KR500s are doing very well provided in good condition and documentation etc.

427, Elvis Spin-out car sold for 910. 1963 289, beautifully done, stalled at 375k and did not sell. I'll post pics when I get back home.

[1985 CCX]

Mecum Results?

What did the other snakes go for? Anyone know?
CSX2019 = $1,525,000
CSX2215 = ?
CSX3011 = ?
CSX3222 = ?

If anyone knows the results please let us know...............

Thanks
Jeff

[Wahoo]

ok. please read this. (or don't)

CSX 2215 DID NOT SELL at 375.
CSX 3011 sold for 910k and quite a bit of haggling
CSX 3222 sold for 535 +/-

[Excaliber]

While the 289 cars are going up in value, I haven't seen any evidence that suggests there 'over taking' the value of a 427 car. Of course in both the 289 and 427 camps you have a few really historic cars commanding well above 'average' price.

CSX2215 is not a 'special' car. No race history, rebodied at some point, a nice ride, but not an 'important' car. I would have thought $375K was a fair price, and it didn't meet reserve at that price?

Sounds like the owner didn't really want to sell it.

[Michael4yah]

I didnt know B.J had gone strickly "No Reserve". Ive watched lots of BJs auctions where many cars didnt meet reserve. Another thing to consider is what taxes are owed. Obviously these buyers have so much money 10K either way on sales tax wont be an issue (AZ-5.6% Il- 6.25%) but Id like to hear what impact it made on Seller. I wonder if the procedes of such a sale could be sheltered in a trust of some sort. Really ticks me off to see the govt end up with 1/2 without doing anything to earn it. This owner had to care and shelter this car for 40 years. The govt did nothing but hold its hand out.

[Excaliber]

I suspect there is a lot of 'pressure' to go no reserve, but I wonder if you COULD cut a deal of some kind with them (B.J.).

2 mil at B.J.? I don't know, maybe, maybe not. I know this, if I was Hal I would sleep soundly with the money the car brought from Mecum. I'm not sure if I could say that with B.J., but hey, thats just MY general impression. Oh, and I'm not much of a Las Vegas fan either, to many brite lights and 'fast talkers', so to each there own...

Hal, I know this has GOT to be 'weird' for you while 'we' discuss the various aspects of your auction and what 'might have been'. I hope it's been of no offense to you personally and is strictly in the spirit of a good Cobra discussion.

[saltytri]

Ex:

You hit one thing on the head: It would be nice to let this fine gentleman have his peace of mind with regard to the sale. It seems pretty rude to put wild speculation out there about what might have been.

Let's look at the facts. This was an absolutely unique car. It wasn't as if he was trying to find top dollar for a GT350, for example. It was never going to be sold to an impulse buyer over an informed and committed bidder. Every sufficiently funded collector in the universe who had a hankering for the car would have been in the game no matter where it was auctioned. I can't imagine that it didn't bring the top dollar that was available from the very small pool of people with the interest and the means.

Congratulations, Hal. And thanks for caring for and preserving this nice slice of Cobra history.

David

[DAVID GAGNARD]

On the BJ reserve/no reserve issue: this past year it was stated that they had a little over 5000 autos submitted for sale, they "only run" about 1000 thru the auctoin..........they pick and choose what they want to sell to appease a wide selection of buyers and now have enough cars submitted that they only choose "no reserve" cars........it was also stated that this "trend" would likely continue on.............

Having all no reserve cars guarantees all cars on the block will sell and BJ will get their commission on each and every one of them..................

David

[Michael4yah]

Salty, I dont think its rude to talk about something that was brought up by the seller right here on CC. Furthermore its a public forum and discussing issues like where to sell our cars and how much they should go for is important to all of us. I'm not here to beat the drum for B.J. but I do know they have sold a ton of originals with bigtime success and they are a favorite of Caroll Shelby. After all the Govt is going to take a huge chunk of the sale price and I was hoping an Estate Planner or the like would chime in and tell us how to go about saving as much as we can on our taxes. I have several cars that Im thinking of auctioning in the next 2 years. I'm not against paying taxes, just against paying the taxes of others who refuse to work and are sandbagging society. So if there are any out there with real life experiences with B.J or anyother and have some insight on how we can save some money now's the time to chime in.
Hal, no disrespect intended. Enjoy the the rewards. Youve earned them.

[Wahoo]

*sigh*. Micheal, If you watched 'plenty' of BJackson auctions you would know that 'reserve' is not in the same sentence as Craig Jackson. I do not know of an auction of late that has had a reserve at the spring BJ. Reggie Jackson was the only known person in the last 3 years that has been able to get a car to go through with a reserve. With a reserve price the house takes more -10% vs. 8% both ways.

Regardless of speculation, I'm glad it went. I predicted 1.3-1.6. It went squarely in my swag. Sitting there, they worked, and worked, and worked the car. There weren't many buyers (read:whales) there compared to BJackson. My Jackson experience is first hand and via a 25yr attendee. The Cobra's were bought by people that came to the auction, for that car. When cars are 'known' etc., those with the means 'find them'. Part of the way these cars move within 'circles' etc. I'm certain Mecum's 'take' is less than BJ, which I'm certain played into it. As far as sales tax etc, the beauty of collectibles are 'stated value'. If Hal were to roll the money into another car purchase(s) then it would help to ease the capital gains - not unlike real estate.

Excalibur, the Idea of cutting a deal with Craig Jackson is possible. The possibility is none, unless you have multiple cars that he'll miss out on big bucks.

[Michael4yah]

*sigh*???
I guess we'll never know if Dragonsnake would have gone for 2mil @ BJ. Or maybe we will!! Keep watching BJ auctions especially Scottsdale next jan and see if the same car doesnt show up and go for that 2 mil+ this coming year.

I bought my Alum Hi Tech Cobra in Scottsdale during the 05 B.J. but not through them. In fact Rich Lacey brought my car home after dropping off some Cobras at BJ that year. Right now Barrett Jackson and others are just riding a wave of people who are desperate to invest in collectable cars before the ecconomy gets any worse. If the ecconomy hits the fan you'l see them switch back to showcasing reserved cars as well. When the ecconomy is well into a downturn it's hit or mis @ any auction. You never know who's going to show up or what kind of mood they'l be in. I dont know many who would send their million dollar car up there with the chance of only get 100K in return. Of course you could always have a friend bid on it but think of the 18% fees(buyer and seller) + 6.25% sales tax would put the Kabosh on that. I have 3 SS 396 cars that Im thinking of taking to BJ next year if I can get them ready in time. BJ Scottsdale is in Jan. I'll let you know what kind of deal I got on 3 cars.
Its spelled MICHAEL

[Hal Heindel]

Hi guys,

Got in past midnight this morning (after driving 12 hours from Belvidere), but will try to post more on the Dragonsnake auction this afternoon. It did sell for $1,525 million as Brent reported, and I picked Mecum over the others for reasons I'll explain later.

For one thing, I've known Dana Mecum for a long time and knew I could trust him. Couldn't have asked for a better promoter. BJ was never in the running. You need deep pockets and a gambler's mindset (or lack thereof) to put your million-dollar car out with no reserve.

Thanks for all your good wishes and support! As anyone who was at the auction can attest to, down to the very end, "Jezebel Blue" has given me one hell of an exciting ride.

[Hal Heindel]

Originally Posted by saltytri

It would be nice to let this fine gentleman have his peace of mind with regard to the sale. It seems pretty rude to put wild speculation out there about what might have been.

Appreciate your thoughtfulness, David, but the "fine gentleman" bit will be seen by many who know me as near character assassination. You're going to make me want to wear a suit and tie again, something I haven't had to do since April 1969, the day I quit the corporate world and started my own business.

For the record, I welcome any speculation as to what might have been. I expected the car to bring between 1.2 and 1.5, it brought 1.525. I couldn't be happier.

[Excaliber]

Well I'm sure it will bring 2 mill and more at some point down the road, who ever eventually resells it. That would be terrific for it to wind up in a Shelby museum collection, I hope thats what happens.

[saltytri]

Hal:

OK, so I was giving you the benefit of the doubt. I saw the video clip and you didn't have horns and a tail. I guess I should apologize to all the fine gentlemen who have been slandered by being rounded up in the same corral with you.

I'm glad the sale exceeded your expectations!

David

[Michael4yah]

Hal, I knew I could count on you for your candidness. Anyone who watched the video clip can tell your a stand up guy without pretense. I asked the questions and made the comments in hope to look behind that curtain and get a sense of what really goes on. It takes a lot of fortitude to hang on to a car as long as you did. Most of us have had cars that we wished we would have kept,not just for the money but for the emotional ties we had with them as well. Im sure your in the same boat when it comes to that. Seeing a car that youve cared for for all those years finally going to another owner must have been somewhat emotional. And seeing the return must have flipped those emotions back and forth. When you have time maybe you can you give us a blow by blow on the details as few of us will ever be in that position. And is there any financial strategy youve taken to lessen the shock of all that income? Thanks Michael

[computerworks]

Posted some pictures from the auction...

http://www.clubcobra.com/forums/showthread.php?t=70007

[Power Surge]

I do not think Hal's car would have done anywhere near as well at the BJ. In case people haven't been paying attention, the BJ is NOT Cobra friendly. The past few years of Cobras for sale at the BJ have been pathetic, as the auction itself seems to have no interest in promoting them, and the announcers usually don't have a clue about the cars and seem to just make up stupid stats about them to sound smart on air. The BJ would rather hype up some new Mustang with Shelby's name on it that has nothing to do with Shelby, than to hype up an original piece of automotive history.

Just my observation.