100-4 At Mecum Kissimmee Auction-low price?

[christophe]

I know it is hard to judge from pictures, but it appears that someone got a really good deal on a 100-4 at the Mecum Kissimmee auction. The hammer price was $30,000. I really thought this car would bring more, especially at auction.
https://www.mecum.com/lot-detail/FL0116-230002/0/1954-Austin-Healey-100-Roadster/3-Speed/

 

[drambuie]

Gee, the owner really took the gas pipe on this auction! I would not have the nerve to participate in a no reserve auction.

 

[christophe]

Mecum is generally a Reserve auction, however, you do have the option of choosing not have a reserve, but that would be a very poor decision at an auction that has most of the cars consigned with a reserve. Now, Barrett-Jackson has historically been no reserve. However, a no reserve atmosphere like Barrett-Jackson Scottsdale is much different and more exciting and generally cars such as this will demand more money. I am not sure what happened with this car. Either the owner screwed up and opted not to have a reserve or somebody inherited a car and just wanted to get rid of it...those would be my two guesses.

 

[HealeyRick]

I'm no auction expert, but it seems to me Mecum focuses more on American muscle. Could this be a factor?

 

[Marvin Gruber]

If it did go for $30k, someone did get a deal.
Marv

 

[blueskies]

It does look good, at least cosmetically. As with other Healey models, asking price and selling price often are two very different things. On ebay, for example, few cars seem to sell at the rather optimistic "buy it now" prices. Actual bids often barely make half of what owners ask.

Would love to find a 100-4 at a fair price, especially one located north of the border. They don't come up for sale often here.

 

[PHulst]

The price does seem low. As others have pointed out, I don't think Mecum was the proper venue for the car, as it's not their typical offering.
Someone seems to have gotten a very good deal.

 

[maxwedge5281]

as stated above very few cars sell on ebay! i look at healeys for sale on most sites and hardly any ever are shown as sold. projects, rusted hulks, and old tired healeys often sell and you wonder how much will that cost to restore if that is the purpose. what amazes me are the asking prices on lots of the sebring kit cars. most seem to sell in the 10-12000 range and maybe thats not bad for a nice kit car....but asking 20000 plus for a kit car seems extreme to me. i wonder how many big healeys do sell?

 

[Healey 100]

That's a pretty sharp looking 100. Looks like a later BN1, with gold instrument faces and added rear reflectors. I thought the red Healeys usually have a black/silver dash, but otherwise this car looks pretty original and well done to me.

No doubt 30K is a low price these days for a decent 100. I have mixed feelings about the surge in Healey prices over the last few years -- fueled mostly by auction sales. The high prices are fun to watch, and my insurance company loves the higher premiums I've had to pay. But trying to sell a Healey at those high prices is quite a pain.

I thought a lot of the sale prices were generally down at Kissimmee, perhaps nervous stock holders are a bit tighter with their money. But then two Hemi-Cudas sold for over $2.5 Million each!

 

[bighealeysource]

Agree, looks like someone got a good deal although the door fit on passenger side was poor and looks like the outer sills were not aligned well either. Regardless, still looks like a good deal. Like a couple of y'all said, I would never put a British car up for auction with Mecum, he's a muscle car guy with muscle car buyers.

 

[John Turney]

Maybe it's because they didn't claim it was a "M". :highly_amused:

 

[stevebn2bj7]

Yes it is a good deal but not great. A lot of issues on this one. Wrong front bumper, wrong gauges, wrong trafficator, wrong front turn lenses, missing air deflector behind grille, panel fitment issues, poor seat upholstery, wrong air filters, door card issues. Makes one wonder about the quality of restoration and thus a lower sales price. And Mecum is not a good venue for sports cars, unless ultra high end.

Would be a great buy for someone who can correct all those things and flip it at a better auction venue later in the year.

 

[WaltCasten]

Maybe it's because they didn't claim it was a "M". :highly_amused:

They did note it features the Coventry radiator, surprised that fact didn't spur the bidding.

 

[Brinkerhoff]

Since the market values proper door fit on a Healey, this car probably didn't get a second look from most of the buyers who know how expensive it can be to put one right. $30K might be a starting point if its hiding serious issues.

 

[christophe]

All good points! With 8 percent commission that puts the buyer at 32,400 plus registration fee, which I believe is or was around $100-$200 for Mecum. However, I guarantee this car would have sold for closer to 40-50 at the Barrett-Jackson auction in Scottsdale, which is primarily no reserve(assuming it has decent to good paint). In my opinion, that is the best place to try to flip a mediocre restoration. I would not recommend it for high end restorations though, unless you are well known or have something extremely rare. Mecum is a terrible place to sell. I am 50% on sales at Mecum and therefore will only attend future auctions as a buyer. The most annoying thing about being a seller at Mecum is that Dana and his crew get in your face as soon as your car starts to roll on the block and start badgering you to drop your reserve. They always say it will bring more if the seller removes the reserve, but usually the hammer it sold as soon as the seller says ok.
Anyway, If it was a car in good condition with only minor issues, then somebody scored. I was just hoping it wasn't a current reflection of the market for our cars. As far as I can tell the 53-54 100-4 models are pretty scarce and while they might not be the most desirable British cars, I would hope that a solid restoration would at least command around $50,000.
Oh, and concerning eBay, I have never managed to sell a running car through eBay and I have listed around 10. People will snatch up project cars on eBay in a heartbeat, but generally you will just attract tire kickers if you list a restored or nice quality driver.

 

[drambuie]

Many of the above comments have merit, I think many people are holding on to their cars these days anticipating the out come of the next election. However, car guys who have money are ALWAYS looking to add to their collection if they come across the right car. They constently are scanning ALL known avenues in search of the right car, eBay included. However, I did note a drop in overseas buyers when the dollar got stronger. I expect a surge after next election depending on the outcome. The free markets always self correct, hopefully in a positive in the near future. Believe me, many folks have money out their and are waiting for the right time to begin investing in their business and hiring again thus moving the free markets in a much more agressive way. I may be wrong, but I expect things to open up 2017 ... As the american economy unleashes and cars begin to trade hands more rapidly the car values will follow as well.

 

[Frameman]

I happened to be at the auction and saw this car. I feel it was a fair price for the quality of car.
From my observation it was an excellent candidate for a full restoration.
In my opinion the car was not undersold.
Marty

 

[HEALEYJAG]

I happened to be at the auction and saw this car. I feel it was a fair price for the quality of car.
From my observation it was an excellent candidate for a full restoration.
In my opinion the car was not undersold.



Marty

I agree..the panel fit is very poor in my estimation..and NO pictures of the frame...can only guess it was not in the greatest shape... a fright pig in my view.......full restoration needed?? probably.. There are plenty of dealers looking to pick up a cheap resell-able Healeys at auction The low bidding confirmed this was not one of them..

Pete

 

[HEALEYJAG]

Also the car is a 100...no such thing as a 100-4.......one of my many pet peeves...

 

[Michael Oritt]

Beyond the bad door fit most of the exceptions listed--wrong gauges, etc--have to do with "correctness" and if the structural stuff is sound I think someone got a great buy. BTW if you look at the safety gauge it looks like the car has decent oil pressure and water temperature, plus the spears are facing in the right direction.