Barrett-Jackson ...

[peterh]

I was at the Barrett-Jackson auction in Palm Beach this weekend and saw a 1960 BT7 sell for $125K. Healey Lane from CA were the restorer. Wondering if anyone out there would be interested in my 1960 BT7..offers of $125K probably accepted (-;

 

[Healey 100]

Here we go again, more unrealty TV brought to us by Barrett Jackson and Speed channel.

We have overrestored cars, overmoneyed collectors, overcharged sellers, and overhyped old cars. Great ingredients for entertainment, but is there much of anything real about it? No doubt the money that Barrett-Jackson scores on its bloated commissions and admission fees is real along with the ad revenue for the Speed channel. Its working for them, you can expect to see more and more of these auctions on the cable.

Yes, its fun, but is is good for this hobby? I think not, but perhaps you do.

From the grinch.....

 

[Editor_Reid]

[ QUOTE ]
Yes, its fun, but is is good for this hobby? I think not, but perhaps you do.

[/ QUOTE ]

How do you think it will affect the hobby?

 

[Healey 100]

Very good question.

These events have a distorted effect on old car values. They inflate the prices of a few very special and particular models that have lots of curb appeal. Sellers of more mundane models are convinced their cars are now worth a fortune making it harder for buyers to find decent collector cars.

The massive marketing done by these auction companies (I get several full color brochures every month pushing these events, I am sure you do too) is aimed at creating investor interest and collecting fees from buyers and sellers at the auction. Is it good for the hobby? To me it creates invester bubbles, and glorifies overrestoration and worship of dubious automotive minutia (only one made in this color with fuel injection and Elvis sat in it too!!!).

On the positive side, it does give our hobby exposure. But somehow the joy and hard work of finding a collector car for a reasonable price, fixing it up, and trying to make a 50 year old car run well enough to drive to a Healey or other old car event is completly lost in these auctions.

 

[SHG]

methinks it has more to do with whether you have a Healey or want to buy a Healey. That said, I don't see your average bear bidding $125k for that ebay project car.

 

[Johnny]

I was told there were about 4 Healeys represented at that auction. I recorded Thursday and Fridays and most of Saturdays and only seen one '69 Sprite go across the block for a record high price of 16 thousand. When did the others go through?
Having watched at least two hours of all the recordings I picked up on one amazing contradiction. Keith Martin on one hand talks about how he wouldn't buy a car if he didn't think it would be driven, in fact he said he drives all his collector cars. He also believes certain "modern" upgrades should be accepted. On the other hand when examining cars he constantly refers to this or that not being original, or he would say, this car has been driven and shouldn't bring the high dollars! I wish he would be a little more definitive when assessing cars.
/ubbthreads/images/graemlins/confused.gif

 

[anthony7777]

shg,same old,same old, hay was it me,or did the prices of those mid year vettes slip down a bunch?. /ubbthreads/images/graemlins/yesnod.gif

 

[Dave Richards]

I don't think it's going to be good for those of us who want to acquire and enjoy. Yesterday I viewed an eBay auction for a fairy nice BJ8. The seller actually quoted recent auction results and noted that the car was a “steal” at $65K! https://cgi.ebay.com/ebaymotors/Austin-He...1QQcmdZViewItem The car is nice, but a “steal”? It’s definite hyperbole, and it’s auction results fueled.

I’ve noted too, in my searches for a project 100-4 that the prices on going up faster than previous trends. Maybe it’s inevitable, but it’s discouraging non-the-less.

 

[nevets]

Not unlike real estate, where once a neighborhood gets "discovered" prices zoom up, and in the process, there are many who get priced out of the market. The forces of capitalism fueled by the capricious tastes of the public.

 

[Dave Richards]

Capricious... and conspicuous

 

[SHG]

but nobodies bought it for $65k, and the bidding is only up to about 12. Not so bad. The seller can be as hyperbolic as he wants, the bidders will bid or not. Wait till the end and see what happens. If he's got a ridiculous reserve, then it won't sell. And he's left with a Healey and Hyperbolie.

 

[Randi]

and a sidenote-the 4 million $ Rolls -most winning antique car in history- brought 1.6 million and they had to work at it REALLY hard! Randi

 

[Keoke]

--- /ubbthreads/images/graemlins/savewave.gif

One might think you fellas suspect that car owner has overstated its value.-Keoke- /ubbthreads/images/graemlins/grin.gif

 

[bighly]

[ QUOTE ]
--- /ubbthreads/images/graemlins/savewave.gif

One might think you fellas suspect that car owner has overstated its value.-Keoke- /ubbthreads/images/graemlins/grin.gif

[/ QUOTE ]

Yes, and their money is not green. Funny money ..... and too much of it.

 

[Randi]

Re: Bghly

I love the Avatar!!!Randi

 

[why]

Re: Bghly

the question still remains very much on my mind whether the sequence of bidding is from real or "chandelier" bidders, still very problematic the opening bids that set a floor on supposedly "nonreserve" cars.
For me these cars are family, and the process of changing hands is from one caretaker to another, not pimp pushing tarted up women from one pimp to another for investment purposes, as a forty year hobbyist, all this investment/auction stuff has really destroyed much of my willingness to partake.
Would truly love to see an investigation of opening bids, phone bidders, etc of the whole Barret Jackson deal.
Jay Glass '65 3000

 

[Randi]

Re: Bghly

We have a dealers license to buy at auction- even on different levels there are shill bidders driving up prices. The auction is supposed to keep tabs on this but ultimately they make more money on the high bids! Randi

 

[DougF]

Re: Bghly

I don't believe it will have that strong an effect on the hobby. Some of these prices may be artificially inflated for the auction game.
People are looking for places to invest their money, and yes that will drive the prices up. But, eventually I believe that, like in '93, the prices will drop again due to several factors including an overly inflated market. So if you are into the game, sell now and buy back in 2-3 years. If you are into the cars, hang on to them and enjoy.

 

[nevets]

I know these inflated Healey auction prices are troubling, but admit it, isn't there just a small part of you, Mr/Ms Healey owner, that feels smug about your good fortune? Isn't it a little like learning that a house on your block just sold for three times what you paid for yours?

 

[Randi]

I don't own a Healey but YOU BETCHA!!!!