I've been watching that one Peter posted. Really nice sedan. If I were a collector and had the bucks I'd have gone higher in my bidding. But note the "reserve not met" at $7600.
That car was on ebay a couple months ago, opening price $10K. One thing that pops out often is that there are guys who have some really nice cars, and who "advertise" them for sale with very high reserves. If they hang on long enough there's sure to be someone who will find "the perfect car" - and pay that high price. A car is worth what you're willing to pay for it.
I totally agree with Tony: set your max price, and don't get sucked into the maelstrom of bidding wars because "you have to have it!".
I've been watching sales on 220s for nearly a year. It's easy to get drawn in, like the three guys in O Brother Where Art Thou. Walking through the woods, hearing those beautiful women singing at the river, and ... well, you know what happens!
T.