02/13/09
With the state of the economy, Stock Market, Real Estate market, Mortgage industry and Financial institutions, where do you put your money now??
BARRETT-JACKSON RECORDS STRONG SALES, EXCEEDS EXPECTATIONS AT 2009 SCOTTSDALE AUCTION
Scottsdale, Ariz. – January 20, 2009 - The Barrett-Jackson Auction Company exceeded industry-wide expectations by recording more than $63 million in sales last week during the 38th annual Scottsdale auction. From Jan. 11-18, 2009, the all No Reserve auction featured an eclectic offering, including a 1929 Ford 4-AT-E Tri-Motor airplane that sold for $1.21 million and the “first production” 1955 Ford Thunderbird that fetched $660,000. Despite an uncertain economy, numerous Barrett-Jackson records were set, including $220,000 for a 1959 Chevrolet Corvette convertible, $250,000 for a 50th Anniversary Hurst Performance 2008 Dodge Viper and $137,500 for a 1970 Ford Mustang Boss 302 fastback.
Hailed as “The World’s Greatest Collector Car Auctions™,” the 2009 Scottsdale event featured over 1,100 collector vehicles and 40 hours of live, high-definition TV coverage on SPEED. For the third consecutive year, more than 200,000 people attended the Scottsdale auction.
“The car collector community enjoyed another stellar Scottsdale event at Barrett-Jackson,” said Craig Jackson, Chairman/CEO of Barrett-Jackson. “It was truly a celebration of our hobby and its resiliency. Sales were solid from start to finish and exceeded expectations. Barrett-Jackson was an oasis for hundreds of thousands of people looking to escape the economic headlines and enjoy some amazing cars in beautiful weather.”
The rare Tri-Motor aircraft, one of only a handful known to be in existence today and extensively restored by aviation expert, Bob Woods, has led a storybook existence, including being shot during the World War II attack at Pearl Harbor. The Thunderbird that was sold is also overflowing with provenance, as it is documented by Ford Motor Company as No. 1 and represents the birth of Ford’s sports car program.
In addition to the top sellers, Barrett-Jackson offered a healthy collection of entry level to mid range cars. With nearly 70 percent of all purchases made by new buyers, these vehicles served as the nucleus of the 2009 event. The diverse docket also catered to buyers planning to spend conservatively in today’s economy.
“Our customers asked us to offer more mid range vehicles this year,” noted Steve Davis, president of Barrett-Jackson. “And the solid sales performance demonstrates the wisdom of our approach. While the Tri-Motor and Thunderbird were highlights of the week, collectors really responded to cars in the $50,000 to $150,000 price range. We’re cognizant of the current economic conditions and made sure to offer something for everyone.”
Barrett-Jackson joined forces with General Motors to offer a select group of vehicles from the GM Heritage Fleet, which was embraced by the company’s diverse clientele. “The General Motors Offering represented an opportunity for collectors to own a piece of GM history,” continued Davis. “An example was the show-stopping ‘Blackhawk’ concept that went for more than $500,000. Many of the vehicles from the GM Offering exceeded our original estimates, validating this once-in-a-lifetime opportunity.”
Barrett-Jackson continued to elevate into a passion-filled lifestyle experience, including celebrities in attendance and more than 350 exhibitors, ranging from luxury to mainstream products and services. The passion and enthusiasm for the car collecting hobby and the lifestyle it represents remains healthy, despite the current economy. Additionally, Barrett-Jackson helped raise more than $4.4 million for various charitable organizations during the 2009 Scottsdale auction with the help of Richard Petty, Rusty Wallace, Goose Gossage, Bill Goldberg, Reggie Jackson and Robert Yates, among others.
“The Scottsdale auction was a success on many levels,” added Jackson. “People are already asking for bidder and consignment applications for our Palm Beach event in April. Everyone involved in this fantastic week would agree that the collector car hobby continues to be healthy.”
The top 10 cars sold in Scottsdale include:
1929 Ford 4-AT-E Tri-Motor airplane – $1.21 million (Lot #1307)
1955 Ford Thunderbird convertible “Production No. 1” – $660,000 (Lot #1295)
1996 Buick Custom “Blackhawk” – $522,500 (Lot #1303)
1970 Plymouth Superbird custom tribute – $501,100 (Lot #1289)
2006 Chevrolet Monte Carlo NASCAR “Jeff Gordon’s” – $500,000 (Lot #1274)
2005 Saleen S7 Twin-Turbo 2-door coupe – $412,500 (Lot #1305)
2009 Ford Mustang FR500CJ Cobra Jet prototype – $375,000 (Lot #1333.1)
2010 Chevrolet Camaro “First Retail Production” – $350,000 (Lot #1316)
1969 Chevrolet Camaro ZL-1 COPO coupe – $319,000 (Lot #1277.1)
1969 Chevrolet Camaro Yenko COPO coupe – $297,000 (Lot #1278)
With strong sales last week in Scottsdale and a successful inaugural Las Vegas auction last October, Barrett-Jackson has recorded over $90 million in sales over the last four months. The company is taking consignments for Palm Beach as it carries forward the momentum of the car collecting passion exhibited by its performance in Las Vegas and Scottsdale. The 7th Annual Barrett-Jackson Collector Car Auction in Palm Beach, Fla., will be held April 9-11, 2009.
See some stories on past auction sales totals, and decide if the economy is as bad as the local and national news groups like to whine about to get better TV ratings!!
Recession? What recession?
By Larry Edsall
"We're declining to participate in this recession," Dana Mecum said after his company's Kissimmee, Florida, auction late last month generated sales of $16.5 million, $1.3 million more than the same event the previous year. Mecum suggested that the collector car market isn't experiencing recession, merely stabilizing where it was in 2004-2005, before the feeding frenzy. Mecum's auction included some 750 vehicles, with 58 percent selling, led by Gulf One, a 1963 Chevrolet Corvette Z06 racer that sold for $1.05 million (hammer price, excluding commission. Known as Gulf One because of the number it wore for racing, the car recently was restored to its appearance in the 1963 12-hour race at Sebring, where it wore unique rear fender flares, mandated just before the race to cover its extra-wide Firestone tires. Gulf One was one of the first two Z06s delivered from Yenko Chevrolet to the Gulf Oil team, which actually picked up the car at the Corvette plant in St. Louis and drove it to Gulf headquarters in Pittsburgh, where the car was prepped for the Puerto Rico Grand Prix, where Dr. Dick Thompson, the racing dentist, posted a GT-class victory in the car's debut. After another class victory at Marlboro, Maryland, Thompson finished a stunning third overall at Daytona (then a 3-hour race), trailing only a pair of powerful Ferrari 250 GTOs while finishing a lap ahead of the leading Shelby Cobra. At Sebring, Thompson completed only 14 laps before transmission problems sidelined Gulf One. From Sebring, Thompson drove the car to victories at various venues, including Marlboro, Dansville and Road America. Mecum's next event is March 20-21 in Kansas City.
By Larry Edsall
"We're declining to participate in this recession," Dana Mecum said after his company's Kissimmee, Florida, auction late last month generated sales of $16.5 million, $1.3 million more than the same event the previous year. Mecum suggested that the collector car market isn't experiencing recession, merely stabilizing where it was in 2004-2005, before the feeding frenzy. Mecum's auction included some 750 vehicles, with 58 percent selling, led by Gulf One, a 1963 Chevrolet Corvette Z06 racer that sold for $1.05 million (hammer price, excluding commission. Known as Gulf One because of the number it wore for racing, the car recently was restored to its appearance in the 1963 12-hour race at Sebring, where it wore unique rear fender flares, mandated just before the race to cover its extra-wide Firestone tires. Gulf One was one of the first two Z06s delivered from Yenko Chevrolet to the Gulf Oil team, which actually picked up the car at the Corvette plant in St. Louis and drove it to Gulf headquarters in Pittsburgh, where the car was prepped for the Puerto Rico Grand Prix, where Dr. Dick Thompson, the racing dentist, posted a GT-class victory in the car's debut. After another class victory at Marlboro, Maryland, Thompson finished a stunning third overall at Daytona (then a 3-hour race), trailing only a pair of powerful Ferrari 250 GTOs while finishing a lap ahead of the leading Shelby Cobra. At Sebring, Thompson completed only 14 laps before transmission problems sidelined Gulf One. From Sebring, Thompson drove the car to victories at various venues, including Marlboro, Dansville and Road America. Mecum's next event is March 20-21 in Kansas City.
The "love affair" continuesIn his monthly newsletter, Terry Michaelis of ProTeam Corvettes writes: "The love affair is still hot as car collectors spent over $170 million in January 2009 on collector cars at ten public collector car auctions [in Arizona]. This all goes against the grain when you listen to the news about the US economy but at least owning a collector car rewards the owner with something tangible that other investments lack. The media pundit's "doom and gloom" forecast was over shadowed by the car collector's passion and enthusiasm which shows our hobby's resiliency and in many cases an opportunity, where as, one may have the chance to buy a rare car today that may not ever present itself to the market again, at least not in the short term."
Bugattis bring $7.7 million at Bonhams Retromobile eventA pair of Bugattis accounted for more than half of the $13 million generated at Bonhams' auction at Retromobile in Paris. British auction house Bonhams opened its classic car auction schedule February 7 at Europe's biggest collector car gathering, where a "barn-find" 1937 Bugatti Type 57S Atalante sold for $4.45 million and the 1913 Bugatti Type 18 "Black Beauty) brought $3.22 million. The Atalante originally was owned by Earl Howe, first president of the British Racing Driver's Club and a close friend of Ettore and Jean Bugatti, and its survival, with only 26,284 kilometers on its odometer, was known only to a "handful" of people. Meanwhile, the Retromobile event was the first time the "Black Bess" Bugatti had been offered at an auction. The nearly 100-year-old car is one of only three surviving examples of the seven Type 18s built. The car was originally delivered to French aviation pioneer Roland Garros. After Garros was shot down in World War I, Ettore Bugatti named his last child Roland in Garros' honor. The car was nicknamed "Black Bess" by its third owner, Ivy Cummings, who raced the car from 1919-1924. The nickname came from a race horse of the same name. Third-highest sale at the Retromobile event was a 1973 Citroen DS23 convertible that sold for $439,000. Not selling though offered at the auction were the 1929 Duesenberg Model J Murphy convertible that had won best-in-show at Pebble Beach and short-wheelbase 1961 Ferrari 250GT Berlinetta.
Bonhams sets inaugural LeMay Museum auctionBonhams' American outlet, Bonhams & Butterfields, has been chosen to stage the first Pacific Northwest collector car auction in conjunction with the Kirkland (Washington) Concours d'Elegance and the LeMay – America's Car Museum. The event takes place September 11-12 and will be a "no-reserve" auction featuring vehicles from the LeMay Collection, believed to be the world's largest with some 2000 vehicles. As with any major collector, the collection is culled from time to time. The collection will be the basis of the new $100-million, 1000-vehicle museum complex scheduled to open in 2010 in Tacoma, Washington.
RM at Fort Lauderdale hits $11.5 millionThe RM auction at Fort Lauderdale, Florida, on February 7-8 had sales totaling $11.5 million with 66 percent of the lots selling, led by a 1936 Packard Twelve coupe roadster that went for $220,000. A 1948 Ford Sportsman convertible coupe brought $199,100 and the 1966 Ford Mustang convertibles formerly owned by Sonny & Cher and sold as a set went for $198,000. Among lots bid but not sold were a 1967 Shelby Cobra 427 that was bid to $610,000 and a 1955 Mercedes-Benz 300SL "Gullwing" coupe that got to $510,000.
Up next:
February 13-14: Kruse in Hawaii
February 27-28: Kruse at Tucson
March 6-7: Kruse at San Diego
March 14: RM at Amelia Island, Florida
March 20-21: Kruse at Las Vegas,
Mecum at Kansas CityApril 3-5
RM at TorontoApril 9-11
Barrett-Jackson at Palm BeachApril 25-26
RM at Novi, Michigan
"When it comes to investing, there are always risks and the collector car market is no exception," also "Knowing how and when to invest in collector cars takes an intrinsic understanding of the marketplace. While the findings of our report are extremely interesting, we suggest consulting the advice of a certified financial expert before making any investment decisions."
Joe Petralia
http://www.sandiegoclassicandmusclecars.com/
http://www.sandiegoclassicandmusclecars.com/
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