barrett-jackson auction prices

[426HEMI]

The prices are going down because of several reasons. First, the speculators and investors that drove the prices up, have moved their money into other areas because the potential for making a quick buck are gone. This is often what happens with a "Fad". The market has been flooded with muscle cars, and there just isn't the same demand. They will now move to cars that have been undervalued, or forgotten, like 40's and 50's cars. They'll start buying them up, cause a frenzy in the market, and sell when they feel they've topped out, just like with muscle cars. Collectors are moving to other areas that are even more rare, like vintage race cars, one offs, etc. People that borrowed money from their home equity are dumping the cars because their home values are falling like a rock. People that were considering cashing in their 401k's or home equity have pulled back and decided not to. Watch gold prices, and you'll see where a lot of the money is going.

When there is money problems and they think we might go into a resession then people turn to gold.     with what you are saying.

[Green Drop Top]

Watching BJ TV or results should not be used to gauge the values of similar cars, especially this year. I was there last year when many buyers got far less than they expected for thier big money Hemi cars etc. and vowed never to return (They went to RS instead) so this year nowhere NEAR the number of high quality high profile cars are at BJ, plus the cars there are more common lesser value cars to begin with, lots of 383 E-bodies, clones, or poor quality restorations (which all look great on TV) as opposed to a bunch of beautifully restored Hemi cars last year (more than you'd typically ever see in one place, even a national show event). So sure, the prices are going to be lower, the buyers in attendance can see them up close before bidding and will notice poor quality and bid less. That 69 Charger 500 is a good example, I was hired to do a pre-purchase inspection of that car last year, it needed ALLOT of work, had poor body & paint and was rough in many areas, it was a "driver" quality car at best.

Since values peaked 1-2 years ago there's been a market correction, maybe 20-30% on average, affecting the rarest/nicest cars the least, but prices have since stabilized, I know of some VERY respectable private sales in recent months, things are not as bad as they may seem.

 

[72Chall77Doba]

There is a solution to the no reserve policy-
bring along a friend.
If your car doesn't reach what you want, have your friend bid, and all you lose are the auction fees- at least you don't take a bath.

And make sure your friend is not in the bathroom when your car rolls around, lol.

[426HEMI]

That would be a solution to that problem.  Just like I was saying though if the right people are not there then prices will be lower.  Hey Scott what is RS because I am trying to think of what that stands for.

[73Chally]

That would be a solution to that problem.  Just like I was saying though if the right people are not there then prices will be lower.  Hey Scott what is RS because I am trying to think of what that stands for.

Russo-Steele

http://www.russoandsteele.com/

[426HEMI]

Where are they located?

[73Chally]

Scottsdale, just down the road from B-J, same weekend. 

[426HEMI]

Thanks for the info.  Will have to see if they have a web site also.

[Challenger6pak]

Since values peaked 1-2 years ago there's been a market correction, maybe 20-30% on average, affecting the rarest/nicest cars the least, but prices have since stabilized, I know of some VERY respectable private sales in recent months, things are not as bad as they may seem.

 

  I am seeing the same thing.  It will give the hobby a good cleaning out.  I hope it does not drop to the point of hurting reproduction parts companies such as yours.

[73Chally]

  I am seeing the same thing.  It will give the hobby a good cleaning out.  I hope it does not drop to the point of hurting reproduction parts companies such as yours.

If anything I would think it will help the aftermarket guys, because it will make the project cars more affordable, so hopefully not as many will sit around rotting.  Also, there might not be as much of a concern with keeping originality, so a flat hood could become an RT hood, etc.

[FM3V6M]

Actually, I'm not compaining about the prices as Mopars are now more affordable. But I do think that the Aloha Automotive Curious Yellow '71 Hemicuda vert recreation was a steal for $80k; that thing must of cost much more to restore for parts/labor/etc. the car was top-notch.  I got at least that much into my resto Cuda so far and it's not done yet! darn!

[Green Drop Top]

The Aloha 71 Cuda vert was a nice car for sure (even had one of my old automatic Pistol Grips in it ) but a clone is a clone. Even though It would be hard to build one for what it sold for the car was not a "perfect" clone with a number of pretty substantial aftermarket options and appearance items, and it had some miles on it since it was completed. Also don't foget, 80K was the gaveled price, but if you add the auction fees, sales tax, and transport fees to get the car home that price is more likey around 100K before all said and done.

A more accurate clone using all factory parts would likely have brought more money, "Hot Roded" versions like the noted example are a real niche market car, if buyers don't happen to care for the combo or color or options it narrows the interested pool of buyers pretty quickly, hence, lower prices. It costs a TON more to build a factory correct clone than one with aftermarket parts. Price out a vintage carbs to pan 70=71 Hemi engine as compared to a Crate Hemi, etc. BIG price difference! There are a couple very accurate clone Hemi Cudas on the market right now, I'd venture to say that one in particular (the Curious Yellow black Billboard example out of Texas) will sell for more than double the price the Totally Auto car brought.

 

[Pottstown Cuda]

There is a solution to the no reserve policy-
bring along a friend.
If your car doesn't reach what you want, have your friend bid, and all you lose are the auction fees- at least you don't take a bath.

And make sure your friend is not in the bathroom when your car rolls around, lol.

The problem is that you will be paying 18% to buy back a car you already own. There is a 8% seller fee and a 10% buyers fee. So if you are selling your restored car and it does not bring a bid higher then 50K, you will be spending 9K to buy it back. Plus you might get hit with taxes on top of that.

[73Chally]

A more accurate clone using all factory parts would likely have brought more money, "Hot Roded" versions like the noted example are a real niche market car, if buyers don't happen to care for the combo or color or options it narrows the interested pool of buyers pretty quickly, hence, lower prices. It costs a TON more to build a factory correct clone than one with aftermarket parts. Price out a vintage carbs to pan 70=71 Hemi engine as compared to a Crate Hemi, etc. BIG price difference! There are a couple very accurate clone Hemi Cudas on the market right now, I'd venture to say that one in particular (the Curious Yellow black Billboard example out of Texas) will sell for more than double the price the Totally Auto car brought.

Just look at the 70 Dart with the 800HP hemi that sold last night.  The $52K it went for probably barely paid for the engine/driveline, let alone the car and paint job.

[cooda]

I went to BJ a year ago to see what was there and what the muscle Mopars would bring. There were a slew of Hemi and 6-pack e-bodies for sale then- A LOT FEWER now. Last year there were about 9 real 70 Hemicudas- this year I see three total. I decided after that auction that if I wanted to sell my Hemicuda, it WOULD NOT be there with their rip-off high commissions to both buyers and sellers and no reserve policy.

Of the real cars (hard to use re-created cars to judge the market), the following high end e-bodies have sold this year so far, all in terrific condition as best as I could tell:

70 Challenger R/T "V" 440X6, 4 speed. non-#'s?:  $ 90,000
70 Challenger R/T 440X6, 4 speed, matching #'s: $ 91,000
70 Challenger R/T 426 Hemi, 4 speed, matching numbers:  $ 182,000

Of course there is a 10% buyer's commission on top of those prices.

Not a lot to judge so far, but those prices are DOWN from last year- I saw a slime green "R" Code Hemi Challenger, automatic with a non-original block (100% restored) go for $ 200,000 last year and I know the seller expected more.  Compare that to the 4 speed matching one that went for $18,000 less this year!

Barrett Jackson is a great place to visit, but I wouldn't sell a car there, particularly a Mopar right now. If Russo-Steele is doing better then more power to them! BJ needs some stiff competition! Just my