<VV> RE: Barrett-Jackson (No Corvair)

[Robert Hill]

I have both bought and sold muscle cars  at a B-J auction.  It is an experience that is hard to describe an yes it is easy to get into a bidding war and bid more than the car is actually worth.  I have done it and I am sure others (if not the majority of those who get serious about a certain car have as well).  I puchased a muscle car there several years ago and yes I paid more than it was worth (see previous about the bidding war) but I ended up selling it a year later and broke even (considering the brokerage fees, etc).  I think another thing is that if someone is a competitive person (like I am) I hate to lose and hoave found myself bidding so I wouldn't be outbid.  Fortunately there were others  more competitive than me and they won : )    It all depends on what day you buy or sell as well as the really high rollers are during the prime events and those are usually the ones that are televised.

>From a seller's point of view - you have a lot of butterflies in hopes that your car will bring what you want (or need) out of it.  I have taken cars home that didn't meet the reserve - it's a gamble that  you might sell.  It all depends on who is there that day

Bob


From: Bill Elliott <corvair at fnader.com>
Date: 2006/01/27 Fri PM 06:14:30 EST
To: Harry Yarnell <hyarnell1 at earthlink.net>
CC: corvair <virtualvairs at skiblack.com>
Subject: Re: <VV> RE: Barrett-Jackson (No Corvair)



Harry Yarnell wrote:

>I have a hard time believing any of this is real. People with money don't go around throwing money away foolishly.
>
Actually, they sometimes do. Their version of "mad money" is a bit 
different than ours. While I've done something stupid like bought a TV I 
didn't need on impulse for a few hundred dollars, they can do the same 
thing for $100k without flinching.

> Sure, they can indulge themselves to spend over and above the accepted valve of tangeble items if they REALLY want them, but this nonsense of paying millions for an automobile that was made in 50's or 60's, boggles the mind. Maybe they'll get their jollys, and put it in next years BJ auction and make MORE money.
>  
>
Some of it is like gambling. On another list (with the same sort of B-J 
bashing going on) a member actually owned up to having purchased a GTO 
Judge convertible for something like $185,000. His reasoning was (1) he 
really wanted one and (2) it was rare (30 he had the cash and (4) enough 
of a B-J vehicle that he could show it for a year or two and at the 
worst break even... but more likely make a decent profit. (Unlike the 
folks that like the attention of the TV cameras and the auction 
assistants, he bought by phone... I think for that sort of premium I'd 
want the TV time!;-) )

The flaw I find with his reasoning is that he could have likely 
purchased the same basic car NOT at B-J for half the B-J price and then 
made even more money. His response was that a car that's sold at B-J for 
$XX has that "base" to fall back on while a non-B-J car might never even 
attain that $XX. Let's just say I disagree... but then he had $185k to 
throw at a car and I don't...

>I watched a fair amount of this auction on SPEED, mainly for entertainment, but wanted to see the GM motor transport for the GM Motorama World of Wheels shows from the '50's; to see what it would bring. It went for $4.1 MILLION dollars. The buyers/sellers premium alone was around 3/4 million dollars! 
>
>Like I said, entertainment.
>
>  
>
I think it's fun entertainment (and one of the best shows on SPEED). I 
actually had the opportunity to attend last year...then thought better 
of it and watched from my hotel room just across town. If I had it to do 
over again I would have gone just for the experience. But actually BUY 
anything there? HA!

Bill



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