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Author
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Topic: Barrett Jackson
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Harley
Gearhead Posts: 204
From:
Registered: Jul 99
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posted 01-19-2006 10:43 PM
 
Anybody watching the auction on Speed? I heard a 69 Mustang fastback (sportsroof) went for $30,000 last night.
Could anybody who saw that car tell me what it had that made it so valuable? My understanding is that it wasn't a Mach I.
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RICKS
Gearhead Posts: 438
From: Ocala, FL
Registered: Mar 2001
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posted 01-20-2006 09:31 AM
Using Barrett Jackson as a bellwether for car values is a bit like using Michael Jackson as a bellwether for plastic surgery. It's just a freak show, interesting TV. The fact that somebody plopped $30K on a sportroof may mean the particular car was nicely done and worth the money due to craftsmanship and content OR... It may mean that two mildly drunk guys with money and little/no collector car experience or common sense both really wanted that car, and battle-bidded until one or the other cried mercy. I saw a '68 California Special go for over $50K I saw a flippin Amphicar go for $115K. And that's before commission is added! Does that mean those cars are worth that money? Nope, it means that the freaks and suckers are out in-force at Barrett, as they usually are. The only thing that Barrett Jackson DOES do, is it tells you what direction values are going for specific types and models of cars, and the hobby in-general. But you can ONLY compare Barrett 2006 with Barrett 2005 and 2004 and so-on. You can't compare prices at Barrett with prices in Hemmings, Auto Trader, or other auctions during the year. Then you're comparing apples to avocados. [This message has been edited by RICKS (edited 01-20-2006).]
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Moneymaker
Administrator Posts: 29200
From: Lyons, IL, USA
Registered: May 99
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posted 01-20-2006 09:44 AM
quote:
Originally posted by RICKS:
Using Barrett Jackson as a bellwether for car values is a bit like using Michael Jackson as a bellwether for plastic surgery. It's just a freak show, interesting TV. The fact that somebody plopped $30K on a sportroof may mean the particular car was nicely done and worth the money due to craftsmanship and content OR... It may mean that two mildly drunk guys with money and little/no collector car experience or common sense both really wanted that car, and battle-bidded until one or the other cried mercy. I saw a '68 California Special go for over $50K I saw a flippin Amphicar go for $115K. And that's before commission is added! Does that mean those cars are worth that money? Nope, it means that the freaks and suckers are out in-force at Barrett, as they usually are. The only thing that Barrett Jackson DOES do, is it tells you what direction values are going for specific types and models of cars, and the hobby in-general. But you can ONLY compare Barrett 2006 with Barrett 2005 and 2004 and so-on. You can't compare prices at Barrett with prices in Hemmings, Auto Trader, or other auctions during the year. Then you're comparing apples to avocados. [This message has been edited by RICKS (edited 01-20-2006).]
Amen Rick. 
I have not been to the sale since the early 90's.
Do you remember when they used to "comp" us dealers and even pay for hotel accomodations just to attract more "buyers"?
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Alex Denysenko
Co-Administrator and Moderator NHRA/SRA member and licensed Superstock driver
NHRA and IHRA SS/LA & SS/MA National Record Holder '00,'01,'02,'03,'04 &'05
First NHRA & IHRA 289 automatic Superstock Mustang in the TENS 06-99
First SS/MA in the TENS 04-03
IHRA division 5 Superstock Champion
Fleet of FoMoCo products including 88 ASC McLaren Mustang #28 The Barry of BarrysGrrl Quote #1: "I never met a magazine mechanic I liked."
Quote #2: "Make sure brain is in gear before engaging mouth!"
Quote #3: "If you can't run with the big dogs, stay on the porch!"
www.moneymakerracing.com
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mellowyellow
Gearhead Posts: 8198
From: So. Fl.
Registered: Aug 2000
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posted 01-20-2006 10:00 AM
Like the 67 Shelby 500 that got waaaaay overbid-the result of a bidding war. It was high driver quality. But...it DOES affect prices, as sellers see the "pie in the sky" and figure their car is worth way more than originally thought. Another case is the Eleanor impact. It took fastback prices off the chart. Don't look for them to go down anytime soon. Barrett-Jackson HAS affected prices. So many folks on different sites Wouldn't be referring to B-J if they didn't.A side bar story of a car on B-J. Over a year ago, Jay Leno bought the 53 Buick that was owned by Howard Hughes. It's been auctioned twice since! In this case, don't think that Leno made money. But....he probably didn't care. Over a million for a 53 Buick. It did have neat ahead of it's time features, but........
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RICKS
Gearhead Posts: 438
From: Ocala, FL
Registered: Mar 2001
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posted 01-20-2006 10:22 AM
I didn't mean to infer that Barrett didn't affect prices. It definitely steers the boat a bit, but you can't look at any single transaction and draw a conclusion from it, because there are so many anomolies that cause bidding to go beyond what really exists as a market...As in the original poster's query, "what was it about that '69 that made it go so high?", it could have been that it was a damn nice car, or it could've been that it was just two tipsy guys favorite shade of purple. There's nothing to really say about any one sale. You've got to see several examples of the same basic model go across the block to frame-in any trend. Also, the late 2005 auctions definitely were experiencing some reality-checking from the early 2005 frenzy following Barrett. Alot of no-sales on cars with reserves, and alot of painful losses on cars selling no-reserve. There's a point where this early-year carnival will indeed hit a ceiling, where the market simply won't follow it any further. Don't know that we're there yet however.
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71RESTO
Gearhead Posts: 1655
From: Oregon, USA
Registered: Oct 2000
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posted 01-20-2006 01:17 PM
Rick, you nailed it correct on all accounts.
I watch B-J to see the cars, but being informed is the best defense. You can typically find the same cars in "like" condition for 2-3 times less than what they fetch at the auction.
Like the '68 Cal Spec. you mentioned going for 50K, you can get a "like" car for the the low 20's every day of the week out on the street.
Fun to watch, but bidders have more money than sense.------------------
Duane
71 Fastback (under resto-351C-4V C6 auto)
M & M Member #730
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Big D
Gearhead Posts: 6843
From: WELLS, NEVADA USA
Registered: Nov 2000
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posted 01-20-2006 07:04 PM
Barrett Jackson has these convinced that it would take upwards of $80K to rebuild any of the cars being sold.. To some degree there is some validity to that school of thought.. But,, the truth is more they have the $$$ and the car is there and the cocktails are flowing.. 66 Chevelle 396 $135K
70 Roadrunner $142K Go Figure.. Alex,, it looks like you have to be a NASCAR Driver before they pay your way there.. ------------------
Don
6T6 Fastback
331 STROKER, T-5
Metallic Royal Blue & Silver
Candy Orange-Red Flames by McGrafix
My Pics
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SteveLaRiviere
Administrator Posts: 48752
From: Saco, Maine
Registered: May 99
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posted 01-20-2006 07:09 PM
quote:
Originally posted by Big D:
Barrett Jackson has these convinced that it would take upwards of $80K to rebuild any of the cars being sold..
If you are talking a pro shop, using NOS parts, EASY. Doesn't mean they are worth it, though. ------------------
'70 Mustang Mach 1 - '70 Mustang Convertible - '72 Mustang Sprint - '94 F-150 XL
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Big D
Gearhead Posts: 6843
From: WELLS, NEVADA USA
Registered: Nov 2000
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posted 01-20-2006 07:09 PM
They just interviewed Will Castro of UNIQUE WHIPS Customs.. He SUCKS.. That one greedy little man that I wouldn't let him touch my car..------------------
Don
6T6 Fastback
331 STROKER, T-5
Metallic Royal Blue & Silver
Candy Orange-Red Flames by McGrafix
My Pics
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Fastymz
Moderator Posts: 22791
From: Reno Nv M&M #1240
Registered: Apr 2001
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posted 01-20-2006 07:11 PM
It's like anything thats sold. If it becomes trendy then the price always goes up. And Barrett Jackson has become the place to spend money at. It's all about packaging people will over pay for the same product just have it wrapped in a Tiffany box. It's still a fun show to watch love seeing all the cars. And I wouldn't mind walking with 20k plus for my basic 65 hardtop.  ------------------
oddly obsessed with big scoops on little Mustangs HOOD HACKERS DELIGHT!
My Pics
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Harley
Gearhead Posts: 204
From:
Registered: Jul 99
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posted 01-20-2006 08:11 PM
I guess it proves that adage about fools and their money, huh?
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71 Mach Me
Journeyman Posts: 17
From: Fontana, CA, USA
Registered: Jan 2006
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posted 01-21-2006 02:28 AM
Hey Guys, I've been watching the Barrett Jackson Auction block pretty regulary and my thought is let them raise the values to the ridiculous level. I do agree it's about the packaging, drinks, wallet sizes and ego's to boot. What the heck...It's good for those of use who own and helps drive the market up. I have seen Mustang Mach I's hitting anywhere from $28K to $43K depending upon the engine type and number of automobiles made. Saw a 69 Boss 429 sell on the block for $190K, unbelievable! Not to mention Shelby's which are way up $$$ there. Of course all these cars with original / matching VIN#'s and clean. Tonight a 69 302 Z28 Camaro which was considered a "survivor" meaning that it wasn't a restoration car sold for $205K. This auction seems to be dictating the marketplace. We are in a muscle car boom once again!
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68 Coop
Gearhead Posts: 5847
From: Mesquite, NV. 89027
Registered: Oct 2004
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posted 01-21-2006 04:31 AM
Well, it's a great time to make some quick/big cash if you have the cars to sell. Let's say you have 5 very decent cars, that bring 70k+. I bet in 5 years from now, you will be able to buy ALL the cars you sold, for the price you get outta one of them today. Let the flaming begin, but that's my thoughts on it.------------------
William
The easiest way to find something, is to buy a replacement. 68 Coupe
289
C4
2:79 rear gears
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Fastback68
Gearhead Posts: 4511
From: Sucat, Paranaque, Philippines
Registered: Jul 99
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posted 01-21-2006 07:05 AM
Well, I can't agree with you there William 'cos I'm in the total opposite of a B-J market  I remember SteveL poo-pooed my analysis of the falling market here based on a few car sales a year ago, but a year later and I'm still on target!
The ONLY popular muscle car that I'm aware of that has gone up in value in the last couple of years - and sharply - is the 67-8 fastback Stang. Others have plunged - though you wouldn't necessarily know it. Sellers of high-end cars here often ask the buyers not to tell anyone how little they paid. I was shocked to find out recently that the Shelby GT500KR formerly owned by the chairman of the Mustang Club of the Philippines had not sold for the asking price of about $48,000, but went for $20,000. (There is a special reason, though, why such cars are still cheap here, which is that some of the old-time collectors refuse to sell to anyone who might take it out of the country - the fate of many top cars in the last five years.)
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68 Coop
Gearhead Posts: 5847
From: Mesquite, NV. 89027
Registered: Oct 2004
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posted 01-21-2006 07:22 AM
I hear ya Simon, I'm in no way an expert, but I know as a Society, we have a very short attention span. What's in style today, will be out in 6 months from now. If that applies to "Hot Rods" is yet to be seen. Someone posted about the Imports taking over, I think that depends on the Big 3 getting some compitetion out there that stand up to those makers, and what happens to the gas prices. I won't be able to drive the the Coop as a daily driver, if gas goes above 4 bucks a gallon.------------------
William
The easiest way to find something lost, is to buy a replacement. 68 Coupe
289
C4
2:79 rear gears
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