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Busting the Barometer.(News)
Byline: LARRY EDSALL
How crazy do people get at auctions? Consider: Barrett-Jackson sold a 1964 Amphicar for $124,000. Yes, a 42-year-old car/boat for the price of a brand-new Mercedes-Benz SL55 AMG.
Someone else dropped nearly $50,000 on a 1966 VW bus. Yikes!
Anomalies? Sure, but cars were commanding some astounding prices. Like $2 million (before commission) for a 1970 Plymouth Hemi 'Cuda, or $1.15 million for a 1970 Chevrolet Chevelle LS6 convertible with an NHRA drag racing history.
A year ago Barrett-Jackson sold 878 cars. This year nearly 1100 cars went over the block. This being a no-reserve auction, all sold, though some were repurchased by owners willing to pay the sales commission rather than let go of a vehicle for less than it was worth. But who can say what any vehicle is worth when more than 4800 feeding-frenzied bidders are shopping?
Last year Barrett-Jackson set a record with more than $61 million in sales. This year it did more than $49 million in just one day, and generated more than $100 million in total sales-more than the 2004 and 2005 auctions combined. And it wasn't just Barrett-Jackson. Russo and Steele nearly doubled its 2005 sales and RM Auctions saw nine cars sell for $1 million or more.
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Source: HighBeam Research, Busting the Barometer.(News)