The rise and fall and rise again of blue-chip American muscle cars was the topic of a pair of seminars under the backdrop of Arizona classic-car auction week.
Rare and powerful muscle cars once again are hot commodities, according to the panels of classic-car experts, with the best low-production examples surging ahead in values during the past couple of years after taking a beating in the aftermath of the U.S. financial collapse of 2008.
“These are really the last of the great collectible America cars,” said Colin Comer, author and noted collector. “They are the supercharged Duesenbergs of our generation.”
The first seminar, “The Muscle Car Market – Today and Tomorrow” hosted by American Car Collector magazine and MidAmerica Motorworks at the Barrett-Jackson auction site, included the viewpoints of Comer, an ACC columnist and the author of Million Dollar Muscle Cars, who also delivered the keynote speech; B. Mitchell Carlson, ACC columnist and auction analyst; John L. Stein, ACC contributor and Corvette columnist; and Jim Pickering, ACC managing editor, who served as moderator.
The second seminar, entitled “Under the Hood of the Muscle Car Market” and sponsored by Hagerty Classic Car Insurance at the Penske Racing Museum, included Wayne Carini, veteran classic-car specialist and TV personality; Comer; Donnie Gould, president of Auctions America by RM; Ken Lingenfelter, owner of Lingenfelter Performance Engineering; Matt Stone, automotive writer and author; John Kraman, consignment director for Mecum Auctions; John Bemis, sales director for Russo and Steele auctions; and Dave Kinney, columnist and classic-car appraiser.
Prices for muscle cars were expected to be solid during the Arizona auctions, although the rising tide will not lift all boats, Comer noted. The cars with special provenance of limited production and performance, such as 1965 Shelby GT350s and 1969 Yenko Camaros, have been returning to their previous record values, but the more-common examples of Detroit muscle have remained flat.
The rising values only include those cars that have been verified as real and unaltered since leaving the factory. Comer noted. “The stuff that’s not pure, that’s not authenticated” will continue to struggle. Resto-mods and “tributes” to famous performance cars – not to mention outright fraudulent representations – will remain flat.
Still, the prospects this year are good, said Kinney. “I think 2014 is the year we could see a pretty strong turnaround.”
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True car people are driving the market. The speculators are gone.”
— Wayne Carini
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At both seminars, graphics were shown to illustrate the boost in prices for the best muscle cars since around 2011, drawn from the American Car Collector and Hagerty price guides. But they also showed those that have not recovered. One example mentioned was the 1970 Chevelle SS 454, which plummeted in worth after 2008 and has yet to come back.
The multi-million values of 1970-era Hemi ‘Cuda and Challenger convertibles will likely never return was a consensus among the panelists. That was an anomalous bubble pushed up by a group of investors who had cornered the market on the Plymouth and Dodge muscle cars, skewing their values until the inevitable burst, several of the experts remarked. Buyers still shy away from high prices for those cars.
“These were a couple of guys trading baseball cards,” Comer said.
Another Mopar product that has been languishing despite rarity and uniqueness is the Plymouth Superbird/Dodge Daytona, the NASCAR homologation specials with the soaring rear wings and oddly aerodynamic noses and scoops. Matt Stone pointed out that these were “an important part of muscle car history.”
“They have lots of wings and things, and they were built for just one thing: cheating on NASCAR ovals,” Stone said.
But the look is too controversial for many.
“I think the reason these cars don’t do better is because most guys have wives,” Comer said. “I know I would be sleeping out in the garage if I brought home one of these.
Some of the top muscle cars mentioned by the panelists that are coming back strong in the current market include:
1969 Yenko Camaro
1969 Camaro Z/28
1967 Corvette 427
1965 Mustang Shelby GT350
1970 Mustang Shelby GT350
1973 Pontiac Trans-AM 455 Super Duty
Some others picked by the panelists that are underpriced but could see resurgence in value are:
1968-70 American Motors AMX 390
1969 COPO Camaro
1966-68 Shelby GT350s
1957 Corvette “Airbox,” fuel injected with cold-air intake
1967-68 Yenko Camaros
1965 Buick Riviera GS
1969 Mustang Boss 429
1969 Shelby GT500
1969 Ford Talladega/Mercury Cyclone Spoiler
1965-66 Impala SS 396
Some other takeaways from the muscle-car seminars:
“True car people are driving the market,” Carini said. “The speculators are gone,”
“The survivor-car aspect is the most important part of the market,” Comer said. “If you have a nice original car, don’t do anything to it.”
“The cars that are moving the market today are the ones with histories that we know,” Bemis said.
“Anything with a connection with Smoky and the Bandit is hot, it’s smoking,” Stone said, referring to the Pontiac Firebird Trans Ams of the mid-to-late 1970s. “Good low-budget fun.”
And the comment that generated the most applause during the seminars: “If you’re buying a car purely for investment, you are doing the wrong thing,” Kinney said. “Buy it because you love it.”
Classic car restoration students learn paint techniques at McPherson College in Kansas | Photo by Larry Edsall
McKeel Hagerty is on a mission to do more than merely insure classic cars. He wants to insure the future of the classic car hobby.
He recently was speaking to a group of car collectors and reminded them that there is “that one guy who knows how to make this one thing” you need for your car.
[pullquote]
Skills are being lost.”
— David Madeira
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It doesn’t really matter what that one thing may be, he added. Too frequently, there is only one person who still knows how to make it or to fix it, and the hobby cannot afford for that person’s knowledge to disappear when that one person dies.
“Skills are being lost,” said David Madeira, president and chief executive of the Le May — America’s Car Museum, which was host to the gathering at which Hagerty spoke during the annual Arizona Auction Week.
To keep those skills — and the classic car hobby itself — alive, Madeira and Hagerty announced that what has been known as the Collectors Foundation will be reborn as the Hagerty Education Program, a 509 (a)(3) non-profit that will be administered through the museum.
Why this change? Well, for one thing, Collectors Foundation chief executive Bob Knechel recently retired. For another, Hagerty said he has learned that while he may be able to run a for-profit insurance company, his skill is not oversight of a non-profit.
The inspiration for what became known as the Collectors Foundation was provided nearly a decade ago when car collector and comedian Jay Leno was accepting the Meguiar’s Award as classic car person of the year. Instead of telling jokes, Leno told his fellow car collectors it was time they all started giving back to the hobby, particularly by helping to educate a new generation of classic car maintenance and restoration specialists.
What started as the Hagerty Fund evolved into the Collectors Foundation, raising money to fund scholarships and to help “bring back shop class” to high schools across the country.
The alternative, Hagerty realized, would be that, “some of these arts, these skills will go away.”
In the ensuing decade, the Collectors Foundation provided help to some 2,000 young people seeking careers in classic car restoration and maintenance by funding 100 programs, 285 scholarships and 27 internships.
To launch the new initiative with the Le May, Hagerty Insurance has pledged $1.75 million during the next five years and hopes other businesses in the classic car industry will make additional significant contributions, and that individual classic car hobbyists also will make donations.
Hagerty and Madiera also announced that former Indy 500 and Le Mans racer Lyn St. James, a long-time advocate for young people — especially young women — in motorsports, in sports and in education, will serve an “ambassador” for both the renewed educational fund and for the LeMay museum itself.
“There are 22-million collector cars out there,” St. James said, adding that those cars need caretakers, not only now but for generations to come.
Editor’s note: Throughout Arizona Auction Week, we have brought you daily results as reported to us by Hagerty Insurance, which staffs each of the venues and tracks the sales. These are raw results witnessed by Hagerty and may not include any post-sale transactions. The figures do include the buyer’s premiums.
Sunday, January 19
Overall from all auction companies
Total: $248.6M
2,321/2,815 lots sold: 82% sell-through rate
Average Sale Price: $107,096
Overall 2013 Results:
Cumulative Total: $223.9M
2,234/2,699 lots sold: 83%
Average Sale Price: $100,176
Overall Top 10 Sales:
1. 1958 Ferrari 250 GT California LWB Spyder sold for $8,800,000 (RM)
2. 1958 Ferrari 250 GT Cabriolet sold for $6,160,000 (Gooding)
3. 1997 McLaren F1 GTR Longtail Coupe sold for $5,280,000 (Gooding)
4. 1967 Chevrolet Corvette L88 Coupe sold for $3,850,000 (Barrett-Jackson)
5. 1956 Ferrari 410 Superamerica SI Coupe sold for $3,300,000 (Gooding)
6. 1951 Ferrari 212 Export Coupe sold for $3,190,000 (Bonhams)
7. 1931 Alfa Romeo 6C 1750 Gran Sport Spider sold for $3,080,000 (Bonhams)
8. 1969 Chevrolet Corvette #57 Rebel L88 Convertible sold for $2,860,000 (Barrett-Jackson)
9. 1961 Porsche 718 RS 61 Spyder sold for $2,750,000 (RM)
10. 1966 Ferrari 275 GTB/6C Coupe sold for $2,640,000 (Bonhams)
Results by auction company
Barrett-Jackson
Overall Total: $107.8M
1,381/1,388 lots sold: 99.5% sell-through rate
Average Sale Price: $78,042
Overall Top 10 Sales:
1. 1967 Chevrolet Corvette L88 Coupe sold for $3,850,000
2. 1969 Chevrolet Corvette #57 Rebel L88 Convertible sold for $2,860,000
3. 1955 Mercedes-Benz 300SL Gullwing Coupe sold for $2,090,000
4. 1998 Ferrari F300 Race Car sold for $1,870,000
5. 1963 Shelby Cooper Monaco King Cobra sold for $1,650,000
6. 1929 Duesenberg SJ Lebaron Dual Cowl Phaeton sold for $1,430,000
7. 2008 Bugatti Veyron 16.4 Base Coupe sold for $1,375,000
8. 1968 Chevrolet Corvette L88 Convertible sold for $880,000
9. 1953 Chevrolet Corvette Convertible and 2003 Chevrolet Corvette 50thAnniversary sold for $770,000 (sold as a pair)
10. 1959 Cessna L-19E Airplane and 1958 Dodge M37 Military Truck sold for $750,000 (sold as a pair)*
* Sold for charity
Sunday total: $6.2M | 131/131 lots sold: 100% sell-through rate | Average Sale Price: $47,661
Top 5 Sunday Sales:
1. 2011 Chevrolet Camaro Coupe sold for $196,000
2. 1948 Buick Super 8 Custom Sedan sold for $165,000
3. 1968 Dodge Charger Custom Hardtop sold for $126,500
4. 1971 Chevrolet C-10 Custom Pickup sold for $110,000
4. 1956 Ford F-100 Custom Pickup sold for $110,000
4. 1944 GMC Amphibious Vehicle Dukw sold for $110,000
Overall 2013 Results:
Cumulative Total: $102.5M | 1,336/1,340 sold: 99.7% | Average Sale Price: $76,754
Bonhams
Total: $23.5M
86/101 lots sold: 85% sell-through rate
Average Sale Price: $272,890
Overall Top 10 Sales:
1. 1951 Ferrari 212 Export Coupe sold for $3,190,000
2. 1931 Alfa Romeo 6C 1750 Gran Sport Spider sold for $3,080,000
3. 1966 Ferrari 275 GTB/6C Coupe sold for $2,640,000
4. 1936 Mercedes-Benz 500K Sports Phaeton sold for $1,430,000
5. 1961 Mercedes-Benz 300SL Roadster sold for $1,237,500
6. 1955 Mercedes-Benz 300SL Gullwing Coupe sold for $1,078,000
7. 1968 Ferrari 330 GTC Coupe sold for $803,000
8. 1967 Ferrari 330 GTC Coupe sold for $660,000
9. 1947 Bentley Mk VI Coupe sold for $605,000
10. 1935 Auburn 851 Supercharged Boattail Speedster sold for $467,500
Overall 2013 Results:
Total: $13.4M | 91/112 lots sold: 81% sell-through rate | Average Sale Price: $147,296
Gooding & Company
Total: $49.5M
110/117 lots sold: 94% sell-through rate
Average Sale Price: $449,650
Overall Top 10 Sales:
1. 1958 Ferrari 250 GT Cabriolet sold for $6,160,000
2. 1997 McLaren F1 GTR Longtail Coupe sold for $5,280,000
3. 1956 Ferrari 410 Superamerica SI Coupe sold for $3,300,000
4. 1961 Ferrari 250 GT Speciale Coupe sold for $2,365,000
5. 1929 Duesenberg Model J LeBaron Dual Cowl Phaeton sold for $2,090,000
6. 1967 Ferrari 330 GTS Spyder sold for $2,062,500
7. 1956 Mercedes-Benz 300SL Gullwing Coupe sold for $1,897,500
8. 1955 Lancia Aurelia B24 Spider America Convertible sold for $1,815,000
9. 1952 Ferrari 212 Inter Coupe sold for $1,787,500
10. 1959 Mercedes-Benz 300SL Roadster sold for $1,430,000
1. 1958 Ferrari 250 GT California LWB Spyder sold for $8,800,000
2. 1961 Porsche 718 RS 61 Spyder sold for $2,750,000
3. 1964 Ferrari 250 GT Lusso Coupe sold for $2,447,500
4. 1930 Duesenberg Model J Disappearing Top Convertible sold for $2,200,000
5. 1966 Ferrari 275 GTB Coupe sold for $1,815,000
6. 1995 Ferrari F50 Coupe sold for $1,650,000
7. 1966 Ferrari 275 GTS Spyder sold for $1,485,000
8. 1956 Mercedes-Benz 300SL Gullwing Coupe sold for $1,292,500
9. 1958 Mercedes-Benz 300SL Roadster sold for $1,045,000
9. 1935 Hispano-Suiza J12 Cabriolet de Ville sold for $1,045,000
Overall 2013 Results:
Total: $36.4M | 75/84 lots sold: 89% sell-through rate | Average Sale Price: $485,544
Russo and Steele
Overall Total: $19.0M
456/751 lots sold: 61% sell-through rate
Average Sale Price: $41,761
Overall Top 10 Sales:
1. 1966 Lamborghini 350GT Coupe sold for $742,500
2. 1963 Pontiac LeMans SD Lightweight Coupe sold for $335,500
3. 2008 Mercedes-Benz SLR Roadster sold for $308,000
4. 1971 Chevrolet Corvette SS 454 Convertible sold for $250,250
5. 1964 Porsche 356SC Cabriolet sold for $242,000
6. 2013 Dodge Viper GTS Coupe sold for $236,500
7. 1953 Chevrolet Corvette Roadster sold for $225,500
8. 1970 Ford Mustang Boss 429 Fastback sold for $220,000
9. 1941 Packard Sedan Presidential Parade Car sold for $192,500
10. 1966 Shelby GT350 Fastback sold for $187,000
Sunday total: $1.7M
108/171 lots sold: 63%
Average Sale Price: $15,762
Top 5 Sunday Sales:
1. 1961 Lincoln Continental Convertible sold for $53,350
2. 1955 Chevrolet Sedan Delivery sold for $50,050
3. 1970 Dodge Challenger Coupe sold for $49,500
4. 1939 Ford Touring Coupe sold for $47,300
5. 1966 Ford Bronco Sport Utility sold for $44,000
Overall 2013 Results:
Cumulative Total: $16.0M | 422/710 sold: 59% | Average Sale Price: $37,975
Silver Auctions
Total: $3.1M
179/331 lots sold: 54%
Average Sale Price: $17,414
Overall Top 10 Sales:
1. 1972 Jaguar E-Type SIII Convertible sold for $81,540
2. 1948 Cadillac Model 62 Convertible sold for $76,140
3. 2009 Dodge Viper Coupe sold for $71,280
4. 1958 Chevrolet Corvette Convertible sold for $70,200
5. 1963 Chevrolet Impala Hardtop Coupe sold for $69,660
6. 1956 Mercury Monterey Hardtop sold for $62,640
7. 1947 Oldsmobile Woody Station Wagon sold for $59,400
8. 1956 Chevrolet Bel Air Convertible sold for $59,400
9. 1956 Chevrolet Sedan Delivery Custom sold for $41,580
10. 1941 Ford Super Deluxe Convertible sold for $40,500
Overall 2013 Results:
Total: $2.8M | 209/349 lots sold: 60% sell-through rate | Average Sale Price: $13,628
Editor’s note (part 2): Total sales for the Arizona auctions first reached the $100-million mark in 2005 and climbed to $157 million in 2008. Then came the national economic crash. Sales rebounded to $158 million in 2011, to $185 in 2012 and topped $226 last year.
Total sales improved by 11 percent this year compared to 2013 with the average sales price increasing by 6.9 percent.
The biggest gains were posted by Bonhams — nearly doubling 2013 sales and with an 85-percent increase in average sales price; Russo and Steele — an 18.7-percent overall sales boost, though only a 1-percent increase in average sales transaction; and Silver Auctions, increasing 10..7 percent in overall sales and 27.7 percent in average transaction price. RM also had a large overall sales increase after staging a two-day event this year and a single-day sale last year. Barrett-Jackson’s overall sales improved by more than 5 percent while Gooding & Company’s overall sales were less than a year ago.
Editor’s note: Throughout Arizona Auction Week, we’ll be bringing you daily results as reported to us by Hagerty Insurance, which staffs each of the venues and tracks the sales. These are raw results witnessed by Hagerty and may not include any post-sale transactions. The figures do include the buyer’s premiums.
Saturday, January 18
Overall from all auction companies
Cumulative Total: $239.3M
2,076/2,510 lots sold: 83% sell-through rate
Average Sale Price: $115,248
2013 Cumulative Results Through Saturday
Cumulative Total: $216.2M
1,980/2,384 lots sold: 83% sell-through rate
Average Sale Price: $109,177
Overall Top 10 Sales from all auctions through Saturday:
1. 1958 Ferrari 250 GT California LWB Spyder sold for $8,800,000 (RM)
2. 1958 Ferrari 250 GT Cabriolet sold for $6,160,000 (Gooding)
3. 1997 McLaren F1 GTR Longtail Coupe sold for $5,280,000 (Gooding)
4. 1967 Chevrolet Corvette L88 Coupe sold for $3,850,000 (Barrett-Jackson)
5. 1956 Ferrari 410 Superamerica SI Coupe sold for $3,300,000 (Gooding)
6. 1951 Ferrari 212 Export Coupe sold for $3,190,000 (Bonhams)
7. 1931 Alfa Romeo 6C 1750 Gran Sport Spider sold for $3,080,000 (Bonhams)
8. 1969 Chevrolet Corvette #57 Rebel L88 Convertible sold for $2,860,000 (Barrett-Jackson)
9. 1961 Porsche 718 RS 61 Spyder sold for $2,750,000 (RM)
10. 1966 Ferrari 275 GTB/6C Coupe sold for $2,640,000 (Bonhams)
Results by auction company
Barrett-Jackson
Cumulative Total through Saturday: $100.9M
1,246/1,255 lots sold: 99% sell-through rate
Average Sale Price: $80,942
Overall Top 10 Sales:
1. 1967 Chevrolet Corvette L88 Coupe sold for $3,850,000
2. 1969 Chevrolet Corvette #57 Rebel L88 Convertible sold for $2,860,000
3. 1955 Mercedes-Benz 300SL Gullwing Coupe sold for $2,090,000
4. 1998 Ferrari F300 Race Car sold for $1,870,000
5. 1963 Shelby Cooper Monaco King Cobra sold for $1,650,000
6. 1929 Duesenberg SJ Lebaron Dual Cowl Phaeton sold for $1,430,000
7. 2008 Bugatti Veyron 16.4 Base Coupe sold for $1,375,000
8. 1968 Chevrolet Corvette L88 Convertible sold for $880,000
9. 1953 Chevrolet Corvette Convertible and 2003 Chevrolet Corvette 50th Anniversary sold for $770,000 (sold as a pair)
10. 1959 Cessna L-19E Airplane and 1958 Dodge M37 Military Truck sold for $750,000 (sold as a pair)*
* Sold for charity
Saturday total: $51.9M |267/275 lots sold: 97% sell-through rate | Average Sale Price: $194,502
Top 5 Saturday Sales:
1. 1967 Chevrolet Corvette L88 Coupe sold for $3,850,000
2. 1969 Chevrolet Corvette #57 Rebel L88 Convertible sold for $2,860,000
3. 1955 Mercedes-Benz 300SL Gullwing Coupe sold for $2,090,000
4. 1998 Ferrari F300 Race Car sold for $1,870,000
5. 1963 Shelby Cooper Monaco King Cobra sold for $1,650,000
Overall total (from one-day auction ended Thursday): $23.5M
86/101 lots sold: 85% sell-through rate
Average Sale Price: $272,890
Overall Top 10 Sales:
1. 1951 Ferrari 212 Export Coupe sold for $3,190,000
2. 1931 Alfa Romeo 6C 1750 Gran Sport Spider sold for $3,080,000
3. 1966 Ferrari 275 GTB/6C Coupe sold for $2,640,000
4. 1936 Mercedes-Benz 500K Sports Phaeton sold for $1,430,000
5. 1961 Mercedes-Benz 300SL Roadster sold for $1,237,500
6. 1955 Mercedes-Benz 300SL Gullwing Coupe sold for $1,078,000
7. 1968 Ferrari 330 GTC Coupe sold for $803,000
8. 1967 Ferrari 330 GTC Coupe sold for $660,000
9. 1947 Bentley Mk VI Coupe sold for $605,000
10. 1935 Auburn 851 Supercharged Boattail Speedster sold for $467,500
Overall 2013 Results
Total: $13.4M | 91/112 lots sold: 81% sell-through rate | Average Sale Price: $147,296
Gooding & Company
Overall Total (from two-day-auction ending Saturday): $48.9M
109/117 lots sold: 93% sell-through rate
Average Sale Price: $448,730
Overall Top 10 Sales:
1. 1958 Ferrari 250 GT Cabriolet sold for $6,160,000
2. 1997 McLaren F1 GTR Longtail Coupe sold for $5,280,000
3. 1956 Ferrari 410 Superamerica SI Coupe sold for $3,300,000
4. 1961 Ferrari 250 GT Speciale Coupe sold for $2,365,000
5. 1929 Duesenberg Model J LeBaron Dual Cowl Phaeton sold for $2,090,000
6. 1967 Ferrari 330 GTS Spyder sold for $2,062,500
7. 1956 Mercedes-Benz 300SL Gullwing Coupe sold for $1,897,500
8. 1955 Lancia Aurelia B24 Spider America Convertible sold for $1,815,000
9. 1952 Ferrari 212 Inter Coupe sold for $1,787,500
10. 1959 Mercedes-Benz 300SL Roadster sold for $1,430,000
Saturday total: $22.9M | 52/58 lots sold: 90% sell-through rate | Average Sale Price: $439,820
Top 5 Saturday Sales:
1. 1997 McLaren F1 GTR Longtail Coupe sold for $5,280,000
2. 1929 Duesenberg Model J LeBaron Dual Cowl Phaeton sold for $2,090,000
3. 1967 Ferrari 330 GTS Spyder sold for $2,062,500
4. 1955 Lancia Aurelia B24 Spider America Convertible sold for $1,815,000
5. 1952 Ferrari 212 Inter Coupe sold for $1,787,500
Overall Total (from two-day sale ended Friday): $45.6M
108/126 lots sold: 86% sell-through rate
Average Sale Price: $421,884
Overall Top 10 Sales:
1. 1958 Ferrari 250 GT California LWB Spyder sold for $8,800,000
2. 1961 Porsche 718 RS 61 Spyder sold for $2,750,000
3. 1964 Ferrari 250 GT Lusso Coupe sold for $2,447,500
4. 1930 Duesenberg Model J Disappearing Top Convertible sold for $2,200,000
5. 1966 Ferrari 275 GTB Coupe sold for $1,815,000
6. 1995 Ferrari F50 Coupe sold for $1,650,000
7. 1966 Ferrari 275 GTS Spyder sold for $1,485,000
8. 1956 Mercedes-Benz 300SL Gullwing Coupe sold for $1,292,500
9. 1958 Mercedes-Benz 300SL Roadster sold for $1,045,000
9. 1935 Hispano-Suiza J12 Cabriolet de Ville sold for $1,045,000
Overall 2013 Results
Total: $36.4M | 75/84 lots sold: 89% sell-through rate | Average Sale Price: $485,544
Russo and Steele
Cumulative Total through Saturday: $17.3M
348/580 lots sold: 60% sell-through rate
Average Sale Price: $49,829
Overall Top 10 Sales:
1. 1966 Lamborghini 350GT Coupe sold for $742,500
2. 1963 Pontiac LeMans SD Lightweight Coupe sold for $335,500
3. 2008 Mercedes-Benz SLR Roadster sold for $308,000
4. 1971 Chevrolet Corvette SS 454 Convertible sold for $250,250
5. 1964 Porsche 356SC Cabriolet sold for $242,000
6. 2013 Dodge Viper GTS Coupe sold for $236,500
7. 1953 Chevrolet Corvette Roadster sold for $225,500
8. 1970 Ford Mustang Boss 429 Fastback sold for $220,000
9. 1941 Packard Sedan Presidential Parade Car sold for $192,500
10. 1966 Shelby GT350 Fastback sold for $187,000
Saturday total: $8.2M | 91/178 lots sold: 51% | Average Sale Price: $90,245
Top 5 Saturday Sales:
1. 1966 Lamborghini 350GT Coupe sold for $742,500
2. 1963 Pontiac LeMans SD Lightweight Coupe sold for $335,500
3. 2008 Mercedes-Benz SLR Roadster sold for $308,000
4. 1971 Chevrolet Corvette SS 454 Convertible sold for $250,250
5. 1964 Porsche 356SC Cabriolet sold for $242,000
2013 Results Through Satuday
Cumulative Total: $14.3M | 316/544 sold: 58% | Average Sale Price: $45,359
Silver Auctions
Cumulative Total (from two-day sale ending Saturday): $3.1M
179/331 lots sold: 54%
Average Sale Price: $17,414
Overall Top 10 Sales:
1. 1972 Jaguar E-Type SIII Convertible sold for $81,540
2. 1948 Cadillac Model 62 Convertible sold for $76,140
3. 2009 Dodge Viper Coupe sold for $71,280
4. 1958 Chevrolet Corvette Convertible sold for $70,200
5. 1963 Chevrolet Impala Hardtop Coupe sold for $69,660
6. 1956 Mercury Monterey Hardtop sold for $62,640
7. 1947 Oldsmobile Woody Station Wagon sold for $59,400
8. 1956 Chevrolet Bel Air Convertible sold for $59,400
9. 1956 Chevrolet Sedan Delivery Custom sold for $41,580
10. 1941 Ford Super Deluxe Convertible sold for $40,500
Saturday total: $2.0M | 107/192 lots sold: 56% | Average Sale Price: $18,814
Top 5 Saturday Sales:
1. 1972 Jaguar E-Type SIII Convertible sold for $81,540
2. 1948 Cadillac Model 62 Convertible sold for $76,140
3. 1958 Chevrolet Corvette Convertible sold for $70,200
4. 1963 Chevrolet Impala Hardtop Coupe sold for $69,660
5. 1956 Chevrolet Bel Air Convertible sold for $59,400
Overall 2013 Results
Total: $2.8M | 209/349 lots sold: 60% sell-through rate | Average Sale Price: $13,628
Editor’s note (part 2): Even with two of the sales already completed, classic car auction week in Arizona had a huge day Saturday, posting $85 million in transactions. Barrett-Jackson’s Super Saturday alone did $51.9 million in sales, with Gooding & Company at $22.9 million. Overall, 2014 sales show a 10.6-percent improvement vs. previous year totals with two auctions — Barrett-Jackson and Russo and Steele (which so far has posted a 20-percent increase compared to 2013) — continuing through Sunday.
Editor’s note: Throughout Arizona Auction Week, we’ll be bringing you daily results as reported to us by Hagerty Insurance, which staffs each of the venues and tracks the sales. These are raw results witnessed by Hagerty and may not include any post-sale transactions. The figures do include the buyer’s premiums.
Friday January 17
Overall from all auction companies
Cumulative Total: $152.2M
1,556/1,808 lots sold: 86% sell-through rate
Average Sale Price: $97,795
2013 Cumulative Results Through Friday
Cumulative Total: $130.8M |1,490/1,723 lots sold: 86% sell-through rate | Average Sale Price: $87,780
Overall Top 10 Sales from all auctions through Friday:
1. 1958 Ferrari 250 GT California LWB Spider sold for $8,800,000 (RM)
2. 1958 Ferrari 250 GT Cabriolet sold for $6,160,000 (Gooding)
3. 1956 Ferrari 410 Super America SI Coupe sold for $3,300,000 (Gooding)
4. 1951 Ferrari 212 Export Coupe sold for $3,190,000 (Bonhams)
5. 1931 Alfa Romeo 6C 1750 Gran Sport Spider sold for $3,080,000 (Bonhams)
6. 1961 Porsche 718 RS 61 Spider sold for $2,750,000 (RM)
7. 1966 Ferrari 275 GTB/6C Coupe sold for $2,640,000 (Bonhams)
8. 1964 Ferrari 250 GT Lusso Coupe sold for $2,447,500 (RM)
9. 1961 Ferrari 250 GT Speciale Coupe sold for $2,365,000 (Gooding)
10. 1930 Duesenberg Model J Murphy Convertible sold for $2,200,000 (RM)
Results by auction company
Barrett-Jackson
Cumulative Total through Friday: $49.1M
979/979 lots sold: 100% sell-through rate
Average Sale Price: $50,168
Overall Top 10 Sales:
1. 2014 Chevrolet Camaro COPO Coupe sold for $700,000*
2. 1956 Ford F-100 Custom Shelby Truck sold for $450,000*
3. 1957 Ford Thunderbird E-Bird Convertible sold for $330,000
4. 1979 Oldsmobile Cutlass Hurst Coupe sold for $270,000*
5. 1955 Ford F-100 Custom Pickup sold for $220,000
6. 2012 Ford F-350 Custom Pickup sold for $200,000*
7. 1962 Chevrolet Corvette Custom Convertible sold for $198,000
8. 2013 Ford Fusion NASCAR Race Car sold for $180,000
9. 1969 Ford Mustang Boss 429 Fastback sold for $176,000
10. 1956 Jaguar XK140 MC Drop Head Coupe sold for $165,000
10. 1960 Cadillac Custom Roadster sold for $165,000
* Sold for charity
Friday total: $22.4M | 288/288 lots sold: 100% sell-through rate | Average Sale Price: $77,872
Top 5 Friday Sales:
1. 2014 Chevrolet Camaro COPO Coupe sold for $700,000*
2. 1956 Ford F-100 Custom Shelby Truck sold for $450,000*
3. 1957 Ford Thunderbird E-Bird Convertible sold for $330,000
4. 1979 Oldsmobile Cutlass Hurst Coupe sold for $270,000*
5. 1962 Chevrolet Corvette Custom Convertible sold for $198,000
2013 Results Through Friday
Cumulative Total: $46.8M | 957/957 sold: 100% | Average Sale Price: $48,869
Bonhams
(One-day auction ended Thursday) total: $23.5M
86/101 lots sold: 85%
Average Sale Price: $272,890
Top 10 Sales:
1. 1951 Ferrari 212 Export Coupe sold for $3,190,000
2. 1931 Alfa Romeo 6C 1750 Gran Sport Spider sold for $3,080,000
3. 1966 Ferrari 275 GTB/6C Coupe sold for $2,640,000
4. 1936 Mercedes-Benz 500K Sports Phaeton sold for $1,430,000
5. 1961 Mercedes-Benz 300SL Roadster sold for $1,237,500
6. 1955 Mercedes-Benz 300SL Gullwing Coupe sold for $1,078,000
7. 1968 Ferrari 330 GTC Coupe sold for $803,000
8. 1967 Ferrari 330 GTC Coupe sold for $660,000
9. 1947 Bentley Mk VI Coupe sold for $605,000
10. 1935 Auburn 851 Supercharged Boattail Speedster sold for $467,500
2013 Results:
Total: $13.4M | 91/112 lots sold: 81% sell-through rate | Average Sale Price: $147,296
Gooding & Company
Friday Total: $25.9M
56/59 lots sold: 95%
Average Sale Price: $461,980
Overall Top 10 Sales:
1. 1958 Ferrari 250 GT Cabriolet sold for $6,160,000
2. 1956 Ferrari 410 Superamerica SI Coupe sold for $3,300,000
3. 1961 Ferrari 250 GT Speciale Coupe sold for $2,365,000
4. 1956 Mercedes-Benz 300SL Gullwing Coupe sold for $1,897,500
5. 1959 Mercedes-Benz 300SL Roadster sold for $1,430,000
6. 1985 Ferrari 288 GTO Coupe sold for $1,402,500
7. 1971 Ferrari 365 GTB/4 Daytona Coupe sold for $649,000
8. 1954 Alfa Romeo 1900C SS Coupe sold for $649,000
9. 1937 Hispano-Suiza K6 Coupe sold for $621,500
10. 1956 Mercedes-Benz 300Sc Coupe sold for $550,000
10. 1952 Cunningham C3 Coupe sold for $550,000
2013 Results Through Friday
Total: $28.0M | 48/49 lots sold: 98% sell-through rate | Average Sale Price: $583,985
RM
Cumulative Total through Friday: $43.5M
106/126 lots sold: 84% sell-through rate
Average Sale Price: $410,207
Overall Top 10 Sales:
1. 1958 Ferrari 250 GT California LWB Spyder sold for $8,800,000
2. 1961 Porsche 718 RS 61 Spyder sold for $2,750,000
3. 1964 Ferrari 250 GT Lusso Coupe sold for $2,447,500
4. 1930 Duesenberg Model J Murphy Convertible sold for $2,200,000
5. 1966 Ferrari 275 GTB Coupe sold for $1,815,000
6. 1966 Ferrari 275 GTS Spyder sold for $1,485,000
7. 1956 Mercedes-Benz 300SL Gullwing Coupe sold for $1,292,500
8. 1935 Hispano-Suiza J12 Cabriolet de Ville sold for $1,045,000
9. 1958 Mercedes-Benz 300SL Roadster sold for $1,045,000
10. 1938 Bugatti Type 57 Stelvio Cabriolet sold for $962,500
Friday total: $26.4M |49/59 lots sold: 83% sell-through rate | Average Sale Price: $537,967
Top 5 Friday Sales:
1. 1958 Ferrari 250 GT California LWB Spyder sold for $8,800,000
2. 1964 Ferrari 250 GT Lusso Coupe sold for $2,447,500
3. 1966 Ferrari 275 GTB Coupe sold for $1,815,000
4. 1966 Ferrari 275 GTS Spyder sold for $1,485,000
5. 1956 Mercedes-Benz 300SL Gullwing Coupe sold for $1,292,500
1. 2013 Dodge Viper GTS Custom Coupe $236,500*
2. 2009 Volvo VNL670 Custom Semi Truck sold for $165,550
3. 1968 Shelby GT500 KR Convertible sold for $134,750
4. 1964 Chevrolet Corvette Custom Roadster sold for $126,500
5. 1966 International Travelall John Wayne War Wagon sold for $112,200
6. 1968 Shelby GT500 Fastback sold for $110,000
7. 1968 Shelby GT500 KR Convertible sold for $104,500
8. 1969 Shelby GT350H Coupe sold for $101,750
9. 1932 Ford Dearborn Deuce Roadster sold for $96,800
10. 1967 Chevrolet Corvette 327/300 Coupe sold for $83,600
* Sold for charity
Friday total: $5.6M |123/189 lots sold: 65% sell-through rate | Average Sale Price: $45,858
Top 5 Friday Sales:
1. 2013 Dodge Viper GTS Custom Coupe $236,500*
2. 2009 Volvo VNL670 Custom Semi Truck sold for $165,550
3. 1964 Chevrolet Corvette Custom Roadster sold for $126,500
4. 1968 Shelby GT500 Fastback sold for $110,000
5. 1968 Shelby GT500 KR Convertible sold for $104,500
2013 Results Through Friday
Cumulative Total: $7.2M | 227/366 sold: 62% sell-through rate | Average Sale Price: $31,530
Silver
Friday Total: $1.1M
72/140 lots sold: 51% sell-through rate
Average Sale Price: $15,334
Overall Top 10 Sales:
1. 2009 Dodge Viper Coupe sold for $71,280
2. 1956 Mercury Monterey Hardtop sold for $62,640
3. 1941 Ford Super Deluxe Convertible sold for $40,500
4. 1977 Toyota Land Cruiser FJ40 SUV sold for $32,940
5. 1940 Packard 110 Sedan sold for $29,700
6. 1968 Chrysler Imperial Sedan sold for $29,700
7. 1957 Mercury Turnpike Cruiser Hardtop Coupe sold for $28,890
8. 1967 Chevrolet Nova Hardtop Coupe sold for $28,350
9. 1965 Pontiac LeMans GTO sold for $28,080
10. 1965 Chevrolet Impala SS Convertible sold for $27,000
2013 Results Through Friday
Total: $1.3M | 98/155 lots sold:63% sell-through rate | Average Sale Price: $13,210
Editor’s note (part 2): On Thursday, Bonhams did $23.5 million in business with its one-day auction in Arizona. Friday, Gooding & Company ($28.0 million), RM ($26.4) and Barrett-Jackson ($22.4) also reached the $20-million plateau in a single day with their sales figures. Meanwhile, Russo and Steele pushed past $5 million for the day while Silver Auctions exceeded the million-dollar mark at $1.1 million. Overall, the average price of a vehicle sold at the Arizona auctions this year is 11.4-percent more than at the auctions last year. Through Friday, the average sales price had improved 16 percent at Silver and 12.6 percent at Russo and Steele compared to 2013 figures.
The inaugural Arizona Concours d’Elegance was a stunning success, with 78 remarkable classic vehicles arrayed around the lawns within the famed Arizona Biltmore resort.
Some 180 cars were nominated by their owners for the event.
Some 20 committee members and numerous others helping out — all of them volunteers — put the concours together.
More than 2000 people attended.
Three “wishes” — and a good start on a fourth — will be granted by Make-A-Wish Arizona as the result of money raised at the event.
But those are just numbers. Meaningful numbers. In the case of Make-A-Wish, very meaningful numbers. But just numbers.
What everyone will remember is the beauty they experienced that day: The beauty of the setting, the beauty of the cars, the beauty of the efforts of the volunteers and all the contributors to the lives of beautiful children, and theirs to ours.
Editor’s note: Throughout Arizona Auction Week, we’ll be bringing you daily results as reported to us by Hagerty Insurance, which staffs each of the venues and tracks the sales. These are raw results witnessed by Hagerty and may not include any post-sale transactions. The figures do include the buyer’s premiums.
1. 1951 Ferrari 212 Export Coupe sold for $3,190,000 (Bonhams)
2. 1931 Alfa Romeo 6C 1750 Gran Sport Spider sold for $3,080,000 (Bonhams)
3. 1961 Porsche 718 RS 61 Spyder sold for $2,750,000 (RM)
4. 1966 Ferrari 275 GTB/6C Coupe sold for $2,640,000 (Bonhams)
5. 1930 Duesenberg Model J Convertible sold for $2,200,000 (RM)
6. 1936 Mercedes-Benz 500K Sports Phaeton sold for $1,430,000 (Bonhams)
7. 1961 Mercedes-Benz 300SL Roadster sold for $1,237,500 (Bonhams)
8. 1955 Mercedes-Benz 300SL Gullwing Coupe sold for $1,078,000 (Bonhams)
9. 1958 Mercedes-Benz 300SL Roadster sold for $1,045,000 (RM)
10. 1938 Bugatti Type 57 Stelvio Cabriolet sold for $962,500 (RM)
Results by auction company
Barrett-Jackson
Cumulative Total through Thursday: $26.7M
691/691 lots sold: 100% sell-through rate
Average Sale Price: $38,622
Overall Top 10 Sales:
1. 1955 Ford F-100 Pickup sold for $220,000
2. 2012 Ford F-350 Pickup sold for $200,000*
3. 2013 Ford Fusion NASCAR Race Car sold for $180,000*
4. 1960 Cadillac Custom Roadster sold for $165,000
5. 1940 Ford Sportsman Custom Convertible sold for $115,500
6. 1969 Pontiac GTO Judge Coupe $110,000
7. 1971 Plymouth Cuda Custom Convertible sold for $110,000
8. 1952 Buick Super 8 Custom Hardtop sold for $110,000
9. 1969 Ford Talladega Sportsroof Coupe sold for $110,000
10. 1969 Pontiac GTO Judge Hardtop sold for $110,000
* Sold for charity
Thursday total: $12.1M |266/266 lots sold: 100% | Average Sale Price: $45,623
Top 5 Thursday Sales:
1. 1955 Ford F-100 Pickup sold for $220,000
2. 2013 Ford Fusion NASCAR Race Car sold for $180,000*
3. 1960 Cadillac Custom Roadster sold for $165,000
4. 1940 Ford Sportsman Custom Convertible sold for $115,500
5. 1969 Pontiac GTO Judge Hardtop sold for $110,000
6. 1971 Plymouth Cuda Custom Convertible sold for $110,000
7. 1952 Buick Super 8 Custom Hardtop sold for $110,000
8. 1969 Pontiac GTO Judge Coupe sold for $110,000
* Sold for charity
2013 Results Through Thursday
Cumulative Total: $24.4M |689/689 sold: 100% | Average Sale Price: $35,344
Bonhams
Thursday total: $23.5M
86/101 lots sold: 85%
Average Sale Price: $272,890
Top 10 Thursday Sales:
1. 1951 Ferrari 212 Export Coupe sold for $3,190,000
2. 1931 Alfa Romeo 6C 1750 Gran Sport Spider sold for $3,080,000
3. 1966 Ferrari 275 GTB/6C Coupe sold for $2,640,000
4. 1936 Mercedes-Benz 500K Sports Phaeton sold for $1,430,000
5. 1961 Mercedes-Benz 300SL Roadster sold for $1,237,500
6. 1955 Mercedes-Benz 300SL Gullwing Coupe sold for $1,078,000
7. 1968 Ferrari 330 GTC Coupe sold for $803,000
8. 1967 Ferrari 330 GTC Coupe sold for $660,000
9. 1947 Bentley Mk VI Coupe sold for $605,000
10. 1935 Auburn 851 Supercharged Boattail Speedster sold for $467,500
2013 Results through Thursday
Total: $12.1M | 90/112 lots sold: 80% sell-through rate | Average Sale Price: $134,349
RM AUCTIONS
Thursday total: $17.1M
57/67 lots sold: 84%
Average Sale Price: $300,377
Top 10 Thursday Sales:
1. 1961 Porsche 718 RS 61 Spyder sold by $2,750,000
2. 1930 Duesenberg Model J Convertible sold by $2,200,000
3. 1958 Mercedes-Benz 300SL Roadster sold by $1,045,000
4. 1938 Bugatti Type 57 Stelvio Cabriolet sold by $962,500
5. 1938 Jaguar SS100 3.5L Roadster sold by $852,500
6. 1960 OSCA 750 S Roadster sold by $660,000
7. 1930 Bugatti Type 35B Grand Prix Speedster sold by $638,000
8. 1965 Aston Martin DB5 Coupe sold by $550,000
9. Lot 40 – 1936 Delage D6-70 Milord Cabriolet – $544,500
10. 1958 Bentley S1 Continental Park Ward Coupe sold by $511,500
2013 Results through Thursday
No Thursday auction for RM in 2013
Russo and Steele
Thursday total: $3.5M
134/213 lots sold: 63%
Average Sale Price: $26,028
Top 10 Thursday Sales:
1. 1968 Shelby GT500KR Convertible sold for $134,750
2. 1966 International Travelall John Wayne War Wagon sold for $112,200
3. 1969 Shelby GT350H Coupe sold for $101,750
4. 1962 Chevrolet Impala Coupe sold for $70,400
5. 1957 Chevrolet Bel Air Coupe sold for $53,350
6. 2001 Chevrolet Camaro RS/SS Z28 Convertible sold for $52,800
7. 1969 Chevrolet Camaro Coupe sold for $50,600
8. 1970 Chevrolet Chevelle LS5 Coupe sold for $50,600
9. 1947 Dodge Power Wagon Pick Up sold for $48,400
10. 1957 Chevrolet Bel Air Coupe sold for $47,300
2013 Results through Thursday
Total: $3.0M | 128/188 lots sold: 68% sell-through rate | Average Sale Price: $23,204
Editor’s note (part 2): Bonhams and RM opened their sales with nine cars sold for more than $1 million, including a pair of $3-million transactions at Bonhams, which did $23.5 million overall, nearly doubling its 2013 Arizona auction. Bonhams’ was a one-day event; RM is back in action Friday, when Gooding & Company and Silver Auctions start accepting bids at their venues. Russo and Steele also launched its 2014 auction Thursday, selling 134 vehicles at an average price nearly 13 percent better than its opening day a year ago. Meanwhile, after three days of bidding, Barrett-Jackson’s average sale this year is more than 9 percent larger than year-ago numbers.
Part of Wally Arnold collection | Photo courtesy Auctions America
Auctions America opens its 2014 season January 24-25 in Auburn, Ind., but you don’t have to worry about cold winter weather if you want to bid. That’s because this auction is designed to be conducted primarily online, though you also can bid by telephone, Proxibid or even on-site.
No cars will cross the block at this auction. Instead, the two-day sale will be all memorabilia, including automobilia, petroliana, signs, soda fountain and country-store nostalgia, as well as O-gauge model railroad NOS (new-old stock).
Featured will be some 400 lots from the Wally Arnold Collection.
Arnold, who died last June, started sweeping floors at Cal Custom and worked his way up to company president. He later became an executive at Eagle One automotive appearance products, which in 1998 was acquired by Valvoline. Arnold then launched White Eagle Motorsports and managed Eagle one’s displays at hot rod and custom car shows.
He built his collection during the course of more than 40 years at swap meets and antique shows. Highlights include a 15-inch Mohawk metal body globe, a National #5 bronze candy store cash register, a United Motors double-sided porcelain and neon outdoor sign, and a six-foot Red Crown Gasoline porcelain sign.
Considering a 1954 Kaiser Darrin at Barrett-Jackson | Photo by Bob Golfen
Editor’s note: Throughout Arizona Auction Week, we’ll be bringing you daily results as reported to us by Hagerty Insurance, which staffs each of the venues and tracks the sales. These are raw results witnessed by Hagerty and may not include any post-sale transactions. The figures do include the buyer’s premiums.
Wednesday, January 15
Barrett-Jackson
Cumulative Total through Wednesday: $14.6M
425/425 lots sold: 100% sell-through rate
Average Sale Price: $34,461
Overall Top 10 Sales:
1. 2012 Ford F-350 Pickup sold for $200,000*
2. 1969 Ford Talladega Sportsroof Coupe sold for $110,000
3. 2013 Ford Mustang Coupe sold for $110,000*
4. 1970 Dodge Challenger R/T Hardtop Coupe sold for $101,200
5. 1957 Chevrolet Bel Air Custom Convertible sold for $99,000
6. 1968 Plymouth Satellite Custom Convertible sold for $88,000
7. 1978 Chevrolet Corvette Indy Pace Car Coupe sold for $82,500
8. 1941 Dodge Custom 4×4 Pickup sold for $82,500
9. 1958 Chevrolet Impala Custom Hardtop sold for $82,500
10. 1952 Chevrolet Custom Sedan Delivery sold for $82,500
* Sold for charity
Wednesday total: $10.3M |274/274 lots sold: 100% | Average Sale Price: $37,471
Top 5 Wednesday Sales:
1. 2012 Ford F-350 Pickup sold for $200,000*
2. 1970 Dodge Challenger R/T Hardtop Coupe sold for $101,200
3. 1957 Chevrolet Bel Air Custom Convertible sold for $99,000
4. 1968 Plymouth Satellite Custom Convertible sold for $88,000
5. 1978 Chevrolet Corvette Indy Pace Car Coupe sold for $82,500
6. 1941 Dodge Custom 4×4 Pickup sold for $82,500
7. 1952 Chevrolet Custom Sedan Delivery sold for $82,500
* Sold for charity
2013 Results Through Wednesday
Cumulative Total: $11.6M |406/406 sold: 100% |Average Sale Price: $28,593
Editor’s note (Part 2): Though Barrett-Jackson has sold fewer cars through the first two days of its sale this year, they are selling on average for 20 percent more than a year ago.
As Arizona’s famous classic-car auction week gets into full swing, the experts caution that too much of a good thing can lead to a nasty hangover. That’s when the red-mist of the auction action fades and you confront the reality of what’s now sitting in your garage.
Do plenty of research before you buy a classic car at auction — and make sure it is something that you will love and enjoy — was the advice from a panel of classic-car veterans who spoke at the Phoenix Automotive Press Association’s fifth annual Arizona Auction Week Preview.
The members of the panel – Keith Martin, the well-known publisher of Sports Car Market and American Car Collector magazines; Corky Coker, the owner of Coker Tire, which specializes in providing rubber for vintage cars; and John Carlson, famed concours d’elegance judge and most recently chief judge at the inaugural Arizona Concours d’Elegance – spoke before a crowd of old-car enthusiasts at the Phoenix Art Museum. The panelists were peppered with questions about where the classic-car hobby stands today and where it’s heading in the future.
Each of the panelists is a lifelong car collector in his own right. Each is in Arizona this week to enjoy the spate of six classic-car auctions happening in the Scottsdale/Phoenix area: Barrett-Jackson, RM, Gooding, Bonhams, Russo & Steele and Silver. Last year, more than $300 million worth of vintage iron crossed the block and into new ownership, a number that is expected to be eclipsed by this year’s sales totals.
“It’s turned into a little bit more than a hobby now,” Coker (right) told the group. “It’s an industry.”
But all that auction excitement and beautiful cars becoming the target of desire can get out of control if you don’t approach it with a clear head.
“It’s what I call car horny,” Martin said. “You walk around and see something you like and get all excited.”
Martin related how a screaming auction deal on a 1964 Chevy Nova wagon turned into a wildly expensive restoration that wound up costing him something in the neighborhood of $45,000. It’s now an incredible car, he added, but maybe not worth what he has in it. He’ll find out when it crosses the block this week at Barrett-Jackson, where the car is selling with no reserve.
But that’s part of the risk and the fun of engaging in the hobby, he said, adding that he has gained much enjoyment from his cars over the years, particularly the Italian ones from Alfa Romeo: “When you buy a car, it changes your life.”
Choosing the right classic car involves much more than its looks or performance, Carlson said. What matters most is how you will enjoy it, and with whom.
“I tell folks, ‘What group do you want to associate with?’ ” he said. “The key for me is that you have fun with your car.”
Despite his longtime participation in concours competitions and judging, Carlson (right) said that for most people winning an award at a show should never be the chief goal of owning a classic car.
“The only person who cares that you won a trophy is you,” he said. “I tell people that if you really want a trophy, buy one and save yourself $100,000 and a lot of headaches.”
The question of preservation vs. restoration gained traction during the discussion, with all three panel members espousing a cautious approach in attempting to bring a car back to original or even better condition while possibly ruining its originality and authenticity.
Coker is about to debut a new reality television show, Backroad Gold, on the Travel Channel. The show will focus on discovering original barn-find cars. Coker said he is a major proponent of preserving original cars despite their flaws.
“I just like the look of an original car,” Coker said. “I like the look, the smell and the stories.”
Of course, that only works if the car is in reasonably good condition, Martin (left) noted. “There’s a difference between a preserved car and a nasty old thing.”
Carlson said that under concours definitions, a preserved car is one that has never been cosmetically restored, with no new paint, upholstery or chrome work. They can be mechanically repaired as needed to make them run, as well as getting such perishable items as tires and windshield wipers replaced. But the patina of faded paint and interiors can add much to the allure of an automotive survivor.
“We’re really going toward keeping cars in original condition,” he said, noting that the previous trend was toward total restorations. “We want to keep as many great unrestored cars as we can. They are wonderful and we don’t want to restore these cars.”
In his typical way, Coker got plenty of laughs during the seminar with his dry wit and homespun observations. At one point, he turned the discussion about driving and enjoying classic cars into an unexpected sales pitch.
“If it’s presentable and makes people smile, then get in it and drive it,” he said. “Why? Because it wears out tires.”
The topic of the classic-car hobby’s future focused on getting younger people interested in cars that were created before most of them were born. The panelists agreed that getting technology-obsessed millennials interested in old cars could be problematic.
The only way to get young people to love old cars is to make sure that they are exposed to them, Martin said, including getting them behind the wheel. “They have to be brought in and taught to like these cars because they didn’t grow up with them.”
Coker said he sees many young people coming into the hobby, inspired by their parents to appreciate the classic machines. Beyond keeping the hobby going, he added, it’s important that people understand the old cars to thwart misguided anti-pollution efforts to get them off the road. “There are a lot of green people who have no idea what we do.”
The overarching advice from the expert panel to potential buyers is to be savvy, clear-headed and well-informed. The main way to avoid the pitfalls of classic-car collecting is to do your homework on the make and model before you start bidding, Carlson said.
“The No. 1 tool to have in your tool box is to do your research,” he said.
Blue-chip muscle cars on the rise, seminar experts say
1969 COPO Camaro | Photos by Bob GolfenThe rise and fall and rise again of blue-chip American muscle cars was the topic of a pair of seminars under the backdrop of Arizona classic-car auction week.
Rare and powerful muscle cars once again are hot commodities, according to the panels of classic-car experts, with the best low-production examples surging ahead in values during the past couple of years after taking a beating in the aftermath of the U.S. financial collapse of 2008.
“These are really the last of the great collectible America cars,” said Colin Comer, author and noted collector. “They are the supercharged Duesenbergs of our generation.”
The first seminar, “The Muscle Car Market – Today and Tomorrow” hosted by American Car Collector magazine and MidAmerica Motorworks at the Barrett-Jackson auction site, included the viewpoints of Comer, an ACC columnist and the author of Million Dollar Muscle Cars, who also delivered the keynote speech; B. Mitchell Carlson, ACC columnist and auction analyst; John L. Stein, ACC contributor and Corvette columnist; and Jim Pickering, ACC managing editor, who served as moderator.
The second seminar, entitled “Under the Hood of the Muscle Car Market” and sponsored by Hagerty Classic Car Insurance at the Penske Racing Museum, included Wayne Carini, veteran classic-car specialist and TV personality; Comer; Donnie Gould, president of Auctions America by RM; Ken Lingenfelter, owner of Lingenfelter Performance Engineering; Matt Stone, automotive writer and author; John Kraman, consignment director for Mecum Auctions; John Bemis, sales director for Russo and Steele auctions; and Dave Kinney, columnist and classic-car appraiser.
Prices for muscle cars were expected to be solid during the Arizona auctions, although the rising tide will not lift all boats, Comer noted. The cars with special provenance of limited production and performance, such as 1965 Shelby GT350s and 1969 Yenko Camaros, have been returning to their previous record values, but the more-common examples of Detroit muscle have remained flat.
The rising values only include those cars that have been verified as real and unaltered since leaving the factory. Comer noted. “The stuff that’s not pure, that’s not authenticated” will continue to struggle. Resto-mods and “tributes” to famous performance cars – not to mention outright fraudulent representations – will remain flat.
Still, the prospects this year are good, said Kinney. “I think 2014 is the year we could see a pretty strong turnaround.”
[pullquote]
True car people are driving the market. The speculators are gone.”
— Wayne Carini
[/pullquote]
At both seminars, graphics were shown to illustrate the boost in prices for the best muscle cars since around 2011, drawn from the American Car Collector and Hagerty price guides. But they also showed those that have not recovered. One example mentioned was the 1970 Chevelle SS 454, which plummeted in worth after 2008 and has yet to come back.
The multi-million values of 1970-era Hemi ‘Cuda and Challenger convertibles will likely never return was a consensus among the panelists. That was an anomalous bubble pushed up by a group of investors who had cornered the market on the Plymouth and Dodge muscle cars, skewing their values until the inevitable burst, several of the experts remarked. Buyers still shy away from high prices for those cars.
“These were a couple of guys trading baseball cards,” Comer said.
Another Mopar product that has been languishing despite rarity and uniqueness is the Plymouth Superbird/Dodge Daytona, the NASCAR homologation specials with the soaring rear wings and oddly aerodynamic noses and scoops. Matt Stone pointed out that these were “an important part of muscle car history.”
“They have lots of wings and things, and they were built for just one thing: cheating on NASCAR ovals,” Stone said.
But the look is too controversial for many.
“I think the reason these cars don’t do better is because most guys have wives,” Comer said. “I know I would be sleeping out in the garage if I brought home one of these.
Some others picked by the panelists that are underpriced but could see resurgence in value are:
Some other takeaways from the muscle-car seminars:
“True car people are driving the market,” Carini said. “The speculators are gone,”
“The survivor-car aspect is the most important part of the market,” Comer said. “If you have a nice original car, don’t do anything to it.”
“The cars that are moving the market today are the ones with histories that we know,” Bemis said.
“Anything with a connection with Smoky and the Bandit is hot, it’s smoking,” Stone said, referring to the Pontiac Firebird Trans Ams of the mid-to-late 1970s. “Good low-budget fun.”
And the comment that generated the most applause during the seminars: “If you’re buying a car purely for investment, you are doing the wrong thing,” Kinney said. “Buy it because you love it.”