Emotional auctions

vettejack · 06-19-2007, 08:59 AM

This is my entry on the Corvette Forum...lets get 2 cents out of it here!!

I have 2 C3's and a C6. I enjoy both era cars very much. But when I see used muscle cars, to include Vetts's, skyrocket in price, I can make a comparison between EBay, emotional, and Barrett-Jackson type bidding at auction.

If memory serves me, 5 to 10 years ago, a well maintained '67 BB convt, frame off or reasonable restoration, could normally fetch 60K to 75K. If I'm wrong, please correct me.

Since this Barrett-Jackson phoenom has taken off, that same car today is untouchable, with most starting at a minimum of 125K. No one car, not even a Vette, can appreciate 100%, or more, in just 5 years...can it??

Its been written about, and discussed in trade publications, that auctions do not represent a true value of any one item, albeit a wigget or a Vette. What drives the prices up to unbearable amounts, to only where trust funds babies can play, is usually based on emotional bidding, not the true value of the item being bid upon...another words, we hate to lose...and if it means driving the price up on a junk yard VW to $250,000, then by god they will do it just because someone can't stand to lose the bidding!

I've seen it on EBay, at govt auctions, and yes, on Barrett-Jackson. IMHO, it ruins the 'hobby' of collecting a fine auto...because every flippen' yahoo with a junk yard VW thinks now he can sell his for a cool quarter mil as well!

Auctions do not drive the value train on cars...or does it?? If so, or if you think so, what can be done about it? What truely values a car?

My two cents............

ynkedad · 06-19-2007, 09:23 AM

The rarer the car, the more $ it'll cost (Not to menton its condition).

Just because someone with $ to blow with a "I don't want to lose" attitude spends an astronomical amount of $ on a car, it shouldn't "set the bar".
But, Unfortunately.....

Shadow · 06-19-2007, 09:55 AM

It's all about the market. As long as there are people that will pay the price, the price will continue to climb. If/when people stop paying exhorbitant prices, the prices will drop.

vettejack · 06-19-2007, 10:33 AM

for the opinions up to this point!

While I agree the market drives the prices...I believe the 'market' be the man on the street, not some high profile auction. I think people are believing that exposure from the 'boob tube' auctions seem to be 'controlling' or 'directing' the used muscle car market towards it's standard of pricing.

I'm afraid it might be a time lost when its not you and I haggling over the price of a car with a couple of beers drawn, boots up on the bumper and a hand shake.

I miss those days!

And SHADOW, nice to have met u over in Tampa last month. I was the handsome lad in the red C6 with a blond babe attached!

sandman · 06-19-2007, 10:39 AM

Well last saturday I believe it was a car that was up for auction sold for $5,000,000.00 It was the biggest bid Barrett has ever seen. DId anyone else see what car it was. I think it was a white 440 'Cuda but not positive.

Shadow · 06-19-2007, 10:40 AM

Quote:

Originally Posted by nasajack

for the opinions up to this point!

While I agree the market drives the prices...I believe the 'market' be the man on the street, not some high profile auction. I think people are believing that exposure from the 'boob tube' auctions seem to be 'controlling' or 'directing' the used muscle car market towards it's standard of pricing.

I'm afraid it might be a time lost when its not you and I haggling over the price of a car with a couple of beers drawn, boots up on the bumper and a hand shake.

I miss those days!

And SHADOW, nice to have met u over in Tampa last month. I was the handsome lad in the red C6 with a blond babe attached!

I miss them to, and to some extent they're not over. But when it comes to classic and collectable cars, I'm afraid they may be

The "market" is the people, but it's the people with the money that are willing to drive the prices up. If those that could, refused, the car would sit on the block. The prices would come down and well, you see how it would go. Unfortunately, if i really want something bad enough and have the disposable income (or am willing to go in debt for it) then I'll pay the asking price regardless. Just the way things are. Like waterfront property in Florida. I keep hearing how "people" are becoming dissolusioned with the high prices here and the insurance rates, and are leaving. I keep waiting for enough people to stop buying to force the property prices down.

Now for the latter comment....Huum????? Can't seem to remember the "handsome lad" and all vettes are red aren't they? But, I do seem to recall the blonde babe

Hope everything is well. Look forward to seeing you guys again

vettejack · 06-19-2007, 10:44 AM

SHADOW, you don't remember me? I'm the one who had the VR C6 convertible and big - - - - !

Or was that Traci who had big - - - - !

Shadow · 06-19-2007, 10:41 PM

Quote:

Originally Posted by nasajack

SHADOW, you don't remember me? I'm the one who had the VR C6 convertible and big - - - - !

Or was that Traci who had big - - - - !

...Traci.....

**Rich Z** · 06-20-2007, 01:42 AM

Seriously, folks, do you think that any seller who puts his collectible car up on the auction block and sees bids getting over $100K is going to jump up and start screaming "Hey! Hold it! You all are bidding too much money on my car! Stop right there so I don't drive up the market to INSANE levels!"

That is why people gamble on auctions. Some will win and some will lose. Some will win BIG time, and others can LOSE big time. Take your number and give it a shot.

And there is absolutely no doubt at all that any auction can be completely controlled by someone bidding who considers money as no object. You just have to hope that someone like that has an interest in what YOU are selling. If TWO like that are interested, well, you're in Fat City then....

Honestly, I wish to hell that I could find a buyer for ANYTHING I would want to sell who would pay more than it is actually worth to ME.