Barrett-Jackson Records Strong Sales

[DarrenX33]

Barrett-Jackson Records Strong Sales, Exceeds Expectations at 2009 Scottsdale Auction

SCOTTSDALE, Ariz., Jan 20, 2009 (BUSINESS WIRE) -- The Barrett-Jackson Auction Company exceeded industry-wide expectations by recording more than $63 million in sales last week during the 38th annual Scottsdale auction. From Jan. 11-18, 2009, the all No Reserve auction featured an eclectic offering, including a 1929 Ford 4-AT-E Tri-Motor airplane that sold for $1.21 million and the "first production" 1955 Ford Thunderbird that fetched $660,000. Despite an uncertain economy, numerous Barrett-Jackson records were set, including $220,000 for a 1959 Chevrolet Corvette convertible, $250,000 for a 50th Anniversary Hurst Performance 2008 Dodge Viper and $137,500 for a 1970 Ford Mustang Boss 302 fastback.
Hailed as "The World's Greatest Collector Car Auctions(TM)," the 2009 Scottsdale event featured over 1,100 collector vehicles and 40 hours of live, high-definition TV coverage on SPEED. For the third consecutive year, more than 200,000 people attended the Scottsdale auction.
"The car collector community enjoyed another stellar Scottsdale event at Barrett-Jackson," said Craig Jackson, Chairman/CEO of Barrett-Jackson. "It was truly a celebration of our hobby and its resiliency. Sales were solid from start to finish and exceeded expectations. Barrett-Jackson was an oasis for hundreds of thousands of people looking to escape the economic headlines and enjoy some amazing cars in beautiful weather."
The rare Tri-Motor aircraft, one of only a handful known to be in existence today and extensively restored by aviation expert, Bob Woods, has led a storybook existence, including being shot during the World War II attack at Pearl Harbor. The Thunderbird that was sold is also overflowing with provenance, as it is documented by Ford Motor Company as No. 1 and represents the birth of Ford's sports car program.
In addition to the top sellers, Barrett-Jackson offered a healthy collection of entry level to mid range cars. With nearly 70 percent of all purchases made by new buyers, these vehicles served as the nucleus of the 2009 event. The diverse docket also catered to buyers planning to spend conservatively in today's economy.
"Our customers asked us to offer more mid range vehicles this year," noted Steve Davis, president of Barrett-Jackson. "And the solid sales performance demonstrates the wisdom of our approach. While the Tri-Motor and Thunderbird were highlights of the week, collectors really responded to cars in the $50,000 to $150,000 price range. We're cognizant of the current economic conditions and made sure to offer something for everyone."
Barrett-Jackson joined forces with General Motors to offer a select group of vehicles from the GM Heritage Fleet, which was embraced by the company's diverse clientele. "The General Motors Offering represented an opportunity for collectors to own a piece of GM history," continued Davis. "An example was the show-stopping 'Blackhawk' concept that went for more than $500,000. Many of the vehicles from the GM Offering exceeded our original estimates, validating this once-in-a-lifetime opportunity."
Barrett-Jackson continued to elevate into a passion-filled lifestyle experience, including celebrities in attendance and more than 350 exhibitors, ranging from luxury to mainstream products and services. The passion and enthusiasm for the car collecting hobby and the lifestyle it represents remains healthy, despite the current economy. Additionally, Barrett-Jackson helped raise more than $4.4 million for various charitable organizations during the 2009 Scottsdale auction with the help of Richard Petty, Rusty Wallace, Goose Gossage, Bill Goldberg, Reggie Jackson and Robert Yates, among others.
"The Scottsdale auction was a success on many levels," added Jackson. "People are already asking for bidder and consignment applications for our Palm Beach event in April. Everyone involved in this fantastic week would agree that the collector car hobby continues to be healthy."
The top 10 cars sold in Scottsdale include:
-- 1929 Ford 4-AT-E Tri-Motor airplane - $1.21 million (Lot #1307)
-- 1955 Ford Thunderbird convertible "Production No. 1" - $660,000 (Lot #1295)
-- 1996 Buick Custom "Blackhawk" - $522,500 (Lot #1303)
-- 1970 Plymouth Superbird custom tribute - $501,100 (Lot #1289)
-- 2006 Chevrolet Monte Carlo NASCAR "Jeff Gordon's" - $500,000 (Lot #1274)
-- 2005 Saleen S7 Twin-Turbo 2-door coupe - $412,500 (Lot #1305)
-- 2009 Ford Mustang FR500CJ Cobra Jet prototype - $375,000 (Lot #1333.1)
-- 2010 Chevrolet Camaro "First Retail Production" - $350,000 (Lot #1316)
-- 1969 Chevrolet Camaro ZL-1 COPO coupe - $319,000 (Lot #1277.1)
-- 1969 Chevrolet Camaro Yenko COPO coupe - $297,000 (Lot #1278)
With strong sales last week in Scottsdale and a successful inaugural Las Vegas auction last October, Barrett-Jackson has recorded over $90 million in sales over the last four months. The company is taking consignments for Palm Beach as it carries forward the momentum of the car collecting passion exhibited by its performance in Las Vegas and Scottsdale. The 7th Annual Barrett-Jackson Collector Car Auction in Palm Beach, Fla., will be held April 9-11, 2009.

[x Baldwin Motion]

I thought the "First" 55 tBird was #005 and afterward it was discussed that #004 exists? http://www.yenko.net/ubbthreads/images/graemlins/dunno.gif

[StealthBird]

And I can see Craig Jackson now commenting on the 2009 sales figures..."Nothing to see here folks, move along...."

http://www.yenko.net/ubbthreads/images/graemlins/haha.gif

The collector market is still healthy? http://www.yenko.net/ubbthreads/images/graemlins/dunno.gif

Barrett-Jackson Sales Totals
----------------------------
2007 Sales $112 mil
2008 Sales $88 mil
2009 Sales $63 mil

And that low $63 mil figure was boosted by a $1.1 mil Tri-Motor airplane (not even on the grounds), and a record 14 charity cars, which always have greatly inflated prices.

One thing that's obvious, the high end cars have fallen dramatically. Dozens of Hemi cars sold for under $100K, where 3 years ago, nearly EVERY Hemi car at B-J sold for over $150K (even crate motored customs), and back in 2006, many sold for $500K+. But the mid-level cars were still strong this year, as was stated in the closing comments by the commentators. The base model SS396 Chevelles, SS396 Camaros, 442's, GTO's, were as strong if not stronger than last year. Price adjustments I guess, seeing as how the economy isn't too great right now. It seems like the higher end cars came down, and the lower end cars went up.

[farone]

Would you expect them to claim anything else ???? There hasn't been much other truth with the horse and pony show.... http://www.yenko.net/ubbthreads/images/graemlins/thumbsdown.gif http://www.yenko.net/ubbthreads/images/graemlins/thumbsdown.gif http://www.yenko.net/ubbthreads/images/graemlins/bs.gif http://www.yenko.net/ubbthreads/images/graemlins/bs.gif http://www.yenko.net/ubbthreads/images/graemlins/bs.gif

[Johnny Horsepower]

[ QUOTE ]
Barrett-Jackson Sales Totals
----------------------------
2007 Sales $112 mil
2008 Sales $88 mil
2009 Sales $63 mil

And that low $63 mil figure was boosted by a $1.1 mil Tri-Motor airplane (not even on the grounds), and a record 14 charity cars, which always have greatly inflated prices.

One thing that's obvious, the high end cars have fallen dramatically. Dozens of Hemi cars sold for under $100K, where 3 years ago, nearly EVERY Hemi car at B-J sold for over $150K (even crate motored customs), and back in 2006, many sold for $500K+. But the mid-level cars were still strong this year, as was stated in the closing comments by the commentators. The base model SS396 Chevelles, SS396 Camaros, 442's, GTO's, were as strong if not stronger than last year. Price adjustments I guess, seeing as how the economy isn't too great right now. It seems like the higher end cars came down, and the lower end cars went up.

[/ QUOTE ]

While being a numbers guy, I typically say that they don;t lie. However in this case you must include an important factor. First let me say, it is obvious the market is soft................take a look around the world............things are a little screwy.

That being said, the total numbers look worse than they are because of the no reserve factor. When the market is good people will risk it, when the market is bad they stay at home or go to a reserve auction.
If you changed all these cars to 07 prices, it would still be a lot less because there just was not many nice cars.
I have been going for a decade and can tell you, i struggled to find more than a handful the whole weekend that I was even curious to watch. Years past there were a handfull every 2 hours.

My $.02

John http://www.yenko.net/ubbthreads/images/graemlins/beers.gif

[StealthBird]

John, agreed! http://www.yenko.net/ubbthreads/images/graemlins/biggthumpup.gif

Like you said, the reason you didn't see too many "nice" cars may because it was a no reserve auction. But the nice cars that did go through (maybe the owners had to sell) were pounded pretty bad. There appeared to be some excellent Hemis and Shelbys there, and they were way down. Noticeable absence of GM A-body muscle, with the exception of the 71 GS Stage 1 Convertible 4-speed, and I think that went low for what was into it. They said it had over 1000 hrs of labor, and I'm guesstimating at $80K-$90K in labor, plus parts, the car itself, I would bet they were hoping for $175K just to break even, $200K in a good market, but it sold for under $150K. That appeared to be one of the nicest cars there.

[Johnny Horsepower]

I did not see those up close to know if they had pedigree, but no question the market is down. I just don;t think those numbers reflect how much. The only Hemi car I looked at was an auto car. It did ok for what the market is like and the fact that you can pick and chose right now.

John http://www.yenko.net/ubbthreads/images/graemlins/beers.gif

[rich p]

The Hemi E-body's at Russo did pretty well I thought. One sold(Cage car)sold for 400K and 71 Hemi Challenger $350K
The BJ Blue 70 Hemi Cuda did 190K+(not a nice car) and the Yellow terd with non original drivetrain and auto on the column did 120K..
Pedigree cars are doing well in my book but any flaws and people dont even want to talk about it for any money.
I get a lot of calls from guys sitting on there couch watching, you need to see these cars first hand and you would understand why some of these cars bring what they brought in price. Like John said: No killer cars to say,we must see this go off the block !!
The ZL1 brought killer money as did his Yenko's. I told him his Yellow Yenko was going to be a homerun.
Big thing I noticed,they didnt do ALL the hoopla between the cars during prime time.. I think they learned that was a BIG mistake in the past few years..
The market took a big hit that weekend from the Beatles memorabilia.. Look at the #'s before that,you will notice the #'s were great from Tues-Sat afternoon and then the mudslide after at that !!!

http://www.yenko.net/ubbthreads/images/graemlins/3gears.gif Just my 5cents !!!

[GRB]

I now know to never question the "wisdom" of B-J and Steve Davis. Bound and gag that clown somewhere off-stage and Barrett-Jackson's credibility would go up 25%. If CJ had any brains whatsoever he would never allow that moron to open his mouth!!

[OldZ28Owner]

Does anyone know why the ZL1 that Reggie Jackson brought only sold for about $240,000? It seemed low, and the car looked good. I wasn't expecting $850,000 like the "unrestored" one last year, but that seemed low.

Oh, and I am sending in a contribution to join today!

[Charley Lillard]

It wasn't really a ZL1. It was a vin tag off of a ZL1 that someone built a car around. All the details are here and on Camaros.net.

[RM Schimel]

The market has definitely softened with the current state of the economy. I attended both Arizona auctions and I must say the quality of cars was abysmal as well. The collectors with the finest examples clearly are not going to risk losing their automobiles in a no-reserve auction such as Barrett-Jackson. I think the cars that went through the Russo-Steele auction house represent a better window as to the current state of the market. The hemi cars still did quite well. The W-30 ragtop with a questionable past and in need of restoration did fairly well also. As Rich stated high quality pedigreed cars will always be in demand. I think we have seen a softening of the standard cars such as GTOs, Firebirds, 442s, Chevelles etc and especially replicas. But the market will always remain strong for the top flight elite cars such as hemi cars, ZL-1, LS-6, Stage –1, W-30, 68-9 HOs or Yenkos. These cars will always be deemed the most desirable with the serious collectors and demand will always surpass supply. This always is reflected in their high valuations. RM

[StealthBird]

Well, that's just the opposite of what all the indicators show. The high end cars have fallen dramatically. The base level cars have been stronger. Several standard GTO's went across the block at B-J for over $50K, as well a few low mileage late 70's Trans Am's that pulled over $50K, some SS396 Chevelles did very well. The Hemi cars tanked, the Shelbys tanked, the COPO's tanked.

As for quality, I think every year people complain about the quality of the cars at auctions. The difference now is that in previous years, we were always stunned how much people paid for those cars. This year, people are using the "low quality, little documentation" excuse as to why they're selling lower. http://www.yenko.net/ubbthreads/images/graemlins/hmmm.gif

Excellent article in the recent Muscle Car Review as to the state of the collector car market, and they also state that high end cars have fallen, and the $50K "base model" cars are up.

I'm also curious anbout the "W-30 convertible in need of a restoration". Wasn't this the dark blue/white top car that just went through a $100,000 total restoration? The photos on the website show an immaculate undercarriage, and states that restoration was performed under the scrutiny of OCA officials.

[Johnny Horsepower]

[ QUOTE ]
As for quality, I think every year people complain about the quality of the cars at auctions. The difference now is that in previous years, we were always stunned how much people paid for those cars. This year, people are using the "low quality, little documentation" excuse as to why they're selling lower. http://www.yenko.net/ubbthreads/images/graemlins/hmmm.gif



[/ QUOTE ]

Not trying to be combative but.............UH no! I have been to every BJ in the last decade. I have been to every AZ Russo ever. And to every Mecum, spring and fall for the last decade.
BJ's car quality, certainly for American Muscle, was HORRIBLE. That is not to say there were not a few nice cars,(most of them going to Blackhawk) but NOTHING like years previous where there were alot of quality cars with history and legitimate paperwork. As I stated before, and Rich concurred, I used to struggle to find time to pee, cause I did not want to miss what was next.
I was there.

John http://www.yenko.net/ubbthreads/images/graemlins/beers.gif

PS. Were you out there this year or in any years past? Just curious http://www.yenko.net/ubbthreads/images/graemlins/beers.gif

[1969z280]

I have to agree with John. I have been to BJ 6 out of the last 9 years and all of the Mecum, Kruse and Russo auctions for the last 6 years. You cannot judge a car based on 4 or 5 pictures in the auction catalog or website. You have to see them especially the paperwork. Take a look at the $85,000 Nickey Nova with the fake window sticker on another thread here. To say someone paid $85K for that car, $66K for a 1990 ZR1, etc. and then say the market is down and tanking based on auction totals year to year is unrealistic. Good Cars bring Good Money. Great Cars bring Great Money. Clones, Fakes and Bastard Cats bring whatever they can get. Just my $.02 Ed

[rich p]

I call it !! EYE CANDY !!! Lots of eye candy for the TV viewers and the guy sitting in his seat bidding..

http://www.yenko.net/ubbthreads/images/graemlins/cool.gif

Hemi Cuda didnt tank !
Yellow auto column not the original drivetrain $120K
Blue terd with panels not matching in colors $190K
These cars did what they should have done in my mind,little high for the blue car considering..

[StealthBird]

I was just referring to all the articles over the past 4 months from Hemmings Muscle Machines, Muscle Car Review, Musclecar Enthusiast, internet auto blogs, etc. where the writers have all said the market was down on high end cars.

If quality was down B-J, wasn't it because people didn't want to take a fully restored 6-figure car to a no-reserve auction, and risk selling too low? So doesn't that mean that sellers knew the market was soft, so they avoided no-reserve auctions? http://www.yenko.net/ubbthreads/images/graemlins/dunno.gif

I looked at the 2007 auction results from Mecum and Barrett-Jackson, and many Hemi cars and Shelbys were $200K+. Not sure if very many sold for more than $200K this past month. Seems like lots of Hemi cars were under $100K this year, where in 2007, guys were selling 70 Barracuda 318's, converted to 'Cudas, with a crate 426, for $100K. http://www.yenko.net/ubbthreads/images/graemlins/hmmm.gif

[RM Schimel]

Stealth Bird…I think it might be time to come back down to earth. If you actually believe base model cars with high production volume are more valuable than elite Muscle cars with very limited production numbers…I believe its time for a reality check. The cars with lowest production numbers, most visual appeal and highest horsepower figures have & always will be the most sought after with collectors. Those are just the facts my friend.

As far as the sale figures the Yenko Camaro at B-J was right on course with past sales. The hemi cars at Russo Steel pulled 300-400K. So I don’t know what numbers you are looking at. Elliot Jaffe’s W-30 ragtop was painted in the late eighties by the original owner, featured a broadcast card with no mention of W-30. I don’t understand where you are coming up with a hundred thousand-dollar restoration on this car. I am very familiar with Elliot’s car and believe it brought strong money for condition and lack of definitive proof. Other well-documented W-30 ragtops routinely bring over 300K. Did you actually attend the auctions of which you speak? RM

[StealthBird]

[ QUOTE ]
Stealth Bird…I think it might be time to come back down to earth. If you actually believe base model cars with high production volume are more valuable than elite Muscle cars with very limited production numbers…I believe its time for a reality check. The cars with lowest production numbers, most visual appeal and highest horsepower figures have & always will be the most sought after with collectors. Those just the facts my friend.

[/ QUOTE ]
So the 1980 Trans Am Special Edition that sold for $72,000 was which one, high horsepower or low production? http://www.yenko.net/ubbthreads/images/graemlins/tongue.gif

And I apologize in advance if this is not Elliot's car, I thought it was. http://www.russoandsteele.com/collector_car/1970_oldsmobile_442_w30/6454.html

I guess it depends on your perspective, and your vested interests. If you talk to a realtor, there's nothing wrong with the housing market right now, so it's a good time to list your house with them. And according to my investment banker, our 401K is doing very well. And the Applebee's restaurant down the street from us said they haven't been impacted by the economy at all, business was great! We went back the next week, and the windows were boarded up. http://www.yenko.net/ubbthreads/images/graemlins/biggthumpup.gif

[1969z280]

Mike:

The main point is, I think that you need to see the car before you can assess a real value. Not look at pictures. Ed

[Johnny Horsepower]

So the 1980 Trans Am Special Edition that sold for $72,000 was which one, high horsepower or low production? http://www.yenko.net/ubbthreads/images/graemlins/tongue.gif



[/ QUOTE ]

anomoly...........frequent at auctions where alcohol and the un-informed are around.(and if it is the one I am thinking of at this years auction, it was probably the best low mile survivor I had ever seen. It would just take 2 who want that particular car. Put out an ultra low mile survivor no excuses 70 GM A body and it would be nutty money well beyond that) Although I am of the opinion that as my generation (high school class of 84) gets older, cars from our era will be in demand. I just enjoyed a survivor 4 speed 80 Z28 for a year in 07 http://www.yenko.net/ubbthreads/images/graemlins/biggthumpup.gif
My point was, that it was tough to judge the market using BJ. I will say it again, there is no question the market is down and there is no question that there was not that great a docket of cars at BJ this year.

All you need to do is look at how many frickn trucks there were.....................think maybe they were struggling to get quality muscle car consignments?

My $.01 (adjusted for current market conditions)

[BUIZILLA]

All you need to do is look at how many frickn trucks there were..

My $.01 (adjusted for current market conditions)

[/ QUOTE ]hey, eazy now... trucks are cool... http://www.yenko.net/ubbthreads/images/graemlins/beers.gif
My $.01 (adjusted for real world conditions)

[Big Block Bill]

Any body know what GM's 2007? HD 2500 4X4 Suburban with the Duramax Diesel went for and if it had a real Title? Charlie posted a list with it on it, and it was supose to go off as the second car on Saturday, but I did not see it in the BJ web site results.

Thanks. Bill

[RM Schimel]

[ QUOTE ]
So the 1980 Trans Am Special Edition that sold for $72,000 was which one, high horsepower or low production?

And I apologize in advance if this is not Elliot's car, I thought it was. http://www.russoandsteele.com/collector_car/1970_oldsmobile_442_w30/6454.htm

[/ QUOTE ]

Stealth,

Where did you find this car? It was auctioned off several years ago. It is Aegean aqua, an automatic with no documentation whatsoever. Elliott Jaffe’s car is Twilight blue with a 4spd. You might want to check the auction results for 2009. http://www.yenko.net/ubbthreads/images/graemlins/crazy.gif Thanx! RM

http://www.russoandsteele.com/collector_car/1970_oldsmobile_w_30_4_speed_convertible__/40-2207.html