Barrett Jackson

[Terry24]

Anyone watching this? CRAZY prices for cars yesterday, a whole lot for over $100k. What gives? Thoughts?

[EZ Nova]

It's "THE SHOW". Can't look to Bj any more for the "health" of the collectors car market.

Good example is Ray Allen LS-6 rag top. Bj price was over 1 million in 2006. Same car went to Mecum in 2015 with a value between 5-600,000? I think it's more the cars being "bid-up" for the Tv show more than anything from what I heard.

I PVR'd it and will watch after the shows over.

[the427king]

t's "THE SHOW". Can't look to Bj any more for the "health" of the collectors car market.

When auction prices are lower than expected everyone says its because the market is soft. When auction prices are higher than expected, no one says the market is recovering. I believe BJ gets the prices because there is alot of competition bidder wise out there and it takes more than one person to want your car in order to drive prices high.

[EZ Nova]

When auction prices are lower than expected everyone says its because the market is soft. When auction prices are higher than expected, no one says the market is recovering. I believe BJ gets the prices because there is alot of competition bidder wise out there and it takes more than one person to want your car in order to drive prices high.

BJ has always had GUYS that would bid cars up. Ron Pratt, the Itialian guy, hell even that one guy who jumped in the experimental car as it rolled up and said it's going to be mine. He spent like 4 million on that for the museum or something like that.

BUT like Pratt, I see a lot of the guys getting out. Always here of collection coming to be sold off. Add that to the fact that the younger generation just doesn't have the drive for these classics either, make for a bleak future of this hobby. Sorta like the early '70's when guys like Reggie was buying up the "gas guzzlers" that are now collectable muscle cars.

I hear it all the time for guys mid 30's and down. The new stuff, will out run the old, has EFI AC and overdrive, and you can drive from Alaska to Florida. My one friend, 29 yrs old. Has a C6 'Vette with a 6 sp. Cars runs 141MPH in the 1/4 @ 9.80's all motor stock bottom end. BUT his stock motor, turbos and trans Nissan Skyline is quicker in the 1/4 but lower MPH. The someone shows up with a '60 or '70's muscle car that can run low 10's. Rumbles in, gassy carb and he looks at me and says "and you like that, but there slow"........

[BJCHEV396]

Ron Pratt Itialian guy!?

[the427king]

440k for a 62 vette.....i dont think the market needs the young guys!

[Jeff H]

It could be a lot of people made good money in the stock market this past year and have now decided to move it somewhere else, like collector cars.

[BJCHEV396]

It could be a lot of people made good money in the stock market this past year and have now decided to move it somewhere else, like collector cars.
Stupid money strikes again.

[scuncio]

Prices seem pretty consistently high to me, based only on watching it for about an hour earlier today.

[olredalert]

----To me, it seems like original bone stock restored and unrestored cars may have had their day. Restomods may be taking over. Charlie, savant that he is, has been leaning that way for quite awhile anyway. I defininetly feel like a dinosaur anymore, but am to damn old to change at this point! Good thing I like what I have as I may have them for a long time......Bill S

[BJCHEV396]

Ron Pratt Itialian guy!?

John Staluppi.Will be selling 140 cars through B-J.Think a lot of these top collectors,as they get older,realize that cars aren't as important in life....family and health are.

[Jeff H]

I see a 69 Z28 brought $180K (lot 1139). Does anyone know anything about that car, it looks pretty nice but the description on BJ doesn't really show anything special about it.

[fsc66]

Another Barrett-Jackson sale advertising perhaps the most documented Chevelle they ever sold out of their showroom with a reproduction window sticker. Not good:
https://showroom.barrett-jackson.com/Home/Details/1969-CHEVROLET-CHEVELLE-SS-396_98134

[MosportGreen66]

I see a 69 Z28 brought $180K (lot 1139). Does anyone know anything about that car, it looks pretty nice but the description on BJ doesn't really show anything special about it.

Added RS and added x33. Likely added hood and spoilers? Where does it end. Stupid buy. Bottom side was spray bombed black. Didn’t even have a smog system...

[the427king]

And to think he could have had a grabber green boss 429 for another 10k .....

[Woj]

I was surprised to find a fair number of older gents bidding high dollars on some of the cars. I was certain that anyone older than myself would be steering away from these oldies, but, was glad to see the interest level is still up there. I was also disappointed to hear Mike Joy describe a 70 Chevelle SS LS6 Ragtop as a "numbers matching car with a restamped engine", saying that would be justified if the original numbers were decked off. The car bid to $200K. I know that has been mentioned on this forum in the past, but actually heard it for the first time.

All in all, the numbers were strong last night. But as usual, these don't necessarily translate to what you might get in the open market.

Very entertaining.

Phil.

[EZ Nova]

Phil, I will be 52 in February. And been into the muscle car scene before I could drive.

Was just talking to a friend yesterday, he's 53. he was watching the show too. He's not into the stuff like me, so I was telling him about the "new" terminology from when we were teens and early 20's, and how it's change?

NUMBERS MATCHING used to be what is now "born with". Now it means the correct date coded parts for the given body. We were talking about a guys 1967 or 1968 GT 350. HE was told, it's numbers matching with the Roush 347???????????? Ya can't figure that one out.

It's now that guys who used to be into the market as teens, now have the $$$ to get back in. My thread on my friend buying the hemi RR at Mecum for example. But they haven't stayed up on the new wording like above or market values.

[fsc66]

Another BJ auction with a claim to be an original window sticker on an L89 1969 Corvette:

https://www.barrett-jackson.com/Events/Event/Details/1969-CHEVROLET-CORVETTE-L89-CONVERTIBLE-208476

[KenMaisano]

I was there this weekend. things were very positive. Good cars went for strong money and there were plenty of good deals on fun drivers that you could be proud of . I the $40 to $60 range.

[mr 707]

sounds like a very strong market

[William]

Added RS and added x33. Likely added hood and spoilers? Where does it end. Stupid buy. Bottom side was spray bombed black. Didn’t even have a smog system...

X2. Not a great car. Missing RS wiper motor, VE3 jack. Not built w/D80. It was displayed behind #1114, Le Mans blue RS Z/28. It was comparable and sold for $104,500.

No point in trying to make sense of either sale.

[olredalert]

John Staluppi.Will be selling 140 cars through B-J.Think a lot of these top collectors,as they get older,realize that cars aren't as important in life....family and health are.

----And yet, Staluppi was buying cars left and right. He is still a big car guy. Just rotating stock, I think!......Bill S

[Ambrola]

As always, BJ cars sell for more money than their worth? Look at Pratt. He didn't make any thing on millions of dollars of investment in the car market. But then again, he spent stupid money on BJ cars at the advise of Steve Davis. I can't hardly watch BJ any longer. Mecums is the place to buy and BJ is the place to sell?

[SeattleCarGuy]

I don't look to B-J as the barometer of the market at all. Maybe when things peaked in 2006-2007, you could say it was representative, but probably not anymore.

In general, its just great entertainment being down there. We hit most of the auctions, B-J, Russo, RM, Silver. Biggest surprise was Russo-Steele. Seemed like they had maybe 60% of the cars they had last year and maybe half a dozen nice correct musclecars. Lots of junk, in my opinion.

Barrett Jackson never disappoints in being great entertainment, seeing some beautiful cars, some great deals (what's with all those 1957 Chev 150 sedans going for around $50k, even the fuelie's?), and just having fun talking to vendors, etc. Even George W. Bush showed up. That was a treat!

Super fun week, wouldn't miss it.

And for the record, I'm 47. Hope to be in the hobby and still buy quite a number of cars in the future. Not looking at the cars as an investment anymore, just a fun hobby. Stock market and real estate lately are much better.

[BJCHEV396]

----And yet, Staluppi was buying cars left and right. He is still a big car guy. Just rotating stock, I think!......Bill S

Was reading an article about Staluppi where the FBI claimed he was a member of the Columbo crime family.Besides cars and boats he also owns a gentlemen's club.

[Charley Lillard]

As always, BJ cars sell for more money than their worth? Look at Pratt. He didn't make any thing on millions of dollars of investment in the car market. But then again, he spent stupid money on BJ cars at the advise of Steve Davis. I can't hardly watch BJ any longer. Mecums is the place to buy and BJ is the place to sell?

I also thought Pratte would lose his ass when he sold but I seem to remember people paying stupid prices when he sold. Would be nice to compare his bought and sold prices.

[Lee Stewart]

I also thought Pratte would lose his ass when he sold but I seem to remember people paying stupid prices when he sold. Would be nice to compare his bought and sold prices.

I can tell you he lost money when he bought the 1966 Shelby Super Snake in 2007 ($5.5 million) then sold it in 2015 for $5.1 million (com. inc. on both numbers)

https://s18.postimg.org/v521nqi4p/IMG_1762.jpg (https://postimages.org/)

[whitetop]

I also thought Pratte would lose his ass when he sold but I seem to remember people paying stupid prices when he sold. Would be nice to compare his bought and sold prices.

I would bet Pratt also received deep discounts on commissions both ways from BJ and in some cases I would bet he paid none at all. In effect he was used as advertising for BJ for people to spend more money than they would have otherwise.

Potential buyers think: Here is a super rich, smart guy buying very high priced cars. He must know something I don't so i will pay high prices too.

Probably some right offs also done by sharp accountants.

Guys like Pratt don't normally lose money.

[the427king]

Im pretty sure those with unlimited funds dont buy cars for investment,but for enjoyment and bragging rights.

[Xplantdad]

I don't look to B-J as the barometer of the market at all. Maybe when things peaked in 2006-2007, you could say it was representative, but probably not anymore.

In general, its just great entertainment being down there. We hit most of the auctions, B-J, Russo, RM, Silver. Biggest surprise was Russo-Steele. Seemed like they had maybe 60% of the cars they had last year and maybe half a dozen nice correct musclecars. Lots of junk, in my opinion.

Barrett Jackson never disappoints in being great entertainment, seeing some beautiful cars, some great deals (what's with all those 1957 Chev 150 sedans going for around $50k, even the fuelie's?), and just having fun talking to vendors, etc. Even George W. Bush showed up. That was a treat!

Super fun week, wouldn't miss it.

And for the record, I'm 47. Hope to be in the hobby and still buy quite a number of cars in the future. Not looking at the cars as an investment anymore, just a fun hobby. Stock market and real estate lately are much better.


Exactly....

[Lee Stewart]

I would bet Pratt also received deep discounts on commissions both ways from BJ and in some cases I would bet he paid none at all. In effect he was used as advertising for BJ for people to spend more money than they would have otherwise.

Potential buyers think: Here is a super rich, smart guy buying very high priced cars. He must know something I don't so i will pay high prices too.

Probably some right offs also done by sharp accountants.

Guys like Pratt don't normally lose money.

If you buy a car, keep it for a year and make a profit - that profit minus expenses is taxed as Capital Gains. But if you lose money on the car - you can't write that off.

[427TJ]

The trick is to be rich enough not to care. If a 110K '69 Z is like 100 bucks out of pocket then I'd buy it and enjoy it.

[MosportGreen66]

I don't look to B-J as the barometer of the market at all. Maybe when things peaked in 2006-2007, you could say it was representative, but probably not anymore.

In general, its just great entertainment being down there. We hit most of the auctions, B-J, Russo, RM, Silver. Biggest surprise was Russo-Steele. Seemed like they had maybe 60% of the cars they had last year and maybe half a dozen nice correct musclecars. Lots of junk, in my opinion.

Barrett Jackson never disappoints in being great entertainment, seeing some beautiful cars, some great deals (what's with all those 1957 Chev 150 sedans going for around $50k, even the fuelie's?), and just having fun talking to vendors, etc. Even George W. Bush showed up. That was a treat!

Super fun week, wouldn't miss it.

And for the record, I'm 47. Hope to be in the hobby and still buy quite a number of cars in the future. Not looking at the cars as an investment anymore, just a fun hobby. Stock market and real estate lately are much better.

Precisely. I'm only 31 and my intent is to enjoy BJ for as long as it lasts. Jackson throws one hell of a car party. In the last nine years I've been to Scottsdale BJ six times. It should be on every car guy's bucket list. I cannot see myself ever buying a car at BJ but I did sell one at BJ Scottsdale and plan to sell others too.

Dan

[CamarosRus]

Italian Guy ref is probably JOHN STALUPPI.....self made Multi Millionaire
who owns HONDA and HYANDAI dealerships, etc etc

[Craig_Maiorana]

It's "THE SHOW". Can't look to Bj any more for the "health" of the collectors car market.

Good example is Ray Allen LS-6 rag top. Bj price was over 1 million in 2006. Same car went to Mecum in 2015 with a value between 5-600,000? I think it's more the cars being "bid-up" for the Tv show more than anything from what I heard.

I PVR'd it and will watch after the shows over.

And not to mention prior to it hitting Mecum it also sold at an R&M auction at the petersen for 240 k in 2009

[Ambrola]

I would bet Pratt also received deep discounts on commissions both ways from BJ and in some cases I would bet he paid none at all. In effect he was used as advertising for BJ for people to spend more money than they would have otherwise.

Potential buyers think: Here is a super rich, smart guy buying very high priced cars. He must know something I don't so i will pay high prices too.

Probably some right offs also done by sharp accountants.

Guys like Pratt don't normally lose money.

I always enjoyed watching Pratt when he was buying. But I would bet BJ didn't cut him any slack on the commissions? I was surprised at the prices the restomods were bringing.

[JRSully]

I was in the local Chev dealer, early am, a few months back getting some service on the Tahoe. Who was sitting in the waiting area by himself? John Staluppi. He owns the place and just recently built it. Was gonna chat with him, but he checked the fit of the new front doors, then left in his car. Very straight up, self made guy

[SBR]

My take is that market is very strong for rare and desirable cars. I do think that resto mods are here to stay and believe that whatever creates more interest in the hobby is a good thing.

[jdv69z]

If you buy a car, keep it for a year and make a profit - that profit minus expenses is taxed as Capital Gains. But if you lose money on the car - you can't write that off.

I believe if you sell a car at a loss, you can use the loss against another car sale on which you made a gain (profit) to offset the capital gain and thus the capital gains tax. Same as you would with sales of stocks. So tax would be on the net gain of the 2 sales. But I am not an accountant.

[the427king]

That is correct. However if you lose 30K on a sale and do not profit on another you cannot take the 30K as a capital loss. It can only be used against profit

[Terry24]

Does it matter how much was gained as a profit for there to be capital gains tax?

[Lee Stewart]

Does it matter how much was gained as a profit for there to be capital gains tax?

No.

[x33rs]

We go to BJ every year. We enjoyed it more this year than in years past. Seemed to be more variety this time around. It's a ball, just a giant car show to us, with celebrities mixed in. Even watched as George W. Bush was escorted by secret service weaving through the grounds outside trying to get through the crowds. Don't see that every day.

[TMagda]

Mild interest in a 69 Z28 that "may" be for sale in my town. 3+, has a 302 but owner not sure if it matches. I can see it has an aftermarket bell housing and traction bars from a cruise night he attended. Will not let anyone look at it closely yet. From what I saw, I think its worth 35-45 if the numbers match. Asked for ballpark number of what he might want to see if its worth continuing the conversation. His response was he has to watch the auctions first to get an idea of a value.

[seventieshow]

John Staluppi.Will be selling 140 cars through B-J.Think a lot of these top collectors,as they get older,realize that cars aren't as important in life....family and health are.

These appear to be coming up at the Palm Beach Auction. Was 3 days, now 4.

[southernfriedcj]

That is correct. However if you lose 30K on a sale and do not profit on another you cannot take the 30K as a capital loss. It can only be used against profit

I'm not CPA, but if you run you hobby like a business(Car Collector, LLC) I would think you could write off individual losses. Write off trips to auctions as well.