COPO prices down at Mecum???

[Doug_9561]

I was at the Mecum auction yesterday and was very suprised at the COPO prices. The Canadian doc (Whitfield)Hugger orange car sold for $170 plus commision. The ALS give away car sold for $80 plus com...The E-bay hugger orange car bid to $125 no sale...The Yellow 1969 Chevelle Canadian COPO sold for $150 plus com... Looks like the market is changing???

Thanks Doug

[sixtiesmuscle]

It seemed to me like the market was very strong on no excuse, well documented, top restoration cars. If any of those elements were off, an approprite discount was reflected. The one COPO exception was the ALS give away car. Despite the fact that it was originally a green/green car, changed to black, and, needing to be redone to be a top shelf car, 85K with fees was still a bargain, IMO. That was one where several people were caught either napping, or, out of the building. I also think nobody thought it was going to be let go for that money. A friend of mine bought it, and, was offered 125, I believe, shortly after it left the ring. The seller told him that he expected a little more, but heck, he won it, so, it was all free money in his mind.

The Pontiac collection of Randy Williams brought extremely strong money. The six cars brought almost 1.9 million with fees, if my math is right. The Yankee Peddler sold for 750K, so, it seemed like the old drag cars are keeping their momentum. All in all, I thought it was a strong lead in to the January sales, so, doomsayers should look at the strong cars, not, those that may have fallen through the cracks. That happens at every auction.

The results for Sunday might show how the more "average" cars are trending, but, it seemed like they were going to do pretty well also. Hopefully, someone who was there today will post some results later.

[Mr70]

I thought the buying crowd was much bigger and was more enthusiastic as compared to Mecum Spring..
We stayed for hours and saw many top notch restos.
Both sides are starting to step up,both with an attention to detail and with their wallets.

[Doug_9561]

Sorry, Did not mean to sound like a "doomsayer". It was meant as question.I should of asked if the market was changing or just if it was the cars that were there. Only trying to figure out what the fair prices are on COPO's.

Thanks Doug

[SBR]

I think that Mikes reponse is dead on! I personally watch the 67 Corvette and L88 market very closely and maybe to the casual observer the market might seem to be changing but in my estimation the market is getting more selective and cars with excuses will not bring the money that a no excuse papered car will bring.
Regards,

[427king]

Whats interesting is that when a car brings less than what people think it should,everyone jumps on the bandwagon and says the market is soft etc and believes that AUCTION price is gospel for those particular cars , yet when a car brings twice what it should everyone makes up excuses why the price wasnt a true indicator of market value and it was a once in a million sale. If you think a no sale price of 120K on a copo at Mecum is market value, you also have to go with the 1.3M ls6 convert and the 245K z28 prices as market value too.

[Jeff H]

Chuck, which Z28 brought a bid of $245K? The giveaway COPO shouldn't be looked at too closely regarding market value. The winner had nothing to lose no matter what it sold for.

[Charley Lillard]

I believe he is talking about the green Z28 at Barrett-Jackson with the 8% fee.

[427king]

Yes, the green z28 at BJ last year with 11K? miles on it.

[SMGCO]

The bottom line, like it or not, is that the muscle car market is off. IMO the market is off about ten percent on high priced/value cars and about thirty percent on lower priced/value cars.