Barrett Jackson cars

[BroadwayBlue]

My first thought was someone got a pretty good deal as the first CS (Lot 30) went for $17,500.

But when you add in the 10% commision the buyer paid $19,250 which is probably a little closer to what a 289 in that condition (based on the pictures and description) is currently selling at.

The pictures don't show a lot but there is some surface rust noticeable on some of the engine areas so that in addition to the description probably puts this around a #2 car in my mind. It looks to be in nice shape.

I still think it's a pretty good price for the buyer. I didn't see the auction to know how the bidding went.
I got the results from the site, it wasn't live on TV, the broadcast started on Lot 49 I think.

Lot 30: http://www.barrett-jackson.com/appli...n_LotNumber=30

We'll see how the next 2 do tomorrow.

 

[j4tuna@msn.com]

Gt/cs $17,500

Well the first GT/CS went for $17,500
It was not original, but a fair price even if it
needed some work. A good Tuesday car.
I think lot 368 will do better.
The Seafoam Green should do even better than 368.
Good to see GT/CS representing at the big show.

 

[BroadwayBlue]

Looks like the 390 went for only $18,000 according to the Barrett Jackson site. That's a surprise to me.

Looks like someone stole a car there - again it's hard to know without seeing actual condition of the car.

Lot 368: http://www.barrett-jackson.com/application/search/carlist_Details.aspx?&In_LotNumber=368

fixed the link above

 

[Midnight Special]

...I agree that "somebody stole it", but personally, I dislike seeing cars in this condition (good - unrestored, but admittedly modified to 4v etc...) at Barret Jackson. Also, if you click on the engine bay view, you see alot of dirt, rust spots, unkemped wiring et-al which gives some clue as to what the underside may look like.

If BJ goes the route of accepting cars like this; what would set it apart from being "just another auction"? ...Not to mention what the reported sale price does for GT/CSs in general - harming much nicer units that come up for sale from now on... This car likely would've brought alot more $$ on ebay IMO...

 

[68gt390]

Well folks, Lot #420, the "J" code car went for $40,000.00. Not to shabby considering there were some problems with the car. But, as usual the commentator didn't know a lot about the car as far as it's geneology. What a shame. They did mention that there was a Shelby connection.

Don

 

[BroadwayBlue]

Well folks, Lot #420, the "J" code car went for $40,000.00. Not to shabby considering there were some problems with the car. But, as usual the commentator didn't know a lot about the car. What a shame.

Don

Was this one on TV? I am recording it on my DVR to watch later.
I think they're replaying it at midnight too.

 

[68gt390]

Yes it was Rich. I watched it go accross the block.

Don

 

[BroadwayBlue]

...I agree that "somebody stole it", but personally, I dislike seeing cars in this condition (good - unrestored, but admittedly moified to 4v etc...) at Barret Jackson. Also, if you click on the engine bay view, you see alot of dirt, rust spots, unkemped wiring et-al which gives some clue as to what the underside may look like.

If BJ goes the route of accepting cars like this; what would set it apart from being "just another auction"? ...Not to mention what the reported sale price does for GT/CSs in general - harming much nicer units that come up for sale from now on... This car likely would've brought alot more $$ on ebay IMO...

All valid points Tim! I agree. There definitely was dirt in the engine.
I don't know if it's the picture but the passenger side valve cover looks like it has a layer of dust on it but maybe it's just a reflection.

Just a clean up could possibly have added to the price but
the $18,000 was low and yes probably could've done better elsewhere.

Again with commission the buyer still only paid $19,800.

The $40,000 ($44,000 w/ commission) was nice to see but that's lower than the same car sold for 2 years ago at Barrett Jackson. I think last time it sold for $48,000 which was almost $53,000 with commission. Don't recall if it was still 8% back then, it's 10% buyer commission now. Seller took a hit of almost $10,000 on that plus whatever they charged him in seller's fees.

 

[HappyHour]

Well the first GT/CS went for $17,500
It was not original, but a fair price even if it
needed some work. A good Tuesday car.
I think lot 368 will do better.
The Seafoam Green should do even better than 368.
Good to see GT/CS representing at the big show.

I saw an earlier thread that NADA "X" code was same ballpark value as "J" code CS. Why wouldnt a 390ci (lot 368) go for more than the Seafoam 302ci which hit $40K?? Sure not because they are all automatic?

Robert

 

[BroadwayBlue]

I think part of it is people betting with their "hearts" and the other part is it's a no reserve auction so it's going to sell no matter how low.

Also - if the buyer really wants, they can bet on their own car to raise the selling price so they don't lose money on it.

If the buyer is into a car for $50,000, they don't want to let is sell for $25,000.

So they can bid $26,000 and if they win, they just have to pay a $2,600 commission. So they lose $2,600 as opposed to $25,000.

I don't know that this happened in this case but the point being there are a lot of factors in play which can either hold a price down or drive it up...

Car condition (cleanliness)
Who is promoting the car
Was the seller available to answer questions before the auction and how were those questions answered
Originality
Timing of the auction and when it comes across the block
etc

Again, in a no reserve auction it's selling at whatever the highest bid is.
Some people may have wanted a CS and tried to bid on the earlier cars but were holding onto their money for the last CS that went across the block.

We may never really know. I was hoping these went for higher prices but this isn't the sole driver of market prices.
As we saw in 2006, there was a temporary bump in prices when the Seafoam Green sold for $50,000+ but it settled back down again. Sales over time will drive the market, I think this January hoopla dies off and comes back the next January as far as driving prices. The true trend is in the numbers over time.

I'm no expert just an uneducated opinion.

 

[joedls]

So they can bid $26,000 and if they win, they just have to pay a $2,600 commission. So they lose $2,600 as opposed to $25,000.

Actually, I think they would have to pay the buyer's and seller's commission. So using your example, I believe they would have to pay $5,200.

 

[RedGTvert]

So they can bid $26,000 and if they win, they just have to pay a $2,600 commission. So they lose $2,600 as opposed to $25,000.

It amounts to much more than that. There is also an 8% seller commission paid to Barrett, which now adds another $2,000 to the hit. If they are not local, transportation to and from the auction. There is also a $500-$1000 fee based on the time that is goes off, primetime versus non-prime. If it was on TV, you can bet it was considered primetime. Then if you want to park under a tent versus not being covered, it will add another $250.00.

 

[BroadwayBlue]

Actually, I think they would have to pay the buyer's and seller's commission. So using your example, I believe they would have to pay $5,200.

You're right Joe and RedGt ... I missed that one. I don't think they would try to bid to win but to drive the price up.
If they did win they're out the commissions.

Not sure how many people would actually do it but on a big dollar car it could be worth it.
If someone was transporting a few cars it wouldn't cost that much to bring it back if they had to drive back anyway ... all in the cost of doing business.

I don't know if someone is doing that but they could and it's just another factor in the mix.

I'm also not sure of the seller's commission this year. I thought it was a set percentage last year but this year it says the seller's commision will be determined at the auction based on the car, when it will be auctioned, etc ...

 

[BroadwayBlue]

Interesting enough, there is a long way to go but that CS that went for $40,000 is the 3rd highest Mustang sold so far.


418.1 1978 FORD MUSTANG CUSTOM DRAG CAR "DYNO DON" 82000.00

80 1965 FORD MUSTANG GT CONVERTIBLE 62000.00

420 1968 FORD MUSTANG CALIFORNIA SPECIAL COUPE 40000.00

60 1965 FORD MUSTANG CUSTOM FASTBACK 32500.00

346 1966 FORD MUSTANG CONVERTIBLE 30500.00

The other 2 are 12th and 13th highest so far

 

[j4tuna@msn.com]

just got back from BJ. The Seafoam Green for 40k was not a good deal. The shelby wheels, funny steering wheel, no stripe on the rear, and rear panel did not fit correctly. I would have rather bought the 390 blue one to do a restore on it. It was more correct although not as clean.

 

[j4tuna@msn.com]

GT/CS at BJ

just got back from BJ. The Seafoam Green for 40k was not a good deal. The shelby wheels, funny steering wheel, no stripe on the rear, and rear panel did not fit correctly. I would have rather bought the 390 blue one to do a restore on it. It was more correct although not as clean.

 

[j4tuna@msn.com]

Lot 80 and Lot 346 very clean and very nice to look at. There are a lot of GT's coming this weekend. Many were under the big tent where the really nice ones are kept.

 

[BroadwayBlue]

just got back from BJ. The Seafoam Green for 40k was not a good deal. The shelby wheels, funny steering wheel, no stripe on the rear, and rear panel did not fit correctly. I would have rather bought the 390 blue one to do a restore on it. It was more correct although not as clean.

The Shelby wheels are popular and would be a period correct accessory I believe.

A new or repro steering wheel or even a Shelby one would have been nice.

Are you sure about the stripe?
The pictures show a stripe on the trunk (White).

http://www.barrett-jackson.com/staging/carlist/items/Fullsize/Cars/61001/61001_Rear_3-4.jpg

 

[j4tuna@msn.com]

Yes - there was no stipe on the truck, I was amazed to see that.

 

[j4tuna@msn.com]

Therear panel of the car did not fit correctly. The lower bumpers on each side of the license plate were missing. The gas cap was recessed more than normal. Maybe the car got rearended and had work done - explaining now the missing stripe??? Just a thought.