This Weekend, AZ the Place to Be for Collector Car Crowd
Sunday, January 18, 2009
Four auction events could net $100 million!
Collector car fever seems to thrive in hot, dry air. This weekend, four auctions catering to the automobilia buff are going on in Arizona. It's a safe bet that whoever is not glued to the Cardinals vs. Eagles NFC championship game in Glendale (just outside Phoenix) will be on hand to see some amazing and collectible cars change hands at either the Barrett-Jackson auction (now in its second and final weekend), the 9th annual Russo and Steele auction, the 2nd annual Gooding and Co. Auction or the RM Auction at the Arizona Biltmore. That event was covered by Peter Corbett, writing for The Arizona Republic:
Car enthusiasts at the Arizona Biltmore Resort and Spa on Friday might have imagined they had traveled back in time 50 years from all the Duesenbergs, Packards and a 1937 Bugatti on the grounds of the stately resort.
But the prices at the RM Auctions event in the hotel ballroom were decidedly 21st century. A 1937 Delage Aerosport Coupe sold for $750,000 and a rare racing Corvette Grand Sport from 1963 drew a final bid of $5 million, which the seller rejected.
RM, a Canadian auction house, managed to sell more than $2 million worth of collector cars in the first few hours of its one-day auction.
RM spokesman Terry Lobzon explained that buying classic automobiles is more fun than paper investments and the gleaming cars have more appeal than collecting other objects of nostalgia.
"Only a car can transport you in time," he said. "It's the closest thing we have to a time machine."
Most of the bidders, almost exclusively men of 40 years and older, are too young to recall when many of the RM consignment cars were new. But that did not dampen their enthusiasm for a 1929 Rolls-Royce Phantom that sold for $300,000 or a 1929 Graham-Paige Dual Cowl Phaeton that went for $270,000.
RM is but one of four prestigious car auctions in the Valley this weekend with combined sales likely to accelerate past $100 million for about 1,700 vehicles.
That includes Barrett-Jackson, the oldest and largest event with 1,050 cars, along with the 9th annual Russo and Steele auction, with 500 vehicles, and the 2nd annual Gooding and Co. Auction catering to an exclusive niche of classic car buyers.
Barrett-Jackson car sales totaled more than $17 million for its first three days at WestWorld in Scottsdale, with its most expensive vehicles on the auction block today. Some of its top sales included an Oldsmobile Custom Touring Roadster for $220,000 and a 1989 Corvette ZR-1 that sold for $176,000.
RM had estimated that the '63 Corvette Grand Sport Roadster would sell for as high as $7 million. The bidding stalled at $5 million and the owner was not willing to sell at that price. However, further negotiations could close the deal, RM spokesman Lobzun said.
Gooding & Co., with its auction Saturday at Scottsdale Fashion Square, estimates that a 1960 Ferrari 250 GT California Spider could sell for $5 million to $7 million. And a 1937 Talbot-Lago with its swooping tear-drop shape could fetch up to $4.2 million, said Gooding spokesman David Brynan.
Car collectors and the auction houses are watching to see what the top-selling cars are this weekend and whether the depressed economy resets prices on collector cars.
The auctioneers were optimistic that prices would hold for the best of the cars, but there were more than a few no-sales at the RM Auction. Many of the cars have a reserve price that has to be reached or the seller is not obligated to sell.
In addition to the unsold 'Vette, RM did not get to the reserve price Friday on a stunning 1937 Bugatti Atalante Coupe. Also, a 1955 Mercedes-Benz 300 SL Coupe was unsold despite a bid of $500,000.
RM did manage to sell a 1950 Hudson Commodore convertible once owned by actor Steve McQueen for $39,000.
(Pictured: Talk about grid lock! Some of the cars on hand at the RM Auctions event are shown in this photo by David Wallace of The Arizona Republic)
Collector car fever seems to thrive in hot, dry air. This weekend, four auctions catering to the automobilia buff are going on in Arizona. It's a safe bet that whoever is not glued to the Cardinals vs. Eagles NFC championship game in Glendale (just outside Phoenix) will be on hand to see some amazing and collectible cars change hands at either the Barrett-Jackson auction (now in its second and final weekend), the 9th annual Russo and Steele auction, the 2nd annual Gooding and Co. Auction or the RM Auction at the Arizona Biltmore. That event was covered by Peter Corbett, writing for The Arizona Republic:Car enthusiasts at the Arizona Biltmore Resort and Spa on Friday might have imagined they had traveled back in time 50 years from all the Duesenbergs, Packards and a 1937 Bugatti on the grounds of the stately resort.
But the prices at the RM Auctions event in the hotel ballroom were decidedly 21st century. A 1937 Delage Aerosport Coupe sold for $750,000 and a rare racing Corvette Grand Sport from 1963 drew a final bid of $5 million, which the seller rejected.
RM, a Canadian auction house, managed to sell more than $2 million worth of collector cars in the first few hours of its one-day auction.
RM spokesman Terry Lobzon explained that buying classic automobiles is more fun than paper investments and the gleaming cars have more appeal than collecting other objects of nostalgia.
"Only a car can transport you in time," he said. "It's the closest thing we have to a time machine."
Most of the bidders, almost exclusively men of 40 years and older, are too young to recall when many of the RM consignment cars were new. But that did not dampen their enthusiasm for a 1929 Rolls-Royce Phantom that sold for $300,000 or a 1929 Graham-Paige Dual Cowl Phaeton that went for $270,000.
RM is but one of four prestigious car auctions in the Valley this weekend with combined sales likely to accelerate past $100 million for about 1,700 vehicles.
That includes Barrett-Jackson, the oldest and largest event with 1,050 cars, along with the 9th annual Russo and Steele auction, with 500 vehicles, and the 2nd annual Gooding and Co. Auction catering to an exclusive niche of classic car buyers.
Barrett-Jackson car sales totaled more than $17 million for its first three days at WestWorld in Scottsdale, with its most expensive vehicles on the auction block today. Some of its top sales included an Oldsmobile Custom Touring Roadster for $220,000 and a 1989 Corvette ZR-1 that sold for $176,000.
RM had estimated that the '63 Corvette Grand Sport Roadster would sell for as high as $7 million. The bidding stalled at $5 million and the owner was not willing to sell at that price. However, further negotiations could close the deal, RM spokesman Lobzun said.
Gooding & Co., with its auction Saturday at Scottsdale Fashion Square, estimates that a 1960 Ferrari 250 GT California Spider could sell for $5 million to $7 million. And a 1937 Talbot-Lago with its swooping tear-drop shape could fetch up to $4.2 million, said Gooding spokesman David Brynan.
Car collectors and the auction houses are watching to see what the top-selling cars are this weekend and whether the depressed economy resets prices on collector cars.
The auctioneers were optimistic that prices would hold for the best of the cars, but there were more than a few no-sales at the RM Auction. Many of the cars have a reserve price that has to be reached or the seller is not obligated to sell.
In addition to the unsold 'Vette, RM did not get to the reserve price Friday on a stunning 1937 Bugatti Atalante Coupe. Also, a 1955 Mercedes-Benz 300 SL Coupe was unsold despite a bid of $500,000.
RM did manage to sell a 1950 Hudson Commodore convertible once owned by actor Steve McQueen for $39,000.
(Pictured: Talk about grid lock! Some of the cars on hand at the RM Auctions event are shown in this photo by David Wallace of The Arizona Republic)
posted by Chris and Frank at 12:41 AM
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