Soft Prices at RM Auction

[1935Packard]

I was interested to see that a lot of CCCA cars in this RM Auction a week ago sold for considerably below pre-auction estimates. Either the market is softening, or some people got some incredible bargains at that auction.

[Guest DGW]

Perhaps prices are just softening to a more realistic level, to which I say "about time".

[Jon Riley]

I agree to some extent. However, the "super" Full Classics are maintaining or increasing in price.

For example:

31 Auburn 8 Speedster $176K

30 Cadillac 16 Convertible coupe $324K

32 Chrysler CL Roadster $660K

36 Packard 12 Victoria 385K

[alsancle]

I scanned the prices quickly, and I noticed some low prices as well as some very strong ones. When a car fails to sell or the price seems overly low you really can't tell why without seeing the car in person and knowing all the details (like it's history). The other thing is you need two bidders in the room to push a price up. Sometimes there just is not two in the room.

[tbirdman]

<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: Jon Riley</div><div class="ubbcode-body">I agree to some extent. However, the "super" Full Classics are maintaining or increasing in price.

For example:

31 Auburn 8 Speedster $176K

30 Cadillac 16 Convertible coupe $324K

32 Chrysler CL Roadster $660K

36 Packard 12 Victoria 385K

</div></div>

I agree about the full classics pricing. As another example, here's a 34 Packard coupe roadster that needs a complete restoration being listed for 150K. Now it will sell for less than that, but that just shows how the full classic are doing.

[Jon Riley]

Wow T-bird man, that makes the 1934 Packard Super 8 Victoria, which sold for $187K, look like a great deal.

[tbirdman]

I would had expected the 34 Victoria to go closer to $225K, though Victoria are not as desirable as other open body style. But someone did get a good bargain, I think. But just think of it, in 2005, I could had picked up a 34 Victoria V12 for 220K. Don't think you could touch that car now for $400K. No, I did not buy it.

[1935Packard]

It's certainly true that to the extent the market prices were "soft" at that auction, "soft" probably translates to "2007 prices."

I've personally been pretty astonished at some of the full classic prices in the last year or so: Some of these dollar figures are going through the roof. I suppose some of that is the rising market tide raising all the boats, but some of it seems to be just that market segment.

[Steve_Mack_CT]

Full Classics & Brass cars seem to be weathering the current crappy economy pretty well. Otherwise, it is not the same as two years ago, for example, all over. While cyclical to a degree, it's kind of a bummer if you want to sell anything.

Another sign of the times, take a look at how many cars are for sale at the next local show - good for buyers, though as there is a lot of choice out there now. Cars, Bikes, etc;

[HarryJ]

I think the estimates were high...........the '17 "T" sold for $17,600, within auction estimates, the '60 Lincoln was only slightly under, the "28 Studebaker President Victoria while a beautiful restoration seemed like a high price for that car, the '32 Lincoln I think was also over estimated in it's potential sales price and I think the gavel price was high, the Hupmobile estimate was also high. Overall It looks like stronger prices in the market to me.