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$107,000 '65 Riviera GS just sold at Barrett Jackson


jimtash
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11 minutes ago, jimtash said:

Is that the most expensive 1st generation Riviera to ever sell? And do you think it's indicative of rising collector car status for these cars?

 

Another one went for a few dollars more last year at a different auction house I believe, but, if it isn't the highest it is very close.

 

I hope it is "indicative", makes me want to get my Flame Red/White '65 GS done and run it across the block and see what it might fetch!

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The car mentioned above was sold at a Gooding Auction 2016 - sold for $110K + 10% buyers premium = $121 K which as far as I know was the record  for any Riviera ever sold ( and guess it still is ) ! I went to that  auction  hoping to spend a maximum of $65-70 K  . Spent my $100 to register for a paddle and NEVER even got it off  my lap as the first hid was $50K  and it went up in 10K increments to $110K  within about one minute . The two guys bidding never took their paddles down until one final gave up . It was indeed a nice car but not perfect  and was discussed in depth in previous posts right after the  sale  It  was a beautiful color combo as was this one today even with the aftermarket vinyl top. I think all "  NICE "Riviera's 1963-1973 with good eye appeal are in  for a bump in value over the next few years . I definitely don't see them going down in value like the Porsche market has done in the last year - it went crazy for a while and then settled back to earth . It always amazes me when I take one of my cars to a local show and the 20's something attendee has never even seen one or heard the name Riviera  or that they made by Buick !

KReed

ROA 14549

 

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$107,000. That really is a stunning sale price. All the more interesting considering a more normal white 63 sold hours earlier for $17,500.

 

I have to think the 65 GS has enough rarity and beauty to command special status - and evidence would say other years are not jumping in price like that? I keep an eye on eBay and there have been very few sales even above $15K. Maybe that's just a bad marketplace on eBay.

 

Makes me wish I had snagged a 65 when I got mine!

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This is good news, for the most part, for all of us boys! It means first gen cars are on their way up. By association, probably all Rivs will also see an increase in value. For better or worse, Barrett is a barometer for the market. Everybody who has a Riv, likes them or has considered someday buying one will see this. Importantly, people who never knew much about Rivs will see this. IMHO, Rivs have been undervalued for years relative to other American classics. I've often wondered if it's because Rivs are sort of a "tweener"...between pure luxury like a Cadillac and pure muscle like a Chevelle. Who knows? Also, this sale seems to reinforce the power of selling a very red car, with clam shell headlights and a GS badge. PRL

 

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12 hours ago, kreed said:

The car mentioned above was sold at a Gooding Auction 2016 - sold for $110K + 10% buyers premium = $121 K which as far as I know was the record  for any Riviera ever sold ( and guess it still is ) ! I went to that  auction  hoping to spend a maximum of $65-70 K  . Spent my $100 to register for a paddle and NEVER even got it off  my lap as the first hid was $50K  and it went up in 10K increments to $110K  within about one minute . The two guys bidding never took their paddles down until one final gave up . It was indeed a nice car but not perfect  and was discussed in depth in previous posts right after the  sale  It  was a beautiful color combo as was this one today even with the aftermarket vinyl top. I think all "  NICE "Riviera's 1963-1973 with good eye appeal are in  for a bump in value over the next few years . I definitely don't see them going down in value like the Porsche market has done in the last year - it went crazy for a while and then settled back to earth . It always amazes me when I take one of my cars to a local show and the 20's something attendee has never even seen one or heard the name Riviera  or that they made by Buick !

KReed

ROA 14549

 

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Mine is a twin to the auction car, but I love the color combo of this one, and would trade in a heartbeat! 

 

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I Just recently sold a driver quality white 1963 and he in turn took it to the Mecum auction in Florida. It was a very solid car with "decent" paint and chrome.  The passenger side wing vent chrome was  highly pitted and something that always annoyed me. It had the custom black interior which was very nice and a wood steering wheel. No air and no other power options other than brakes and steering. The car was repainted at one time and there was some paint flaking in the front door jam areas. It had the wrong wheels, newer rally's, older tires, wrong color engine paint, no sun visors or seat belts. It sold for $17,600 to a dealer in Michigan who now has it advertised for sale and is trying to get a little more for it. I am happy for all involved. Just seems a little high for me for that particular car, and I owned it for 8 years.

I did replace it with a nicer red 1964.

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Just thinking, if I had a car that had potential to sell in that price range why would I be at an auction? A 10% deviation in final sale price could amount to ~$10,000. I would never put it on the block without some assurance I "was covered". If I thought the car was worth considerably less and bids exceeded my expectations I would be equally concerned. Was there a reserve and where was it set?

If a car like that existed and a buyer was truly out there, it should have been one phone call; "I decided to sell my Riviera."

 

I have set in the Hershey Giant Center and watched old Dean Kruse appear to squeeze money out of a rock. It was all quite entertaining to see the show, listen to the riotous misinformation, while being enticed to join the "sip and bid" club. I don't know who I would rather have sitting next to me, my used car selling Grandfather or P. T, Barnum. Either one would have left with a new addition to their bag of tricks, but not a car.

What about that big Kruse building in Auburn, is that being used again?

 

As far as the first generation Rivieras getting recognition, mine had just the right amount the day I bought it, I recognized it was a good car. The value of things I like has never been a significant factor to me. Back when I bought my ''64 Riviera there were two Riviera enthusiasts living about a mile from me that I had known for a few years. They cornered me in their shop one day and told me about the Riviera Owner's Club. Their perception, as told to me, was that a club had been formed to inflate the prices of Buick Rivieras. They said it was going to follow the methods of the Edsel Club, which had contributed to their high prices at the time. I recognized a diffent set of values between us and said "Thanks, but no thanks." Luckily, the club turned out to have more integrity than they did and I became a member a few decades later, but I am a little clubbed out at this point and haven't renewed in a while.

 

It is entertaining to see articles and news about the these cars. A hundred thousand dollar car? How many will there be? It is a stretch for me to believe there will be more, or even if this one is legitimate, third party sales have been know to have a bit of chicanery. Mine won't go for that. Hopefully the fresh paint will get on it this year and it will be looking quite nice. I doubt I will ever sell it myself. If I die and my Wife has to sell it on her own it is on the spreadsheet for $5,000 if my Brother in Law doesn't want it as a gift. Of course, if I do have to sell it while I am still alive it will be a lot more, but not that much.

Bernie

 

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30 minutes ago, 60FlatTop said:

Just thinking, if I had a car that had potential to sell in that price range why would I be at an auction? A 10% deviation in final sale price could amount to ~$10,000. I would never put it on the block without some assurance I "was covered". If I thought the car was worth considerably less and bids exceeded my expectations I would be equally concerned. Was there a reserve and where was it set?

If a car like that existed and a buyer was truly out there, it should have been one phone call; "I decided to sell my Riviera."

Bernie

 

 

I could be wrong but here is my assessment on the auction venue.

 

There was no reserve on the auction.The seller obviously felt pretty confident where it would go price wise. I was fairly certain it would reach 100k. Pretend for a minute money is no issue. You just want to get away to where its warm with buddies and show-off buying cars. Buyers premiums are meaningless when this is the case. If there is something you want you bid to win and it doesn't matter if you paid too much or not. Its the thrill of the catch. I suspect a percentage of buyers don't even bother with ebay or other selling forums if there is a car they think they want. They just wait until the big auctions when they can go look at various cars in person and sometimes don't decide what they will spend their money on until they see whats there. If this car was advertised on ebay, or a venue like Hemmings it likely wouldn't sell for $107k and maybe not even close to that.

Sellers with trending high impact cars with maximum curb appeal like this red/black 65 GS often know an auction will net the best price even after the sellers fee, entry fee, and transportation fee is deducted.

 

 

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Certainly the auction setting plays a roll, but that goes for any vehicle. It provides entertainment and sport; this is all part of the car market however. Still the reality is that there is growing interest in these vehicles with collectors now wanting to add the infamous 65 to their stable. I spent a lot of time hunting down a solid numbers matching 65 Gran Sport in a good color combination for someone to purchase. There really are not that many available and those who have them tend to dragon hoard rightfully so. More exposure of Rivieras = higher sales, because as we know, they are the coolest cars ever made.

 

Number one sellers are still the survivor unaltered originals.

 

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18 minutes ago, JZRIV said:

The seller obviously felt pretty confident where it would go price wise.

 

My kind of confidence.

 

22 minutes ago, JZRIV said:

If this car was advertised on ebay, or a venue like Hemmings it likely wouldn't sell for $107k and maybe not even close to that.

 

I am confident of that as well.

 

We could "pretend" my friend Mike wanted it. "Mike, I decided to sell my Riviera to you for the $70K." "Bernie, you wanna do it at the circus and see what happens?"

 

I was doing the flim flam dance in front of adults when I was 12.

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2 hours ago, The baddest riviera said:

That’s my car it’s a super wildcat but I’m not selling it at the auction anymore call me if you’re interested in it 7029851992 it’s lowered black exterior red leather interior completely restored all original with lx letters on the block to verify super wildcat original engine

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LX is the production code for a 65 engine!!!

 

Edited by RivNut (see edit history)
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Here is my 65. The first car I ever purchased, same year I graduated high school. Totaled after some jack wagon hit me causing me to spin out of control breaking a utility pole in half with my base 401 white with blue interior American steel.

 

Totaled in 1996!

 

 

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1 hour ago, telriv said:

Back in '96 maybe not, but today it would be a candidate for repair.

Fixed this one. No way was I going tl let this car go! Not when I had wanted one since I was 6 years old.

20170331_125921.jpg

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2 hours ago, KongaMan said:

My impression is that the auctions tend to attract a certain type of car and, accordingly, a certain kind of buyer.  They seem to be disproportionately restomods and customized cars (e.g. lowered, flashy wheels, big sound systems, etc.). 

...along with premium prices. That is why I frequent a different auction house

 

2 hours ago, Chimera said:

Certainly the auction setting plays a roll, but that goes for any vehicle. It provides entertainment and sport; this is all part of the car market however. Still the reality is that there is growing interest in these vehicles with collectors now wanting to add the infamous 65 to their stable. I spent a lot of time hunting down a solid numbers matching 65 Gran Sport in a good color combination for someone to purchase. There really are not that many available and those who have them tend to dragon hoard rightfully so. More exposure of Rivieras = higher sales, because as we know, they are the coolest cars ever made.

 

Number one sellers are still the survivor unaltered originals.

 

"dragon hoard" ? LOL...never heard that one before!

  Tom

Edited by 1965rivgs (see edit history)
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2 hours ago, jframe said:

Fixed this one. No way was I going tl let this car go! Not when I had wanted one since I was 6 years old.

20170331_125921.jpg

 

That bungee cord is a nice touch!

 

After seeing the two crunched white Rivs shown on this thread, I thought I'd share another story that proves how TOUGH those old Rivs are!

 

A friend of mine had a '65 Gran Sport, red with white custom interior.  It was a beautiful car.  As he was on the on-ramp to the freeway he punched the gas to merge onto the highway.  His accelerator stuck wide-open.  Hang on!  Those two fours did their job and before he could think (we all have those regrettable moments) his car was careening across the grassed median and up onto the other side, whereupon he hit an Izuzu Trooper SUV with his driver's side headlight.  BAM!  The collision totaled both cars, of course.  Luckily, both drivers survived. 

 

My friend suffered four broken ribs from impacting his wood steering wheel, which got bent like a pretzel, and numerous other soft-tissue injuries.  He was a hurtin' man for some time.  The other driver had the benefit of air bags and being higher up in his SUV, so  he fared somewhat better.  I found out about this near tragedy when my friend called me to ask if I had certain parts to help put his Riv back together.  The insurance company wrote off his car, and he bought it back from them with the intent of putting it back together.  The impact punched the front left fender so hard it bent the car's X frame.  The hit was hard enough to buckle the roof panel just ahead of the 'C" pillar.  My friend restored that car, after gathering the many pieces needed.  Both were back on the road some time later.   I think my friend is alive today thanks to the bank-vault integrity of his Riviera, despite the obvious dangers of hurtling along out of control in a two-ton car with only lap belts and rudimentary safety features (e.g. no collapsible steering column, non energy absorbing chromed windshield pillars, no engineered 'crumple' zones, etc.).

 

Oh, and he didn't appreciate it when I asked: "Why didn't you just turn off the ignition switch to regain control of your car?"

 

 

 

 

 

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14 hours ago, 65VerdeGS said:

 

That bungee cord is a nice touch!

 

After seeing the two crunched white Rivs shown on this thread, I thought I'd share another story that proves how TOUGH those old Rivs are!

 

A friend of mine had a '65 Gran Sport, red with white custom interior.  It was a beautiful car.  As he was on the on-ramp to the freeway he punched the gas to merge onto the highway.  His accelerator stuck wide-open.  Hang on!  Those two fours did their job and before he could think (we all have those regrettable moments) his car was careening across the grassed median and up onto the other side, whereupon he hit an Izuzu Trooper SUV with his driver's side headlight.  BAM!  The collision totaled both cars, of course.  Luckily, both drivers survived. 

 

My friend suffered four broken ribs from impacting his wood steering wheel, which got bent like a pretzel, and numerous other soft-tissue injuries.  He was a hurtin' man for some time.  The other driver had the benefit of air bags and being higher up in his SUV, so  he fared somewhat better.  I found out about this near tragedy when my friend called me to ask if I had certain parts to help put his Riv back together.  The insurance company wrote off his car, and he bought it back from them with the intent of putting it back together.  The impact punched the front left fender so hard it bent the car's X frame.  The hit was hard enough to buckle the roof panel just ahead of the 'C" pillar.  My friend restored that car, after gathering the many pieces needed.  Both were back on the road some time later.   I think my friend is alive today thanks to the bank-vault integrity of his Riviera, despite the obvious dangers of hurtling along out of control in a two-ton car with only lap belts and rudimentary safety features (e.g. no collapsible steering column, non energy absorbing chromed windshield pillars, no engineered 'crumple' zones, etc.).

 

Oh, and he didn't appreciate it when I asked: "Why didn't you just turn off the ignition switch to regain control of your car?"

 

 

Got lucky with this one. All I needed parts wise was a rear bumper, and a left quarter skin. Bought a whole quarter panel, but when the shop started pulling the car on the frame machine, a TON of it straightened out. My car was so good rust wise that we left the strip above the rear tire because it was in better shape than the donor quarter. Just used the outer skin, and fixed the passenger side where the body had shifted and wrinkled behind the right door. Frame was almost PERFECT.

 

 

 

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On 1/17/2018 at 8:35 PM, jimtash said:

And do you think it's indicative of rising collector car status for these cars?

 

We might think it's great when the cars WE OWN go up in value.

But for anyone who's still adding to his store of Buicks,

keeping prices reasonable is a lot better.

 

I would say that high prices at one or two auctions is NOT indicative of much.

Would we say that LOW prices at a couple of auctions mean Rivieras are falling?

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11 minutes ago, John_S_in_Penna said:

 

We might think it's great when the cars WE OWN go up in value.

But for anyone who's still adding to his store of Buicks,

keeping prices reasonable is a lot better.

 

It certainly changes the nature of the game; you'll see fewer owners with dirty fingernails as collectors replace drivers.

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I just looked at my nails. Is "dirty fingernails" a metaphor?

 

I do agree that random examples do not indicate a trend. There are a lot of factors affecting the dollars in our hobby. In the 1960's and early 1970's old car people were noted as being a little eccentric, odd balls. but they were people who carried folding money at a time when the stock markets were strong. In the 1980's, when confidence in stocks weakened, we got a new group shifting their money to cars, art, and other tangible things. A lot of hobby support businesses sprouted and matured in the '80's and '90's that make the hobby easier. The past 20 years communication and availability have been strong. And the late '90's and early '00's brought some skims off early retirement accounts into play. "Please, Dear, I have always wanted.....". That got whacked pretty good 10 years ago, but the communication has been strong and bound things together.

 

We are seeing a significant resurgence in the stock market and those potential clean nailed "collectors" may leave us for something like the Pacific Rim investments that even appealed to the likes of me 25 years ago. Easy money.

 

What those high priced Rivieras may be is a last gasp, rather than a trend setter. When big chunks of your money are on the line, cars are a tough investment. It is a matter of love then. And the car lover's watching TV won't be buying cars, they'll buy soap for their nails first. Wasn't the media invented to sell soap, anyway?

Bernie

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For me it's not a question of why does someone want to sell at B-J. The pageantry is there, the money is there, as long as the seller reads the market trends, for his car correctly. The collecting public can be fickle. The market trends are fast moving, catch the trend on the upswing and seller can end up a trend setter.  

 

Like it or not, the trends are set by the major auction house sales. The buyer at these events tends to be a follower of the trends. One or two sellers will hit the market just right and become that trend setter, and hit the jackpot. Many more will jump on the band wagon, and the trend is going up. In general the people who shop at B-J don't see themselves as risk takers. They don't want to make a mistake, so they want the best, and willing to pay for it. B-J aids in the vetting process. Being accepted for inclusion, is like an insurance policy against making a mistake, and a high selling price only adds to the car's pedigree.

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Friends who have attended in person say there is a

good number of affordable cars too.  It's just that the

$5000 Studebaker sedan isn't considered hype-worthy,

so the $100,000  cars tend to be televised.

 

People who are on the fringes of the hobby, looking in

from outside, often get the wrong impression from TV auctions

and high-priced dealer ads.  I always emphasize to people

that the hobby is affordable, and that nice cars can be had

for $5000 to $15,000.  MANY, many times, I get the reaction,

"Really?  I had no idea!"

 

Thank goodness this can be an affordable hobby.  

We need, however, to get the word out!

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