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Barrett-Jackson auction on TV this week


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Anybody watching the Barrett-Jackson Auction, today, this week ??  It is on this week, on the FYI channel.  Normally this channel show repeats of old tv shows  and  Counting cars tv show.   Quite a letdown from the Speed Channel to the Motor Trend Channel to this.  Have these auctions lost there appeal??

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I like the auctions in the beginning of the event when the number of $100k+ Camaros and Chevelles are not lined up end to end.  Seeing the “other” cars has more interest for me.

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I think the auction business is trying to shake out the dual effects of Covid and BAT (Bring a Trailer). BAT, which began as an online auction for failed project cars has exploded into an auction for high dollar sports and collector cars. They have created a functional “community” where cars are critiqued and discussed while the auction ensues. There is no sniping, the auction is extended until all interested bidders have stopped bidding. They now offer real-time delivery quotes as well. BJ, Mecum, R&M will continue to sell cars, but they are glancing at BAT in their rear view.

BTW, if you can tape BJ, it’s much more enjoyable to FF thru the never ending commercials and late model Jeep sales.

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I check it out a few times but not too much there to interest me, I'm out of the mainstream car collectors loop , not a bad place to be actually. I do miss when I first saw it on tv way back with the big brass and real classic cars.

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I love to watch all of the auctions on tv. Drives my wife nuts and I have to change the channel when she comes into the room. To me its about like having a rolling car show in my living room. One thing I think I noticed was that with the BJ auction that is currently going on, is that the hammer price for most of the cars seems to be inflated. Inflated may not be the right word, as much as higher than expected. I know that in person one gets into the hype of wanting and even needing a particular car, and there is even the mentality of I cant let someone out bid me. But I dont see anything that looks like a good deal so far. I get a kick out of the cameras showing a winning bidder rejoicing with high 5's, my first thought is that 'wow that guy just paid way too much for that!', I would be sick not happy.

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First days are usually for affordable cars. Used to be free drinks in the skyboxes, helped sales. Now have masks with straw holes. +1 on tape and x3 or x4 through uninteresting stuff. Same for the race shows that have become more talking than racing. I remember when commercial breaks had different commecials.

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Interesting observations on auctions.......they are becoming things of the past for many serious collectors. The reason is simple. The total swing is between 18-25 percent, plus shipping. Then add in the potential down side of no action/no real bidders and over exposure of the car. It’s getting collectors sitting down over a beer or coffee..........and working out a number both sides can live with. No hysterical BS, an you have total privacy. In the last six months I would say 80 percent of major cars were handled this way......and the big guys know it. 
 

I would also add........really good cars are selling in days......or less. Guys are pulling the trigger in hours.......I have never seen good stuff that is super high end sell so fast. I’m thinking the big boys are buying assets for inflation protection.

Edited by edinmass (see edit history)
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A good friend and his high-roller BIL went to B-J maybe ten years ago. When he came home he said that auction was the only place he had ever seen a man wearing a full-length mink coat and Louis Vuitton sunglasses, if that were any indication of the type of people it attracted.

 

I easily tire of the overpriced cars and especially the hype. The damned auctions are a big reason why younger people and those who aren't multimillionaires don't get into cars- the auction results convince them an old car is simply unaffordable.

 

You can bet the grocery money local taxing authorities follow these auctions too. 😡

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Fagedabout the auctions, are plenty of interesting cars without LSs or SBCs out there.

 

Anyone go to the Easter Rod Run in Daytona this weekend ?

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8 hours ago, edinmass said:

Interesting observations on auctions.......they are becoming things of the past for many serious collectors. The reason is simple. The total swing is between 18-25 percent, plus shipping. Then add in the potential down side of no action/no real bidders and over exposure of the car. It’s getting collectors sitting down over a beer or coffee..........and working out a number both sides can live with. No hysterical BS, an you have total privacy. In the last six months I would say 80 percent of major cars were handled this way......and the big guys know it. 
 

I would also add........really good cars are selling in days......or less. Guys are pulling the trigger in hours.......I have never seen good stuff that is super high end sell so fast. I’m thinking the big boys are buying assets for inflation protection.

Have to agree with the last paragraph as a possibility-we're seeing the effects of the Fed's Quantitative Easing (for Covid) manifest in some interesting ways, particularly in real estate and the stock market- with inflation a likely byproduct..

Edited by car crazy (see edit history)
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1 minute ago, car crazy said:

Have to agree with the last paragraph as a possibility-we're seeing the effects of the Fed's Quantitative Easing for Covid manifest in some interesting ways, particularly in real estate and the stock market- with inflation a likely byproduct..


Yup.........the only good investment for the foreseeable future is hard assets, or if your a working guy........lots of fixed debt at 3 percent.......your going to be able to pay it  back with money that is 40 cents on the dollar. Unfortunately, most people can’t grasp the concept. And many are already in too much debt. It’s hard to predict the future........in this case, inflation is a given, it’s just how much is the question. Back to cars.....

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4 minutes ago, car crazy said:

Have to agree with the last paragraph as a possibility-we're seeing the effects of the Fed's Quantitative Easing for Covid manifest in some interesting ways, particularly in real estate and the stock market- with inflation a likely byproduct..

Trust me.....lots of PPP money being spent on boats, vacations, classic cars, luxury items as banks tell business owners “you comply, loan is forgiven”.....  the neighbors see the business owner pull up in a new Corvette and think “I thought his business was hurting, didn’t he have to shut it down?”.........  the money was never there, it was fabricated/printed and disbursed. It will need to be recouped.  Stand by for bloodletting. 

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As Ed says.....back to cars. I think a downturn in Auctions may be as simple as “people are bored with them”, the novelty has worn off, and like anything popular for a while, a part of the herd has gone looking for the next thing to entertain. 

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One thing I noticed, many were going to "phone bidders", are we moving to an on-line model ? Also without shows (used to be at least one a week in or near O'town, when do you show them off. Just realized it has been nearing a year before my toys have left the garage, just driving DDs.

 

ps agree with having a hedge: have a mortgage at a fixed 3% mostly for that.

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