Barrett Jackson Vegas

[TAKerry]

Not trying to start up another controversy, just an observation. Did anyone else watch the Vegas auction the last couple of days?

They (BJ) had one this past winter and the prices were crazy stupid. I believe there was a long winded thread here. 

ANYWAY, this past weekend it seemed that things may have relaxed a bit. Is this a sign of the times, semi market (auction) correction?

The previous event seemed like someone needed 100k to even think about starting a bid. I would say this most recent event was a bit more realistic. I do not count and divide but I would guestimate the average sale was 50K or so. Not surprisingly pickup trucks and broncos are still hot, seem to bring the high prices. Some nice restored and restomodded 50s and 60s went for prices that could not build the car. 

[Phillip Cole]

Well, I agree with you, but last week Hagerty announced that old car prices are on the verge of "hyper-appreciating". Whatever that means.   

Edited July 4, 2022 by Phillip Cole (see edit history)

[Peter J.Heizmann]

No way I would ever use any of these TV auctions as a realistic price barometer.  Barrett-Jackson prices for one is driven by a bunch of BUI (Bidding Under the Influence) bidders.

[plymouthcranbrook]

I cannot remember when I last saw(if ever)a car I might have been interested in on a TV auction.  And as far as the prices, in all honesty, for me a start point of $50,000 vs $100,000 is meaningless as both are far away from what’s left of my hobby budget.

[1937hd45]

How many Mustangs and Corvettes does one need to see auctioned off in a lifetime?

[John_S_in_Penna]

20 minutes ago, 1937hd45 said:

How many Mustangs and Corvettes does one need to see auctioned off in a lifetime?

One of each.  That will satisfy my lifetime quota.

[28 Chrysler]

Most are "Resto Rods" and almost all have the very same "Up Grades".

[Xander Wildeisen]

I like the auctions. Take them for what they are. Fun to take time out and go on a road trip for car stuff. Auctions are tagged onto the Hershey swap meet. It is all one big classic car Ecosystem that keeps all this afloat. Start removing any part of it. And you will see a disastrous impact on a hobby/industry/trade. I don’t have cable. Could not tell you what car shows are still on TV.

[mrspeedyt]

about 20 years ago was my last visit to a Barrett Jackson auction in Scottsdale.  I thought it was nuts then.

[Akstraw]

On 7/4/2022 at 10:29 AM, Phillip Cole said:

Well, I agree with you, but last week Hagerty announced that old car prices are on the verge of "hyper-appreciating". Whatever that means.   

I think Hagerty’s definition of “old car” and mine probably differ.  I just don’t see prices for Model T Fords, for example, ever ‘hyper-appreciating.’   Many CCCA classics even seem to be on a downward trend.

Edited July 6, 2022 by Akstraw (see edit history)

[TAKerry]

I think Broncos are 'hyper accelerating'. I take that as meaning 'flavor of the month'. If you have one now is the time to sell. A couple of years there will be something else.

[plymouthcranbrook]

In defense of some auctions back in the 90’s I went to several auction that were held at the Volo Auto Museum and run by Kruse auctions.  A few fancy expensive cars for sure but a lot of pretty reasonably priced old cars as well. They stopped it quite a while ago saying it took up too much time from the Museum work.  I enjoyed those. Never bought, just watched.  That was before I got the old cars I have.

[Jim Skelly]

On 7/4/2022 at 10:29 AM, Phillip Cole said:

Well, I agree with you, but last week Hagerty announced that old car prices are on the verge of "hyper-appreciating". Whatever that means.   

That means due to the chip shortage, people are pulling their parts cars out of the barn/backyard/creek/neighbor's driveway and trying to get stupid money for it.  Much like the crazy house prices at the moment.

[30DodgePanel]

A summarization of Hagerty's "hyper appreciation" and how they arrive at it. 

The collector car market is nearing "hyper-appreciation" - Hagerty Media

In the 15 years since the Hagerty Market Rating started, it’s never surpassed a score of 80, our threshold for a market experiencing “hyper appreciation.” But, after 15 consecutive months of growth following a 9-and-a-half-year low at the beginning of the pandemic, the Hagerty Market Rating is at a new all-time high of 78.22 and knocking on that door.

 

 

After the absolute feeding frenzy during the last year, many would assume that the Market Rating would have already hit "hyper appreciation." But our Market Rating is designed to help us see the big picture rather than reacting to a few big sales. It derives from more than a dozen components, including auctions but also Hagerty Price Guide values, insurance data, and economic indicators. Last but not least, the algorithm behind the Market Rating tends to pull the value toward the middle (50) and away from the extremes. That may sound arbitrary but is actually based on fundamental statistics: In any large dataset, most samples cluster around the middle. For example, it's possible for a basketball player to hit ten 3 pointers in a row, but over the course of a season, they will likely regress toward the mean. In the collector car market, we assume the most likely scenario is a market that is essentially flat.

 

All of which makes this 15-month hot streak unprecedented. It started when the Market Rating was already near 60, and fought the algorithm's desire for balance the entire time, never reversing course.

However, there are some signs that the run could be coming to an end. As the stock market continues to slump, our macroeconomic indicators used in the Market Rating dropped to their lowest point in over a year. While still high, the economy is showing signs of a continued downward trend.

More on Hagerty Market Rating here 

Hagerty Price Guide – Collector Car Values | Hagerty Valuation Tool®

 

Edited July 8, 2022 by 30DodgePanel (see edit history)