Are prices falling? Sheehan drops another down $20k

Many BJ cars not making restoration costs.

 

Nice frame-off 350/300 auto Corvette roadster just hammered at $90K. Not an expert, but that seems all the money for the car but probably below resto costs. Looks like the bar's been raised on restoration quality generally, while the market's pulled back - and the more desirable cars are long sold: Formula for upside down?

 

It's true of Ferrari's as well. 275 GTS just hammered at RM for 350K with a BIG name Restoration. I bet seller was hoping for a lot more. I also bet there wasn't a lot of change left over from restoration costs spent on that one. There are a lot of cars that are upside down today.

An F 40 hammered for 390K.

 

A lot of the clones aren't - the '71 Hemicuda rag 'tribute' at around 100K might've been close. Though much of Barrett stuff began correcting a bit earlier than the RM/Gooding fare.

 

The problem is it used to be "pay for the resto get the car for free". Now it's "pay 60% of the resto" get the car for free. That math doesn't work forever and it's getting worse.

 

That's more than I thought that car would bring.

 

+1, I am here at the auctions in Arizona up close with these cars. I can tell you the numbers for some of these GM cars were still "Crazy" 160k for the corvette SS the car was a joke appearance wise cracked paint, beat up cloth interior. How about the 1993 Allante pace car selling for 57k+commission that is about 4 times what a regular 1993 sells for. The active suspension ZR-1 test car selling for 130k, for cars that have SCRAP TITLES. I agree there is a big pull back in the muscle cars and mid year corvettes, but the clones and resto rods still seem to bring big numbers IMO. Not what they sold for a couple years ago, but if you bought a clean small block car and made a yenko clone, or a shely gt500 clone I still think you could make a couple bucks. Now, RM numbers will be the true test, as B-J this year has 99% muscle cars and rods, which I thought were overpriced for the last half a decade, and last year B-J showed that a correction was taking place.
Erik

 

"275 GTS just hammered at RM for 350K with a BIG name Restoration."


Wow! Good, correct car? Only yesterday they were asking 600s ....

Edit - Sheehan offers one at 549/bo

 

Not vintage, but at BJ a very nice 92 512TR - red/tan - just hammered for $72k.

 

Don't forget to add in the commission(8% ?, not sure).

 

Little while ago they had the Hagerty's Insurance guy on TV and he said something to the effect that he was quite pleased with the BJ auction so far. He had been worried about how it would go, but not now.


Hmm, wonder who's correct here, a guy putting some lipstick on a pig or an Fchat poster with some credible experience??

 

Buy a muscle car. Pay for the restauration. Never drive it because it will no longer be resto fresh. Take it to BJ loose 50-75% of what you spent buying and restoring your car. No Problem...

 

#1 55 T-Bird went for $600k, just slightly north of what I figured it would go for (I guessed $500k). A good price in this economy.

a few "gimmick" cars went for large $... the fake Superbird that was driven on the blokc by Richard Petty went for $500k, a charity car but still, stupid large moeny for what is was.

I cant believe the that the Allard hill climb car went for only $180k. That is a steal.

 

Alan, 1939 Steyr-Allard... or a later car?
Regards,
Dave

 

Lot #68: 1953 Allard J2X. http://auction.goodingco.com/product.g&c?pid=192

Onno

 

Right, right- thank you very much.
Agree that this seems to be great value for money. I personally like J2's (or even a J1) better- but this looks to be one of the nicer J2X's extant. New owner should be very happy.

 

http://www.thunderbirdnest.com/forums/showpost.php?p=332452&postcount=44

 

......I cant believe the that the Allard hill climb car went for only $180k. That is a steal.

......Alan, 1939 Steyr-Allard... or a later car?
......Regards,
......Dave

Dave/Onno; I think you're referring to a diff car @ a diff venue: the OP was referring to an Allard/Steyr V8 sold @ BJ for very litttle money.
A hillclimb car, open wheel, in 1949 'as raced' spec. Different from later J2X's.....

Tritone

 

That fills in some of the blanks. Thanks to you and Onno. Best, Dave

 

Ah, OK! Thanks.


Onno

 

This trend makes me wonder about the health of the restoration biz. Anyone with a pending job find themselves moved up the schedule?

 

Bill Noon's reporting in this thread:

http://www.ferrarichat.com/forum/showthread.php?t=228736

Post # 41

 

Quick questions:

Wasn't there a second Cal spider sold at the same sale a the Coburn Cal Spider? If so; what did it sell for?

What did the Cal spider at the 2009 AZ Gooding sale go for?

Are these cars a reasonable comparison; why or why not?

Thanks,

Art S.

 

The second car was a LWB, different animal.

Best