It's official. The world has gone mad.

[Miccara]

Been watching Barrett Jackson auction today. Prices seem crazy to me on the none original stuff. Even some of the original stuff 69, 70 Chevelles, well over $100 grand US. $240 grand for a 68 SS Nova?

Man-oh-man

 

[ws23jrt]

Maybe just a few OCD folks are getting out of an up stock market. Chasing the dollar is a life's work for some.
Those folks enjoy cars differently than most of us do.

 

[GetX'd]

Sounds like good news to me. I’d like to think our hobby isn’t dying out - but rather growing. I feel bad for those that don’t have one and want one - but feel good for those of us that have one and have poured blood, sweat and money into it for years. Declining prices would be evidence of lack of interest and depreciation.

 

[PeteBell68]

Watching it now the prices are nuts but some of the cars are the best of the best

 

[Miccara]

Sounds like good news to me. I’d like to think our hobby isn’t dying out - but rather growing. I feel bad for those that don’t have one and want one - but feel good for those of us that have one and have poured blood, sweat and money into it for years. Declining prices would be evidence of lack of interest and depreciation.

It's been us old guys at the auction buying the stuff. Few young folks but not many.

 

[PeteBell68]

It's been us old guys at the auction buying the stuff. Few young folks but not many.

Most buyers seem to be mid forties and up at least

 

[ws23jrt]

Some like the cars and others like the market. A few toss money betting on both.

 

[gkent]

Betting on the market by buying cars at Barrett/Jackson is ridiculous when you slap on the buyer's premium and then the seller's premium when you decide to flip it.

 

[PeteBell68]

I think it's a 10 percent sell and 10 percent buy fee - no wonder Craig Jackson can't stop smiling
And they run them through quick like clockwork .

 

[69L48Z27]

I think it's a 10 percent sell and 10 percent buy fee - no wonder Craig Jackson can't stop smiling
And they run them through quick like clockwork .

Exactly. 20% and run fees. The only ones making money are the auction houses.

I guess if you in your early 60's and sitting on a nice 401k you mad some mad money last year. 25%+ on a bull run.

 

[WileERobby]

The way I see it, the hobby/market has got about 10 years life left. After that, it will only be the rare/special vehicles (in our case, for example, the max-wedge, hemi, and six-barrel cars), that will hold value.

 

[Richard Cranium]

The world has gone mad you say.

 

[PeteBell68]

The way I see it, the hobby/market has got about 10 years life left. After that, it will only be the rare/special vehicles (in our case, for example, the max-wedge, hemi, and six-barrel cars), that will hold value.

I hope not - my boys love cars especially the types we have ,unfortunately most of they can't afford them and when they do find one affordable the fuel to run them becomes the issue .
Putting gas in my truck has them stressed 20 bucks doesn't get you far .

 

[Bladecutter]

What do You think will happen to the hobby can when legislation for driverless vehicles is shoved down our throats? More appropriately getting butt slammed with the crap.

 

[Car Nut]

 

[Ranger16]

Markets have a way of correcting themselves. Just look at the housing market. The stock market does it regularly. That said, there will always be those few high end cars.

Several years ago a friend of mine sold his original '69 Yenko Chevelle (1 of 99) with 1200 miles on it (no that is not a typo) for $250,000. He bought it about the same time I bought my first '69 Road Runner. I see it went through the Kissimmee Mecum auction last Jan, estimating at $275,000 - $375,000. Can't help but wonder what it sold for. I remember taking pictures of it the first time Nick pulled the wheels off the ground and broke the 11 second mark.
https://www.mecum.com/lots/FL0117-269465/1969-chevrolet-yenko-chevelle/

 

[Ranger16]

Update:
It didn't sell. It had a $350,000 reserve with a high bid of only $240,000.
I was told that the seller really didn't care, as he sold 3 others that day. I guess he just hung this one out hoping for a $100,000 profit. Doesn't sound like he needs it though.