Filed in archive
Auctions
, Ferrari
, Hot Rods
, Muscle Cars
, Plymouth
by Philip Powell on December 22, 2006
Some international auction house heads, queried during a recent event at the Royal Automobile Club in London, appear to think that monies currently being paid for collector cars are unrealistic and can't be sustained. As quoted in Classic Driver magazine's coverage, Rob Myers, founder and CEO of RM Auctions, suggested that "certain areas of the market, notably muscle cars, have risen too fast and pricing anomalies now exist which could not be justified." US auction entrepreneur David Gooding commented: "I cannot understand or support the sales results of many muscle car prices recently. Plymouths should not be worth three to four times more than a great open Ferrari of the same period. New hot rods that were built in the last 6 months are not all automatically worth the $400,000-500,000 asking price. I personally do not buy into it. Some rationality in these two segments of the market would be healthy for all." Auction expert Simon Knudsen, who wrote the article, expressed the view that "the current rate of price inflation is unsustainable." Simon Hope, founder of UK auctioneers H&H, agreed. Regardless, the hype accompanying January's Barrett-Jackson auction in Scottsdale suggests that plenty of big money will still be exchanged, especially for vehicles like the "Supersnake," the twin-supercharged, 7 liter, 800 hp, 3-speed automatic Shelby Cobra shown here. $5,000,000 is the price currently being bandied about. I could retire on the commission alone. Sigh...
Tags:
Plymouth
Ferrari
Shelby
Cobra
BarrettJackson
RM
auction
classic
vintage
antique
collector
old
car
c
Trackback: http://publish.creative-weblogging.com/publish/mt-tb.pl/49621
Mr Wong
Vote for Are Collector Car Prices Becoming Unrealistic?:
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Rating: 6.75 out of 4 vote(s) cast.
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Response from:
Zarba
(12/26/06 9:05am)
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Simply put, muscle cars are easily faked, many, many were built, and the ones that were are of abysmal quality.
When I saw 383 Challengers, Road Runners, etc, bringing over $100K, then I knew it was over. Back in the day, a 383 was a poseur car. It was the BASE engine, for God's sake, and no self respecting guy would be seen in less than a 440.
There are some truly rare cars (71 Hemi Cuda) that will be valuable, but this has all the marks of the late 80's run-up in Ferrari prices, when 308's were bringing over $100K.
Then again, when this does crash, maybe I'll be able to get my 440+6 Challenger for a reasonable price.
-- Ah yes, the bottom feeders among us view this as good news! Maybe I'll finally get that humble Morris Minor convertible I've always wanted. Or that slightly less humble but more practical BMW 2002. Or... or...
Philip