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Are Collector Car Prices Becoming Unrealistic?

Filed in archive Auctions , Ferrari , Hot Rods , Muscle Cars , Plymouth by Philip Powell on December 22, 2006

Supersnake Cobra

Some international auction houselinks 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...


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Tags: Plymouth  Ferrari  Shelby  Cobra  BarrettJackson  RM  auction  classic  vintage  antique  collector  old  car  c 

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