GTs @ BJ

[Xcentric]

Gambling makes no sense either, unless the entertainment value equals one's losses. Auctions are a form of gambling for both buyer and seller. People get off on the excitement. Just like gambling, the house is the only sure winner.

 

[stephen_becker]

I was there working the Shelby American Inc booth and watching every car come in and go out (best vendor spot ever!!) - I was told that one hour prior to the blue FGT went across the block that is was announced that the title for the car was stamped branded/rebuilt. Now, I did not hear or so that announcement but was told by several people that were watching the car / can ANYBODY confirm this information? I can call Steve Davis at B-J, next week, to 100% confirm if no one knows

 

[Fast Freddy]

whoever bought the Gas Monkey Garage F40 stole it at $650K and that White 2008 Lambo Murci with 6900 miles was a smokin buy too at $185K

 

[RADGT]

The blue GT had no indication on the web in vehicle description that it was salvaged. If not salvaged then are they not obligated to share CarFax info? I would think that if it was salvaged they should have disclosed. But that brings up the F40 because I thought when Gas Monkey Garage bought it for 400K and spent I think over 300K in the rebuild that if it too was salvage that should have been disclosed. The sale price of 650K is well below market value so I am sure plenty of people knew its history. Rebuilt not to original specs and from what I had heard Ferrari wanted nothing to do with the rebuild.

 

[twobjshelbys]

Barrett Jackson lists the VIN number and the owner/consignor's description. I think that any serious buyer will do due diligence if they are taking their time and do research. If it's an alcohol induced impulse buy then all bets are off. For some cars they do get their experts to pipe in - in particular Kevin Marti on Mustangs and other Fords, and there is a guy they use on Pontiacs (like GTOs, I can't remember his name). There was an interview with Marti and theya re now bringing him in and doing more than just the report.

 

[FBA]

That's a lot of money to spend on a GT if it's a salvage/ rebuild etc...but, it seems (and I have said this before), that many buyers at these auctions have more testosterone and money than brains. Many, but not all and if there are some here - this isn't meant to offend you.

 

[RADGT]

When I went to BJ 4 years ago, I was not surprised that the bidder admission packet included 10 drinks per day....I quickly understood why after bidding on a 63 split window, 54 Jaguar, and 67 Shelby 350. Thankfully I had enough sense or rather just enough sobriety left to stop bidding.

 

[junior]

...... many buyers at these auctions have more testosterone and money than brains.

Don't forget the liquor consumption :lol :lol

 

[twobjshelbys]

When I went to BJ 4 years ago, I was not surprised that the bidder admission packet included 10 drinks per day....I quickly understood why after bidding on a 63 split window, 54 Jaguar, and 67 Shelby 350. Thankfully I had enough sense or rather just enough sobriety left to stop bidding.

You have to be careful doing that. Some guy bid on a Bugatti Veyron and ended up being the last bidder. He wasn't serious and didn't have the money so they evicted him (banned for life). Craig Jackson bought the car for that price and it still shows up at the auctions with a BJ logo painted on the side. I guess it's a company car now.

 

[FBA]

When I went to BJ 4 years ago, I was not surprised that the bidder admission packet included 10 drinks per day....I quickly understood why after bidding on a 63 split window, 54 Jaguar, and 67 Shelby 350. Thankfully I had enough sense or rather just enough sobriety left to stop bidding.

Now it all makes sense to me!

 

[SBR]

Gambling makes no sense either, unless the entertainment value equals one's losses. Auctions are a form of gambling for both buyer and seller. People get off on the excitement. Just like gambling, the house is the only sure winner.

Agree 100%, people get off on being on TV and the possibility of hitting it big. The auctions houses are the true winners. It reminds me of trading places when the Duke brothers explains how the brokerage houses work.

 

[RADGT]

To be clear, I was not over my head. They were all cars I was interested in and could have bought for the price they sold, I however had no intention of staying into the bidding for as long as I did.

Stu

 

[OCPETE]

Bony would rollover with the recent spikes...what car appreciates this fast after 8 years? Either it's pure overseas $ or rising agreed upon insurance values... either way, I'm stoked

 

[w. mitty]

I was at Barrett-Jackson again this year, as I am every year. My opinion has not changed; great place to visit, but I wouldn't buy a car there.

The question of why one would buy a car at auction where other examples of the same car can be found for less or equal money from a dealer is an interesting one. I have puzzled over this for the last few years. Here's what I've come up:

1. Convenience. Some folks like the efficiency of showing up on the Gulfstream and just buying stuff on what some of us more careful people would call "impulse". For these folks, a few extra thousand here and there is a fair trade for the time it would otherwise take to shop for cars in the more traditional sense.

2. The Sportfishing mentality: These guys don't want to catch a fish from a quiet pond (the reputable dealer route), they want to brave the seas of high adventure and buy a car in the rough and tumble of the auction environment. They see it as a competition to a) find the right car among a mass of candidates and 2) beat others for the purchase on the field of battle.
Again, a surplus of money and boredom probably explain a lot of this.

3. The Only Access Theory. There are some occasions where a particular car is, for some reason, especially desirable to a buyer, and the only avenue to purchase it is at the auction. In a case where an asset or collection is being liquidated by an institution or fiduciary, a major auction is a pretty safe place to sell if one is trying to assure an asset is sold at "fair market value". In these rare cases, if a buyer wants the ONE car, he may have no choice but to brave the alcohol induced haze of the big tent auction.

As for me, if I want another GT, i'll call Shelby Smith.

 

[Empty Pockets]

They see it as a competition to...beat others for the purchase on the field of battle.

...and by "beating" the other bidders, what has one really proven in the end? 'Way I see it is all that's been proven is that the 'winning bidder' was willing to pay more for 'item X' than anyone else in the building (tent) thought it was worth. 'Not sure that really qualifies as a 'win'...unless it's viewed through Charlie Sheen's eyes.

But then, I admit I'm not the brightest bulb on the tree either...

 

[FBA]

Yes, nice place to visit, but wouldn't buy anything there. I'm not an auction type of person. I like to research things, and choose where and how - then pull the trigger. Every car I have purchased in the past 6-7 years has been bought via E-bay or through other online venues, through reputable sellers - and when I was not sure - I flew to go see the vehicle.

I have gotten very fair pricing, far better than I could have done here in Canada...and have not had any issues whatsoever.

The most f$cked up thing I did was buy two GT's from Shelby, sight unseen, but, in all fairness to him, he treated me right and I got exactly what I paid for. I have never done a sight-unseen buy for a car prior to buying my GT's from him, but I'd do it again with him without giving it a 2nd thought.

 

[GKW05GT]

I did not make it to BJ this year bur did spend 3 days between RM, Gooding, and Russo Steele much different atmosphere but fewer cars and fewer people.

 

[roketman]

I totally agree with Mitty and FBA
The only time I would buy sight unseen is from Shelby
The gambling thing I totally don’t get the way I see it,thats why the poor stay poor and the rich stay rich.

 

[GKW05GT]

I saw Specracer taking some closeup pictures of a Mclaren F1 GTR at Gooding. I think it may be his surprise track car this year.

 

[Kingman]

3. The Only Access Theory. There are some occasions where a particular car is, for some reason, especially desirable to a buyer, and the only avenue to purchase it is at the auction. In a case where an asset or collection is being liquidated by an institution or fiduciary, a major auction is a pretty safe place to sell if one is trying to assure an asset is sold at "fair market value". In these rare cases, if a buyer wants the ONE car, he may have no choice but to brave the alcohol induced haze of the big tent auction.

Let's round out this scenario a little bit.............as these auctions are the ONLY place to purchase the UNIQUE vehicle of choice.

In the early 80's when I first started going to several auctions, I was surprised to find very desireable vehicles that had been squirreled away years ago, only to show up at auction in immaculate condition, trading for the about the same amount of money as when they sat at the dealership new. Cars that I wanted as a kid are now available to me......who knew!?

Today, you are not going to find many George Barris Batmobiles trading through private hands.

One car I saw that went for very cheap in my estimation was the L'il Coffin recreation - http://www.barrett-jackson.com/application/onlinesubmission/lotdetails.aspx?ln=1088&aid=525

You would also be hard-pressed to find this L88 trade through private hands -
http://www.barrett-jackson.com/application/onlinesubmission/lotdetails.aspx?ln=5035&aid=525

Then you get to the Bonhams or RM auctions which trade in higher end classics. This is the only venue were you can see these types of vehicles unless you're invited to visit a private collection.....or you can attend Irvine's Cs&C.

Net Net - there were deals to be had and excitement to share as we watched bidders compete against one another...........but more importantly, it's a great time. I just can't find a spec of negative in any of this.