What recession? Collectible cars still selling strong
Some prices in some sectors of the collectible-car market have dropped, but, all things considered, the market showed resilience in the recent string of auctions in and around Scottsdale, Ariz. The long-predicted free fall in prices did not occur at the Arizona auctions of Gooding & Company, RM and Barrett-Jackson. And, as the New York Times reported, there were some genuine surprises among the individual sales as more than $100 million worth of cars changed hands. Perhaps the most unexpected results came at the Gooding & Company auction, which flew in the face of expectations by a considerable measure. With $32.4 million in sales, compared with $21 million at last year's sale, it seemed more like the summer of 2008 than the winter of 2009. Gooding had the top-dollar sale of the final weekend with a 1960 Ferrari 250 GT California Spider, a late consignment that brought $4.95 million. At the moment, vintage cars seem to be showing more strength in the market than other collectibles.
Leigh Keno, a host of "Antiques Roadshow" on PBS, said that in general, presale estimates for American decorative arts sold at auction this season have been as much as 50 percent lower than they would have been two years ago. Keno said, "There is a sense that the market will reward more conservative estimates."
At RM, the star car, a 1963 Chevrolet Corvette Grand Sport, didn't sell during the auction. Nevertheless, RM sold a very respectable 83 percent of its lots for a total of approximately $18 million. RM, for example, sold a 1967 Alfa Romeo Duetto Spider - similar to the car driven by Dustin Hoffman in "The Graduate" - for $46,200. Gooding sold a 1954 Nash Metropolitan hardtop for $19,800 and Barrett-Jackson garnered an astonishing $59,400 for a 1979 Pontiac Firebird Trans Am.
According to Craig Jackson, chief executive of the Barrett-Jackson auction house, his company anticipated the demand for more accessible cars and purposely adjusted its offerings to favor cars in the $50,000 to $100,000 range. This was reflected in the overall sales figure of $63 million, down some $20 million from last year, but a bit higher than the company's 2005 results of $61 million. Mr. Jackson said that his company worked hard with consigners to ensure that there was a "meeting of the minds" where sale expectations were concerned. Nevertheless, there were notable high sales, including the second 1957 Chevrolet produced, a two-door from the entry-level 150 series with just 46,133 miles, that brought $165,000. Barrett-Jackson also continues to be the sale known for drawing new people into the hobby, with 70 percent of registered bidders being first-timers.
