I was reviewing a recently received listing of auction results from the Mecum auction held in Florida. I skimmed up and down the list a few times, then, I started looking at it harder. What came into focus was the fact that most of the cars pulled bids or sold at about where I would expect them. I mean, I have read many articles in the last 6 months that inferred muscle cars and performance cars in general were way off the mark. I am thinking the really expensive, after the last 2 years run up, Hemi, 454 ci, 427 ci, 455 ci type cars, are probably off from their highs, but most more general muscle cars and birds of a feather performance cars, seem to be bringing about the same prices they did 18 or 24 months ago.

The list below is a good example of what I am saying. Recognizing they are mostly cars that I favor, and pretty much follow, meaning I don’t know much about other types of cars. Look the list over. Do you see anything that looks real different from what you might expect? I know the list does not address quality, so you will just have to use your imagination some like I did. The point here is that the sky is not falling, at least not yet.
Enjoy.

Mecum Auction, Inc., Kissimmee, FL Auction Results 01/24-26, 2008

Selected Lot Numbers-
Lot No. Year Make Model Color Hi Bid Sold
T19 1955 Buick Special Green 16,275
T25 1969 Olds 442 Cpe Blue 28,613
T34 1971 Cad Eldo Conv White 13,125
T42 1966 Olds Cutlass Cpe Red 18,375
T47 1937 Buick Sedan Black 19,000
T62 1969 Pontiac GTO Judge Orange 52,000
T91 1987 Buick GN Black 15,225
T126 1987 Cad Allante Tan 7,000
T153 1957 Cad Eldo Brough Black 81,900
T167 1978 Cad Seville Blue 7,500
F1 1957 Chev Corvette Black 72,450
F4.1 1969 Chev Camaro Z-28 Green 52,500
F27 1968 Olds 442 Cpe – 17,325
F45.1 1969 Chev Camaro Z-28 Green 42,000
F50 1965 Pontiac GTO Red 44,100
F138 1987 Buick GNX Black 72,450
F225.1 1964 Pontiac GTO Red 38,325
F258 1970 Ford Mach 1 Black 30,713
F289 1955 Olds 98 Holiday Blue 16,000
S19 1966 Pontiac GTO Gold 32,550
S32 1971 Chev Corvette Yellow 47,513
S45.1 1969 Olds 442 Conv Black 69,000
S67 1967 Olds 442 W-30 Red 73,500
S77 1970 Chev Chevelle LS-5 Red 100,000
S109 1953 Chev Corvette White 249,900
S127 1967 Pontiac GTO Gold 110,250
S161 1969 Chev Camaro RS/SS White 78,750
S176 1969 Dodge Daytona Orange 131,250
S211 Chev Corvette Red 135,450

Marengo, IL. February 4, 2008 – The Mecum Auction Company, with corporate headquarters located in Marengo, Illinois, is in their 21st year of selling collector cars, specializing in Muscle cars and Corvettes. CEO Dana Mecum, when asked about the 2008 Kissimmee, FL auction said “Bidder, consignor and spectator spirit and enthusiasm was high, and although there was worry, action was not dampened by rainy weather.” “A 60% auction is a good indicator that the collector car market beats to its own drum while other markets and industries are currently adjusting to the recent fluctuation of stocks and oil prices.” Mecum sold $15.2 million worth of Muscle cars and Corvettes during its 3-day car auction in Kissimmee, Florida at Osceola Heritage Park. A total of 778 vehicles were offered with 445 cars selling under the hammer January 24-26, 2008.

Mecum remarked, “This year, we did not offer $1 million-$1.5 million vehicles as during our 2007 Kissimmee sale yet we still sold $15.2 million worth of Muscle and Corvettes. This shows Mecum’s ability to bring quality cars and strong buyers together in the Southeast sector of the United States.” Top sales for this auction include: A 1953 Corvette ($238,000.00), a 1965 Chevelle Z16 ($227,000.00), a 1967 Corvette 427/435 Convertible ($188,000.00) and a 1968 Shelby GT 500KR ($155,000.00).

Mecum observed “The top ten sellers at the Kissimmee auction were notably across the board in make and model. GM, Chrysler and Ford were all strong contenders on the auction block.” “We truly enjoy sales of this nature which represent a perfect cross-section of car enthusiasts and we are thrilled to offer a broad mix that satisfies every one of them.” Collector cars purchased at the Mecum sale represent bidders from around the world. A 1966 Mustang and a 1965 Cobra replica are on their way to Norway and many other cars are being transported to new owners in Canada.

In spring of 2008, Mecum will offer live auction coverage in HD TV on a major cable network and also offer their 50,000th car for sale at auction.

The new Dodge Challenger, Hemi powered is for real. This car has created the most amount of excitement coming out of Detroit in years. Chrysler LLC unveiled the car this week at both the Chicago and Philadelphia auto shows. The cars shown at both shows are actual production vehicles and not concepts. First reports in are that people have jammed the areas where the cars have been displayed.

Dodge spokesmen say so far, more than 8,000 orders have been taken for a limited number of the 6.1 liter Hemi powered SRT 8 Challengers. The new car is expected to be available in dealer showroom sin two months. Published photos easily exhibit the many styling features borrowed from the popular original 1970 model. Among them, the grille, flip-open gasoline cap, and the exhaust tips. Although the tips resemble more the Cuda style, they are nevertheless stunning.

The new cars are already selling for upwards of $60,000 on the Internet, and one of the first was sold recently at the Barrett-Jackson auction in Scottsdale for $400,000. All of those proceeds went to charity.

Steve’s Comments-
Ford and GM had better try harder. The Challenger excites would be buyers. They can actually see themselves owning one. The evidence of enthusiasm is well demonstrated by the $60, 000 prices being closed on the Internet and the way-out in left field Barrett-Jackson winning charity bid of $400,000 for one. Although the new Shelby Mustangs and the soon to be available new Camaro are exciting, it seems hard to imagine the same kind of fervor the Challenger has already shown.

Marengo, IL. February 4, 2008 – The Mecum Auction Company, with corporate headquarters located in Marengo, Illinois, is in their 21st year of selling collector cars, specializing in Muscle cars and Corvettes. CEO Dana Mecum, when asked about the 2008 Kissimmee, FL auction said “Bidder, consignor and spectator spirit and enthusiasm was high, and although there was worry, action was not dampened by rainy weather.” “A 60% auction is a good indicator that the collector car market beats to its own drum while other markets and industries are currently adjusting to the recent fluctuation of stocks and oil prices.” Mecum sold $15.2 million worth of Muscle cars and Corvettes during its 3-day car auction in Kissimmee, Florida at Osceola Heritage Park. A total of 778 vehicles were offered with 445 cars selling under the hammer January 24-26, 2008. Mecum remarked, “This year, we did not offer $1 million-$1.5 million vehicles as during our 2007 Kissimmee sale yet we still sold $15.2 million worth of Muscle and Corvettes. This shows Mecum’s ability to bring quality cars and strong buyers together in the Southeast sector of the United States.” Top sales for this auction include: A 1953 Corvette ($238,000.00), a 1965 Chevelle Z16 ($227,000.00), a 1967 Corvette 427/435 Convertible ($188,000.00) and a 1968 Shelby GT 500KR ($155,000.00).

The 2008 Barrett-Jackson Collector Car Auction in Scottsdale, AZ is winding down today. Accepted as the price barometer for the new year, B-J 2008 certainly lived up to its reputation.  Saturday was one of the most exciting car days of all time. Just to give you a small sample of the super excitement, try the sale of Carroll Shelby’s 1969 Shelby GT500 Convertible, a car he had specially assembled in 1969. The beautiful Candy Apple Red dream machine closed for $675,000, plus auction premium.  The much ballyhooed “Rondine” Pinninfarina 1963 Corvette concept car sold for $1.6 million. The largest mechanical robot, 40 foot long “Robosaurus” closed at $575,000.It is estimated that it would cost $5 million to develop and build today. A 1967 Shelby Cobra 427 sold for $625,000, a 1969 Camaro RCR car sold for $575,000. If that isn’t enough 2008 Shelby GT500 KR sold for $550,000. A trend from last year continued this year. Early M-B SL convertible are rising in value.A pretty 1961 M-B 300SL sold for $525,000. A 1959 M-B 300SL sold for $435,000. Hot domestic muscle cars remain hot, just maybe not quite so much. A 1970 Plymouth Hemi Cuda went for $245,000 followed by a 1969 Dodge Hemi Charger 500 for $165,000. The LS6 Chevelles were off some, most selling in the $80,000 range, but a Saturday car, a 1970 Chevelle LS6 454/450 sold for $177,500 giving heart to the bow tie boys. There were some disappointments, an obvious one being a 1969 Pontiac GTO Judge Ram Air IV Convertible that could only muster $110,000, about $125,000 less than last year. In conclusion, B-J confirmed that prices had declined in general during the last year, something most collectors already had a feeling for. The strength is in the real market, the Baby Boomer marketplace. The market is alive and well and we are all having a good time.

www.AutoAppraiser.com

I am avidly watching the Barrett-Jackson antique and classic car auction on Speed every day.  This is really becoming a custom car auction!  The customs are doing well pricewise, but it sure seems like there are not that many stock, original cars.  I personally kind of cringe every time I see what looks like a beautiful muscle car roll up on the block and then I glance down and see these humongo cartoonish looking chrome wheels….  But, the engine bays and interiors are mighty impressive, I have to admit.

Would you like to be in the restoration business?

Not me, based on the prices I am seeing.  Over the last few days that I have been watching the auction, I have seen car-after-car selling for about what its restoration cost….maybe.  I have seen many beautifully restored 50’s 60’s and 70’s cars sell for seventy or eight thousand dollars……cars with fresh ground up or frame-off restorations.  Believe me, those restorations costs more then eighty thousand dollars.  I would guess that the average restoration on those cars is well over one hundred thousand dollars.  Nobody is making money on those sales, except the auction company.  And the winning bidders are getting some very good buys.

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