dplotkin

Wow, that is a lot of money for a restored car, I have one just like it and I didn't pay $175,000 for it either.
(L78 Roadster, knock-offs, power windows, went over around 4:15 EST Saturday)

Dan

PRNDL

Roy Sinor the seller (pretty sure that's what I heard) and Rick Hendrick the buyer. I may get to see the car locally at some point.

desertpilgrim

Apparently it's not news that a Nassau Blue Cvt 396 sold for 50K in the AM........

dplotkin

There was this one for $192,000
http://www.barrett-jackson.com/appli...n=1278&aid=466

But on the BJ's site I don't see the one I watched go over for $175,000. Odd. In any event, BJ's does not show a 65 convertable 396 going for $50,000, which is why it is not news.

Must be no recession-Obama must not be President...in Scottsdale.


Dan

Fawndeuce

Yup, for those who don't know, Roy is the NCRS judging chairman, and I think has been and will be for life.
The car had two recent high score regional Top Flights, I'm sure it's A+++.
I've seen Hendrick's collection, actually walked though it with John H now that I recall, obviously money is no object Hendricks, he just buys anything he likes.



Paul

Dicecal

Yes I saw that car and looked very nice, NOM period correct engine. Still thought it went low.

dplotkin

What was the lot number?

Dan

Dicecal

NOM 65 396 Convertible, Nassau Blue with white interior, Lot #985.1

dplotkin

Are we talking BJ or Mecum? I couldn't find that lot # on the BJ site. See: http://www.barrett-jackson.com/appli...01%2f19%2f2013

Dan

A-Snake

Hammer was $175k, web site shows price with 10% buyer fees, $192k

dplotkin

I see. As an NCRS judge's car I'm sure it was one of the best. From what I have been seeing (and I look a lot since I own one) of L78's the average value is around $100,000. I realize the BJ car had all the pedegree and paperwork, but I didn't think that brought a $75,000 premium. Guess I have some things to learn about 65 396 cars.

A rising tide should lift all boats. Except perhaps for those trying to get into a C2 without a pile of disposable cash, this is a good thing for the rest of us.

Dan

Fawndeuce

Its BJ and Hendricks bought it, no relationship to reality.
He sat upfront to be seen all weekend and dumped millions, all part of the show. Market value has nothing to do with what he'll pay, if he decides he likes it he just keeps bidding regardless, he has to win.
I said to the mrs Saturday afternoon, "Hendricks will buy the C7 tonight and it'll be a million", and damned if I wasn't right, ain't showbiz great.



Paul

1snake

Exactly. NOTHING about these auctions has anything to do with real market value and what you & I can buy or sell the same cars for everyday. It's nothing more than made for T.V. fantasy.

Jim

StingU2

... 100%

62Jeff

<Sarcasm>
It's because verts sell for more than convertibles, due to their rarity
</Sarcasm>

StingU2

^^^^^^^^ oh so that's why ^^^^^^^

mstanton

True. Hendricks is not "value shopping". He'll pay what it takes for what he wants. But for the price to get that high, someone else had to be bidding. Who was that?
Also, based on who the previous owner was, I'm assuming this is probably one of if not the best 65 L78 in existence.

Rich Yanulis

This is a good point.
The second highest bidder must have thought it was worth almost 175K.

dplotkin

I'm puzzled over the fact that two excellent restorations of two real L78 cars (mine & the subject car) can be $75,000 apart in value. Hell, I could have had mine and a 66 or 67 L79 car (which I'd like to some day have) for what that gentleman paid for his.

I understand that BJ is a circus & all that, but a arms length trade is a trade nonetheless. Value is what informed buyers pay for things. Cannot escape that no matter how much disdain one has for the big auctions.

I understand the subject car was all NCRS & Bloomington up the **** and so forth, but to the tune of a $75,000 premium?

Hell, I'm a commercial real estate guy & I thought I knew something about markets, values and the laws of supply & demand. Maybe I can one day sell mine for what I paid and buy that L79.

Dan

1snake

You answered your own question. You need to get over the fact that someone, who is filthy rich, paid more than what the car is worth. To Rick Hendrick, paying $75K more than the true value is about the same as you paying .01 a gallon more for gas than the guy filling his tank across the street.

Jim