Did anyone watch the Meecum car auction last night? Last night was vette night.Many cars selling for low money or not being sold because they could not meet the reserve.What a change from two years ago!

 

I watched it also - it was as you described and a huge departure from several years ago. People still willing to pay very good money for very good cars but it seems the middle of the road/drivers have slipped in price.

 

Some cool cars on there. I think the prices from a couple of years ago, like everything, were ridiculous. still some great values. Plus it was fun to watch all the designers personal rides. Harvey Earl's was pretty cool with his extra gauge pod on the passenger side...

 

Only a 55% sell rate. Not very good for the investment.

 

I was there in person and thought it to be quite boring. Not a lot of bidding going on. Most of the time was no more than 3 people bidding on a car.Prices sellers put on the reserve was ridiculous most of the time.Rare collectibles still bringing good money but the run of the mill cars getting more down to earth bids and not selling.

 

I watched it and was surprised at how many cars do not sell. After awhile it became boring to watch car after car with them saying the bidding continues. I have seen Vettes sell for big bucks with no reserve on other auctions so not sure what the problem is with this auction house as no matter what kind of cars they are selling they do not have a good sell through.

 

Harley Earl??

 

It played all last week. A lot of cool cars that I would love to have. Maybe one day.

 

I've observed that Mecum selling prices are always lower than Barrett-Jackson's.

Go figure

 

Such cars have become very high end status symbols. I've personally known of people who have bought the "required" 67 427 435 so that they could be a member of the "club" yet who knew positively absolutely nothing about the car.

I'm betting that there will be a few ZR1s sold for the same reason to people who can't even drive a manual trans and think SC stands for South Carolina.

A thing is worth what someone will pay for it. But, fools and their money are soon parted. So, saying that these cars are way overvalued is just saying that in many cases it's fools who have been paying the huge prices for them.

I have respect for people who earn high incomes and can afford expensive toys or status symbols. But.....when I come across a low mile ultra expensive old vette at a show I may respect the owner for having the money to buy it but I keep in mind that he may or may not know anything about it....other than the fact that possessing it will make him the object of envy. Which, being among the baser of human motivations, and which fuels the acquisition of many a trophy wife, is not something that deserves respect.

just some thoughts. It generally only takes a few questions of the owner of a pristine old vette to get a clear picture of whether he's a poser or a real collector.

If a person has so much money that two or three hundred thousand for an old car is nearly nothing.....and then buys an enclosed trailer...and then pays cash for a big new diesel truck to haul it.....if someone can spend money like that fine....but it does not automatically make them knowledgeable or worthy of a car guy's respect....it just makes them a rich guy throwing money around.

And you know the funny part? These cars won't run on pump gas whether you want to drive them or not.

 

Did you guys see the 68' at the end?
Holy cow that car was HOT! Not sure about the advertised/actual hp numbers though. I remember reading a story about one running a 10.99 in the 1/4.

edit: It was a 10.93.
http://www.corvettefever.com/eventco...ews/index.html

 

If you think illegal bidding doesn't go on there you're in a dream world. Heck even Reggie Jackson bid on his own car that wasn't meeting what he expected(caught on tape!). A lot of times I think (and this is my own opinion) the car goes home with the person that brought it there.
Although I think a lot more money floats around in Scottsdale and Palm Beach than in St.Charles,Illinois.

 

Anyone going to Mecum Auction in Des Moines July 17-18, 2009?

 

yeah that guy had a mid 60s vette with a pods installed on the passenger side.

 

Harvey's brother, the smart one.

 

most auctions are crooked.Many straws in the audience to bid up a price.Also,I have seen pools where everyone divides up what they want,and then doesn't bid on what the others guy,or guys want.An auction is not for the unknowing!Barret-Jackson fans the flames of auction fever very well!Most people would be betteroff buying a new vette.Better everything then the old cars!

 

I agree alot of times the car goes home with the guy who brought it. I know Dana Mecum and never thought I would see the things that went on at the Bloomington Auction.There were alot of set up deals I saw first hand. I geuss people are desperate.I saw a car have it's bid jump from 30k to 40k in one bid Saturday afternoon. Now lets get real why would a bid jump 10 grand at one time. It was a nice c2 driver,nothing special.I don't think I will do the auction thing again after watching this deal for 2 days.

 

I have to say that the show was a letdown this year. I have been attending every year since the mid 90's and this was the worst year. Attendance was down despite the great weather and there was also a lack of vendors. The auction (or circus) was held inside the MegaCenter this year forcing many vendors outside. The for sale corral had less cars this year but prices were still outrageous. No shortage of dealers with new cars to sell. I agree with most of the posters that Mecum auctions leave a lot to be desired. It now seems that Mecum is the main event at Bloomington Gold. Sorry to see that.

 

Water seeks it's own level!