Barrett-Jackson Question
Thread Starter
Instructor
Joined: May 2008
Posts: 229
Likes: 0
From: Town Named After Dirt NJ
Barrett-Jackson Question
I tuned in to Barrett-Jackson from FL. today and was surprised at the cars having reserves on them. I remember then always bragging about it being a "No Reserve" Auction. When did they start this and is it a reflection of the drop in collector car prices? Also would like to know if Mechum has been hurting them and they went this way. Your thoughts.
Burning Brakes
Joined: Aug 2000
Posts: 1,063
Likes: 79
From: West Chester PA
I tuned in to Barrett-Jackson from FL. today and was surprised at the cars having reserves on them. I remember then always bragging about it being a "No Reserve" Auction. When did they start this and is it a reflection of the drop in collector car prices? Also would like to know if Mechum has been hurting them and they went this way. Your thoughts.
Drifting
Joined: Jul 2005
Posts: 1,525
Likes: 10
From: NJ
I would tend to beleive Mecum put a hurt on them. Sellers have other options, why take a chance on a no reserve when you don't have to. They must have realized the same thing or they would have never changed their format. I enjoy watching the Mecum more so than a BJ auction. JMHO
I don't trust anybody who wears sunglasses inside
I also don't like when they stop the auction to beg for more money on the car, if I'm the high bidder I would tell them to shut up "I'm getting a deal".Why go to an auction if your going to pay retail anyway
I don't trust anybody who wears sunglasses inside
I also don't like when they stop the auction to beg for more money on the car, if I'm the high bidder I would tell them to shut up "I'm getting a deal".Why go to an auction if your going to pay retail anyway
Melting Slicks
Joined: Oct 2005
Posts: 2,972
Likes: 20
From: N.Y./F.L
I've gone to Barret Jackson Palm Beach 4 years in a row and it's an awesome auction, especially knowing every car will sell. I guess consignors are being more cautious this year. I believe B.J. hasn't done reserve bidding since 2004 so this is a big change for them. It's still a great auction but I must agree there are better deals to be had at any Mecum auction!! Wish I had the funds!!!
Drifting
Joined: Dec 2004
Posts: 1,772
Likes: 0
From: H.V. PA
I was in Palm Beach for the auction and asked one of the auctioneers about the change. He said they did it to get some additional cars into the auction and that they had a set a minimum level for the reserve since they didn't want someone bringing a $10K car and setting a $9K reserve. Two other things came up in our conversation, the reserve figure was agreed to in advance by both parties and they added a post sale area for any cars that went across the block and did not meet reserve. I saw several cars that ended up being sold in the post sale area.
Overall there were a lot of great deals at the auction this year.
Overall there were a lot of great deals at the auction this year.
Race Director
Joined: Jun 2002
Posts: 12,198
Likes: 15
From: Columbia MD
After seeing other consigners pretty much give their cars away in Scottsdale, especially the rest-mods and street rods where selling prices didn't come close to the build costs, the consigners fought for a Reserve option when selling their cars at Palm Beach as a safety net. Can't say I blame them.
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Race Director
Joined: Jun 2002
Posts: 12,198
Likes: 15
From: Columbia MD
IMHO, Barrett-Jackson lost all credibility last year when a shill was brought in to bid on the well-publicized, well-promoted auction of a $1.8 million when new 2008 Bugatti Veyron. After winning with the highest bid of $700,000, the bidder "renegged" on the deal, saying that "he never intended to buy the car but was just trying to help with the sale." Then, none other than CEO Craig Jackson "steps up" and buys the car for the winning bid amount of $700,000, basically a steal.
