After having watched much of the Mecum Kissimmee auction it seems like some trends are emerging/continuing. One is that the C3s are rapidly rising in price. Not just the L88s that are really rare, but the LS6s and even the lower HP '71 LT1s getting well above 6 figures these days. Also, many more rest-mod Corvettes as the C1s and C2s are hacked up and new parts pasted on, many 6 figure too. Seems like the old school is going away for the originals in C1s and C2s. Thoughts?
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Big Tanks In the High Mountains of New Mexico -
Re: Mecum Auction, new trends?
Some of the members of the NCRS have been benefiting from these rest- mods, by purchasing the original parts that are removed and discarded. Many times these shops have no idea of the rarity or values of these parts and they can be obtained for next to nothing. To many of them, the parts are scrap...................Comment
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Re: Mecum Auction, new trends?
I watched B.J. and Mecum and the prices paid for resto-mods are unbelievable. Some of the C-1 resto-mods are selling for several times what a top flight fuelie would go for.Last edited by Jim D.; January 29, 2012, 11:53 AM.Comment
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Re: Mecum Auction, new trends?
Friday afternoon at B-J, I watched a red/red/white top '63 CV with hubcaps & a 340 (?) with an announced Top Flight in 2007 clear the deck at 80K (w/o buyer's premium). Next car up was a '61 resto mod, crate TPI, 18"(?) wheels, bling red paint, red/white interior, etc. & goes for 61.2K. I'm sure the owner was NOT happy.
Bottom line is $$$ received on auction cars - except historical pieces or cars like NA's '53 - are NOT validation #s as to the quality of the restoration. In some cases it represents the opinion of a buyer with 9 punches on his 10 punch limit bidder's bar pass.......Comment
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Re: Mecum Auction, new trends?
The resto mods are definely hot right now. At B.J. I saw two mid-year restos go for the $120 - $130K range, then they struggled to get $110K for a restored, Top Flight, '67 coupe w/ 435/427. I believe that strictly from the investment point of view the '67 435 will hold it's value much better. The resto mod will be out dated in the future where the original is still solid. As always it is your money and your car so do what you want. Personally I prefer the original but realize the modified are nicer to drive. Don H.Comment
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Re: Mecum Auction, new trends?
FWIW, regarding resto-mods think about this - I'm in my 40's, as a kid growing up I only remember tricked out cars- Craiger rims, webber carbs, fender flairs, spoilers... very cool stuff, that captures my youth. Hard for me to recall stock original cars of any make on the road. As a person in the position to buy, I do like to see cars with a little bit of mod to them but not over the top. Second day mods are a great adder to bring these cars back to how they were really run. That said, I am putting my 68 back to original as I think some cars should be restored to how the manufacture intended. my $0.02
Anyone have pics of their car to share from back in the day with aftermarket adders you put on?Comment
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Re: Mecum Auction, new trends?
I did not see any indication that C3's were bringing substancially more dollars. The ones which sold in the 30's and 40's were exceptional examples, and have brought close to these prices before.
I also noticed several cars (particularly on Tuesday, Wednesday and Thursday) that brought far more money than they were worth. There must have been drugs in the rockers or a lot of alcohol in the buyers.
The biggest thing that I noticed was that there were tooo many cars. Did Mecum just want to make the most money possible? Did the increased competition for the limited money in the buyers coffers not concern the sellers?
With the exception of the top-rated cars, which appear to have gone up in price, everything else does'nt seem to have changed that much.
As for the resto-mods, not all went for the crazy money we've seen in the past.
However, this is only one auction with too many choices and done during the winter months when people get a little cabin fever. I would'nt say that it revealed any trends. Sorry Mike.
PaulComment
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Re: Mecum Auction, new trends?
Why would anyone invest in a Corvette, when you can easily take the money and earn 1/10th of 1 percent on US government bonds. JimComment
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Re: Mecum Auction, new trends?
The event is quite a spectacle even if you're not interested in buying. It has almost become too large. We arrived Saturday afternoon at 2 PM and couldn't even park in the huge parking area adjacent to the event. We had to park off-site near a school and take a shuttle to the event a half a mile away. Had to shuttle again to get back to our car. I remember Mecum when it ran the auctions at the NCRS event up the street from Old Town and at Carlisle up on the hill. I think I enjoyed those more.Comment
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Re: Mecum Auction, new trends?
Do we believe that an auction house has the responsibility of growing the value in cars? Auctions have really grown in the past 10 years and have the same business plan as casinos; their percentage of reveune is set so the more cars sold the more dollars they receive. They really have no liabilities and act as a glorified middle-man. Which of course is in demand or there wouldn't be any active car auctions. Also I believe it really tough to compare B.J. with Mecum, just different clientele. Which I have noticed B.J. does attracted higher end restos.
Well with this beaing said as the population grows old, older cars will be worth less! Yes less and this is why.
1. You buy what you like and young men did not grow up with the C2's and definitely not a C1 and throw in the C3's also.
2. The act of raiding a 401k to purchase a car is less and less as time rolls on.
3. Appreciation of the corvette maket a few years back had no merit, what goes up will come down.
4. When we die our kids will piss the money away on other things, ouch!Comment
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Re: Mecum Auction, new trends?
[QUOTE=Erv Myers (46978);597595]
Well with this beaing said as the population grows old, older cars will be worth less! Yes less and this is why.
1. You buy what you like and young men did not grow up with the C2's and definitely not a C1 and throw in the C3's also.
2. The act of raiding a 401k to purchase a car is less and less as time rolls on.
3. Appreciation of the corvette maket a few years back had no merit, what goes up will come down.
[QUOTE/]
I used to agree with you that you buy what you grew up with. Using the Model A Fords as an example, as the age group that grew up with them, the values dropped, for a period of time. They are now as strong, or stronger than they have ever been. Same for the brass era cars, at one time you could buy a curved dash Olds, ready to show, for $5k. Not so today.
The good cars will always have a value, the shakey cars not so much. Good provenance on the high end cars is the key.Dick WhittingtonComment
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Re: Mecum Auction, new trends?
A savvy investor would grab a few import tuners now while they are cheap. These will be hot collector cars as they are the new hot rods!
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Re: Mecum Auction, new trends?
The guys buying the resto mods are people with money that want a nice "Ice Cream Car"! They want to impress people and have the comfort and convenience that a resto mod can afford. They run great, get wonderful gas milage, wow the crowd, have great sound systems and they impress the ladies!!!!! What more could an old $($*%$ want?
JRComment
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