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Actually my comments are more directed at both, but face it, Barrett-Jackson has exposed how much some of these people are willing to pay, which in turn makes anyone who is watching think that rusted out not running old car in the back yard is worth a gold mine.
That's silly. It's like faulting the Wall Street Journal for reporting that real estate prices are climbing. The marketplace will always find ways to communicate the value of any commodity. Commerce would grind to a halt under the alternative circumstance. Someone has to (and will) communicate the value of these items whether it's Barrett-Jackson or someone else.
Although maybe these big auctions have raised the price on collector cars there are still deals on cars, a lot of these big collectors buy cars in lots, they may but a lot of 6 cars just to get the one they want and they will send the unwanted cars to smaller auctions and the prices are much more friendly to us regular guys who would like a hotrod. I haven't tried it but a friend was looking for a 59 Impala, he couldn't find one in fair shape for under $4000.00 so he went to an auction in LA and picked up a clean car for $1200.00 and drove it home. I like to watch the show.
The reason that these cars are in such demand is that a lot of the baby boomers that loved them as kids have the money to buy the cars now. You've got a growing number of buyers chasing a very finite number of cars, so prices trend up.
I'm sure that there are people who watch BJ and then think that their rusted out clunkers are worth a fortune, but that plays a small role in the pricing of individual cars and not the market as a whole.
I also noticed that the prices of some of these muscle cars came down a LOT this year, compared to the last few auctions. I guess boomers are holding tighter to their money this year.
Hey this came up as a topic a month ago, this is a rerun!...
Yeah I just have to shake my head at some of the buyers, buying a car for $90,000 that five years ago was worth $30,000. Some are investors trying to make a quick buck...apparantly not learning from the housing market (what goes up doesn't necessarily keep on going up). Some are just guys that have a ton of money to spend and just want to buy cool stuff, simple as that. More power to them but I still want to grab them and say "guys, get a reality check".
And don't get me started about Bubba who has a rusted Nova on his front yard on bricks, thinking he's going to be a millionaire.
I think we can throw evil bay into this mix too!! its an auction, and some of the pices on there are just as rediculous.
The Barret-Jackson auction really is closed to the "common man" who does'nt even make $100K in 3 yrs....let alone, able to blow that much on a car of any type.
I get frustrated watching that show because of all the commercials. Seems like the show is basically a preview of whats to come after the commercial, commericals, 1 minute of show, 2 minutes of flashing previews and sensationalism, then back to commercials.
Its best to watch that show during commercial time of another show that your actually watching.
Let me ask this: If you hate the car auction - do you also hate art auctions?
Think about it - art auctions put art outside the reach of the "common" man as well -
If there was not a demand for these cars, the prices would not be what they are
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