vettebuyer6369

Just sold on Las Vegas Barrett-Jackson, a beautiful Signet red '58 fuelie for $125k. Nice, nice car.

I saw the owner on the screen a few minutes before the car came across the block and thought, "hey thats the guy from Monterey Mecum who had that nice red '58 fuelie." No sale at $90k I think. I took this pic of it in California:



I guess there's some value in not taking the reserve off sometimes.

Chicago Pete

I wouldn't have the stones to sell a car at no reserve.

xiaoman

how were there other cars doing at the sale , were their numbers up as well or was this an anomaly?
regards, xiaoman

62Jeff

Lot 362.2, 1962 327/340 horse vette, Fawn/Fawn, NOM, fresh restoration, $105k Sold!

1snake

I about crapped my pants. There were soooo many things wrong with that car I couldn't believe it. Just proves that the booze is flowing freely and the idiots are at the trough. For example, my buddy sold his Baby **** brown, brown interior, 340/327,4 speed, numbers matching 63 coupe, body off resto. 2 years ago for $65K. He advertised it nationally. Nobody wants/likes that color combination. Maybe he should have bought prospective buyers a lot of drinks and put a camera in their face.I'd love to see the look on the new owners face when he tries to flip it. But then again, to some, money means nothing. Like the guy that bought the 429 Mustang at BJ for $500K and sold it the next year at BJ for $300K. For some, no big deal. To me, I'd be cutting my wrists.


Jim

vettebuyer6369

I was typing this the same time you did! Beat me.

When I was at Mecum, I was talking to another seller who was telling me he had a full restomod job project for sale at Barrett recently that did not make what he wanted, and he BOUGHT IT BACK for $200k!! Aaaaaaagh.

I was nervous with a reserve... I don't know how these guys do it without one.

1955 copper

I've tried to sell Corvettes and other make cars to people and they drive me nuts , Corvette guys can be the worst . So I now sell only at Reno Silver auction and usually get more then I'm asking. You can put a reserve on at their event!

L78racer

no front license bumpers on the '58?

DZAUTO

One thing that people must keep in mind. It isn't the value of the car that matters, but it is what the person wants that matters. If these people with money have a desire to own a particular car, they don't care about it's market value--------------THEY WANT IT! And they will pay to get what they want!
Any of you remember the pictures I posted from the American Diabetes Assoc fund raiser in Tulsa from last Sunday? Some of those people in attendance REALLY made me feel VERY uncomfortable. I was literally in the company of multiple millionaires (maybe some billionaires, I don't know) and I was very self conscious about my lowly status around those people. My wife was telling me about a conversation she overhead of some guy talking to his girlfriend(???) and asking if she wanted to take his jet to Vegas for dinner afterwards, or just go out on the boat (I have no clue how big of a boat) for dinner.
My point is, if someone wants a particular car, and they have the financial ability, then money is no object. They could care less about the value!

Tom Parsons

C2Driver

The old dude who bought the '62 might feel a bit differently when he's sober and learns he could have purchased a pair of matching numbers '62's for the same money. He was determined to win that auction at any cost and actual value be damned.

62Jeff

And similarly, if a millionaire flew on his jet to Vegas for the BJ auction, sees a car they want and has to pay an extra 30 or 40k over value to get it, that's probably still cheaper than flying their jet to the next BJ auction to look for a better "deal".

And then if/when they sell the car for a loss, there may be a tax credit in it for them depending on how their original purchase was structured.

And finally, your ability to pay large $$ for a car at auction is another way for some to calibrate their manhood.

vettebuyer6369

Which is the main reason I hurt myself rolling my eyes talking to sellers that start a sentence with. "well at Barrett-jackson..."

All the above commentary is true, but I still maintain going to some of the B-J events, especially AZ, is great fun and something most automotive enthusiasts would enjoy.

And regarding that tax credit, Jeff, I'd like to hear more about it because I have filed and paid capital gains tax on every Corvette I've made money on, and the feds have been very clear that there's no credit for a loss, other than a cumulative business operation.

62Jeff

I've never been, but I fully intend to go at some point. I enjoy watching the rolling car show on TV even if I don't agree with the sales prices.


I'm not a tax expert, but I was thinking that if your corporation invested profits in BJ purchases, and then it turned out some were bad investments and you sold them for a loss, there might be something in the tax laws that would allow a tax deduct for the loss.

As for capital gains tax - that is exactly why I do keep all of my receipts, and I do know how much I have in each car, because if I do sell for less than I have in it, I don't want to pay a capital gains tax based on

(sales price - my original purchase price).

Instead I want to prove that I have taken a loss with
(sales price - [purchase price + restoration costs])

Kerrmudgeon

Awww, auction fever, ya gotta love it, if you're selling. Especially when you get 2 stubborn bucks-up bidders within eye contact of each other....! Yipee.

BLee

Wish I had done that, but then again knowing exactly how much you have sunk into a project is kinda scary.

vettebuyer6369

I see Jeff, I was thinking individual rather than corporation.

Don't forget sales tax paid when calculating capital gains. I almost missed that.

Anyone see that NOM BB '67 coupe go for too much money? Sometimes the sellers are happy. On the other end, I'd take that '02 Lamboghini Murci for $75k.

62Jeff

I suspect, but do not know, that a large number of big $$ cars are bought with some sort of tax-shelter/corporation setup. The people didn't get to be able to buy big $$ cars without having some tax savy.

62Jeff

I would have liked to be bidding on the 2000 Maranello 550 that sold for something like 60k

SBR

Did anyone else see the bidding on the Veyron? They ran it up to 750K and then when they realized they could not get the underbidder to go to 800K they lowered it to 700K and hammered it. The under bidder made a huge stink and BJ bought the car for 700k. They were saying that the under bidder had cold feet. If I was the underbidder I would have done the same thing. If the 750k was a fake bid then how can they prove that the 650 or even 600k bid was real? Thats why BJ bought that car, they got caught with their hands in the cookie jar. They were named in the 100 most ethical companies though.

62Jeff

I did see that, although I've often seen the bid number shown on TV to get reset once the person operating the tv controls realizes their mistake. I don't know that they ran it up to 750k and then backed out, I think the person updating the TV screen made a mistake.