Mecum prices?

[LT1vette]

My thoughts on the big $$ are that... These cars are being bought by guys in their early 60's and up who are not "car knowledgeable" , they remember the cars from when they were young, never turned a wrench and now they have a disposable income.
They want something to look cool in going to cruise night...

My .02 cents worth

[TimG]

And when they find out they've been burnt they will sell their acquisition off and never buy another old car again. It's a shame that they don't arm themselves with information and make a wise purchase. They are folks that will be lost to the hobby forever in some cases. I see this often.

[hvychev]

TimG, I sent you an email.

[mprice]

My observation at the typical Mecum Auctions has been that a very high percentage of the cars are bought and sold by dealers trading amongst themselves. I don't think that this was so much the case in Florida. The 2 day auction that just concluded in Florida was even more insane. I would caution everyone to not run out and buy a car based on the results of these two auctions. The results of these two auctions is completely opposite of what I would expect to be seeing in light of the recent leadership change in DC and the people that have already lost their jobs due to the indiscriminate signing of executive orders. I want to see at least one more auction before I jump.

[Wakepowell]

Originally Posted by TimG

And when they find out they've been burnt they will sell their acquisition off and never buy another old car again. It's a shame that they don't arm themselves with information and make a wise purchase. They are folks that will be lost to the hobby forever in some cases. I see this often.

So true. There is a gentleman near by that had that happen on a '67 big block Vette. I have been able to keep him in the collector car community by helping him make corrections to the car and improve it. Through this he has met many good friends and enjoyed improving the car through his stewardship. Now he is much more knowledgable and considering buying his next car.

An expensive lesson but one that can be learned from and make a person better for it.

[Late BrakeU2]

Originally Posted by mprice

My observation at the typical Mecum Auctions has been that a very high percentage of the cars are bought and sold by dealers trading amongst themselves. I don't think that this was so much the case in Florida. The 2 day auction that just concluded in Florida was even more insane. I would caution everyone to not run out and buy a car based on the results of these two auctions. The results of these two auctions is completely opposite of what I would expect to be seeing in light of the recent leadership change in DC and the people that have already lost their jobs due to the indiscriminate signing of executive orders. I want to see at least one more auction before I jump.

To your point all this stimulous money has created quite a lot of liquidity and it's showing in hammer prices. Lot's of folks in dire straits, but a lot have made windfall income. Let's see where we are at in fall when the free money and pandemic are waning and we actually total up the level of devastation to the ecomomy. American's are 57 Billion behind in mortgage/rent currentely.

[Wakepowell]

Originally Posted by mprice

My observation at the typical Mecum Auctions has been that a very high percentage of the cars are bought and sold by dealers trading amongst themselves. I don't think that this was so much the case in Florida. The 2 day auction that just concluded in Florida was even more insane. I would caution everyone to not run out and buy a car based on the results of these two auctions. The results of these two auctions is completely opposite of what I would expect to be seeing in light of the recent leadership change in DC and the people that have already lost their jobs due to the indiscriminate signing of executive orders. I want to see at least one more auction before I jump.

I would also add to this statement that many cars "appear to sell" but don't go to a new owner. Collections like the one being discussed are most often purchased by Mecum and then run through as if they were still owned by the "collector". Don't be surprised if you see many of them show up at future Mecum auctions and selling for less....

[Lynn]

Does anyone know if the 67 Z/28 (lot A24 on Friday) really is an unrestored original with original engine, trans and rear?

If that is an original paint car with all original power train, then I would say it is the exception to the outrageous prices. $110k seems pretty reasonable to me.

Anyone know the story?

[firstgenaddict]

E36 M3's have nearly doubled in price in the last 2 years as well... I was thinking about picking one up and then saw the market had gone crazy... good examples could be had for $7500 -10k as few as 18 months ago.... now they are 15-20k

[Tracker1]

The '69 GTO Judge was THE most overpriced auction buy I have seen, probably ever. The car was a mediocre restoration with many wrong parts. INSANE. If it were a time capsule survivor, Ram Air IV with hideaways, being sold by the original owner, sure. But not this.