Scottsdale Classic Car Auctions Kick Off

We paid close attention to the first lot of cars to hit the auction block on Tuesday, January 15, at Barrett-Jackson. Just like anyone who follows the collector car market, we are waiting to see how the fallout from the subprime mortgage market will affect the sales price when the gavel falls. Some experts predict that despite the financial woes gripping the US economy, the Arizona Classic Car Events should still do brisk business amongst bidders who are typically wealthy enthusiasts with money to burn.

The first day of selling at Barrett-Jackson is for entry level classics, which usually doesn’t draw the rich and famous, but it did have 30,431 attendee’s onsite and 11 million hits on Barrett-Jackson website. Not bad! 120 cars crossed the podium to total over 2.5 million dollars in sales, with the top selling car going for $68,000. Although there were some surprises, we felt most cars sold for within suggested price guide numbers. A 1965 Ford Mustang GT 289 Fastback with a recent frame off restoration and pony interior, sold for $25,000. A stunning Pontiac GTO Convertible with only 1000 miles since restoration sold for $67.000. And our favorite of the day, a concours condition 1960 Morgan Plus 4 Convertible went to a lucky bidder for $16,000.

The Showroom Pavilion at Barrett-Jackson, where sellers offer cars at a pre-set price, saw some higher sales numbers. These include a 1931 Studebaker President for $110,000, a 1962 Corvette for $91,000 and a Chevrolet Chevelle LS6 for $75,000. Wednesday we expect to see the sales numbers climb, but the true test of this years financial malady’s impact on the classic car market, should show up during the weekend.

You'll find all the sales results from the Barrett-Jackson car auction here.

Photo © Michele Hamer