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Since I live in the area I have attended quite a few Barrett – Jackson auctions as a spectator. This year was different as I reluctantly decided to sell my 1947 Dodge Power Wagon. I was generally pleased at what it sold for and fortunately as luck would have it had a truck whose value has recently appreciated considerably. Unfortunately, this cannot be said for a number of closed classic cars at this auction. As an example, my truck brought 30 % more than a really nicely restored (90 points plus) 1937 Cadillac V12 sedan. Lincoln Continentals also did poorly. In fact nearly all prewar and early post war vehicles were pretty much off the grid or not present unless they were unique or open cars. A large number of cars and trucks from the 70’s and 80’s were the big sellers with Chevy’s leading the pack. A really nice custom ’58 Corvette went for $400k which I think was even a surprise to the owner. He and I were talking as we polished our vehicles one last time before hitting the block with him noting he has sold 15 Corvettes previously for $150 -$225K. If you wish to check out what was sold at Barrett – Jackson’s website, remember that the prices shown ARE NOT what the vehicles actually sold for but are inflated to include the 10% commission the buyer had to pay. From my casual observation, most well heeled buyers were in their 40s to mid 50’s and had no idea what a Pierce Arrow, Packard or Peerless is or was. They relate to the cars they grew up with and little else with a few exceptions. I did speak with a guy age 51 who owns several Packards but he was definitely an exception to most bidders.
Jim,
Does B-J get 10% from the seller AND a commision on the sale or only the 10% from the seller? Jim L
Remember that B-J has for years, sold cars to the 30-50 year old crowd.
Since both seniors passed away the auction has sold the cars the boys
knew and appreciated. They cornered the market on hot rods and muscle
cars, seldom paying attention to true classics and hardly ever consigning
quality brass cars. The success of RM and Gooding in Scottsdale has seen
B-J start looking at expanding their market a little, but their audience
still prefers hot rods.
Jim,
Most P.A. Society Members have never purchased a car through an auction.Unless
it is a clearance of a museum or estate, most would buy by word of mouth or an
ad they have seen. Auctions are an expensive way of buying or selling. Lots of
hanky-panky can occur and people have lost their cars due to unscrupulous
auction companies.If a Member did need to use an auction house, there are few
major ones that will acquire the necessary bidders to ensure the successful
sale.
Supply and demand encourage people to make money in the hobby. ’70’s and ’80s
are cheap and plentiful. Pierce’s must be an acquired taste as I wasn’t around
when the cars were cheap and plentiful. There is a finite supply of Pierces
and that number will decrease from fire, natural losses and accidents. The
Pierces have style and grace as well as historical position, that will ensure
their collectability in the future. Nobody is throwing out 200 year old stage
coaches, though nobody is getting rich saving them.
It is true that Classics and antiques were once the center of the auto collect-
ing hobby. It is true a young collector might relate to a ’74 Mustang as
opposed to a 1912 EMF. It is true that you can sell Corvettes for profit easier
than you can ’41 Packards. However, I recently came from a Bonham’s Auction
where people came from all over the world (the guy sitting next to me was from
New Zealand) to spend $10 million dollars on three 100 year-old race cars. The
other 47 cars were in poor original shape and brought high bids. There wasn’t
a bargain in the sale. After maintenance and sprucing up, not one will bring a
profit to their purchasers. Go figure!
Auction houses get commissions from both the buyer and the seller. As to profit potential, I’ve always figured a good way to mess up enjoyment of the hobby is to try to make money at it. For some reason that never seems to have been a serious threat……. Still, it’s cheaper than golf, especially the way I play golf.
Barrett – Jackson (BJ) charged me a consignment fee of $1500 plus 8% of the sale price. The buyer paid an additional 10% of the sales price which is the one reported on the website. Repeat sellers of more than one car likely get better terms as do repeat buyers. BJ goes to considerable lengths to insure things are on the up and up so that sellers don’t buy their vehicles, titles are clear ,sellers have the funds to purchase,etc. In my case, this was the best place to sell my truck as it appealed to the type of buyer BJ targets. I would prefer to buy a Pierce Arrow from someone who’s a Pierce Arrow Society member and will be checking frequently here to see what’s available.
Good news for pre-war values? Gooding just sold a 1903 Curved Dash Olds, for
$93,000! Gooding had appraised it at $60,000 to $80,000 with no reserve. There
are at least 450 survivors left and an active club to encourage them. This
price is considered a world record for this vehicle. If you wish to buy one,
you may not be so excited by this sale
Tony,
Do you own three of them?
Peter
Peter,
Be nice. I am owned by a 1904 Oldsmobile Model T Light Tonneau. It has
a rear entrance door and is a one cylinder engine, 5 1/2 inch bore by 6
inch stroke at 142 cubic inches. It has rack and pinion steering, a steering
wheel, and an adjustable steering column. It was previously owned by the
Strong Collection of Minnesota and Bill Harrah. A previous owner did London
to Brighton 4 times and was stopped by a Bobby while doing 38 MPH. This car
is known as a French Front and 750 were built. There’s about 14 real ones
left and an industry built around making fake ones or total copies. Sorry
you asked, huh?
Tony
NOPE!
Not Sorry My Friend!
I’ve had both good luck, and a really bad experience selling a couple of cars at auction. Two different auction companies involved. I’m willing to share my experience and opinions, but only verbally and in person. So see me at the Pierce meet in July if you want an ear full.
Tony,
Do you know who got the 1904-1905 French Front Oldsmobile that was owned by Dr.Bennie of Almena,Kansas? It was sold at his estate auction in 1976 along with his 1915 Pierce Arrow and the 1908 Rambler.
Tony,
As an addition to my semi snarky NOPE, I must tell you that I thoroughly appreciate your well considered input, both on this Message Board and in person.
You are a veritable fount of detailed information on per-war motorcars; a true Scholar hiding in sheep’s clothing.
In addition, your collection of same is outstanding, bat guano and all.
I look forward to seeing one or two this summer at the PAS Meet in California.
Felicitations,
Peter
I purchased a 1933 Pierce-Arrow Club Sedan 836 at the Russo-Stelle Action while the BJ was going on. I am a hot rod and muscle guy with 25 cars I have all built from scratch. I purchased the Pierce-Arrow because I thought it was a great buy and only one other bidder. I am very impressed by the car and it runs like a top. Now you guys need to help me understand what I have. Thanks.
Great story Don-welcome to the PAS!
That is a good story, Don…those auctions aren’t really a good selling place for Full Classic cars these days, so can understand why you got a bargain!
The Pierce Arrow Society is a great bunch of guys with a ton of knowledge, so don’t hesitate to ask questions.
What you have is arguably one of the prettiest years for most cars manufactured, and particularly for Pierce. A club sedan is very stylish and will make a great tour or show car.
Do you have any specific questions about the car?
Welcome Don! I got my first Pierce last fall, also a 1933. I am absolutely in love with the car. I have a 1236 Limousine. While I have the car covered and garaged for the winter, I couldn’t help but get in and just sit behind the wheel for a while last weekend without even starting it!
This is the 1933 Pierce-Arrow I recently purchased at an auction in Scottsdale. Trying to find out any history on it. Anyone see this car before??
Don Marostica
