OC Auctions

Bench-Racing Auction Primer

Chuck Daigh

Arizona Auctions 2008

The Monterey Historics 2008 Edition

This years historic races in Monterey were going to be different. Not because of who was going to be there but instead who was not going to be there. After an uninterrupted streak of appearances either with their Porsche Speedster or the ’64 FIA Safari Mercury Comet, John Kerby Miller and crew chief/wife Bonnie would be absent from the pits. His personal battle with cancer has forced his retirement, at age 78, and a couple rounds of chemo left him exhausted and unable to attend this years races.

Warm and inviting to all that visited their paddock space, Kerby is truly the curator of his two cars. Having the good fortune of keeping two noteworthy cars since their purchase way back when, the Porsche Speedster and the Comet have both run the gamut of race car, daily transportation, and now vintage race car, all with the same driver. Kerby successfully raced the Speedster in SCCA races at Laguna Seca, Cotadi, and Santa Barbara. Wanting to step up to the A Production Sedan Class (what became TransAm), Kerby procured the FIA Comet from the Mercury racing division via Bill Stroppe after it was campaigned in Africa. Not only a formidable track competitor it did a fine job hauling groceries, campouts in Yosemite, and for many years tow vehicle for the Speedster.

Myself having family ties to the Safari Comet project, Bonnie and Kerby invited me into their lives and besides phone calls throughout the year, our annual meetings at Laguna Seca and Coronado were the most fun. Always some new information on the Comet or a new photo or story that one of us had turned up, we were constantly on the trail of historical information surrounding his vintage race cars. Just to prove what a vault of history the Speedster literally is, last year I had an esoteric question about the radio antenna fitted to their car. Kerby insists that the original antenna key, used for raising the mast, was still in the front bonnet. He and Bonnie proceeded to lift the hood and rifle through almost 50 years of neatly stored bits and spare parts. After producing a souvenir cigarette lighter and event program from the 1967 Porsche Parade that was held in San Francisco, a perfect original and complete factory tool kit (I had to alert them to the current value of just such a tool kit), and the original tire jack with handle (“oh, I better remove these before my race”) they did find the original antenna key. I want to go to their garage sale!

Always a hot rodder, accomplished driver and mechanic, Kerby is also an ex-Viet Nam era jet pilot and outdoorsman (hunting, hiking, skiing, jogging, competition marksman, etc). Once I called him in the morning and when he answered the phone it sounded like I had woken him up. After my apology, he explained he had woken up early and that he had just finished a three mile jog, just out of breath. Another time he called me to brag about finishing second in a shooting competition and that he was elk hunting the week before but cut the trip short since a storm was moving in. His hunting partner decided to stay and was snowed in for three weeks, his car could not be extricated until the following spring when the snow melted. He missed the Coronado races one year because he and his Air Force buddies had organized a trip back to Viet Nam. Never slowing down, always in good shape, a good positive attitude, always a smile. We need people like this in our lives as examples of how to live life every day.

Even though Kerby and Bonnie are absent this year, the old familiar faces, vintage racings legends are still scattered around the paddock. Tom McIntyre, Vic Edelbrock, and Lynn Parks and their corral of muscular TransAm sedans. A salute to the event organizers for allowing this class to set up their paddock area as they do, a fitting and dynamic display. Chuck Forge and is one of a kind 356 SL Porsche Roadster. Great story he told me one time about putting the car in storage after getting one too many tickets. Years later someone took him to the vintage races and he was inspired. After contemplating buying a sports car suitable to race he remembered the old Porsche he had put in storage years ago, such luck. An impressive CanAm class and the awesome Formula cars, so perfectly displayed in the garages, a real step back in time, not too far back in actual years but technologically a big step back. George Wingard and the rest of the very early race cars that may not be the fastest or loudest but hats off to the drivers since you must be strong of limb and sure of build to execute what they do on track.

With several seven figure paddock setups and notables like Mario Andretti, Bobby Rahal, and Antiques Roadshows own Keno Brothers, one of the most intriguing was a couple of fellas from New Zealand and their Porsche 935’s. They apparently had their cars transported to the race in a large freight container and delivered directly to Laguna Seca. Once the cars were rolled out, the container became their paddock headquarters/drivers lounge and the cars were proudly situated just outside. A very efficient set up that should be noted and could easily be replicated by any vintage racer.

Mario Andretti and his F1 championship John Player Special were celebrating the 30th anniversary of that accomplishment. Mario met with members of the press on Saturday morning for a brief interview session. He discussed how much he was enjoying the Monterey Historics, a rare occasion where there was no stress since he had no “racing” obligations. Without himself of any member of the family (Michael, John, Marco) participating in a professional capability, he had discovered how much he could enjoy a vintage event and looked forward to coming back again. He relayed a couple of stories from the ’78 Championship season including the joy of uniting with his restored Lotus which he exercised in a couple exhibition laps.

Just before noon on Saturday, without any formal announcement, a large blue transporter was spotted driving down the access road to the paddock where a parking spot was quickly found. Having been finished just hours before, the resurrected and fully restored Lance Reventlow Scarab team transporter became the party crasher at the years biggest vintage race party. Welcomed and acknowledged by throngs of the race fans, the transporter alone was a show stopper but the rig came complete with two open wheel and one closed wheel Scarab race cars for the full effect. Like ants returning to the ant hill, onlookers poured over the transporter in disbelief. Someone mentioned that it took 6 gallons of automotive paint to complete the exterior alone. The following day it was boldly displayed on the lawn at Pebble Beach.

Our complete photo album from the 2008 Monterey Historics can be found by clicking HERE

Next year PORSCHE is scheduled to be the featured marque at the Monterey Historics. The last time, 1998, was the 50th anniversary of the sports car manufacturer and track attendance records were shattered. I think Porsche even out drew the Pope during his visit. With the number of significant P-cars here in the states and even a sampling of cars from the Porsche Museum, there should be enough eye candy and history for even the most jaded enthusiasts. Watch the Bench-Racing event calendar for updates and official information.
 

Two Significant OC Auctions Scheduled for June 2008

Would you find it hard to believe that Orange County has not played host to a major collector car auction in over 10 years? From our best information, the 1997 Kruse Auction at Newport Dunes was the last time auction tents were pitched in the OC. Starting in the early 80’s, Rick Cole held an annual collector car auction at the Hyatt Newporter that quickly became part of the local car enthusiast scene selling up to 400 cars during these annual and sometimes twice annual multi-day events. If you remember Barrett-Jackson announced a summer auction at the OC Fairgrounds a few years back but that never came to fruition (i.e. canceled). Well wake up interested car collectors and potential bidders. Not one but two very significant auctions are scheduled for this June, breaking a decade long hibernation of the auctioneer’s gavel. RM Auctions, (www.rmauctions.com) North America’s largest premium collector car auction house, will conduct both auctions.

On Saturday June 14th, a “No Reserve” auction will be held at “Joe’s Garage” featuring 50 premiere examples of legendary race cars and American Classics. Also being offered are 25 motorcycles and selections from his extensive automotive memorabilia collection. Working in the automotive industry for the past 50 years, Joe MacPherson possessed knowledge of significant cars and motorcycles, growing his collection by acquiring the “Best of the very Best”. This auction truly presents the rare opportunity to bid on exceptional cars that may not change hands again in our lifetime. UPDATE: Catalog arrived, worth the price even if you don’t go to the auction. Great pictures, detailed descriptions, historic photos of the cars back in the day, over 170 pages

Highlights of the collection include the record-holding 1954 Chrisman Ford Bonneville Coupe, built by the famous Chrisman brothers; a 1957 McCluskey Sprint Car “Tamale Wagon”, winner of over 120 races and four California Racing Association championships; and a 1966 Gurney Eagle Indy Car, which is considered amongst the most beautiful and inspiring of all Gurney Eagles ever built. The outstanding car of the collection is the supercharged 1923 Miller 122. Badged number 2, this example was driven by such racing greats as Eddie Hearne, Ira Vail, Earl Cooper and Bill Albertson. This Miller was awarded ‘Best in Class’ at the 2006 Pebble Beach Concours d’Elegance. Significant motorcycles include a 1939 Crocker “big tank” and a 1931 Harley Davidson OHV “Peashooter” hill climb special. Memorabilia should include some of “Joe’s Garage” decor and fixtures including vintage racing posters from his famous, “wall of $20 posters in $100 frames” as Joe himself liked to say. Wonder if that familiar butler at the front door will be available?

Joe MacPherson donated more than $2 million to Orange County schools and was a devoted supporter of Big Brothers Big Sisters of Orange County. He donated $100 for every new car he sold to education and “Joe’s Garage” was operated as a non profit banquet hall with the rental fees also going towards charity. More on Joe MacPherson HERE

WHEN/WHERE: Joe’s Garage: The Macpherson Collection – June 14, 2008, 36 Auto Center Dr Tustin, California 92782. Pictures and catalog information HERE.

If that was not enough, a full three day event running from June 27-29th will feature the famous private collections of southland radio pioneer Art Astor. Vintage and Classic cars,radios, telephones, televisions and microphones, and an eclectic variety of Art Deco furniture, decor and automobilia (some 1100 lots ). Again all at “No Reserve”.

Up for auction will be 250 vehicles from Astor’s remarkable fleet of classic cars, the result of over thirty years of dedicated acquisition. Highlighted by various American models from the 1920s through 1970s, the collection features a comprehensive selection of original, low mileage examples, including various magnificent “Woodies”, and one of the largest collections of Packards ever offered.

Highlighting the automobile lineup are several cars with celebrity provenance, including a remarkable 1940 Cadillac Series 75 Formal Sedan, built for American aviator and industrialist Howard Hughes; a restored 1927 Rolls-Royce Phantom I Playboy Roadster, purchased new by silent film star Tom Mix; and an ultra-rare 1957 Chrysler 300C Convertible, formerly owned by musician Richard Carpenter and displayed in his “Yesterday Once More” museum collection. Additional highlights include a stately, one-of-a-kind 1948 Hudson Limousine by Derham, the personal limousine of Roy Chapin, former President of the Hudson Motor Company; a multi-award winning 1939 Packard Model 1705 Sedanca DeVille with a fascinating World War II history; and a 1941 Cadillac Series 62 Convertible Sedan, converted to military standards and delivered to the US Navy for use by US Admirals Kimmel and Nimitz.

This private collection warrants mention along side the legendary collections of William Harrah and Harold LeMay if not in size then in scope and diversity of vehicles and longevity of active collecting. This auction should not be missed even if you end up taking home just the auction catalog, there is something for everyone. At least be able to tell your fellow enthusiasts that you were there when the gavel dropped. Check out online pictures HERE

WHEN/WHERE: The Astor Collection – June 27th to 29th, 2008 Anaheim, California

If you have never attended a classic car auction, here is a world class opportunity to experience the excitement and drama of a live auction. Purchasing an auction catalog gets you admission for two, bidders must be registered. Pre auction estimates range from $30 to $40 million dollars in expected sales with these rare and exceptional cars attracting an international audience. “No Reserve” means all cars will be sold, not all auctions are No Reserve making these auctions even more attractive to potential buyers. A wide range of items offered means everyone can bid on something. At least get the auction catalog as printed history of these great collections.

ADDITIONAL INFORMATION: For further information, please call 1-519-352-4575 or visit www.rmauctions.com

Charles Rollins
Editor
www.bench-racing.com
 

A quick Auction Primer from Bench-Racing.com

Here are some basic tenets of car collecting that you should keep in mind.

• Plan on losing money. In today’s super hot collector car market, most purchases will not appreciate for quite a while.  Storage, insurance, vehicle registration and maintenance will continue to eat up money as long as your name is on that pink slip.
• If you are just getting into the collector car hobby use these auctions as an opportunity to watch and learn. With the potential to view over 3000 various classic cars, the January auctions in Arizona are an excellent opportunity to narrow down your choices for possible acquisitions. If and when the collector car market tanks, make sure you have a car you really like and the value will not matter.
• Keep in mind you might only be able to maintain one or two collector cars so stick with the ones at the top of your list.
• Figure out if you want a Show Car or a Driver. There is a great deal of difference in the condition of the car and level of restoration. If you want a Show Car then purchase a car that is in Show Condition or very near Show Condition. Turning a Driver into a Show Car may cost you twice as much as the purchase price. I purposefully left out “Project” cars since these are not normally the cars you will find at auction. Also, the current market dictates that correctly priced restored cars are a better buy then purchasing and restoring a project car unless you plan on doing all of the work yourself.
• Subscribe to a magazine called “Sports Car Marketplace”. Keith Martin and his staff cover most of the “Auction Action” worth covering. They rarely blow smoke and normally give you the low down on sales no matter how painful the truth is. I don’t think the staff of SCM will ever be guilty of hyping the collector car market. If you find yourself not following their advice and disagreeing with their opinions, you’re probably on the road to a less then pleasant experience.
• Purchase the best example that you can afford. Like any other collectable (from dolls to coins) a blue chip car will always be worth the money. Even a used Gullwing Mercedes in the 60’s fetched $4K when most American cars sold new for $1-$2K. When the last bubble burst in the early 90’s, 300SL’s rarely dropped below $125K and now you would have trouble buying a driver for less then $300K. Rarity also counts but let’s not start splitting hairs by going to extremes. Just because it is “one of only 3” 1966 Wimbledon white notchback Ford Mustang ordered with “cigarette lighter delete” really does not make it worth one cent more then the other 250,000 Wimbledon white notchbacks produced in ’66.
• Don’t think for one minute that a classic car auction is a good place to buy a collector car. You can’t drive it. You can’t put in up on a hoist and inspect it. You might not even be able to talk to the owner. Think of the owners’ motivation for selling at auction. They are convinced that their car is going to sell for more money at auction then if they tried to sell the car themselves or they just want the car sold and out of their life. Why else would they pay a substantial entry fee, transport their car hundreds maybe thousands of miles across the country to well known auction venues notorious for wild bidding and record sales prices?  I cringe every time I hear Craig Jackson say, “That’s a new record price for car XYZ”. If there were subtitles it would say, “This guy just paid more then anyone else has ever paid for this model car and he never even got to take it for a test drive”
• Pick your maximum bid price and do not exceed it. Sit on your hands and wait for the other bidders to start dropping out. Bidding early will only cost you money. How many guys have we seen standing there arrogantly with their hand raised firmly in the air sending the message that, “no matter what you bid, I am going to outbid you”. Congratulations, you win but the auctioneer and the other bidders will make sure you really pay big for it. The savviest bidders don’t even enter the fray until just before the final gavel is apparently going to fall. Let one of the bidders assistants (ring men) know that you will be bidding on the car and they will be at the ready to take you bid when you do jump in.
• Do you know that in many states, including California and Arizona, that it is legal to take phantom bids “off the wall” or “off the chandelier” as they say in the business. This means that the auctioneer may fabricate a bid in an effort to counter or raise a legitimate bid. The auction houses job is to get a seller and a buyer together. When the seller’s reserve is higher then the buyers bid, phantom bids are necessary to get the bid price up high enough to meet the reserve price. Otherwise the car will not meet the reserve and the car will not sell. This is not a bad or dishonest practice, just one you should be aware of. When there is a “pregnant pause” in the bidding and the bid price is hastily adjusted downwards, it is because no one outbid the chandelier and a real bidder needs to be found quickly. Oops.
• FYI, A seller that has consigned a car to be sold at auction should know that if a reserve has been placed and the bidding gets to just within a whisker of said reserve price but does not sell, there really was no high bidder. It’s just the auction house trying to save face and make you feel that your car almost sold at the ridiculously high reserve price you set. If you are truly selling the car, don’t put a reserve on it, just be willing to be the top bidder if no one steps up. Buying your own car back is not the end of the world. Maybe it’s just a good lesson?
• Don’t forget sales tax and buyer’s premium. This can quickly add 10% to the hammer price. Secondly, sellers must claim the final price on their income tax and buyers will pay vehicle registration according to this number. In private sales it is not uncommon for a little fudging to occur regarding “Sale Price”.
• Very important, you must always have an exit strategy (i.e. time to sell). Even though you swear you will never sell this car, one day you will. When that time comes it is much easier to sell a mainstream collectable like a ’57 Chevy or Mustang Fastback then a niche car like an El Camino, a Delorean or a fiberglass replica Porsche Speedster. The re-salability or liquidity of your purchase will depend on your choice of car. Don’t make this a priority in your purchase but don’t forget it.
• There are very few cars on the market that represent the only buying opportunity for an interested collector. When those super rare or one of a kind cars become available you must be prepared to go toe to toe with other collectors at auction and pay the market price. Don’t talk yourself into a must win situation at any auction. Listen to your gut feelings and don’t allow yourself to get over served (adult beverages). Coming home empty handed is not a bad thing. Coming home with a purchase and wondering if you got a good deal or a good car is worse. I dare say that a good buying opportunity for most collector cars will present itself many times in the course of a year. A smart purchase requires patience and diligence. With the power of the internet and the reliable network of vehicle transportation companies, it does not matter much where a vehicle is located as long as you factor in adding $800-$1000 to the price of the vehicle. A small percentage considering most car purchases these days.

The collector car hobby in America is reaching an all time zenith of popularity. Some would say it peaked in early 2007. The number of Reality Shows that feature custom car and motorcycle building, muscle cars, collectors, car designer showcases, etc. is rapidly declining. The number of classified ads for collector cars is starting to bulge. With more collectors lightening their exposure by unloading some hardware and other fair weather enthusiasts beginning to panic sell, the market might reach saturation levels in 2008 with prices nosing over from the top in lock step. Great buying opportunities will present themselves in the near future but only after owners, faced with increasing debt, get real about the true value of their overvalued assets and adjust selling prices to levels that result in actual sales. The EU and the UK continue to enjoy a strong currency discount so look for lots of European buyers and many cars flowing across the pond to foreign collectors. Same thing happened in the late 80’s. Biggest difference is that they are very selective buyers and generally more diligent when it comes to inspecting cars. This means only the best candidates will make their short list. Let’s see where this all lands same time next year.

Regards,

Charles Rollins

CHUCK DAIGH

Chuck Daigh has passed on. Ron Cummings and Bill Krueger have put together a brief review of his racing life, with a note added from Michael Lynch:

Chuck Daigh passed away this morning at Hoag Hospital in Newport Beach , California after 10 weeks of heart and respitory illness. Chuck built hot rods prior to WW II and ran at the Dry Lakes . After his duty in the paratroopers he worked for Bill Stroppe preparing the famous Mexican road race Lincolns and riding as co-pilot in three of those races with Walt Faulkner and later with Chuck Stevens after the death of Clay Smith.

He joined Pete DePaolo Engineering where he managed the west coast semi-factory Ford stock car team. While at DePaolo's, he prepared cars to compete at Daytona Beach where he set records on the sand and Ralph Moody first won the Daytona race in one of the cars that Chuck brought from the west coast. He fielded a team that set many records for Ford while completing 50,000 miles on the Bonneville Salt Flats and helped build the Battlebirds as well.

He worked for the Rathmann Chevrolet NASCAR stock car team. After Rathmann's Chevrolet stock operations shut down as a result of the AMA ban on factory racing involvement in 57 he left to work building the Reventlow Scarab Sports Car and Formula One cars. In recent years he rebuilt two of the Reventlow F1 desmodromic valve motors for collectors and was most recently building a Blown Flathead Lakester that he drove several times last year at El Mirage Dry Lake in tests sessions.

As a driver, Chuck won the Willow Springs and Santa Barbara Sports Car Main events driving a Kurtis 500S - Lincoln that belonged to Frank Kurtis. He later won the Main Events at Paramount Ranch and Santa Barbara driving the Troutman-Barnes Ford powered sports car special. Chuck won several more big sports car races with the front engined Scarabs, including the Los Angeles Times Riverside Grand Prix in 1958.

He also won the big Nassau main event with a Scarab. Daigh drove for Ferrari at Le Mans .  He set fastest lap at Le Mans in a streamlined Birdcage Maserati that he shared with Masten Gregory in 1960 and co-drove the winning Ferrari at Sebring one year with Dan Gurney and added partners Phil Hill and Oliver (Gindebien SP?)in 1959.

In 1960 he drove the Reventlow Formula One car in international races at Spa, Rhimes and placed 10th at the final race at Riverside in 60. Chuck tried to qualify at the Indianapolis 500 three times through the years but the cars were not good enough. Daigh also drove for Briggs Cunningham, with the Lister-Jaguars, a few times.

Ron Cummings Arcadia California

Chuck didn't actually drive in the French GP in 1960.  He and Richie Ginther blew the engines in the two Scarabs and were DNF. A great guy who did it his own way. He was always kind of a preppie dresser, yet raced in that wierd orange driving suit. I kidded him about it and he told me that Chuck Yeager who first broke the speed of sound gave it to him.

Michael T. Lynch

On a personal note, it was always great to know Chuck was always tinkering away in his shop here in Costa Mesa. If you saw his El Camino out front you knew he was inside and would normally welcome visitors. Father in law Ray Brock purchased one of the “Battle Birds” that Chuck built in pieces. He put it together and wife Joann drove the car on the street for several years before selling it. Where is that car now?

Arizona Auctions 2008

With the stock market dropping 10% in the first few weeks of this New Year and financial companies reeling from the ongoing bad news from the Mortgage industry blow up and an impending recession, it would seem like a poor time to hold a collector car auction. Who needs an $80K Muscle Car, $250K classic European Sports car or even a 50 foot mechanized fire breathing car eating contraption known better as, “Robosaurus” when foreclosures are at record levels? Apparently the affluent American and international crowd that flocks to Arizona every January to attend the six collector car auctions is quite unaffected by any of these current economic situations.

Once again sellers found buyers by the busload as over 2000 collector and special interest cars found new homes and over $140 million changed hands. RM, Russo Steele, Gooding & Co, and of course Barrett-Jackson completed very successful auction events as prices at worst maintained their levels and new record prices were achieved.

Rolling into Phoenix early Thursday morning, our visit was already preceded by 3 hours of Wednesday night auction coverage live on SPEED TV as the Barrett-Jackson auction now starts on Tuesday and runs for six days and nights concluding on Sunday afternoon. We were able to get a head start and preview three of the major auctions (RM, Gooding, and Russo-Steele) with light crowds and plenty of space to admire and photograph the featured cars.

Starting with Gooding & Co.’s inaugural Scottsdale auction, a mere 71 cars were being presented but quality not quantity was certainly the emphasis. Building on there incredible success at Pebble Beach, David Gooding continues to pry select and highly desirable examples from owners that find this auction houses trustworthy reputation and track record for achieving very high hammer prices appealing. Gooding’s passion for great collector cars from all eras is expressed in the breadth of offerings and the generally high quality of the cars presented. From a small Fiat Abarth to the massive American V12 and V16 examples from the late 20’s and early 30’s there was at least one car in this collection that called your name but you had to be prepared to pay since this auction also attracted well heeled and financially qualified bidders from around the world. Even though there were only reserved chairs for around 400 bidders, vs. 5000 chairs at Barrett-Jackson, the money was certainly in the house as six figure hammer prices (plus a 10% buyers commission) were the norm.  Bragging rights for the highest price of the week were garnered here with the hammer price of $3.5 million reached for the 1967 Ferrari 250 GT California.

RM Auctions out of Canada held there 9th Scottsdale event at the prestigious five star Scottsdale Biltmore Hotel. . A 10 year old convention booking by Merrill Lynch forced RM to relocate but not many noticed. Holding this year’s event in a large tent out front of the hotel instead of inside the grand ballroom, the cars were actually easier to preview as in the past the cars were stored in a dark and cold parking structure adjacent to the ballroom. A rare Glocker Porsche (a privateer’s custom built 356 which Porsche adopted and evolved into the 550 Spyder), an original Shelby Cobra race car, a Mercedes 540K Special Cabriolet, and a Chrysler Indy Pace car and Chrysler Thunderbolt were just some of the premier cars offered here. This auction takes place on Friday and attracts the same elite crowd as Gooding requiring careful selection of blue chip collector cars. A 1967 Ford Heavy Duty Truck found in British Columbia was on display. What made this truck special was that it was the well-preserved Shelby Team hauler complete with original paint, and signage with the original Venice, CA address still painted on the door. The engine was stock but had been dressed up with Cobra valve covers and air cleaner and a Cobra Jet air scoop had been grafted onto the hood. The seller told us they had cleaned up the truck and driven it 1600 miles to Scottsdale at a top speed of 55mph. Fitted with a flatbed, this would certainly make a special vintage car hauler for a Cobra race car (sold for either $55K or $85 depending on your source). The most impressive cars offered were the Brent Merrill Collection of early 50’s American cars with such names as Skylark, Electra, Biarritz, and Bonneville. These were basically custom built production line cars that sold new in the 50’s for $5-$10K and available in very limited numbers. These were the cars that rumors now abound about how much GM and Lincoln actually lost selling these cars in an effort to promote the rest of their production lines. The huge rear quarter panels are adorned with stainless trim and chrome spears while front and rear bumpers are literally 300 to 400 pound steel and chrome sculptures without regard to potential bodily harm inflicted to pedestrians. No plastic and foam here.

Russo Steele continues their presence by offering loads of well restored Muscle Cars. If you’re looking for Mopar, FoMoCo, or GM heavy metal this is the place for you. A three day auction starting on Thursday, they feature cars being offered from the low teens to six figures. This was reality check time for sellers as auction cars entered “with reserve” were encouraged to remove their reserve and “Sell the Car”. Sometimes this worked and sometimes it didn’t but hammer prices were more realistic and market correct. Probably more similar to prices you would find in the local paper or collector car classifieds online and in print (i.e. Hemmings). Besides the acres of American muscle, there were a handful of European sports cars: Jaguar E-Type, Mercedes 190SL, Porsche 911 and 356. Even a Porsche 356 GT with a four-cam Carrera motor was being offered. Some sort of “Mexico” heritage and a Texas license plate on the floorboards should have sent the red flag up the mast to potential bidders to do their homework before coming home with an expensive surprise. The only downside to Russo Steele is their small boxing match style auction arena that is just not conducive to sitting down and settling in for some potential expository bidding. In our humble opinion, adding some more chairs and giving registered bidders a chance to enjoy a few cocktails while watching the cars would certainly lead to more bids and higher hammer prices therefore happy evangelical consignors. If you have attended their Monterey Auction, it is even more claustrophobic and it just does not lend itself to the casual bidder with lots of “whoopin’ and hollerin” and jumping around and yelling as the bidding progresses. The formula must work since they have been doing it successfully for quite a few years and we congratulate them on their results.

The father of the AZ auctions is Barrett-Jackson now in its 37th year of doing business there is still no match for this Super Bowl of car auctions. Even if you do not have much appreciation for collector cars, watching car after car fetch $80,000 to $2.5 million is some serious entertainment. GM and Ford have joined the show in a big way and auctioned off the #1 serial number Corvette ZR-1 and Shelby Mustang GT 500KR for charity. Celebrities abound, some hyping their cars and some there to be seen or even to bid on some new transportation. NASCAR Champ Tony Stewart auctioned one of his race cars for charity and several engines and one off vehicles donated portions of proceeds to charitable organizations. Craig Jackson also hosts an opening night Las Vegas themed Gala and another night features a charitable fashion show. Even one of the preview days is set aside to donate a portion of ticket sales to charity. Overall Barrett-Jackson donates $ to charity as part of this 7 day extravaganza. Besides 5,000 chairs on the auction floor and total spectator capacity of 10,000, the new tent encloses over 8 acres.  GM and Ford displays, Jet and Helicopter sales, about a dozen vendors aching to trick out your garage with custom cabinets (6 vendors) and floor tiles (8 vendors), “car condos” available locally to house your car, Timeshares, log homes, luxury motorhomes (coaches), restored neon signs, slot machines and pinball games, fine art, jewelry, million dollar motor homes, etc. If you’re selling something and your target audience is luxury driven and preoccupied with decorating the beach house, the lake house or the desert house then this is the place to be. While hubby is busy smoking cigars and drinking martinis and kicking tires, wifey is picking out a life-size bronze buffalo for the front yard, this place oozes with class and taste. Did I mention the live drifting demonstrations and $15,000 video driving simulators?

Barrett-Jackson hosted a press conference on Friday at the Callaway sponsored media center. Reeves was faithfully stewarding his newest coupe, displayed on a turntable immediately adjacent to the media tent, and ready to walk you through this all new model. The press conference featured an overview by B-J President Steve Davis, Corvette ZR-1 presentation, Tom Tajarda Q&A, and don’t forget John Schieder with much anticipated news on the auctioning of Dukes of Hazard “General Lee” #313.

Steve Davis spoke of bringing cars regularly to be sold at the annual Barrett-Jackson auctions. He was increasing his participation each year, consigning 44 cars (Mustangs and other American Muscle cars) when the unexpected death of Brian Jackson (Craig’s brother) lead to Steve being offered a job as a seasonal employee of B-J. Starting as, “on site consignment manager” he has progressed through the ranks and has become a company visionary and talking head. He certainly endeared himself to the members of the press present with his knowledge and experience of the collector car market. Craig Jackson arrived and they took turns responding to questions. Bench-Racing reporter in attendance Charles Rollins, had to enquire about the current financial crisis and impending recession affecting both consigners and buyers. Putting a positive twist on current conditions, they both told stories of owners selling cars for different reasons including immediate and long range financial situations. They told about other consignors like baseball pitcher Randy Johnson selling his hot rod that he had purchased at B-J only a couple years previous. Buying, enjoying, and then selling to facilitate a new acquisition is just the style that some collector car enthusiasts choose.

Actor John Schieder told his tiresome saga of selling his “General Lee” on ebay. With, “five verified bidders over the $5 million mark” someone jumped in and bid $10 million but then failed to complete the transaction. Did you honestly think any of that bidding was real money? C’mon John, you stood the same chance of collecting that money as the Dukes viewers stood of seeing more then Daisy Dukes legs and a little cleavage (no matter how close we looked). When asked about contacting the second and third place bidders he claimed it all fell apart so here is was at B-J selling the “ultimate” General Lee (with a Hemi and a column shift automatic trans). John continued his performance the following night by jumping on the roof of the car and leading the crowd in a live version of the Dukes theme song (just some good ole boys, never meaning no harm…) I think he did two or three verses, or at least it seemed that long. Tom Tajarda told his story of growing up in the United States and then spending his career in Europe designing cars including the Ghia bodied Corvette being auctioned. Another interesting story was when I went over to look at the monster truck and stadium supercross co-star Robosaurus. The family that built and showed this fire breathing/car eating six story mechanical robot was proudly on hand occasionally firing the beast up and blowing 15 foot long fireballs out of Robosaurus’s mouth. When asked about a potential buyer, Mrs. Robosaurus (I will call her) said that she hoped whoever buys their robot will keep doing performances. I responded by saying, “who else would but it except someone that would use it for commercial or advertising purposes?” Well turns out there was this one individual from PA that wanted to pay them $5 million but he was going to put it in his back yard. Sounded like good money to me especially considering what they settled for on Saturday night.

Well as the Barrett-Jackson auction played out, there were few signs of the impending economic downturn. Prices remained strong and although there were no surprising seven figure sales, plenty of money changed hands. This year was our first opportunity to witness Saturday night prime time in person. Usually a scheduled flight home or conscious choice to watch the show on television has prevented an unadulterated live witnessing of the fireworks. Sorry to say but it is actually better on TV. Anytime a significant car hit the block or any celebrity of recognition was on the stage, the stage would flood with people and it was impossible to see what was transpiring. The SPEED Channel feed is not the one shown on the big screens inside the tent and most of the time the catalog photo of the car and the current auction price was all that was shown on the two screens located on either side of the auction block. There was not a pair of seats to be had on the floor and the standing galleries were four to five people deep. Not to say this is still great entertainment, I am just someone that has learned to appreciate live coverage of motorsports events because there is no way to see and hear all the action when you are at a venue as large as a race track or a tent as large as Barrett-Jackson.

If you consider “timing” in the collector car market, eager consignors are one possibly two years at best away from presenting a car at this annual auction. Let’s say “Barney” and “Fred” get the original idea of selling a car at auction while puffing on stogies and sipping their single malt scotch up in their exclusive B-J sky box. “I bet we can net $100K easy by cloning a Mopar or a big block Camaro”? Barney says to Fred. So when they get back to their successful mortgage firm in the inland empire, they go online and find a 6 cyl. Camaro being sold in Colorado. 10 days and $4500 later (add another $800 for shipping) the Camaro arrives and is quickly sent to one of Fred’s “friends” that is an “expert” at restoring Muscle Cars. 18 months and $52,000 later (700 hours at $75 per hour) the cloned “Z28” is finally finished (or so restoration shop A says). When the get the car back there are still lots of loose ends and the engine runs like crap and the trans won’t go into third. Barney and Fred are now bickering like a pair of Presidential candidates. Two more months and $20,000 later the car is done, just in time to enter one local car show and then off to Barrett-Jackson for the big day. Being a first time consignor and with some lost enthusiasm and restoration budget over target they secure a Thursday evening time slot, not bad but not prime either. Well it’s go time and the car gets its three minutes of center stage achieving a high bid of $77,000. A lot of money for a cloned big block but well short of the consigners anticipated $100K payday not to mention short of break-even.  It all goes back to buying what you like and buying the best you can afford. Good examples will always be worth the money regardless if were talking collector cars, coins, dolls, baseball cards, art, etc.. Personally I would rather be stuck with a car then a shoebox full of cardboard bubble gum cards but that’s what makes the world go round. 

Once again the January auctions in the Scottsdale Arizona area provided great entertainment and an unsurpassed opportunity to view a few thousand collector cars. Kicker, they are all for sale. Apparently no recessional worries for the hundreds of successful bidders which is a good sign for the market in general, the next big market test being in March at the Amelia Island RM auction followed in August with the yearly grouping of four auctions in Monterey CA. See you there.