Car auctions shift into overdrive
PHOENIX -- Every January, old-car enthusiasts around the world turn the spotlight on Arizona, and this year, the game is bigger than ever.
With another top-quality Scottsdale auction entering the fray, the Valley now hosts seven collector-car auctions, with six of them held during the same week.
As many as 3,500 special vehicles worth hundreds of millions of dollars will be put up for sale. Some of the cars are certain to run into seven figures. There are auctions for everyone from the gearhead hobbyist selling his restored Mustang to the millionaire collector and celebrity buying one-of-a-kind Ferraris or rare muscle cars.
Headlining the festivities is the sprawling, week-long Barrett-Jackson Collector Car Event, which begins Sunday and runs through Jan. 20. More than 250,000 people attended last year.
Because the Scottsdale auction enjoys the reputation of being the national barometer of collector-car values, its sales are closely watched around the globe. Barrett-Jackson's annual auction of muscle cars, hot rods, sports cars, '50s cruisers, classics or whatever else comes over the block sets the tone and prices for the coming year.
This year, more people will be watching the selling prices because of the downturn of the real estate market, the sinking value of the dollar against foreign currency and the recent softening in prices for American muscle cars, the hottest part of the market for the past few years.
The January 2007 auction reflected the stagnating prices for popular muscle cars of moderate value, about $50,000 to $150,000, so this year could show whether values have reached a tipping point toward decline. Or not.
Last year's Barrett-Jackson also saw the highest price ever paid for an American collector car at auction, $5.5 million for Carroll Shelby's personal 1966 Shelby Cobra 427 "Super Snake" supercharged roadster.
The muscle-car values vary widely depending on the quality and rarity of the cars, said Dave Kinney, veteran collector-car auction watcher and publisher of the Cars That Matter price guide.
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