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Thread: 2017 Palm Springs Auction

  1. #1
    Join Date
    Jul 2009
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    Chicago North Shore
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    Default 2017 Palm Springs Auction

    I attended the second day (Saturday)of auction selling. 180 cars went on the block yesterday - 225 today and another 175 tomorrow.
    Here are a few observations..... some 580 cars to be shown and sold and not one Mark II in the group. Very telling as to how rare is our car? Answer...very rare. Anyone interested in buying a Mark II? Get prepared to look hard to find one. Our car is one rare animal! This auction mirrors what I see here in California... lots of Porsches, Mercedes, Chevys and Fords. You will not see many Lincolns, Buicks, Oldsmobiles, Dodges and occasionally a Cadillac. Interestingly in the Palm Springs area old and new Bentleys seem pretty common. In Chicago I regularly see only one...(my colleague's who parks next to me in the garage) In Palm Springs you can see five in thirty minutes when you go to the drug store.. and each will be in some wild color you've never seen before on any other car.

    OK enough of that commentary.. let me get to the reason for this post......I'll cut to the chase... very few cars are getting sold! I sat through a whole hour of auction activity and it was rare to see a car sell. One car after another rolled up, bidding started and then ended with the car unsold. It actually seemed surreal. Sellers having too great an idea of what the car was worth and buyers refusing to buy unless it was a bargain. After watching the auction I then went over to the area where yesterday's cars were lined up and I could see what sold and what did not... same result. Very few sold and very many showing the highest bid and still available for offers. In some instances I thought the high bid was realistic, but sellers obviously were not interested. This was not just my observation. Sellers waiting for their car to be shown were all complaining about the low bidding that was taking place. One seller even suggested to me he would love to get an offer before the auction that he could accept and forget putting it on the block... he had no interest in testing the waters.

    This leads me to think that prices in the collector car market have peaked. If you are a seller unless you have a very rare, quality condition car that enjoys collector appeal don't expect lots of buyers at your door waving money in your face. We are entering a time when you should enjoy your car and cast aside ideas of selling it for a killer price.
    Shelly

    C56C2292
    '56 Continental Mark II

  2. The Following 6 Users Say Thank You to Shelly Harris For This Useful Post:

    Dave Harris (03-06-2017), Doc (02-27-2017), Dominick Toscano (02-26-2017), Nick DeSpirito (02-26-2017), rfm45 (02-26-2017), rickswrecks (02-27-2017)

  3. #2
    Join Date
    Apr 2015
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    Ratingen, Germany
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    Default

    Shelly, you are absolutely right. I watched the Mecum-auction the other day (by internet of course) and noticed that only 44% of the cars were sold. The high-bids of many unsold cars were by itself high enough but not sufficient for the sellers. So should we be afraid or happy?
    Peter Baumgardt

  4. #3
    Join Date
    Oct 2011
    Location
    Yellow Springs, OH
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    Default

    These are very scary financial times. The US stock market is at all time highs. The collector car market is stalled. Very scary.
    Thanks for the above commentary.
    John Snoddy
    John Snoddy

  5. The Following 2 Users Say Thank You to jdsnoddy For This Useful Post:

    Joseph Stebbins (03-01-2017), rickswrecks (02-27-2017)

  6. #4
    Join Date
    Jul 2009
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    Illinois
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    With all due respect, that's like saying you visited a slow Home Depot store, so the whole company must be doing poorly. You all need more info to back up any real claims on the collector car market. I understand the McCormick Palm Springs auction sell-thru rates have been about same as of late. Barrett Jackson just sold almost all their cars & broke bunches of records in Scottsdale. I recommend Keith Martin's American Car Collector magazine for some great auction coverage. That aside, I think the recent desire for unrestored, original vehicles has hurt the value on high quality restored examples.
    Dave Harris

    1964 Pontiac GTO
    2013 Ford Shelby GT500

  7. The Following User Says Thank You to Dave Harris For This Useful Post:

    jdsnoddy (03-07-2017)

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