Vintage Car Auction Rakes In $130 Million In Sales

Vintage Car Auction Rakes In $130 Million In Sales

The 2015 Barrett-Jackson Scottsdale auction saw 1,611 vehicles sold, with the event ending January 18.

Collectors and automobile fans alike flocked to Scottsdale, Arizona to take in the sale of rare Ford Mustangs customized by Carroll Shelby, the Ron Pratte Collection and the Salon Collection, among other treasures.

Li Lu On Understanding Competitive Advantage In 2021

Bruce GreenwaldOn April 9th 2021, Bruce Greenwald, the founding director of the Heilbrunn Center for Graham and Dodd Investing at Columbia Business School, sat down for a Fireside Chat with Li Lu, the founder and chairman of Himalaya Capital as part of the 13th Columbia China Business Conference. Q1 2021 hedge fund letters, conferences and more Read More

“This year’s Scottsdale auction was on a scale unlike anything in our 44-year history,” said Craig Jackson, chairman and CEO of Barrett-Jackson. “From sales and consignments to our ratings on Discovery and Velocity, we smashed records at every level.”

Vintage car auction: A record-breaking year

Jackson was referencing the new relationship with Velocity and Discovery Channel, whose ratings were above average levels during its auction coverage. The auction also managed to bring 3 of the biggest names in the automotive world together for one event, with vehicles from Dodge, GM and Ford all being sold.

The number of bidders was also a record high, with attendees bidding on a huge range of different cars. The most expensive car sold was a 1966 Shelby Cobra Super Snake, which went for $5.1 million, followed by a 1950 GM Futurliner Parade of Progress Tour Bus, which sold for $4 million.

The Futurliner was one of ten cars that raised a total of $8,735,000 for both local and national charities. Among the attendees were a number of celebrities, including Steven Seagal, Alice Cooper and Bubba Watson. It is not yet known whether they bought any vehicles.

An interesting investment opportunity

CEO Jackson later claimed that “everyone who attended this year’s Scottsdale auction was a part of automotive history.”

The rare car market has seen a recent boost as wealthy individuals look to diversify their investments away from the more traditional cash, bonds and stocks. In fact the HAGI price index, compiled by Historic Automobile Group International, showed that rare vehicles appreciated 15.8% on average in 2014.

Porsche and Ferrari were the strongest peforming brands, although domestic cars such as the Chevrolet Corvette are among the most popular with collectors.

No posts to display