Auction Brings Big Money
by January 30, 2006 12:00 am 58 views
Car lovers and collectors who read the Business Journal’s November story on horsepower investments may have caught some of the Barrett-Jackson auto auction broadcast on the Speed Channel in mid-January. Some of the sales were impressive.
The company, Barrett-Jackson Auction Co. of Scottsdale, Ariz., said an unofficial tally for the weeklong event was $98 million in sales on 1,100 cars, up from $61.68 million for 878 cars a year before, a 60 percent increase.
Sandy Brannan, an ANB Financial director who posed for a picture alongside his 1969 L88 Corvette, for the story said his car was worth about $200,000 because only 116 were ever made. A car with similar linage went for $310,000 at the auction.
Dan Shewmaker showed off his family’s 1970 Chevy Chevelle hardtop with a rare LS-6 engine option. A convertible LS-6 sold for $1.15 million.
We’re wondering if the time to invest in a collection is past, or if baby boomers will continue to jack up the price of collectable cars.