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Guys I personally did not see ANY car that brought what I thought was big money. The Lamar COPO at $185K and the Hemi Cuda at $250K are prices that people like RichP here have said they were going for in the first place. To be honest.......I am quite shocked at SEVERAL of the cars being sold so cheap. Could you imagine some of the car owners pissing down their legs as the car that they brought thinking they were going to get $100K for is stuck in the $50's?
"Either the bubble is truly bursting or most of these rare cars don't need to be sold at an auction".
I agree. I think we are on the front end of a market correction period on the value of these cars. The first indication of the correction in progress was on display last year with the Ed Coneen cars. Neither sold for anywhere close to what folks would have guessed them to go for. At any rate the Z/28 decline was also predictible, as these cars are way too numerous right now to sustain these values. Expect these cars to drop a little more and then stablize in value. JMO, but the economy is coming back, and when other investiment options come up the speculators will dump these cars and the prices will drop accordingly. all you have to do is look at what happened to prices in the early to mid 90's to see this cycle at work, and it will repeat. It always does. Remember, no reserve allows the true market value of a car to be set-without the owner's reserve (to prop up prices) in the event that the market tells the owner what the car is really worth. The richest car collectors and speculators are at the auction and the prices being paid right now tell you where they think the "money" is for the future.
But I could be all wet here... There is still two more days to go...
Phil