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Are these people certifiably insane??

Started by Rusty Shepherd CLC 6397, January 27, 2008, 03:47:57 PM

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Rusty Shepherd CLC 6397

In what kind of strange, parallel universe do you find people who would pay (at RM Auctions last week in Arizona):
$330,000.00 for a '39 Cadillac Sixteen Convertible Coupe
$374,000.00 for a '35 Pierce-Arrow Twelve Convertible Coupe
and
$2,035,000.00 for a '34 Packard Twelve closed coupe? 

Someone once said on this board that the prices cars bring in January in Scottsdale have no connection to reality...and he was right.

Mike Josephic CLC #3877

I don't think people who buy these cars are "nuts" -- they just have a lot more discretionary income than most of us.  The price of $330K for that V-16, considering the rarity (4 left in the world), is much more in line than most.  I watched the Barret-Jackson auction last week and saw Shelby Cobra Mustangs & other '70's muscle cars selling for that much and double that (now, to me THAT'S NUTS!!).  Guess it's all in what your fancy is and again, the size of your wallet.

Mike
1955 Cadillac Eldorado
1973 Cadillac Eldorado
1995 Cadillac Seville
2004 Escalade
1997 GMC Suburban 4X4, 454 engine, 3/4 ton
custom built by Santa Fe in Evansville, IN
2011 Buick Lucerne CX
-------------------------------------
CLCMRC Museum Benefactor #38
Past: VP International Affiliates, Museum Board Director, President / Director Pittsburgh Region

Mike Simmons 938

The Dietrich Packard coupe must be a one-off since other sources had been unable to find evidence (or a photo) to show that any coupes were ever built. Still, it's hard to see even one million, much less two. Oh to be a CEO these days. Mike

jonathan G. Riley

Yes. 

The 34 Packard Dietrich coupe is one great car.  There were 4 made and they are beautiful.  At least 3 remain, and maybe all four.  Any Dietrich 32-34 Packard is at least 800k.   I would say that the Dietrich V12 Packards are comparable in price to a Duesenberg.   Still, 2 Mil. is a lot of money even for that type of car.

It seems that, in the past 3-4 years, the "heavy classics" have increased in value tremendously.   I would say almost doubling in value. For example, in the late 90s and early 2000 you could have picked up a  38-40 V-16s convertible coupe for 125-150k.  Now they seem to be going for at least 300k.

I wonder if it will continue?

Barry M Wheeler #2189

At least the bidders could show a tiny bit of emotion. Perhaps it is just not "good form" to show any possible hint of excitment...
The only comparable show of such discretionary income and leaving heavy money just "sitting around" was when we took the harbor tour in 2006 at the GN.
Barry M. Wheeler #2189


1981 Cadillac Seville
1991 Cadillac Seville

Sandmanvh

It is all about the Money!! Those who have Money and those who don't. I would fall in the don't.
But i still drive a nice 61 ;D!!

jp70deville-CLC #24151

Quote from: Mike Josephic on January 27, 2008, 04:12:21 PM
I don't think people who buy these cars are "nuts" -- they just have a lot more discretionary income than most of us.  The price of $330K for that V-16, considering the rarity (4 left in the world), is much more in line than most.  I watched the Barret-Jackson auction last week and saw Shelby Cobra Mustangs & other '70's muscle cars selling for that much and double that (now, to me THAT'S NUTS!!).  Guess it's all in what your fancy is and again, the size of your wallet.

Mike

I could not agree with Mike more than ever. I'm almost 38, grew up in a time when that 396SS or that 429CJ was something that I thought I could have when "I'd made it" WHEN I had the cash to spend AND had that extra space in the garage...Shit ,.. that '71 Gran Prix..Grrrrrr.
Auctions like R-M , B-J..etc..are great to watch because you and I OVE to see ALL cars,  but the buyers' market is nothing more than showmanship as to who has the biggest winkie/checkbook of these twerps that want to live their yesterdays solely based on the notion because they can, no matter the cost....Therefore people like you and me have to pay (WHAT???!!for that Chevelle SS 396!!!!!!!!!.  I know I'l be glad to sit on my 70 CDV(yes, she still is not mine...my pledge is this summer..God, I want her so bad, I dream about it, yes Jeff will change his pants now)).  But getting back to Mike's point..ithis is so insane..Holy Bejeseaus. at this rate we're gonna see those '73-76 GM convertibles that I"d lbeloved since new, that., what ..5 years ago were worth 7K or so...Imagine  that 73 Caprice Classic Conv ,Now, what 20K in #1 cond) 75 K in 2020..I don't think so, as you'll need to have your own petrol station..oh hell I'm starting to ramble and  sound like my grandpa
Jeff --CLC 24151

Anthony Amman #15293

In my opinion, the aforementioned cars were bargains compared to the price paid for a 1911 Oldsmobile featured in the "At The Auction" section in the February 08' issue of Hemmings Motor News.  1.65 million for a condition five car...now that's insanity.

P W Allen CLC# 20193

Paul
53 Coupe
Twin Turbine

Mike Josephic CLC #3877

Just a thought -- but these sellers might be trolling for overseas buyers.  With
what our Dollar is worth these days in Europe and elsewhere, they could pick
up a "bargain".  Mike
1955 Cadillac Eldorado
1973 Cadillac Eldorado
1995 Cadillac Seville
2004 Escalade
1997 GMC Suburban 4X4, 454 engine, 3/4 ton
custom built by Santa Fe in Evansville, IN
2011 Buick Lucerne CX
-------------------------------------
CLCMRC Museum Benefactor #38
Past: VP International Affiliates, Museum Board Director, President / Director Pittsburgh Region

John Fotakis #23436

I agree with Jonathan that the so-called "heavy classics" will likely retain their exalted status and therefore command extreme prices in the future, so today's 1 million may seem a bargain 20 or 30 years hence, much the same way that the revered paintings of the acknowledged "masters" command unbelievable sums of the folding stuff.    Like many others on this forum I am on my way to accumulating my second million [ a pity I can't find where the first million is hiding- I think in the same place Bruce's millions are.].  I am therefore content with the " lighter classics". However if the venerable greenback loses any more value then some mighty Detroit steel [aka Cadillac V-16] may find its way into my back yard ,parked next to the spots reserved for the Silver Ghost and the Duesenberg.    Cheers, John