'59 Biarritz sold for $355,000 at RM on Friday

[P Cedergren]

http://www.rmsothebys.com/az16/arizona/lots/1959-cadillac-eldorado-biarritz/1078475

Sold for 355k plus 10% buyer's premium, for a total of $390,500.
I saw it and it was an EXTREMELY nice car, at a quick glance we found only two discrepancies, horn ring broken and chromed tail light spears/cones. Didn't get a chance to look under the hood or trunk, but the pictures look fantastic.
The funny thing is the pictures show a perfect horn ring, so maybe it broke at the auction?

Is 390k a record price for a '59 Biarritz?

P. Cedergren
4218

[chrisntam]

That does look nice. 

I would add a nice aftermarket trim strip down each side (from front to back) so when others park next to it, it won't get door dings.

[David Greenburg]

That's crazy. I'd expect a gold plated horn ring and a couple of spares at that price.

[Eric DeVirgilis CLC# 8621]

I have no knowledge of any stock '59 Cadillac ever selling for more.

If Hemi Cudas bring $1M - 40% of that makes the Caddy seem like a bargain. 

[76eldo]

If that's the one Mark Hyman had he wanted $495.000 a while ago.

Brian

[57eldoking]

I have no knowledge of any stock '59 Cadillac ever selling for more.

If Hemi Cudas bring $1M - 40% of that makes the Caddy seem like a bargain. 

Exactly!!

[Big Apple Caddy]

If that's the one Mark Hyman had he wanted $495.000 a while ago.

Same car.  It was also on eBay in late 2014 with a high bid (reserve not met) of just over $160K.

[Bobby B]

That car is all over the map!   
                                        Bobby

[savemy67]

Hello all,

This is either good news or bad news.  The good news is that the owners of every rust-bucket of a '59 now think their heap is worth a fortune.  The bad news is that the owners of every rust-bucket of a '59 now think their heap is worth a fortune.  I say this somewhat tongue in cheek.

It is a beautiful example, and obviously the buyer has money to spare.  Such is the situation when the economy is awash in credit.  But hobbyists, don't despair.  A '59 EB is not everyone's cup of tea, and there are still nice old Cadillacs out there priced at one tenth to one hundredth the price that this beauty fetched.

I am not sure 22 miles qualifies as "break-in".  Will this car be driven?  Veyrons are north of a million dollars, but they are instantly recognized for what they are.  To the uninitiated, the (almost) $400,000 Cadillac is just an old Cadillac.  Is the buyer known?

Respectfully submitted,
Christopher Winter

[jwjohnson86]

Go flip this 1964 Fleetwood Brougham and make a quick buck, considering the seller does not know what engine it's equipped with.  Lots of fish in the sea.

http://desmoines.craigslist.org/cto/5383967842.html

[Scot Minesinger]

Chris is right, the economy is awash in credit.  Japan's rate is negative now, so borrow away and they will pay you to do it.  Seriously borrow a million and they pay you $1,000 a year to do it, rather than you pay them interest.  With this kind of craziness, who knows what future values will be.

On the whole it is more good news than bad to me because it means our hobby is alive and well, plus my convertibles just went up 10k each.

I like the chrome caps on the tail light fins, understand it is not correct, but it looks right - it looks better.

[Cadcliff]

From what little I know, this car was offered to me, prior to Hyman acquiring it, at $350K
Supposedly over $250K was invested in the car....
Even if Hyman bought the car for $325, and it was hammered on the block at $355, less 10% sellers premium, he is now at $320K, then subtract entry fee, transport, etc....he goes home with around $315K....

Regardless to all that, it is still a good chunk of money for a 59 Cadillac in a public forum.
It would NOT surprise  me at all to see this car show up at another RM auction, maybe with the same owner???
Cars like these get sold to their "buddies" all the time....Very typical MO for these guys...

[Jeff Maltby 4194]

Anyone remember what Don Turkletops sold for after his death in 97 ?

[James Landi]

Go flip this 1964 Fleetwood Brougham and make a quick buck, considering the seller does not know what engine it's equipped with.  Lots of fish in the sea.

http://desmoines.craigslist.org/cto/5383967842.html

That's a terrific car, and if the frame is ok, has great potential... 

[Eric DeVirgilis CLC# 8621]

It would NOT surprise  me at all to see this car show up at another RM auction, maybe with the same owner???
Cars like these get sold to their "buddies" all the time....Very typical MO for these guys...

Based on my observations, it is usually more mediocre examples that tend to get circulated from auction to auction - kind of like a hot potato.

Truly excellent examples on the other hand, tend to be snapped up quietly without the need for being offered publicly while changing hands far more seldom. 

[wrefakis]

the one at mecum is a better example of the market selling at 135 with fee, that 355 was as legit as Donald trump bringing jobs back from china, the sale was done in advance auction was for show, same buyer bought my car 693 at auction last year for crazy price got a black frame off he will buy it

[D.Smith]

Auction prices can be deceiving.   I've seen cars sell for many times over their value because the car was being sold for a charity.    One high price shouldn't set the market.