WOW! 1959 Eldorado projects sold for what!??

[Mike Baillargeon #15848]

https://www.proxibid.com/Collector-Cars/Classic-Vintage-Cars/RARE-1959-Cadillac-Eldorado-Biarritz-Convertible/lotInformation/43235663&scrollLocationOnCatalog=580

https://www.proxibid.com/Collector-Cars/Classic-Vintage-Cars/RARE-1959-Cadillac-Eldorado-Biarritz-Convertible/lotInformation/43235679&scrollLocationOnCatalog=716

I was thinking 50K & 25K....I was way off.......

Mike

[The Tassie Devil(le)]

And then there is the buyers premium to add as well.

Definitely out of my league.

But then, they are getting scarce.

Bruce.

[Cape Cod Fleetwood]

2 - 1958 Eldorado Broughams at Mecum Monteray, 1 sold for 110K, the other BGO at 115K.

\m/
Laurie

[59-in-pieces]

OH, YE OF LITTLE FAITH.
Squirrely auction (or should I say raccoony) - sort of a no peek behind the OZ curtain - questionable at best.
However, I love the smell of tetanus in the morning, but I have never seen a hood eaten through like that on any car - junk yard, chicken coop, or barn - yikes.
I've bought worse.
As for the Broughams (almost literally hand made), that is one of life's little mysteries, how a car that new sold for more than a Rolls, could be worth so little these days.

Have fun,
Steve B.

[Mike Josephic CLC #3877]

Those are rather "crazy" prices for the condition
of those rusty hulks.

If you take the purchase prices, add $2-300k for a
full concourse restoration it makes no sense since
show quality examples can be had for $200--$250k

A 2018 Barret-Jackson sale as an example:
https://www.barrett-jackson.com/Events/Event/Details/1959-CADILLAC-ELDORADO-CONVERTIBLE-217880


Mike

[Bob Hoffmann CLC#96]

The first thing I would do is to rip those butt ugly wide whitewall tires off the car!! Why would someone think they look correct???

[cadillacmike68]

Not for me. I'd never get it finished.

[Mike Baillargeon #15848]

I think the buyers premium was 10%......

This was an online auction only....there were no inspections of cars before bidding.....I guess the family didn't want a circus happening on the property.....

I know the restoration process is fun but with completed examples selling for $200K....you have to wonder about the wisdom of these purchases...

Mike

[Scot Minesinger]

Yes, this is of course too high of a price from an economic perspective of attaining a show winner they are actually worth zero.  Nice examples of #1 1959 EBZ may go for 250k, and you could not restore these cars to a #1 condition for 250k, so if the goal is a #1 car, the owner would pay the seller to take them if only economics are figured.

I think these were purchased for another purpose.  Or they could have been purchased where the owner will restore them himself to save labor, then it could make economic sense.

[Barry M Wheeler #2189]

But honey, it's the one I've always wanted...

[Dan LeBlanc]

For some, in a league in a far far away galaxy with deeper pockets than I, the figures proffered here are a mere drop in the bucket.  To those who have the means and money is no object, why not?  These select few really don't care about the cost and the return afterward because, to them, it's just money.  Hard for someone like me to comprehend, but, then again, who am I to judge?

[Eric DeVirgilis CLC# 8621]

Earlier this year a 3x black '59 EBZ sold on eBay in worse condition than the blue car mid-$70K.   

[INTMD8]

I agree with wow.   Continually surprised with what these bring in that condition.

[jaxops]

What a dog! Ruff ruff (rough!).   I wouldn't pay that much for that much work.  It's actually sitting on the ground so there may be zero floors.  Quite a roll of the dice.  Not a bad looker though, just a LOT of work.

[59-in-pieces]

Bob,
Good eyes, if you meant the black B.J. car - should be only 2 1/4" - and it's no Concourse car (very respectable restoration though).

Easy to throw $200 or $300K around if you can't or won't do the work yourself, and based upon that, the conclusions are correct as to a finished value or worthiness.

In reality, the majority of such figures is based on labor, and not parts.
Rebuild the engine, the trans, upholstery, wiring, top, and misc. mechanicals - it might as well be an Olds or Buick etc - the cost is pretty much a given.
However, if all the unique Eldo trim is there, the rest is the love of working with your hands and the pride of a job well done.
Even Geppetto made a real boy from a chunk of wood with his own hands and some tools  - and yes a little Blue Fairy Dust - can't make it sound too easy or everyone would do it.

Have fun,
Steve B.

[novetti]

Looks like expensive starting projects, however coming from the complete utter madness currently happening with VW splitscreen buses, (some north of three figures), and not counting 356 Porsches these Ritzes look like a bargain.

Look at this shait
https://www.thesamba.com/vw/classifieds/detail.php?id=2092867

I sold all my aircooled VW's and only play with Cad's and Lincoln's now.
As I do all my work actually I saved money trading...

I think no car you will make make money (or brake even) if you have to pay someone to fix it for you. The exeption would be to get plating work for obvious reasons...

I do it for the fun, not for the money.

[Bobby B]

  To those who have the means and money is no object, why not?  These select few really don't care about the cost and the return afterward because, to them, it's just money. 

Dan,
 Most of those people don't work on their own vehicles, so in that regard, money really is no object if you have it to burn. I know LOTS of people in that situation. But for some hard working people like You, I, and the majority of the people on this Forum, a vehicle in that condition, selling for those numbers, just makes ZERO cents.....
             Bobby

[Bobby B]

I think no car you will make make money (or brake even) if you have to pay someone to fix it for you.
I do it for the fun, not for the money.

Even if you do All (or most of the work yourself), good luck breaking even on anything in today's market.
I think most of us also share your Views regarding "Doing it for the Love of it".......
                                                           Bobby

[The Tassie Devil(le)]

Or, they want to own it, just to say that they have it, with no plans to do anything to it.

Bruce.

[Bobby B]

Or, they want to own it, just to say that they have it, with no plans to do anything to it.

Another good point....Over a Glass of Wine in their Climate controlled 10,000 sq.ft. garage  .........
                                                                            Bobby