I have two retired friends whose hobby is attending the BJ and Mecum auctions all over the country. They occasionally purchase cars, but mostly do it as a hobby. Mecum is here in Houston this weekend, and one of them was working the sale as a driver, so I used his bidders pass to attend.
First off, what a show! Its like a circus or Disney designed to appeal to guys like us, right down to people getting drunk at 10 am. But for a guy with no money to spend, its a reminder of how many people in the world are so much better off that you are. Kind of like going to a whorehouse with your buddies and sitting in the bar listening to the piano player while they are upstairs with the girls...
Anyway, after today, I'd say there is a softening in the classic car market. A lot of cars bid far short of what I felt they should have,and a lot didn't meet reserve. A frame off, Gobi Beige, black interior and top '70 SS396 coupe, a/c, 4 speed, buckets, air, windows, locks, tilt, U14, am/fm 8 track, cruise, cowl induction, no excuses car stalled at $53K, should have been close to $100k in my estimation. There were a ton of 2000-2006 era high end Mercedes that sold in the $6-8K range, apparently there are no longer parts for these and people are dumping them. The only cars that topped $100K as of 3 pm were a '65 Mercedes 230SL convertible concours a/c car right at $100K, and a '70 Mach 1 428 4 speed car that still smelled like fresh paint and tires. Even mint early Broncos that were nudging 6 figures last year did not top $40K today.
There were some cars that sold Thursday that looked like great deals though. The big stuff goes thru Saturday afternoon and evening, like the '69 RS/SS 396/375 hp L-89 Camaro convertible loaded with options and docs and a fresh world class resto that is projected to top $250K.
I did see some customs that sold for a quarter of what they cost to build, but my friend said that is always the case. Regulars like him and his friend Tim know other regulars like "the wiper", the guy who follows each of his cars across the block wiping the sides down, "cro magnon", the big guy with the undersling sling blade jaw, "fancy shoes" in patent leather loafers with gold buckles, and "chicken Charlie" one of the Mecum floor workers whose antics are legendary. Apparently, these characters go to all the big auctions, they gotta be richer than shit, a gold bidders pass is $500 per event.
Oh, and a lot of guys who look like most of us were there with their "nieces"!
First off, what a show! Its like a circus or Disney designed to appeal to guys like us, right down to people getting drunk at 10 am. But for a guy with no money to spend, its a reminder of how many people in the world are so much better off that you are. Kind of like going to a whorehouse with your buddies and sitting in the bar listening to the piano player while they are upstairs with the girls...
Anyway, after today, I'd say there is a softening in the classic car market. A lot of cars bid far short of what I felt they should have,and a lot didn't meet reserve. A frame off, Gobi Beige, black interior and top '70 SS396 coupe, a/c, 4 speed, buckets, air, windows, locks, tilt, U14, am/fm 8 track, cruise, cowl induction, no excuses car stalled at $53K, should have been close to $100k in my estimation. There were a ton of 2000-2006 era high end Mercedes that sold in the $6-8K range, apparently there are no longer parts for these and people are dumping them. The only cars that topped $100K as of 3 pm were a '65 Mercedes 230SL convertible concours a/c car right at $100K, and a '70 Mach 1 428 4 speed car that still smelled like fresh paint and tires. Even mint early Broncos that were nudging 6 figures last year did not top $40K today.
There were some cars that sold Thursday that looked like great deals though. The big stuff goes thru Saturday afternoon and evening, like the '69 RS/SS 396/375 hp L-89 Camaro convertible loaded with options and docs and a fresh world class resto that is projected to top $250K.
I did see some customs that sold for a quarter of what they cost to build, but my friend said that is always the case. Regulars like him and his friend Tim know other regulars like "the wiper", the guy who follows each of his cars across the block wiping the sides down, "cro magnon", the big guy with the undersling sling blade jaw, "fancy shoes" in patent leather loafers with gold buckles, and "chicken Charlie" one of the Mecum floor workers whose antics are legendary. Apparently, these characters go to all the big auctions, they gotta be richer than shit, a gold bidders pass is $500 per event.
Oh, and a lot of guys who look like most of us were there with their "nieces"!
in the early 80’s I had a 70 Mach 1 351C 4 spd and also had a 68 F100 SWB that I thought I put a JY 390 in and it turned out to be a 428 CJ out of a wrecked 68 Galaxie vert with 390 fender emblems, wonder what a Non numbers matching 70 Mach 1 428 4 spd would bring? I thought about switching engines when I found out it was a 428 CJ but never did it, DD’s and both ran great so left them be, sold mine for $400 to pay bills 
