Glovebox: Conjecture and Speculation
February 1, 2006
Ask three automotive auction authorities to peer into their crystal ball
bearings and predict the future, and you will undoubtedly get three different
answers.
Craig Jackson, owner of Barrett-Jackson Auction Co., continues to
build on the legacy that his father, Russ, and Tom Barrett started in 1971.
Jackson has revolutionized the car auction world, most notably by attracting
more buyers and sellers through high-tech interactive methods; televised
auctions, Internet bidding, and no-reserve sales have contributed to the success
of his company.
Rob Myers, founder of RM Auctions, did not initially set out to establish an auction business; he started out restoring and modifying cars. His first project was a 1959 Edsel Corsair, setting the stage for a career devoted to classic and exotic collector cars. RM Classic Cars, one of Myers’ other businesses, is widely recognized as a top restoration shop garnering the 2004 Pebble Beach Concours d’Elegance Best of Show award with a 1938 Horch 853A Erdmann & Rossi sport cabriolet.
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Rare sports cars, like this 1960 Ferrari 250 Nembo Spyder, are the staple of
the Christie’s auction stable. Photography by Christie's/Tehama. (Click image to enlarge.)
Finally, Mark Donaldson, the motorcar specialist for Christie’s, has a wealth of knowledge and a lifetime of experience. Like most certifiable “car guys,” Donaldson developed a fascination for and curiosity of the inner workings of automobiles by tinkering alongside his father in the garage and attending various car auctions around the English countryside.
Each man represents a different segment of the car auction market. As evidenced by his lot of more than 100 Corvettes at the Barrett-Jackson Scottsdale event last month, Jackson shows a liking for American muscle. Myers has an affinity for great classics, while the European focus on competition cars is what drives Donaldson. Despite their favorites, all three men pushed their personal preferences aside to discuss coming trends.
Myers believes the greatest stabilizations will occur with the street rods, resto-mods (restored and modified), muscle cars, and postwar American cars in general.
“With the recent growth in popularity of street rods and resto-mods, the prices have escalated and have now evened out in the market,” explains Myers. Postwar American car and sports car markets will continue to be stable, he says, enjoying sensible gains and normal growth. “Muscle cars are hitting their peak and are ready to stabilize or recede in value.” In other words, the hot rod price increases in recent years will likely hinder future growth.
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