the 20th Anniversary Mecum Belvidere auction saw a surprisingly healthy level of action. Both buyers and sellers have become a bit more realistic in their expectations and many were able to find common ground. This year, a total of 1,187 cars were entered in the Mecum Belvidere event, with 555 sold, for a sales percentage of nearly 50 percent at 48 percent.
Some observers felt that the car guys are once again controlling the market, not just investors. The market has settled a bit, it isn’t growing at 30 percent annually anymore, but it didn’t crash by any means. Prices are now where they were in ’04 and ’05, a realistic level, many believe. Cars that sold for $40-50,000 back in 2000 are $200,000 cars today.
Dana Mecum, president of Mecum Auctions said that an emerging trend in the market is the “fresh face,” a collector car that hasn’t been seen recently. Bidders in Belvidere seemed drawn to specific cars that they weren’t as familiar with. “Buyers seem to be reacting to the media saturation that some cars have experienced as of late,” Mecum explained. “When you have a world-class vehicle that hasn’t been in the public eye for the last six or seven years, it will still bring stratospheric numbers.”
Mecum said that the collector car market has evolved into an industry of its own; it’s not just an investment instrument anymore because people also purchase collector cars for the ownership experience. As a result, the market has become less sensitive to competing investment alternatives. “There are a lot of good cars in the marketplace, so predominantly, the cream of the crop will achieve the new price level trends we’ve never seen before, as opposed to the last couple of years where everything was setting high water marks,” he explained. “Surprisingly, buyers and sellers are accepting the slowdown and conducting business much more rapidly than is normal when a market slows down.” He added that, “The analysis is simple, great cars are still rapidly appreciating, good cars are slowing in appreciation.
Market-savvy musclecar buyers have long-appreciated Mecum’s reputation as the leading marketer in this segment, but classic car enthusiasts are now seeing Mecum Auctions as a very viable alternative for marketing Pre-War machines as well. The top selling car at Belvidere this year was just such a vehicle, a 1929 Duesenberg Model J roadster, which sold for $1,000,750.
Though the top ten cars sold represented more than 22.5% of the total event tally, there was tremendous activity in all price segments. Out of the approximately 1,500 bidders, over 400 were registered with letters of credit of $35,000 or less, meaning that there was a lot of action on the part of buyers looking for daily usable collectibles. This proves that the musclecar market is vibrant and has a broad spectrum, from the entry level to the investment grade.
Prices listed below include auction fees:
The 2007 Mecum Belvidere Top Ten:
U51 1929 Duesenberg Model J - $1,002,750
S115 1971 Plymouth “Sox & Martin” ‘Cuda - $929,250
S57 1964 Shelby Cobra - $708,750
F246 1969 Dodge Daytona Hemi - $603,750
S68 1969 Chevrolet Camaro ZL-1 - $603,750
S108 1963 Pontiac 421 SD “DeLorean” LeMans - $588,000
S116 1970 Chevrolet “Grumpy’s Toy VIII Camaro Pro Stock - $504,000
F247 1970 Plymouth Superbird Hemi - $372,750
S97 1970 Chevrolet Chevelle LS-6 Convertible - $367,500
S118 1969 Pontiac “Arnie Beswick” GTO Judge - $315,000
Celebrities conducting business or attending the 20th Anniversary Mecum Belvidere Auction included “The First Lady of Motorsports,” Linda Vaughn, baseball great Reggie Jackson, racing legends Arnie “The Farmer” Beswick, Bill “Grumpy” Jenkins and “Mr. Norm” Kraus, country music star Alan Jackson, Pontiac historian Jim Mattison and actor Butch “Eddie Munster” Patrick.
For more information, log onto www.mecumauctions.com.
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