Car auctioneer Barrett-Jackson celebrated its 40th Anniversary in style, taking nearly $70m at its annual Scottsdale Classic Car Auction. Held between January 17 -23, the auction attracted collectors and alternative investors from across the globe, as well as Hollywood stars and leading athletes.
Barrett-Jackson began auctioning collectible cars in Scottsdale, Arizona in 1971, selling a Mercedes 770 Phaeton for an eye-catching $153,000. Throughout the 1980s and 1990s, they established themselves as the leader in their field, with a worldwide reputation for quality.
As we reported in November, the Scottsdale auction featured a vast array of fine classic cars, including an outstanding American Muscle Car collection, owned by Keith Henderson. A highlight, mentioned in our lead-up piece to the auction, was a beautiful 1970 Dodge Challenger T/A in pink, which sold for a fantastic $78,100.
The highest selling lot at the event was in fact a package; a limited edition Corvette LE Z06 coupe, a Catamaran custom 44' performance boat, and a 2006 American Tilt trailer. They made a whopping $742,500.
Meanwhile, the highest selling single vehicle was a remarkable and unique 2012 Ford Boss Mustang Laguna Seca coupe, which was bought for a staggering $450,000. Also of note was the infamous 'JFK Ambulance', sold for $132,000, which we wrote about here.
As we commented in our lead-piece, the investment opportunities in the collectible car market look abundant in 2011, evidenced by the Scottsdale auction. And this market is no longer the exclusive playground of the rich and famous - Barrett-Jackson reported high numbers of first-time buyers, with a quarter of a million fans, general enthusiasts and families visiting the event.
Craig Jackson, Chairman of Barrett-Jackson, commented, "We sold more vehicles for more money than any other collector car event in North America. We proved the collector car hobby is growing with record breaking attendance, as well as a record number of new bidders and consignors. This is no longer an 'old boy's club'."
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