The Classic Car Market Barometer Sets Eight World Records

SCOTTSDALE, Ariz., Jan. 22 /PRNewswire/ — There was little evidence of a recession in Scottsdale, Arizona, this past weekend as a record number of car collectors and enthusiasts from around the globe descended upon the Barrett-Jackson Classic Car Auction, presented by Dodge-Chrysler-Jeep.

An unrivaled selection of historic racecars, award-winning street rods and muscle cars, European sports cars, and American classics were sold on the auction block at the 31st annual edition of what is internationally recognized as the barometer of the industry, and tagged as “The World’s Greatest Classic Car Auction.”

According to Barrett-Jackson President Craig Jackson, this year’s sale clearly demonstrated it was a seller’s market. “Our bidders showed us they are prepared to pay top, and in some cases world record prices, for the very best quality cars,” said Jackson.

Throughout the four-day auction, capacity crowds watched as prices paid on the auction podium skyrocketed and bidders dueled it out over an unparalleled selection of collector cars. “This year’s auction saw top prices paid in nearly all categories of cars,” commented Jackson. “We continued to realize unprecedented prices for high quality hot-rods, and also exceeded a number of previously established world record prices for certain other car models,” continued Jackson.

Record prices were achieved for a 1956 Ford Thunderbird at $109,080; a 1970 Chevrolet Chevelle LS-6 convertible at $172,800; a 1965 Chevrolet Corvette L-78 Roadster at $124,200; and a 1958 Chevrolet Impala Convertible at $86,400. An award-winning 1932 Ford Hi-Boy Roadster known as “Black Jack” topped the extensive list of significant hot rod sales with an unmatched price of $172,800.

Of the nearly 800 cars, and an extensive collection of racing memorabilia consigned to the auction, an impressive 86% of the lots were sold, pushing total sales volume to an unprecedented $26.9 million. The results exceeded last year’s record-breaking auction.

Legends from the motor racing world including Bobby Unser, Danny Sullivan and Parnelli Jones, together with Arizona Diamondback’s Cy Young Award winner Randy Johnson, joined television stars Tim Allen and Mark Harmon at Barrett-Jackson as record prices were achieved on the auction block. Baseball Hall of Fame’s Reggie Jackson, together with Cecil “Big Daddy” Fielder were both on the auction platform when avid collectors snatched up each of their rare Chevrolet Camaros. The $48,600 paid for Fielder’s 1969 Camaro COPO was eclipsed by “Mr. October’s” 1967 Camaro COPO that commanded $78,840. A record price was also paid for another example of the soon-to-be-discontinued Camaro, when a collector paid $118,800 for a 1967 Chevrolet Camaro SS Yenko.

The top price paid on the auction block went to the 2000 Saleen S7 Factory Prototype at $432,000, followed by a 1966 Ford GT40 used in the MGM movie “Grand Prix,” at $405,000.

All one hundred and fifty lots from the Race Rock Las Vegas restaurant, a one-of-a-kind automotive collection of race cars and rare racing memorabilia from every form of motorsport, brought over $520,000.

A one-of-a-kind Dodge “American Spirit” Viper Roadster was auctioned at No Reserve for $80,000 with all net proceeds going to benefit the DaimlerChrysler Help the Children Fund. This fund was established to help the children of victims from the events of September 11th.

The Barrett-Jackson auction is an automotive lifestyle event that continues to be one of the most influential worldwide drawing Hollywood celebrities, sports stars, legendary race car drivers, and serious collectors. The auction was also televised live for two days on the Speedvision / Speed Channel television network.

Each year the Barrett-Jackson Auction reaffirms its leadership position in the collector car market by elevating consignment standards, breaking annual records, and serving as the barometer for market trends. A listing of the sales prices can be found at http://www.barrett-jackson.com/auctionresults/byevent.asp and images of the cars sold at the Scottsdale auction can be found on the Barrett-Jackson website at www.barrett-jackson.com . The 32nd Annual Barrett-Jackson Classic Car Auction is scheduled for January 15th – 19th, 2003.

For further information, please contact: Timothy McGrane of Barrett-Jackson Auction Company, +1-480-421-6694, ext. 118, emedia@barrett-jackson.com.

SOURCE Barrett-Jackson Auction Company