At press time, it is warm and sunny in Florida. The Northeast is in a virtual frozen lock-down. The stock market is either up or down. A new world record was recently set from an automobile sold at auction (Paris Artcurial Auction sold the 1957 Ferrari 335 S Spider for $38+million US$). The January auction-extravaganza week in Arizona was a mixed bag with motivated buyers and sellers being coerced into deals that were either good, bad or ho-hum -- business as usual.
Generally speaking, the market appears “stalled”. Overall sales for all auctions were off almost 15% (remember 2015 was a huge year with some one-in-a-lifetime sales that were not and cannot be replicated.) Some niche marques appear under pressure: Porsche 911 – down due to too many in the world; Ford GT – also down due to market glut; trucks and nostalgic SUV’s (Up) even though there were plenty on the auction block. And, hats off to Burt Reynolds and Bandit-style Trans Am (Up) with plenty of hype!
Most likely, you know all the stats, but basically the average sale price remained over $100,000 thus proving that this is not a market for the timid or the highly leveraged.
Enough said. Let’s focus on two upcoming events (both new) that you do not want to miss. First, will be the new duPont REGISTRY/LIVE event on Saturday, June 4, 2016 from 7-10 pm. This will be a spectacular event celebrating the Greenwich Concours d’Elegance with a delicious display of fine foods and refreshments. There will be fine yachts, exotic automobiles, exquisite jewelry, time pieces and fabulous accessories. There will also be a silent auction featuring unusual and unique items for the discerning connoisseur -- all to benefit AmeriCares, the charitable beneficiary of the Greenwich Concours d’Elegance weekend. It is not too early to start planning your late-spring/early-summer get away, and you wouldn’t want to miss this “gala” event. Early reservations available by phone or email to email@example.com or call 1-800-233-1731 and ask for Tina.
Next, get ready for the great new auction adventure as Barrett-Jackson stages its New England extravaganza on the last weekend in June (June 26-30). The Mohegan Sun Casino & Resort in Eastern Connecticut is ideally located to attract everyone from New York City to Boston and beyond. This is a first rate, first class location for a block-buster breakthrough sale. As usual, duPont REGISTRYTM is a primary sponsor and we will keep you posted on consignments and timelines over the next few months. Go to www.barrett-jackson.com/mohegansun.com for more information.
I hope to see you at both of these events, and at all the other car-crazy-get-togethers.
Thomas L. duPont