Auction exp. Mecum/RM, etc.

[Eric 951]

Was just watching the Mecum Indy auction and wondering if anyone has attended any and what the "real" experience was like? Watching the program, the Mecums (father and son) come off as jackasses, but really have no idea if that is the reality, or just the perception. There are definitely some sweet rides crossing the block, and auctions look like they can be fun for the car show aspect--drinking some beers and checking out some nice cars, but has anyone attended and can provide real-world experiences?

[rcooled]

I went to the Mecum auction last year at Monterey. I agree that the Mecums look like a couple of hayseeds, but they're running a pretty slick operation. They put on around a dozen auctions a year...and that's only for cars & trucks. They also do motorcycle and tractor auctions too.
The atmosphere in the tent is like a three-ring circus with all the yelling back & forth and theatrics, but it seems to work for them. They move a lot of cars across the block...some of their bigger auctions will feature more than a thousand cars...mostly American classics, muscle cars, and resto-mods. It can take a couple of hours just to walk thru the preview lot. It was a surprise to see that many of the behind-the-scenes guys pushing cars around and stuff look like they're on a work furlough from the local prison system.
I enjoy the Gooding and RM auctions much more...both for the type and quality of cars, and their more low-key presentations.

[jcommin]

I have been to a few Mecum auctions in Chicago. I like seeing the cars in the corral. I usually see the cars as they get lined up just prior to going on the floor. There are allot of car guys I have talked to commenting on their condition and sound. I have had a great experience just as an observer.

My biggest puzzlement is where do some of these folks get the money to buy them. That amazes me.

[asphaltgambler]

The atmosphere as said above is intoxicating...................much like a high-end strip club. But just like a club if they could figure out how to charge you for the air you're breathing............they would

[stevej37]

Went to Barrett-Jackson last month at Palm Beach, FL. They roll cars through about one every 5 minutes. Lots of interesting cars...selling prices are sometimes surprisingly low. It is fun.

[biosurfer1]

I agree with the previous posters, very exciting at first, but I found it wears off quickly, especially if you're not interested in bidding on a car. Roaming the pre/post auction lots checking out the cars is just as fun. Then you can determine if you want to stick around and see what the cars sell for.

I can see why most auction houses push hard for no reserve. Not only does it guarantee $$$ for them, but reserve auctions suck the life out of the room since you never know if the bidders are $5k or $50k away from a sale.

[Racerbvd]

Originally Posted by asphaltgambler

The atmosphere as said above is intoxicating...................much like a high-end strip club. But just like a club if they could figure out how to charge you for the air you're breathing............they would

Best description yet.
Buying or not, bring lots of $$$$$$$$4 but still, lots of cool stuff to see, lots of energy too.

Went to Barrett-Jackson last month at Palm Beach, FL. They roll cars through about one every 5 minutes. Lots of interesting cars...selling prices are sometimes surprisingly low. It is fun.

Yes, great year if you were a buyer (at the major auctions in FL.) if you were a seller, for the most part, it sucked

[95avblm3]

Two guys I work with just sold a car on Thursday at Mecum Indy... Lot T219... It was the 1966 Mustang SCCA A/Sedan Group 2 race car... 1 of 16 built by Shelby. They'll be back at work tomorrow... I'll get the full rundown of their experience then. They did well on the car.

[tabs]

Bin to Dealer car auctions, but that is for late model stuff...nothing to see here move along

Bin to Art and Antique auctions...bought lots of stuff outa them...some good prices and a few over payments...

Largely it has bin to Spoon auctions ....a few overpayments, some real good deals with most being about right..Sold through those same auction with about the same results a buying.

None of them have been 3 ring circuses, the only time booze was being served was to get the bidders to loosen up the money in their wallets.

[legion]

Originally Posted by biosurfer1

I can see why most auction houses push hard for no reserve. Not only does it guarantee $$$ for them, but reserve auctions suck the life out of the room since you never know if the bidders are $5k or $50k away from a sale.

Don't forget, they often buy the cars themselves when they aren't selling, truck them to the next auction, and make a tidy profit selling the car to a real buyer. Some consider this having their car "stolen". Not having a reserve allows them to screw the seller this way too.

[onewhippedpuppy]

Originally Posted by asphaltgambler

The atmosphere as said above is intoxicating...................much like a high-end strip club. But just like a club if they could figure out how to charge you for the air you're breathing............they would

Yup, and explains why people frequently pay far more than cars are worth. The atmosphere, booze, tv, it all adds up. I personally can't fathom purchasing a car for that much money without even driving it. A local business owner purchased a Camaro from Barrett-Jackson that looked great, and when he got it home found that it needed thousands in work to get it properly sorted.

[Linderpat]

I went to a couple of high end auctions in Monterey last summer - Bohnams and Gooding. Well worth it. I saw the $38M Ferrari 250 GT at Bohnams, and the $13.8M Ferrari Spyder cross the block at Gooding, among many other great cars. You can get right up to the cars too - I was able to look at that 250GT by myself, nobody around, for 10 minutes! At Gooding, I checked out a beautiful 959, opened the door and looked inside.
You just don't normally get to see cars like these outside of this arena (although we have a Ferrari 330 rebodied into a 250 GT here at our CnC, plus some other very special cars)

[GWN7]

A guy I know went to Barrett-Jackson one year. He's got bank. Explained how it worked for him. To register as a bidder you just can't show up with a bag of cash. You have to preregister giving BJ a letter of guarantee from your bank and or a couple of other options. Basically letting them know how much you got. Then you "buy" your bidding paddle and drink tickets. The bigger the auction the more those cost. He figures there is a internal code for the drink tickets as they seem to be different colours for them and when you get your drinks they pour accordingly to the colour of the tickets. He estimates his first drink was a triple. So now they have you there being hyped to buy with a big letter from your bank and your half in the bag by the time the auction starts. What could go wrong?