Portrait of a Classic Car Buyer
|
|
|
|
|
|
|
Written by Steve R. Lowry
|
|
Tuesday, 17 February 2009 |
|
AUTOS Auctions
At the Barrett-Jackson Scottsdale auction, the bidders are mostly white, middle-aged men, and they're overwhelmingly entrepreneurial
As the Barrett-Jackson Scottsdale auction heads into the weekend, the crowds grow in numbers and the cars on offer tend to get more expensive. Ramping up to the coveted prime-time Saturday lot numbers, gone are the occasional sub-$25,000 cars, and in their place is the iron that crosses the block for $75,000 and up -- often way up, past the magic $1 million mark.
Who's buying these classic cars? The bidders in the crowd at Barrett-Jackson are largely middle-aged, almost totally male, and white. They seem to share at least one other trait: They're overwhelmingly entrepreneurial.
Some 10 or 15 years ago, the enterprise where these bidders built their wealth was likely to be automotive in one way or another. Automobile dealers, service-station owners, perhaps a few classic car brokers. That's not so much the case anymore. The bidders you're likely to run into are real estate developers, managing directors of midsized companies, corporate CEOs, and private investors. In short, risk takers who are on a busman's holiday of sorts, trading a power tie for a registered bidder's pass as neckwear for the weekend.
"BE A WINNER."
One such bidder in attendance is Jeff Gretz from Portland, Ore., a 59-year-old consultant who sold his software business in 1998 -- and the owner of 13 collector cars, ranging from Porsches and Jaguars to a modified Nash Metropolitan. Gretz, a registered bidder at the sale, says he is "here to watch the craziness" and keep up with the market, as well as walk the aisles in search of vintage signs, neon, and toys for his garage. He has not, however, ruled out picking off whatever low-hanging fruit he can find crossing the block.
"Fifties cars are a little weak," Gretz says. "The 1960s cars are strong, but you never know what you will find here. It's the 40-year rule: You buy what you wanted 40 years ago but couldn't afford," he explains.
An auction tent filled with people used to having their own way is the dream of most auction promoters. At Barrett-Jackson, that scene unfolds every three or four minutes. The cars and the players change after each classic ride is successfully sold.
This is a no-reserve auction; the final bidder is the new owner. "Be a winner, buy a car" is the unspoken mantra. And, not unlike a craps game in Vegas, if you take the risk by spreading the chips on the table, the crowd will cheer you on to take even more risk by raising your hand one more time.
|
|
Last Updated ( Tuesday, 17 February 2009 )
|
