Palm Beach, Fla. – April 3, 2007 – Close to 65,000 people attended the 5th Annual Barrett-Jackson Auction at the South Florida Expo Center in Palm Beach, Fla., where the market prices for nearly 600 collector cars were steady over the five day automotive lifestyle event. Much of the bidding of over US$32,000,000 worth of cars (including fees), centered on a diverse field of entry level vehicles among the superb classics, sports cars, hot rods and rare muscle cars. Television coverage was provided by SPEED throughout the event and all vehicles were sold at No Reserve. High profile cars included a new Foose Coupe, the first Shelby GT-H convertible and several rare, vintage Corvettes.
“This year, we made a decision to offer more entry level and midrange collector cars at our Palm Beach collector car event, which attracted our biggest crowds and created some exciting bidding,” said Craig Jackson, CEO of the Barrett-Jackson Auction Co. “The prices seemed in line with the quality of vehicles on the docket. Rare, documented superb cars brought high bids while less exotic vehicles attracted prices in line with their provenance, condition and rarity. And when compared to similar grade vehicles sold last year, prices are definitely in line.”
The Barrett-Jackson Palm Beach event featured a diverse group of vendors, two major auto manufacturer showcases, auto test drives and several simulators. A gala was held during the week for bidders and VIPs that benefited the National Center for Missing and Exploited Children and the Darrell Gwynn Foundation, the auction’s charitable beneficiaries. Early estimates indicate that over $500,000 was raised for charity.
“For those who like to compare results in an effort to spot trends, the results provide an interesting and positive picture of this hobby,” noted Barrett-Jackson president Steve Davis. “Attendance was up dramatically as many new people and families join the hobby. The Palm Beach docket reflected an eclectic offering with many surprises as the bargains and home runs were determined by the eager bidders that packed the auction arena.”
An impressive selection of vintage Corvettes, Street Rods, Muscle Cars, Classic and European Sports Cars were sold on the auction block as celebrities such as Carroll Shelby and Mark Fields of Ford Motor Company watched. Even SPEED commentator Mike Joy got caught up in the bidding action as he successfully bid on a muscular 1971 Ford Torino Coupe. In addition, the first Shelby GT-H convertible was unveiled on-stage, and then sold for $250,000, while the first Foose Coupe available to the public sold for $330,000.
“Two vintage Corvettes purchased by individuals at our 2007 Scottsdale event sold at Palm Beach for more than they fetched in January,” added Jackson. “And several people who bought cars here in Florida last year sold them again on the block after enjoying the vehicles all year; many channeled their proceeds into another new car at the auction. Some made money and others saw the expense as a wonderful experience along the lines of golfing at Pebble Beach or competing at a vintage race. Contemporary collectors are more interested in enjoying their cars than the values, as long as they pay a fair market price for the vehicle of their dreams.”
Established in 1971 and headquartered in Scottsdale, Ariz., Barrett-Jackson specializes in providing products and services to classic and collector car owners, astute collectors and automotive enthusiasts around the world. The company produces the “World’s Greatest Collector Car Events™” in Scottsdale and Palm Beach, Fla. For more information about Barrett-Jackson, visit www.barrett-jackson.com or call (480) 421-6694.
Scott Black firstname.lastname@example.org or (214) 520-3430 ext. 303