I work a number of collector car auctions. I was recently at the Barrett-Jackson Auction in Las Vegas. Going to a car auction is a learning opportunity for me. I always start by walking through and looking the cars over.
On stock cars, I look for three characteristics:
On modified cars, I look for five characteristics:
— Quality of workmanship with the body and paint
— Customization done
— Drive train
— Curb appeal
If a collector car sold for lower than what you thought it should, there’s a good reason why. Sometimes you’ll encounter a bidding duel on the auction floor between two people that absolutely must have the car, which will build up the cost above average, but that is only on occasion. Every once in a while a car will sell for lower than you would have estimated because the bidder that may have wanted that particular car was not at the auction that day to make a bid.
For example, there’s a Ford collector vehicle for auction, and every person in the audience is a Chevy fan, besides you. So, hypothetically, they will not be bidding on the Ford. It takes two people to up the bid price, so if you are the only Ford fan, you’re going to be able to acquire that car for less than you anticipated because no one else will be battling you for the collector car.
Watching the auctions on television can be entertaining, but nothing compares to actually being at the auction, looking at all the beautiful cars up close and watching them cross the block. If you have never been to a collector car auction, it is time to put that on your bucket list!