Auction prices

[66BigBackWindow]

So I was watching a Mecum auction from earlier this year last night. A 1966 C10, 283/power glide, custom cab, big window, short bed, that was restored, very well but maybe not truly correct, sold for $45,000. Holy smokes. The things I noticed was that it had stainless hinges on the hood, the body side trim looked stainless not aluminum, and the bed was painted body color told me that it was nice restoration/show truck but I was left wondering who paid that much for this truck. There was no back story on it other than it was original motor/trans. Just to compare, a 70 Mach 1 sold for $62,000. I know its only a ford but comparing a sought after muscle car to a very nicely done truck and the prices were not that far off makes me wonder. I also understand that they are not making them any more and people are really looking for them. What are your thoughts. Is this just nuts for this truck or is this a trend we will see continue?

[Budman56]

My thoughts are that this truck had way more than the $45,000 spent on building it so I would think they couldn't have made much money on the truck even more so if they sent it out to have the work done on the truck as opposed to doing the work them selves. I have half of that in my truck and it not even close to being completed.

[Clyde65]

IMO, if anyone was to properly restore any vehicle they would not be able to make money auctioning it off or even selling retail. Somebody loses money somewhere. I am sure there are some exceptions, but there cant be many.

My dad built his 64 crew over a 2 year time frame with just a little outside assistance ( Frame work and paint), he probably has around what that truck sold for or a little more. But he would never sell it, and neither will I when it comes to that time!

[spacedebris]

auctions seem to make people loose their minds. Every auction I've ever been to I will see something where the person bidding simply cannot let it go when they should. Like this one I was at last month, it was an estate auction and this guy was bidding on an industrial drill press. Now I recently bought one similar brand new for $1100 for my uncle's shop. But when this guy got to bidding the price actually hit $2000 before he got it. After the auction was over I went over and asked him why he bid so much and was surprised by his answer, he had no idea what it was worth but since someone else kept bidding he thought he was getting a good deal. I actually found the same model for sale brand new for $1649. People just get to bidding and have no clue as to what they are actually worth.

I actually think that auctions like Mecum and Barrett-Jackson are the worst thing to ever happen to the classic auto market. People see this ultra-perfect restoration or a specific one-off version of a vehicle sell for a million dollars and they think that all classics are worth that. And then when the typical decent restoration comes along they end up bidding and paying 10 times what it is actually worth.