Barrett-Jackson Widens the Generation Gap in Premium Collector Car Buying
-Younger purchaser profile marks a new trend in custom car collectors-
-The Amphicar makes an unusual return during auction’s opening day-
PALM BEACH, Fla., March 29, 2007 - The opening day of the 5th Annual Barrett-Jackson Collector Car Event saw record attendance figures as more than 80 special interest automobiles were sold, at No Reserve, in front of a packed house, broadcast on television among an audience of avid enthusiasts.
SPEED broadcast for more than three hours on the auction block as Craig Jackson, CEO of the Barrett-Jackson Auction Company, introduced the afternoon session that saw a diverse mix of collector vehicles go under the hammer.
The first day of the year’s most prestige Palm Beach collector car event marked a new purchasing trend as seasoned collectors rubbed shoulders with a younger, emerging demographic. Tony Cesario, 24, of Phoenix, Ariz., waits anxiously alongside his metallic blue, custom-built Chevrolet truck in Lane 3 as he poses for pictures.
“I’ve spent over $50,000 on renovating this vehicle, and it’s my first time on the auction block,” he says nervously. “Twenty minutes later and after an intense bidding war, Tony comes out grinning from ear-to-ear and with his arms wrapped around his closest friend.”
“I’m psyched about the result. I don’t believe it. I didn’t expect it to go for $32,000!” His prize possession gets sold, according to an auctioneer, to a veteran collector. The first day also saw a number of vehicles, owned by older collectors, go to an up-and-coming younger generation of buyer.
“We couldn’t have asked for a more successful opening day,” said Craig Jackson, CEO of the Barrett-Jackson Auction Company. “The entire nation witnessed on television some of the world’s best kept automobiles sell for significant five figure sums. This is just the start of what will be one of our most exciting auctions ever with some of the most rare and desirable vehicles being sold. We’re delighted to see a younger breed of collectors emerging at our annual Palm Beach event.”
The highlight of the opening day was centered on one of the most unusual types of vehicles, increasingly becoming more popular as a collector’s item. After owning and renovating his car for more than 15 months, Larry Fisette, 66, of Depere, Wisc. auctioned his red and white custom-built Amphicar as one of the last vehicles of the day. The buyer, Roger Sallee, an early retiree from Loake Ozark, Missouri, and an avid collector of the Amphicar, purchased the pristine1968 Amphicar 770 convertible for a satisfying $82,500, including buyer’s premium.
“Barrett-Jackson always brings the best vehicles to us collectors, which is why I come back each and every year,” smiled Sallee. “I might be raising my hand on the next Amphicar being auctioned on Saturday,” he added.
Ironically Fisette and Sallee are not complete strangers. Fisette met Sallee on eBay six months prior when he sold his first Amphicar for around $60,000. This time they decided to do business through Barrett-Jackson.
Barrett-Jackson continually reaffirms its leadership position in the collector car market by elevating consignment standards, challenging annual records and serving as the barometer for market trends. Last year, more than 275,000 attendees and millions of television viewers from around the world witnessed over 1,600 cars being auctioned off for approximately $135 million at the two 2006 Barrett-Jackson Collector Car Events held in Scottsdale, Ariz., and Palm Beach, Fla.
About Barrett-Jackson
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.
Media Contact
Luke DeRouen lderouen@timepiecepr.com or 214.870.8635