New Collectibles Take Top Sales At The 3rd Annual Barrett-Jackson Las Vegas Auction
Approximately $23 million in total sales generated during 3rd annual Las Vegas auction
• $1.1 million raised for six nationally-recognized charities
• 41 percent of cars sold to first time bidders
SCOTTSDALE, Ariz. – Oct. 4, 2010 – The collector car hobby continues to exhibit tremendous resiliency as demonstrated by the strong prices of more than 500 Hot Rods, Resto-Mods, exotics, classics, muscle cars and new collectibles that crossed the block during the 3rd Annual Barrett-Jackson Las Vegas Auction. The event took place from Thursday, Sept. 23, through Saturday, Sept. 25, at the Mandalay Bay Resort and Casino in Las Vegas. Barrett-Jackson Auction Company reported nearly $23 million in total sales during its final automotive lifestyle event in 2010. All vehicles were sold at No Reserve with 21.5 hours of live SPEED coverage during the three automotive-filled days.
“We’re proud to conclude the 2010 auction season with such a successful event,” said Craig Jackson, chairman and CEO of Barrett-Jackson. “The week-long celebration was everything we expected and more. Not only did enthusiasts enjoy the bright lights and high energy of Las Vegas, they were immersed in the collector car lifestyle from the auction to the many vendor and sponsor activities. The continued influx of new bidders and consignors, as well as our strong, steady sales, validates the passion and growth of this hobby.”
The excitement kicked off Thursday at 11:00 a.m. and concluded late Saturday evening with approximately 51,000 fans in attendance. Sales were up from the 2009 Las Vegas auction with late model vehicles the most coveted among the 1,000 bidders. Top sellers included a 2008 Bugatti Veyron for $770,000, a 2009 SLR McLaren Roadster for $412,500 and the UFC limited edition 2010 Chevrolet Camaro for $350,000.
“Sales at Barrett-ackson have become a bellwether for trends in the collector car market,” noted Steve Davis, president of Barrett-Jackson. “During the Las Vegas event, the hottest category was that of new collectibles, followed closely by Resto-Mods that can be taken out for a cruise or for a jaunt around the neighborhood. Vintage cars were strong, but the newer vehicles were definitely a hit.”
Charity cars were popular during the auction as sales from many top vehicles benefitted one of five foundations; Barrett-Jackson waives all commissions for these vehicles, and actively promotes them leading up to the event. The auction company also raised money for local charity, Keep Memory Alive, during its Opening Night Party through the sale of four Las Vegas-inspired car hoods.
Proceeds from the sale of the UFC Chevrolet Camaro were donated to the Intrepid Fallen Heroes Fund, which was founded to support families of military personnel lost in service and for those veterans severely wounded. While the sports car was on the auction block, Dana White, president of UFC and donor of the Camaro, announced via phone that he’d take the highest bidder to dinner.
Other top charity cars included the production number two 2011 Chevrolet Camaro convertible donated by Greg Heinrich of Fairway Chevrolet, with all proceeds donated to the YMCA of Southern Nevada. The owner now has the opportunity to order the color, engine, transmission, trim and factory installed equipment on the Camaro.
The sale of two 1981 Chevrolet Corvettes assisted the Ralph Braun Foundation. The highest bidder not only generated funds for the charity, but also announced on the auction block that he would be offering them in Scottsdale once again for the Ralph Braun Foundation. Lot #373 was the first ‘Vette off the assembly line in Bowling Green, Ky., on June 1, 1981. Its partner, Lot #373.1, was the last built at the legendary St. Louis factory before the doors closed on July 31, 1981.
“Barrett-Jackson was founded on generosity and giving back to the community nearly 40 years ago,” added Davis. “Our docket included seven cars that benefitted five charities from across the country. In 2010 alone, we raised more than $7 million for charity through our auctions.”
Competitive bidding was at the core of the auction action as bidders were vying to get their own collectible vehicle. The top ten cars at the Las Vegas auction included (with buyer’s premium)
• Lot #6580 – 2008 Bugatti Veyron two door coupe: $770,000
• Lot #6580.1 – 2009 SLR McLaren Roadster: $412,500
• Lot #392 – 2010 limited edition UFC Chevrolet Camaro: $350,000
• Lot #396 – 2011 Chevrolet Camaro convertible: $205,000
• Lot #651 – 1957 Cadillac Eldorado convertible: $165,000
• Lot #373.1 – 1981 Chevrolet Corvette coupe: $150,000
• Lot #373 – 1981 Chevrolet Corvette coupe: $150,000
• Lot #353.1 – 1958 Chevrolet Corvette convertible: $137,500
• Lot #662 – 1963 Impala custom two door sport coupe: $137,500
• Lot #651.1 – 1957 Chevrolet Corvette convertible: $134,200
Barrett-Jackson recently achieved placement on Ethisphere’s 2010 World’s Most Ethical Companies list and the company’s ethical policies were tested during the auction. The top bidder of the Bugatti Veyron attempted to back out of the purchase once in the cashiering office. In order to make the best of an unfortunate situation and honor the company’s commitment to bidders and consignors to provide a transparent forum for buying and selling collector vehicles, company CEO Craig Jackson returned to the auction block and offered the vehicle to any interested under-bidder at the same price. With no other bidder stepping in at the winning bid, Jackson purchased the Veyron himself.
“Our team constantly strives to raise the bar of transparency in the collector car industry,” explained Jackson. “We never know exactly what circumstances we’ll face, but we conduct each auction transaction in a fair, consistent manner with consignors receiving their proceeds in a timely manner. Ethics is the cornerstone of Barrett-Jackson, as was proven during the Las Vegas auction.”
For the first time in Las Vegas, Barrett-Jackson teamed up with MGM Resorts International to provide five days of cars, chrome and neon during the week. Nicknamed “REVVED,” the activities included spa indulgences, cooking events, fashion shows, gaming tournaments, liquor and cigar experiences, concerts, movies and much more.
Barrett-Jackson kicked off the week of activities with its 3rd Annual Cruise-In hosted by Gaudin Ford on Saturday, Sept. 18. The cruise-in featured more than 100 classics, Hot Rods and new collectibles, with the proceeds of food and beverages benefitting Keep Memory Alive. President Steve Davis and Vice President of Consignment Gary Bennett passed out three “Barrett-Jackson Choice Awards” and one “Participant’s Choice Award” while an Elvis-impersonator entertained the crowd.
The 2nd Annual Road Rally cruised down the Las Vegas Strip on Wednesday, Sept. 22, with on-lookers waving at smiling rally participants. Prior to the rally, participants enjoyed a mini cruise-in at Fairway Chevrolet with live music, food and beverages. Immediately after the rally, participants and the public enjoyed ride ‘n drives provided by Ford and GM, exhibitor activities and additional refreshments in the southeast parking lot of Mandalay Bay.
“From stagecoaches, John Deere tractors and pre-war classics to Resto-Mods, muscle cars and new collectibles, we offered a dynamic selection of vehicles,” commented Davis. “We kicked off the 40th anniversary celebration during the Las Vegas auction and will conclude the year-long festivity in Las Vegas 2011. We’ll continue to add to our reputation as ‘The World’s Greatest Collector Car AuctionsTM’ in January for our 40th Annual Barrett-Jackson Scottsdale Auction.”
Barrett-Jackson Auction Company is currently accepting consignment requests and bidder applications for the 2011 Scottsdale auction, scheduled Monday, Jan. 17, through Sunday, Jan. 23, at WestWorld of Scottsdale.
About The Barrett-Jackson Auction Company
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 Auctions™” in Scottsdale, Palm Beach, Fla., Las Vegas and Orange County, Calif. Barrett-Jackson also endorses a one-of-a-kind collector car insurance offering for collector vehicles and other valued belongings. For more information about Barrett-Jackson, visit www.barrett-jackson.com or call (480) 421-6694.
Media Contact:
Automotive media contact: Jennifer Pullen, www.tprm-usa.com, (214) 520-3430, ext. 307, jpullen@tprm-usa.com California/Local media contact: Kelly Reeves, KLR, (949) 509-1888, kelly@klrpr.com
All auction prices, excluding charity vehicles, include buyer’s premium.