Sold
$5 million American Dollars
48 Hours: Soggy Bidding
Hemmings Auto Blog
Wet weather seems to be keeping a lid on the euphoria at the various automobile auctions in Arizona this week…
Big numbers are being thrown around, but the ‘71 Hemi ‘Cuda convertible brought “only” $2.2 million, roughly flat with a similar car sold in Arizona last year and falling far short of pre-sale estimates…
Big-money collector cars were hammered down Friday at the RM Auction at the Arizona Biltmore Resort & Spa, with five rare vehicles soaring into seven figures.
A 1937 Duesenberg Model SJ Cabriolet reached $2.55 million, before auction fees; a unique 1971 Plymouth Hemi ‘Cuda convertible hit $2.2 million; and a rare 1967 Chevrolet Corvette L88 roadster was bid up to $1.55 million. azcentral
The recent appreciation of muscle cars has outstripped even the gaudiest of hedge fund returns. Is the market going to level off...or suffer a nasty correction over the next few years?
The fat lady might be warming up, but she ain’t singing yet.
Lets see what Carrol Shelby’s 1966 Cobra 427 “Super Snake” will garner
SPEEDtv has excellent coverage of the Barrett-Jackson action today
and tomorrow
Miss our auction preview?
Part One
Part Two
--------------------------------------------------------------------------------------------------------------------------------
The content contained in this blog represents the opinions of 1440 Wall Street. This commentary in no way constitutes a solicitation of business or investment advice. It is intended solely for the entertainment of the reader, and the author.
48 Hours: Pinhooking
________________________________________________________________
Editors Note-We have been running into quite a few old friends recently, including this derelict who also happens to be one of the finest gaming analysts to ever haunt the buy-side. Two decades spent hanging out at the intersection of Wall and Broad can leave you a little warped...we assure you that Railbird is all of that and more.
We have half a dozen writers loaded into the starting gate...and are chomping at the bit to hit the lever...
______________________________________________________________
So you think the deal to buy Harrah’s Entertainment (HET-NYSE) at roughly 10x EBITDA and leveraging it up the wazoo takes a little chutzpah?
Try this one on for size: Pinhooking
A 19th-century livestock auctioneering term, in its current incarnation it refers to the practice of speculating on prime thoroughbred horse flesh. Normally the domain of oil-soaked Sheiks, European bon vivants and well-connected Kentucky blood agents, it is attracting attention from, you guessed it, hedge funds.
Typically, it involves taking a short-term lease interest of less than a year in promising weanlings and yearlings and then liquidating the position in public auctions and private sales. Taking the horse to the track is definitely not in the equation. It’s analogous to a ground-floor venture capitalist, who pukes his stake after the first or second round of mezzanine financing. Some syndicate operators are boasting of 30%-40% annual returns, all neatly uncorrelated with the public equity and bond markets.
Racy stuff, eh?
We’ll be your eyes and ears as the speculative frenzy swirls around the rolling meadows and white split-rail fences of Bluegrass country. This spring we might even attend a few auctions and drop a few bob at Keeneland…
________________________________________________________________
The content contained in this blog represents the opinions of 1440 Wall Street. This commentary in no way constitutes a solicitation of business or investment advice. It is intended solely for the entertainment of the reader, and the author.
48 Hours: Pedal to The Metal (Part 3)
Sprechen Sie Deutsche?
Porsche needs no translation...even motorheads in Detroit appreciate Zuffenhausen’s finest.
We have recently spent some quality time talking cars with auto enthusiast Richard Sloan. Richard is a walking encyclopedia of automobiles…
In case you missed out...in Part One, we discussed Richard’s experiences attending the Barrett-Jackson in Arizona. Part Two covered this year’s auction and highlighted a few special rides ..along with a couple of cars whose skyrocketing value’s have left a vapor trail reminiscent of Google’s (GOOG-NASDAQ) first year on the Nasdaq.
Richard, you told us about your first car, the ‘63 Bonneville, and your subsequent love affair with American muscle cars. When did the Porsche bug bite?
I always liked the cars but could not afford them. When I was thirteen years old I read Road & Track and Car and Driver.
I was hooked.
I would go to the local Porsche dealer and drool over the cars...I could walk there from my house.
Most people are familiar with the 356 model. Are these cars collectible and how much do they cost? Is there any chance they appreciate like those ‘Cuda’s?
The 356 was produced from the late 1940’s to 1965...and did not evolve much over the years. The made close to 70,000 during the production run...the car was affectionately called the “bath tub”. They were fun to drive and dirt cheap for many years...an $1,800 car when new. But nothing will ever appreciate like a ‘Cuda!
The Speedster was made from ‘55 to ‘57 and still command big money.
This correct and restored example with matching numbers and colors will bring from $80,000 to $150,000. Pretty pricey for a Porsche without a gas gauge...you have to insert a stick in the gas tank located in the front bonnet and measure your left over petrol.
The crown jewel is the 356 T 6 Carrera 2GS coupe series with a 4-cam engine.
Porsche produced 310 units and they are worth up to $400,000 today. To get numbers like that it would have to be a mint example with excellent provenance.
What car was James Dean driving on September 30, 1955?
He was killed in his 1955 Porsche RS 1800 Spyder. They were produced from 1955 to ‘61...and are worth from $800,000 to $1.1 million today.
Live Fast, Die Young. His car was cool. Have you ever sold a 904 model?
No...unfortunately not. They are quite rare. They change hands in the seven-figures.
What year was the 911 introduced?
The 911 made its debut in late 1965. Jerry Seinfeld owns the first air-cooled 911 Porsche ever made... here is a picture of that very car. Check out the license plate....
The funny man also owns the last air-cooled 911 Porsche made...a 1998 C4S in Riviera Blue. Once again the license plate says it all…
