Barrett-Jackson

The Barrett-Jackson Collector Car Auction is a prestigious collector car auction and exposition company, started in 1960. It is known today as "The Greatest Car Show on Earth." ^[1]

History

The car show was first introduced by Russ Jackson and Tom Barrett at the original auction at Scottsdale, Arizona. Jackson met Barrett through an interest in Barrett's 1933 Cadillac V-16 Town Car. In 1967, Barrett and Jackson presented a car show called "Fiesta del los Auto Elegance", a fund-raiser for local charities, including the Scottsdale Library. Then, in 1971, the two joined together to present a classic car auction. Barrett's Mercedes 770 Phaeton sold for $153,000 at this event and the Barrett-Jackson name soon became internationally prominent.

Russ Jackson died in 1993, and Tom Barrett died in April, 2004. Craig Jackson, who had worked actively on a daily basis throughout the year and on-site at the event, took over and developed the company further through expansion and innovation. Internet live bidding was also introduced that same year.

Starting at the 3rd annual Palm Beach auction in 2005, the show was renamed from "Barrett-Jackson Classic Car Auction" to "Barrett-Jackson Collector Car Auction", followed by the name change in the Scottsdale, Arizona auction in 2006.

Auction

Although it is labeled as an automobile auction, other items including trucks, motorcycles, and engines are sold at the auction. Starting in 2007, the auction also sold boats, rock and roll memorabilia, and other things. It is widely believed that the high visibility of the auction has caused the prices of vintage cars to skyrocket in the last several years. In a fashion similar to the popularity of poker, people often believe that their car will sell for a large sum because they saw the auction on TV, even if the car in question is worth very little.^{[citation needed]}

The 2006 auction broke many records and set many new precedents for Barrett-Jackson's future, seeing more than 225,000 spectators. This recent event was viewed on the Speed Channel for 33 hours. There were more than 4,500 registered bidders, coming from all fifty states and fourteen countries.

The Saturday auction is commonly known as 'Shatterday', referring to the frequent record breaking sales happened during that day.

Prices for collector cars ranged from about $10,000 to well into the millions:

$5,000,000 for a one-of-a-kind 1966 Shelby Cobra 427 S/C "Supersnake" which was Carroll Shelby's personal vehicle. It was the first car to break the $5 million mark. 2007 auction.
$4,000,000 for the top-selling car of the 2006 auction, the 1950 Futurliner "Parade of Progress" tour bus
$3,000,000 for the top-selling car of the 2005 auction, the 1954 Oldsmobile F-88 concept car
$2,800,000 for the 1954 Pontiac Bonneville Special concept car
$2,000,000 for a rare 1970 Plymouth Hemi Cuda convertible
$2,000,000 for the top-selling car of the 1990 auction, the 1932 HIspano-Suiza J12 Binder
$2,000,000 for the top-selling car of the 1990 auction, the 1938 Bugatti Type 57S Atalante
$1,242,000 for a 1970 Chevrolet Chevelle LS6 convertible that was a famous drag racer of that era
$1,100,000 for a rare 1957 Jaguar XKSS roadster
$1,000,000 for a 1952 Chrysler D'Elegance concept car
$1,000,000 for a 1953 Chevrolet Corvette that is the earliest Vette in existence.
$1,000,000 for a 1954 Dodge Firearrow II convertible concept car
$1,000,000 for a 1954 Dodge Firearrow IV convertible concept car
$1,000,000 for a 1993 Hummer H1 used by CNN in War in Iraq. Bid amount was donated to Fisher House and an added $250,000 in another bidder's money. Called "Warrior One" which appeared on the popular show Overhaulin'. 2007 auction.

The auction had over $100 million in sales.

Many celebrities attended the event, putting their own possessions up for auction. They included Sammy Hagar, Michael Anthony, Billy Corgan of the former Smashing Pumpkins, legendary baseball player Reggie Jackson, Randy Johnson, DMX, Carroll Shelby, Bill Goldberg.

Commissions

Organizer charges premium over final bidding cost from successful bidder and consigner for any item.

Year	On-site Buyer	Absentee Buyer	On-site Automobilia Buyer	Absentee Automobilia Buyer
-2006	8%	?%	?%	?%
2007-	10%	12%	15%	17%

Year	Consigner
-2007	8%

TV coverage

Speedvision has started live broadcasting the auction since 1997, produced by Lingner Group Productions, Inc. In addition, there are other derivative programmes based on the auction.

Barrett-Jackson Car Search (2004): A contest between teams to find old cars, restore them, then sell the cars in Barrett-Jackson auctions.
Barrett-Jackson – Life on the Block (2005-): A show produced at the time of the auctions, covering people involved in the auctions.
Barrett-Jackson ON THE ROAD (2006-): Craig Jackson and SPEED Channel staff introducing collector vehicles in automobile shows. Craig Jackson also appraises vehicles on stage.

During auction broadcast, SPEED Channel also offers Hagerty Fantasy Bid, a game which involves viewers closely matching the price of the upcoming fantasy car without going over, before the actual bidding of the car. Tie breakers are determined by the the time of the bids. Points and prizes are awarded to individual car winners, daily winner, and auction winner.

Barrett-Jackson Auction records

Scottsdale, Arizona

Year	Item	Cost (in US dollars, before buyer premium)
2005	1954 Oldsmobile F-88 General Motors concept car	$3,000,000
2006	1950 General Motors Futurliner "Parade of Progress" tour bus	$4,000,000
2007	1966 Shelby Cobra 427 "Super Snake" owned by Carroll Shelby	$5,000,000

Palm Beach, Florida

Year	Item	Cost (in US dollars, before buyer premium)
2005	1953 Buick Roadmaster 4 door sedan owned by Howard Hughes	$1,500,000
2006	1947 Bentley Mark VI coachworks by Franay	$1,600,000
2007	2007 Foose custom coupe built to buyer's specification	$300,000

References

^ azcentral.com