Nobody Sells More Collector Cars. Nobody. The Mecum Auction Company is the world leader of collector car, vintage and antique motorcycle, and Road Art sales, hosting auctions throughout the United States. *Mecum Auto Auctions*, the company has been specializing in the sale of collector cars for 28 years, now offering more than 15,000 vehicles per year and averaging more than one auction each month. Established by President Dana Mecum in 1988, Mecum Auctions remains a family-run company headquartered in Walworth, Wis
Runtime: 240 minutes
Mecum Auto Auctions - List of most expensive cars sold at auction - Netflix
This is a list of the most expensive cars sold in auto auctions through the traditional bidding process, that of those that attracted headline grabbing publicity, mainly for the high price their new owners have paid. A 1962 Ferrari 250 GTO serial number 3851GT sold at Bonham's Quail Auction on August 14, 2014 for US $38 million (including buyers premium), breaking the record previously held by a 1954 Mercedes-Benz W196R race car, sold for a record $31 million at an auction in England on July 12, 2013. While collectible cars have been sold privately for more, this is the highest price ever paid for a car at a public auction. The 1904 Rolls-Royce 10 hp Two-Seater is currently listed on the Guinness World Records as the most expensive veteran car to be sold, at the price of US$7,254,290 (equivalent to $8,562,000 in 2017), on a Bonhams auction held at Olympia in London on December 3, 2007. This list only consists of those that have been sold for at least $4 million in auction sales during a traditional bidding process, inclusive of the mandatory buyers premium and does not include private, unsuccessful (failing to reach its reserve price, incomplete) and out of auction sales.
Mecum Auto Auctions - World economy affecting car values - Netflix
Aside those mentioned above, the world economy is the other main factor to the value of collectible cars as classic cars are frequently regarded as an alternative investment. The market began in the 1970s when used Ferraris were exported to Italian exotic car dealers in the United States who were willing to buy every vehicle which they were offered. During the 1973 oil crisis (when prices of exotic cars plummeted rapidly), almost new and top-of-range models frequented in used car lots, a Lamborghini Miura could be bought for $15,000 at the time. A 1960 Ferrari 250 GT SWB California Spider that went on to sell for $4,950,000 in 2009 was offered for sale in the June 1964 issue of Road & Track for US$10,500 (equivalent to $83,000 in 2017), in the April 1976 issue of Hemmings Motor News, the same car was offered at US$16,750 (equivalent to $72,000 in 2017). After a period of ups and downs in the 1970s and early 1980s, interest rates eased, meaning highly desirable exotic cars whose decals once frequented bedroom walls of collectible car fans suddenly became affordable. During the 1980s boom, investors frequented auctions, causing prices to skyrocket. When cars were sold, they were commonly shifted to storage for investors intending to eventually profit on their accrued collectors value. The high prices drove enthusiasts away from the market, and cars passed from investor to investor with little or no profit gained. The 1980s boom was followed by 1990s bust, and the values of classic cars plummeted, causing most owners to lose considerable portions of their investment portfolio values. According to the November 1997 issue of Car Magazine, the Ferrari F40 was credited for sparking the price speculation craze. During the height of the Japanese asset price bubble in the late 1980s, when the yen had strengthened from an exchange rate of about 300 yen per one U.S. dollar in 1985 to about 150 yen per U.S. dollar in 1989, wealthy Japanese buyers began to buy classic cars for effectively half the previous cost in yen. One example of this occurred in 1989, a Ferrari 250 GTO (3909GT) was privately sold to Takeo Kato for $13,837,500. When the bubble burst, it was resold to Talacrest, an Egham (in Surrey) based Ferrari dealer for $2.7m in 1994, and was eventually sold again to David Morrison (a London-based American) for an estimated $3.5 million. It was most recently passed on in 2001 to John Mozart, via private sale in exchange for a Ferrari 250 TR, who acquired it for an estimated price of $7,000,000. Although in general, prices of collectible cars have slightly recessed as a result of the recent recession, prices for most high-end collector cars have held their value or continued to rise. Since the 1990s recession, values of the most desirable cars have risen by at least 200%. This changing trend in value fluctuation can be attributed to most investors thoroughly researching the cars they are interested prior to purchase, in contrast to the short-sighted, spontaneous purchases which destabilized the collectible car market during the 1980s. Between 2005 and 2010, the value of vintage cars have increased by an average of 21%, according to Dietrich Hatlapa of the HAGI Index (Historic Automobile Group International). One of the largest challenges faced by those who invest in collectible cars is the risk of immediate devaluation following an automobile accident which causes physical damage to the vehicle. The most expensive car crash in recorded motoring history was caused by Christopher Cox, who crashed while driving his Ferrari 250 GTO and completely destroyed its front end. The car itself has an estimated value of approximately $30 million (USD) prior to the incident.
Mecum Auto Auctions - References - Netflix