With the world's wealthy looking for investment opportunities, the large auto auction houses have turned their sales into ready-for-TV entertainment, and the environment only adds to the spectacle of high-end transactions. It wasn't just sports cars that turned heads; one of the most talked-about cars of the weekend was Gooding's offer of a 1915 Creators Model C Popcorn Wagon, the kind that used to park outside movie theatres before operators realized the money-making potential of a concession stand. As one of only three such surviving models, Gooding had set the pre-auction estimate between $200,000 and $275,000. Final price: $374,000.
Collector cars have gone through bubbles before, most recently in 2008-09, when prices for American muscle cars went ballistic before falling back, and the run-up in recent years has raised similar concerns. But as the experts who joined us for the Yahoo! Autos live show at Pebble Beach on Sunday explain, $300 million of classic cars selling in a single weekend may be the new normal.
- Pebble Beach
- classic cars
- American muscle cars