Concept cars move to the forefront of collectables

Collecting rare automobiles has long been one of the more rewarding forms of investment as it has the added bonus of owning and driving a fine automobile while your asset appreciates. As the successful baby boomer generation begins to retire and cash in decades of endeavour, this appreciation of fine automobilia and the wonderful camaraderie which surrounds the collector scene is driving prices ever higher … and with it, a new star has emerged among automotive collectables - the concept car. Concept vehicles are vehicles with an instant and easily verifiable history – in the same way that cars owned by celebrities fetch a higher price, the concept car is usually created as a one-off, by a team of experts as a showcase of future technology (the first car with … electric windows, fuel injection, ad infinitum) and hence it has its own celebrity status, having been the focal point of massive media promotion at a major public event. Last week’s Barrett-Jackson Auction was a prime example – it attracted record attendance, broke numerous world records, had total sales of more than US$100 million and saw US $4,320,000 paid for a General Motors Futureliner concept bus, US$3,024,000 for a 1954 Pontiac Bonneville Special concept car and US$648,000 for Shelby Cobra GT500 Concept car just nine months old.

"Sales of collector vehicles rose this year by about the same as our total sales just two years ago," said Craig Jackson, president of the Barrett-Jackson Collector Car Auction. “Americans love the auction because instead of watching others play on the field at a sporting event, they can actually be part of the action. Car collecting is becoming a great American pastime."

Six vehicles reached or exceeded the million dollar mark, including bidder's fees. Those vehicles include a pristine 1970 HEMI 'Cuda convertible, selling for US$2,160,000, the oldest existing Corvette at US$1,080,000, a 1952 Chrysler D'Elegance for US$1,188,000, and a 1970 Chevrolet Chevelle SS at US$1,242,000.

In addition, an unrivaled selection of HEMI-powered automobiles, street rods, muscle cars, classic and European sports cars were sold on the auction block as celebrities such as Carroll Shelby, Edsel Ford, Sammy Hagar, Bob Seger, Michael Anthony, Alice Cooper, Billy Gibbons, Bill Goldberg, Ian Ziering, Louis Gonzalez, Randy Johnson and Chip Foose watched.

The auction was a lifestyle event, featuring fashion shows and a pavilion where patrons were pampered with spa treatments, shopped for high-end jewelry and clothing and had access to some of Arizona's most prestigious resort communities. Two evening galas were held during the week; one for bidders and VIPs and one benefiting Childhelp USA, the auction's charitable beneficiary. Early estimates indicate that over US$2 million was raised for the charity.

Throughout the auction, crowds watched bidders battle for an unparalleled selection of collectible cars. "Top quality vehicles fetched top prices in nearly all categories," noted Jackson. "For instance, the Futurliner earned the highest sale price of any American car at a Barrett-Jackson Auction Co. event and the highest sale price of a GM vehicle of this size. From Amphicars to Shelbys, we shattered a host of world record prices that reflect the value of these important pieces of history."

“Concept cars have been hot commodities at our automotive lifestyle events,” said Craig Jackson, president and CEO of the Barrett-Jackson Auction Company. “The record setting sale of the Harley Earl-designed Oldsmobile F-88 convertible last year was the first indication that concept cars have become among the most desired vehicles in the world.”

The 1950 General Motors Futureliner Parade of Progress Tour Bus, designed by Harley Earl, sold for a world-record US$4,320,000, including bidder's fees, to a private collector.

With thousands of excited fans filling the nine-story auction tent with booming cheers, two bidders remained neck and neck through the final gavel of the Futurliner bus. After a miscommunication during the bidding process, the high bidder deferred the sale to his opponent, who had purchased the Bonneville Special mere minutes before.

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