Press Release: Barrett-Jackson Shatters Previous Records During 2005 Auction

SCOTTSDALE, Ariz. – January 31, 2005 – Barrett-Jackson Auction Company announces the most successful car auction to date with record-breaking sales in numerous categories, including an all-time winning bid of $3,240,000 including bidder’s fees for a 1954 Oldsmobile F-88 General Motors concept car, during the five-day 34th Annual Barrett-Jackson Classic Car Auction, presented by Dodge-Chrysler-Jeep. The Auction was held from Wednesday, Jan. 26 – Sunday, Jan. 30 at WestWorld in Scottsdale.
The Barrett-Jackson Auction Company reaffirmed the interest in collecting cars with another record-setting year, which garnered an estimated $61,687,526 in sales compared to the $38,520,722 record set at the 2004 auction. A total of 878 cars crossed the auction block during the five-day event; all were all sold at No Reserve.
The 4,286 bidders representing all 50 states and 14 countries registered for a chance to take home a vehicle. These bidders provided $858,711,000 in certified bank letters of guarantee; when accounting for the VIP bidders, the participants had well over $1,000,000,000 in buying power available at the auction.
Despite a few rain showers, attendance at the 2005 event was equally record-setting with an estimated 200,000 people attending, up over the 2004 attendance of approximately 185,000. In addition, SPEED Channel Television Network broadcast an extended 24 hours of live auction coverage.
Other cars headlining the auction include a world-class one-off Street Rod by Boyd Coddington named the “Whatthehaye”, selling for $540,000 including bidder’s fees. Minutes later, a 1936 Chrysler Airflow Custom 2-door Coupe sold for $550,800 including bidder’s fees. In addition, an unrivaled selection of Hemi- powered automobiles, street rods, muscle cars, classic and pedigree European sports cars were sold on the auction block at the 34th annual edition of what is internationally established as the ‘The World’s Greatest Classic Car Auction.’
“The success of this year’s auction sets an on-going trend clearly demonstrating that the Barrett-Jackson Classic Car Auction is the premier event to buy and sell the finest quality cars in the world,” said Craig Jackson, president of the Barrett-Jackson Auto Auction. “We set more world records this year than at any other auction in history.”
Jackson explained that from an investor standpoint, the quality and desirability of the cars is definitive, which confirms the economic viability of collecting. He stated that the success of the Barrett-Jackson Auction is not a surprise; it is a result of a well thought-out strategy beginning with the consignment process. The ability to consign the most desirable and sought-after cars is our industry advantage.
Barrett-Jackson Breaks Previous Records in 2005
The auction is 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 believe more than $2 million was raised for the charity.
“Our event is much more than a car auction; it is a lifestyle event in which the most avid collector and the first-time buyer have the chance to view the most extensive and premium collection of cars in one location, at one time,” added Jackson. “There is an energy and excitement that can’t be matched in inside the bidding tent and throughout the auction grounds. With all the other activities at the auction, there is literally something for everyone.”
Throughout the five-day auction crowds watched as bidders vied for an unparalleled selection of collector cars. “This year’s auction saw top prices paid in nearly all categories of cars,” said Jackson. “We exceeded a number of previously established world record prices,” continued Jackson.
Each year the Barrett-Jackson Auction reaffirms its leadership position in the collector car market by elevating consignment standards, breaking annual records, and serving as the indicator for market trends. A listing of the sales prices can be found on the Barrett-Jackson web site at www.barrett-jackson.com.
For information about the 3rd Annual Barrett-Jackson Classic Car Auction in Palm Beach, Florida scheduled for April 1-3, 2005 at the South Florida Expo Center, visit www.barrett-jackson.com.
CONTACT: Jennifer Ziegler, The Martz Agency (602) 617-1170 jziegler@martzagency.com
Automotive Media: Scott Black, Time Piece PR (214) 520-3430 SBlack@TimepiecePR.com

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