Temptation at the block

Mustangs, Camaros, Corvette, El Caminos, rods, resto mods and wagons: Barrett-Jackson’s latest collector-car auction will sell at no reserve about 700 cars during three days.

It’s impressive, well organised but not rushed, although the pace sees a car sold like clockwork about every three minutes. I’m standing shoulder to shoulder with real buyers with real dollars, pounds sterling, euros and krona.

Barrett-Jackson host a few classic car auctions each year, and we’re here at Reno, Nevada, an event joined at the hip with Hot August Nights to transform Reno into the world’s epicentre for horsepower and several thousand classic cars that beat to the exhaust note of high-lift cams and doo-wop bands.

Dan, a Canadian, has nine cars on his mirror list. Dan works in the oil fields of northern Canada and can afford his sheikh-like spending habits. He’s after late-60s muscle cars with no obvious badge loyalty -- Camaros, Mustangs or maybe a Challenger if the prices are right, and they are.

“I come down here to buy cars because if you look at them, especially underneath, they are all in excellent condition. No rust,” says Dan.

Lot 50.1 – a light metallic blue 1966 Mustang coupe with a landau top and pony car interior -- rolls on stage Thursday afternoon. A 289 with Edelbrock alloy heads and intake is on Dan’s list. It’s a beautiful, straight Mustang and the hammer falls at $15,000. Dan didn’t buy, didn’t even bid, and it seems by the WTF expressions on faces that everyone is surprised at the final price. Even when the buyer’s premium of 10 per cent is added in, at $16,500 ($A17,655) it’s a great buy.

Lot 51 – a 2005 Dodge Ram SRT-10 with a four-speed automatic and four doors is a unique limited-edition muscle truck that packs a Viper 8.4-litre 373kW V10. In 20 years it will be highly desired by collectors but today the bidding hovers in the late teens.

Steve Davis, Barrett-Jackson president, understates its performance perfectly: “Who needs a good pick-up for their daughter?” Not mentioning 0-100km/h in about 5.2 seconds. It sells for $16,500 ($A17,655).

Clearly the strategy is to be ready to buy early, and Lot 55 proves the theory. A low-mile 2002 Porsche 996 convertible including hard-top sells for $20,500 ($A21,935). Tempting but also risky. Rear-engine Porsches aren’t particularly expensive in the States and this one is a bargain.

For the Aussie buyer interested in late-model cars, you’d be wise to check LHD to RHD conversion costs, import duties and GST. Do some homework and be prepared before boarding the bus for Reno.

If you intend to bid, Barrett-Jackson requires some paperwork in hand – specifically a Bank Letter of Guarantee and proof of identity. Don’t bother with a credit card -- not even an American Express Centurion Card is accepted.

If you buy, congratulations. But according to Kieran Stoneham, based in Menai, NSW, who’s been importing cars from Nevada and California to Australia for 12 years, there are a few issues you need to be aware of.

LHD cars can be registered in Australia; however, they must be more than 30 years old in New South Wales, Queensland and Victoria. Western Australia, South Australia and the Territory mandate 25 years.

This explains why most Australians are importing early Camaros, Mustangs and pick-ups. He also suggests not buying a car that’s been heavily modified. It just keeps everything much easier, and of course, don’t buy anything without a clear title and make sure it is driveable.

Stoneham strongly suggests you work closely with an experienced importer who will file for import approval and can assist with compliance, road worthy certificate and registration.

Shipping, GST (10 per cent) and import duty (five per cent) are the main charges, and Stoneham advises as a cost guide that a car purchased in the US for $13,000 will owe you $21,000 once registered and on road in New South Wales.

Take advantage while you’re in the US and work the phone buying any parts needed for your recent purchase. Most of the larger parts and speed equipment shops offer free daily shipping to a US address. Once in hand, pack the parts with the car and send it all together. And keep your receipts.

There are several auction companies in the States specialising in classic and collectible cars, so we’ll explain why we’re focusing on Barrett-Jackson.

Barrett-Jackson provides a target-rich environment for buyers. Unless you’re looking for something very rare or unique, the odds are you’ll find a quality car at Barrett-Jackson with a motivated seller.

With the rare exception Barrett-Jackson puts all cars, trucks, boats, under the hammer at no reserve. No reserve means in real basic terms that if you’re the highest bidder, you’ve bought the car.

“We like the transparency of a no reserve strategy,” explains Craig Jackson, whose father started the business in 1971, and as chairman/CEO he’s grown it into a global brand. “With no reserve it keeps the cars on the money, and we want to run a clean auction that represents real values.”

Thursday is proving to be a buyers’ day. Among a bunch of Chevrolet C10 pick-ups is a well preserved army green 1952 M38-A1 Jeep. Veteran Jeeps have a strong following and hold their value. High bid is $15,000 ($A16,050).

Friday presents an interesting comparison. Lot 450 and Lot 462 are both restored Toyota FJ40 short-wheelbase LandCruisers, and both outprice the Jeep by a wide margin. Lot 462 is an exceptionally well restored, all-factory-steel 1966 FJ40 with three-on-the-tree and factory PTO winch. All gauges, warning lights, and electricals work like day one. It goes for $30,250 ($A32,367). The significance isn’t lost on the crowd.

A third FJ40 sells on Saturday for $27,500 ($A29,425), out pricing a few high-quality first-generation Camaros, Firebirds, Chevelles and Mustangs. Later in the day a fourth FJ40 sells for $38,500 ($A41,195) including buyer’s premium.

Barrett-Jackson Reno differs significantly from the three other Barrett-Jackson auctions in Scottsdale Arizona, Las Vegas Nevada and Palm Beach Florida. You could describe Reno as a blue-collar auction; the cars are mainly US muscle cars with a few extreme hot rods and resto mods. And Reno has pick-ups up its tailpipe. The European exotics don’t cross the block in Reno.

Saturday brings the big bids. A gorgeous resto-mod 1971 Chevrolet C10 toting an LS3 and oil-slick black and silver paint pulls $82,500 ($A88,275). Traditional cars like a near perfect 1957 Chevrolet Bel Air hard-top brings $70K in a quick string of sells.

Of extreme interest is Lot 734, a 1969 Camaro Yenko claiming to be one of 100 COPO Camaros ordered by Don Yenko. A special car made highly desirable by a four-speed manual behind the 427ci big block rated at 336kW. Controversy enters the conversation over the engine described in the paperwork as ‘period correct’.

What does that mean? Is this the engine originally sold with the car? Steve Davis from the auction podium assures bidders that the Camaro is a real Yenko with supporting documentation. Bidding hits $185,000 at hammer. The final transaction price is $203,500 ($A217,745).

No one uses the F word but questions do surround the Camaro’s authenticity. Forgeries are the ugly side of collector cars and a real concern for buyers, and forgers are getting better and better, and building fakes.

“Because of digital publishing, guys are getting very good at generating the paperwork,” says Craig Jackson. “To counter it, we have a team of experts who have the actual factory build sheets and who validate the cars. We do this ahead of time, and we do find a lot of phonies.”

As a second layer of defence, serious buyers and investors also do their own due diligence. Darryl Nance is an expert in Chevrolets and he’s looking closely at a few cars for a serious buyer who’s adding to an already large collection.  “You’ve gotta be very careful these days and look closely,” he says.

There are investors, collectors and genuine enthusiasts all buying for different reasons. But Jackson, who owns an impressive collection of cars, gives a word of advice to buyers. “Buy a car because you love it.”

We ask Craig one final question: is there a possibility you’ll host an auction in Australia, possibly in Sydney or Melbourne?

He answers vaguely: “We do sell a lot of cars for Australians who ship them over, and we do sell a lot of cars to Australians. We’re looking at opportunities in other countries, but I don’t want to say anything right now because it may give an advantage to our competitors.” Take it as a serious maybe.

Image menu
1. Mustang Lot 425 $70,400
2. 1971 Chevy C10 Lot 699 $82,500
3. 1971 Chevy C10 Lot 699
4. Fords of all ages
5. 1955 Cadillac Series 62 Lot 655 $59,400
6. 1962 Chevy Bel Air 409 Bubbletop Lot 736 $55,000
7. 1973 Toyota FJ40 Lot 450 $24,750
8. Toyota LandCruiser Lot 634
9. Studebaker Golden Hawk Packard V8 Lot 359 $30,250
10. Auctioneer Craig Jackson
11 & 12. Camaro Yenko Lot 734
13. 1940 Ford Custom Lot 420 $55,000
14. The trouble with Model A
15. 1955 Chevy 3100 Lot 355 $19,800
16. Getting touched up
17. Ford Mustang Lot 50
18. Fiat Bianchina Lot 381 $49,500
19. 1970 Camaro Lot 407
20. 1964 Corvette Lot 427 $75,900

*prices in US dollars