Like a fine cream the Palm Springs Exotic Car has risen to the top of the list of annual exotic car auctions held across the country.
The auction features classic and "one of a kind" cars, which today have emerged as one of the most popular investments rivaling investments in gold and art. The most recent Palm Springs event was held this past March in sunny Palm Springs, California the so - called "Playground of the Stars." Beginning with an early Friday night reception celebrated with Mumms Champagne for sellers and VIP bidders alike, what followed over the course of the next three days was a one of kind event for a life - long classic car enthusiast like myself.
In recent years collector cars have emerged in investment portfolios and investment funds focused exclusively on classic automobiles. Cars with an underlying intrinsic value are "packaged" the way other securities are. Investors in the funds will not be able to use or even drive the cars but can view and "stroke" the investments at featured events around the world. Two of today's hottest and priciest examples are the Aston Martin DB4GT from the 60's and the Ferrari GTO. Selling prices can reach the millions. A GTO, one of only 36 ever made recently sold for 26 million dollars.
This year's Palm Springs event was one to remember for the sheer number of cars and bidders attending. Like owners who are cashing in their gold, exotic car owners have opened up their garages in these difficult economic times resulting in some absolutely amazing deals. One of the not to be believed steals of the show was a 1972 Thunderbird, which sold for only $1,260. Granted it need work, but the body was in good shape and the part alone had to be worth five that amount. In contrast a 1952 Schwinn bicycle went for over $3,000.
Sold at the auction was everything from Rolls Royce and Bentley to vintage muscle cars, roadsters, motorcycles and other classics. One of the most interesting cars offered at this March's event was a 1976 Batmobile that was used in the television series starring Adam West.
The featured vehicle, however, was not the Batmobile but a 1966 Rolls Royce owned by singer/songwriter Trini Lopez and nearly identical, save for the color, to the one used in the award winning film "Blow Up" starring David Hemmings and Vanessa Redgrave. The bidding for Trini's car goat as high as $125,000.00, but Trini, who is a Palm Springs resident and who was also on hand for the event, had a reserve that was somewhat higher. So he'll have to wait until next auction to see if there is a bidder out there who will pay Trini's price, which I'm told was $200,000.00 The highest priced sale at this year was $131,250 which was for a Shelby GT500 KR from 1968.
In selling of car at auctions like these the documentation of the auto's history and maintenance is important. A fully restored 1957 Buick, with papers authenticating restoration expenses went for $76,650.
According to the founder Keith McCormick whose son Jason is now one of the driving forces behind the success of the event, this years event was the most successful ever. Keith and his son have now hosted over fifty auctions in twenty-five years in the Palm Springs area dating back to 1985, the inaugural event. Keith a successful entrepreneur in the British Isles yearned for the beauty of the desert and came to Palm Springs in 1981.
Today the Palm Springs Exotic Car Auction is recognized as one of the leading shows of its kind in the world.
The auction features classic and "one of a kind" cars, which today have emerged as one of the most popular investments rivaling investments in gold and art. The most recent Palm Springs event was held this past March in sunny Palm Springs, California the so - called "Playground of the Stars." Beginning with an early Friday night reception celebrated with Mumms Champagne for sellers and VIP bidders alike, what followed over the course of the next three days was a one of kind event for a life - long classic car enthusiast like myself.
In recent years collector cars have emerged in investment portfolios and investment funds focused exclusively on classic automobiles. Cars with an underlying intrinsic value are "packaged" the way other securities are. Investors in the funds will not be able to use or even drive the cars but can view and "stroke" the investments at featured events around the world. Two of today's hottest and priciest examples are the Aston Martin DB4GT from the 60's and the Ferrari GTO. Selling prices can reach the millions. A GTO, one of only 36 ever made recently sold for 26 million dollars.
This year's Palm Springs event was one to remember for the sheer number of cars and bidders attending. Like owners who are cashing in their gold, exotic car owners have opened up their garages in these difficult economic times resulting in some absolutely amazing deals. One of the not to be believed steals of the show was a 1972 Thunderbird, which sold for only $1,260. Granted it need work, but the body was in good shape and the part alone had to be worth five that amount. In contrast a 1952 Schwinn bicycle went for over $3,000.
Sold at the auction was everything from Rolls Royce and Bentley to vintage muscle cars, roadsters, motorcycles and other classics. One of the most interesting cars offered at this March's event was a 1976 Batmobile that was used in the television series starring Adam West.
The featured vehicle, however, was not the Batmobile but a 1966 Rolls Royce owned by singer/songwriter Trini Lopez and nearly identical, save for the color, to the one used in the award winning film "Blow Up" starring David Hemmings and Vanessa Redgrave. The bidding for Trini's car goat as high as $125,000.00, but Trini, who is a Palm Springs resident and who was also on hand for the event, had a reserve that was somewhat higher. So he'll have to wait until next auction to see if there is a bidder out there who will pay Trini's price, which I'm told was $200,000.00 The highest priced sale at this year was $131,250 which was for a Shelby GT500 KR from 1968.
In selling of car at auctions like these the documentation of the auto's history and maintenance is important. A fully restored 1957 Buick, with papers authenticating restoration expenses went for $76,650.
According to the founder Keith McCormick whose son Jason is now one of the driving forces behind the success of the event, this years event was the most successful ever. Keith and his son have now hosted over fifty auctions in twenty-five years in the Palm Springs area dating back to 1985, the inaugural event. Keith a successful entrepreneur in the British Isles yearned for the beauty of the desert and came to Palm Springs in 1981.
Today the Palm Springs Exotic Car Auction is recognized as one of the leading shows of its kind in the world.
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