By BS Brash
Below, don’t look yet, but you will find the entry & sales fees from what is arguably the biggest and best classic car auction in the world, The Barrett-Jackson! Although B-J has more than one auction a year, but I am only talking about the Annual Barrett-Jackson Collector Car Auction held in Scottsdale, Arizona every January, this auction is the 36th Anniversary and will be held January 13th – 21st, 2007.
Then there’s the Sales Fee, let’s say you own a pristine 1959 Knucklebuster Convertible, which you value at $90,000. In order to sell it at the best time, which is Saturday Jan 20, 2006 between 10:00a & 5:00p, the cost of your entry is $1200, maybe more. B-J is either not posting the prices anymore or are hiding the costs on their website. A Reserve doesn’t seem to be available to the public any more, so we will say that a friend of mine who should know says the listing fee is $1200 at no reserve (these are 2006 costs, expect them to go up annually!).
AND if your Classic sells in the $70k to $90k range, your sales fee will be, at 8%, or $5.6k to $7.2k! Woooee!
One other little fee that will be of no concern to you, but may still effect the sale is the Buyer’s Fee of 8% or $5.6k to $7.2k, just a little side note, the Buyer also has to pay a $500 (up $200 from 2004) Registration Fee just to bid! (Just to be a spectator is $1600 for the week if you buy our ticket at the door and you can’t bid!!)
Plus the buyer will also have transportation fees to and from the auction, hotel bill, food and other misc. expenses too, noe of which is cheap (I would like to mention here that nothing about this transaction will be cheap for anybody, buyer, seller or visitor!), not to mention the cost of transporting the car home to his garage. I don’t know about you, but I am afraid these fees would defininatly color my bid on any classic car! So how much would the total costs be if your Classic sells? Conservatively $8k to$16k depending on how high maintenance you and your sweetie are. How much would the B-J possibly make on your Classic? Conservatively $12,000 - $14,000 and they don’t even own it! Man am I in the wrong business!!As of today (12/6/6), the B-J has 1240+ cars listed (and my sources now say that B-J considers the 2007 auction full and is inviting anyone else to the Palm Beach event on March 28th – April 1st, 2007. The B-J runs pretty high in sales percentages and not all cars are just $50,000 cars, so I will leave it to someone who has the time to figure how big the B-J 2006 take will be. But I think I can say that it will definitely be an interesting figure!