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US car auction brings in big bucks

Three cars sold for more than US$1 million each at the premier US car auctions, with a one-of-a-kind 1963 Chevrolet Corvette from Italy's Pininfarina pulling in US$1.6 million, the auctioneer said on Sunday.

The week-long annual Barrett-Jackson sale of collector cars in Scottsdale, Arizona also saw buyers put out US$1 million for a brand new 2009 Corvette ZR-1 -- the first to hit the market -- before the 10 percent to 12 percent commission charged by the auctioneer.

And another US$1 million was bid for one of the sale's oldest cars, a 1928 Duesenberg dual cowl Phaeton, a favorite of Hollywood stars of the time.

Legendary race car builder Carroll Shelby, 85, was on hand at the sale to see his own personal 1969 GT500 Ford Mustang bring in US$675,000, three times the estimate.

A second GT500 once owned by Shelby's son earned US$330,000 -- a handsome gain for the seller who paid US$24,000 for it in 1991.

They were among some 1,100 collectible cars up for sale this year at Barrett-Jackson's 37-year-old sale. The week-long auction closed on Sunday.

Highlights also included the 1966 Ford Thunderbird used in the iconic film Thelma and Louise. That earned US$65,000, 50 percent above the estimate, but far behind another well known Hollywood car, the 1969 Dodge Charger "General Lee" from Dukes of Hazzard, which sold for US$450,000.

Sales generally appeared weaker this year than last, though final figures were not due to be known until yesterday. Last year, 16 cars topped the US$500,000 mark, while this year only 11 reached that figure.

Industry figures had earlier described the market as soft in the face of a sharp US economic slowdown, especially for muscle cars popular with US collectors, but had expressed hopes that buyers from abroad, especially Russians and Middle Easterners, would drive the action.

"The Russians are becoming real players. A lot of bling, they love Mercedes and Corvettes," said Mark Hyman of Hyman Ltd Classic Cars.

"The market for the quality, the best cars, is strong," said Tom duPont, who publishes the duPont Registry, which specializes in fine cars.

"There's a limited number of supplies, a fairly significant number of bidders or buyers, and on top of that you have the impact of the imbalance of the US currency, which is making these cars very attractive to European and Middle Eastern buyers," he said.

"Particularly when it comes to high performance European supercars, and classics," du Pont said.
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