US - 'Auction Fest' in Arizona in January

PRICES SET TO SOFTEN IN US WHERE MARKET FACES OVER-SUPPLY

Following the week long 'Auction Fest' in Arizona in January, when,
despite high winds blowing away one of the Russo & Steel tents
causing damage to some 300 consigned vehicles, more than 1700
collector automobiles changed hands, Muscle Car specialists Mecum
successfully shifted another 703 cars, 71% of their 985-strong
inventory, at the end of the month at Kissimmee.

Whilst their premium-inclusive $26.5m (£16.46m) results in Florida
were headed by a $821,500 (£510,248) 1966 Riva Aquarama Series 2
Prototype Powerboat, the rest of the leader board was occupied by
more modestly priced automotive stock -

1966 Auburn 851 Boat-tail Speedster $398,560 (£247,553)
1957 Pontiac Bonneville Convertible $225,780 (£140,236)
1967 Chevrolet Corvette 427/435 Convertible $190,800 (£118,509)
1957 Pontiac Bonneville Convertible $190,800 (£118,509)
1967 Chevrolet Corvette 427/435 Convertible $190,800 (£118,509)
1971 Dodge Hemi Charger $174,900 (£108,634)
1967 Chevrolet Corvette 427/435 Convertible $148,400 (£92,174)
1971 Plymouth Hemi Cuda Custom 2-Door Hardtop $143,100 (£88,882)
1970 Plymouth Superbird 2-Door hardtop $132,500 (£82,248)

Such valuations, whilst not overly depressed by any means, contrast
hugely with the $7,250,000 (£4.71m) performance of the FIA
Championship winning 1965 Shelby Daytona Cobra Coupe sold by the same
auction firm only a few months ago at Monterey. Indeed, four cars,
including two more Cobra 427 Roadsters and the Chevrolet Corvette
'Gulf One' Race Car, made a $1m plus under the Mecum gavel in 2009.

2010 could turn out to be an entirely different proposition however.
For not only is less cash likely to be splashed about on boys toys
Stateside, but what is likely to be a tightening market will be
expected to absorb a glut of really huge credit crunch casualty and
deceased estate collections facing liquidation. Any sudden
over-supply of collector vehicles could well swamp already fragile
demand and cause the prices of all but the most historically
significant cars to soften.