Carnies and Hucksters

Longtime Reader GT3ted sent me an email of the latest Sotheby’s auction catalog — the topic of this coming Saturday’s post, by the way — and when I commented that the prices seemed unusually-astronomical, even by Sotheby’s standards, he replied:

Yes, I thought the suggested bid ranges were high as well, But remember these are the the typical auction company’s “Projected” bid ranges which are often optimistic. And Sotheby’s does seem to have a better-than-usual lineup this year. The whole point of the catalog is to bring in as many Big Dollar buyers as possible since they need multiple buyers to run up the prices. Or at least the appearance of multiple bidders.

The Winter Arizona / Scottsdale Hype is strong thanks to “Bidenomics” / a soaring stock market and nervous investors looking for a place to park some equity before the possible collapse of the more traditional equities market place.

The world of high-end auctions is still just smoke and mirrors run by used car salesmen and ex-carnies all looking for the next greater fool, just at a much higher level.

It’s a very cogent statement.  But even among them what has more money than common sense, this (for example) seems egregiously overpriced:

Now let it be known that I loves me some 70s-era Bronco, but I would humbly suggest that even a handbuilt-from-the-ground-up item such as this isn’t worth anything like two hundred big ones.

It’s not an original — it’s a Kincer creation — and there’s another outfit that handmakes “classic” Toyota FJ45s, at similar nosebleed prices, and still another that does likewise with 1970s-era Mercedes G-wagens.  While I understand that hand-built cars involve an astonishing amount of labor — in some cases, hundreds of hours — I would suggest that it’s a fool’s gambit to try to recoup (and even profit from) the job.  As any amateur restorer will tell you, one never recoups the cost of restoration, and I just can’t see that restoring old cars as a production enterprise makes it worth the work and expense…

…unless, of course, the target market is not the brand’s loyal devotees but (as Ted puts it) Big-Dollar Buyers (“whales”, as the casino industry derisively calls them), for whom the car is not an object of desire but an investment.

And all investments, as any fule kno, carry risk.

Caveat emptor imprudens.

All that said, there are some juicy cars indeed in the Sotheby’s catalogue, but you’ll have to wait until Saturday to see them.  Just ignore the prices, and drool.