Listening/watching the Barrett-Jackson car auction on Speed. Collector cars, especially Detroit muscle cars from the sixties, have become an even bigger bubble market than real estate over the last several years. Baby boomers with far more money than sense have pushed the price for a lot of 40 year-old muscle cars into new Ferrari territory.
This is only the second day of the auction, (the most-expensive cars won't go on the block until this weekend) but the prices so far are horrible compared to the last two years. Attendance looks to be way down, too.
It's not surprising given the rest of the economy, but how long before the people who paid $200,000 for a '63 Corvette two years ago to ask for their bailout?
Wednesday, January 14, 2009
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