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Why was the small block Cobra at Gooding Scottsdale sale worth $687500

Discussion in 'Shelby Cobra' started by bitzman, Jan 23, 2012.

  1. bitzman

    bitzman Well-Known Member

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    I don;t get it. It was clean but not perfect. No racing record.
    No famous owner.
    The only thing I can see is that the same family owned it for 45 plus years, that means you can assume it wasn't molested, customized, repainted,
    yadda yadda, but that's more than some Comp 427 roadsters have gone for.
    The fact that it was in the New York Auto Show doesn't impress me as much as if it were the yellow Cobra shown there earier--the one that started the whole ball rolling.
    I attribute the high price to Gooding picking the right mix of cars, having a small intimate event without the glitz of the Barrett-Jackson. If it were a documented racing 289 with , say, LeMans in its racing pedigree, I'd think it would go for $1 million or more. I haven't checked the other auction companies but I'd say that seller chose the right day, right auction company, etc. PS there was a AC Bristol in the sale for roughly half the price, similar looks but I guess the Cobra runs circles around it...
     
  2. vernonestes

    vernonestes Well-Known Member

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    The car went for 625 which, while a good amount of money, is not out of the ordinary for unmolested 289 slabs, especially cars with some sort of factory history, like the NYC show car we are talking about. I havent heard of a 427 Comp Cobra selling for under 1m in years...except for 3020 at mecum a while back for 900 but that was a car which has had alot of damage history over its years.

    The car at gooding seems to be right at market for good slab cobras.

    Vern
     
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  3. mrmustang

    mrmustang Well-Known Member

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    Long time unmolested ownership, that and a unique enough color combination is what drive the price up. You really should spend some time at an actual auction instead of watching it online or living it through posts on an online forum such as this as there is nothing like the atmosphere of a live auction, nothing.
     
  4. vernonestes

    vernonestes Well-Known Member

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    Just to be clear guys, my observations above are based on what the car was REPRESENTED AS..i wasnt there and I didnt have eyes on the ground...but judging by 2 emails ive already gotten today about the car, it had alot of issues under the surface.

    Best,
    Vern
     
  5. roddster

    roddster Well-Known Member

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    'Cause somebody who had the money wanted it.
     
  6. bitzman

    bitzman Well-Known Member

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    I was at the Gooding--I went there and the RM and the Barrett

    and the 289 needed upholstery. The engine compartment wasn't spic 'n span.
    I missed the breakfast so I was grumpy. I think Gooding's through-sale rate of 98% or so is due to careful promotion, advertising and selecting enough of just the right cars to draw a small but monied crowd. The Barrett Jackson by contrast is more of a circus side show with an auction attached, with many marginal cars.

    I got a laugh out of the fact that at the Gooding only one guy out of 200 or so in attendance when I was there had even a clue on his clothing what brand cars he liked--a Facel Vega hat. I guess the high rollers don't go in for all that badges, crests, embroidery, whatnot. The 1% are going undercover.
     
  7. robbob36

    robbob36 Member

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    Does anybody else get the feeling that original 65 to70 Shelby Mustangs and the Cobras are starting to go up in price a little. I am a 69 Guy and seems like there are less of them up for sale each month. Or is this just wishful thinking. Rob
     
  8. mrmustang

    mrmustang Well-Known Member

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    Also a 69 GT500 owner, what you are viewing is the typical cyclical movement of these cars. Is pricing going up, while I'd like to say yes, the answer is really no. Prices have been stagnant on the 69/70's for quite some time.


    Bill S.
     

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