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Officials are optimistic despitethe economy. “When we did our inaugural event, the Dow was in a downwarde spiral like no one had ever seen said Barrett-Jackson President Steve Davis about the 2009’zs auction’s success. Plus, it was a wild card goingb intoLas Vegas, which had not hostesd any similar events, he said. Some observeres speculated that the 500 Vegas cars wouls cut into the action atthe company’s Scottsdalde and Palm Beach, auctions in early 2009, but that was not the he said. Sales in that three-shoa cycle exceeded every previous years, Davias said.
The economy is impacting everyone, Davis but unlike stocks and 401(k)sx that were shrinking, classic cars representf both a tangible andintangiblwe asset. Buyers got to go home with a classic car fortheir garage, he said. “The intangibld asset is the satisfactionn of owningsomething they’ve alwaya wanted and maybe taking them back to a time when thingas may have been better.” This year’s Vegass auction will run from Oct. 7-10 at and Casino featuring top-line, mid-range and some affordabl vehicles. There also will be Barrett-Jackson slot machinexs offering a chance to win a 2010Chevroler Camaro.
“Adding a fourth day to the auctionn is a testament to the celebration of the the resiliency of the collector car marketf and the quality of bidderxs and consignorswe attract,” said Craig chairman and CEO of Barrett-Jackson. “The city is so and attendance exceeded our expectationelast year. We are incredibly impressed with the crowdrand can’t wait to provid e the most action-packed Las Vegas auctioh yet.” Davis also credits the auctions’ mix of vehicles for driving business along with the lifestyle components with vendors, entertainment and charityg support.
“The experience — especially in hard economic timex — becomes more of a factor,” he The 2008 Las Vegas eveng attracted 1,200 bidders representing all 50 stated as well as Mexicoand Canada. About 650 of the prospective buyerzwere first-time participants. The top sellinfg car was a 1949 MG TC race car that went for TheScottsdale company’s locao auction is on tap for Jan. 18-24 at WestWorld. Its Palm Fla., auction will be April 1-3.
Scottsdale’x auction will be more of the same, Davis said, calling it the company’s “crown
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