Just saw Shelby GT Serial #1, along with the rights to purchase Shelby Gt Serial #2 for MSRP, sell for $600,000 at Barrett Jackson. Also, Carrol Shelby's own Supercharged 427 Shelby Cobra (only one in existence) sold for a record $5,000,000.

 

The Shelby GT with serial number "1" went to Shelby's charity for kids. That was a very generous bid for such a good cause,and a tax write off.
I can understand your point of view about rediculous bidding but having that type of bank certainly gives some of the charities some awesome benifits. A million for the CNN Hummer also went to a military family fund.Lord knows the military folks deserve it.
Saturday bidding is well known for the "****ing contest" some of the buyers get into but the sellers gotta love people with the happy money they bring to that auction.

 

And they were both bought by the same person who also bought the first GT500 and the lowest serialized public Ford GT; Ron Pratt. He seems to be buying almost all of he truely rare cars for his museum.

 

Been watching it almost all day. I can't believe what some of these are going for. It's fun to watch other people spend their money.

If the Shelby-GT money went to charity, then I can't complain about that price though.

But the George Harrison 12-string should have garnered more money, IMO

 

 

Yep, I would say a lot of money was raised for the Shelby childrens foundation tonight!, 600k for the GT, 5mil for the cobra, plus the losing bidder kicked in a check for 250k...5,850,000 for a worthy cause raised with-in 15 minutes!

the only beef I have is with the timing of the cars hitting the block, it was so frustrating to see them go to commercial just as the Shelbys are going up the ramp...grrr!, with the glut of GM vehicles ya think they would let the few GT500 and GT350's have an on camera chance!, especially since the 07 GT500 is a prime sponser this year!!

ok, I'm done beechin'...next year I might just go down there

 

I just spent two days at Barrett-Jackson, my first trip there, and would highly recommend it. It's one of the coolest events I've been to. You could spend all day viewing the cars without even going inside to watch the auction.

Only in American can they make a spectator sport out of a used car sale.

And yes, the prices seem insane. On Thursday, I saw a red 69 Mustang GT and noticed rust bubbling up on the C-pillar, plus more around the back glass at the trunk. The next day, it got around $70 grand.

 

IIRC there would be no tax benefit, the bidder got car #1 for their money.

 

NO...If you heard the auctioneer, you write the check to the Carroll Shelby Childrens Foundation directly. You don't write the check to Barrett Jackson, or to Ford.

 

Not all the cars bring what was expected. The "last" 67 corvette was supposed to fetch over a million.

It "only" went for 600K without much fanfare to I believe Pratt. That is not alot compared to other serial number 1 or last cars.

Seems like for all the hype, it did not pull money people expected it too.

No matter how you look at it. Any day of the week you can get a nice 67 big block vette for 100-125K. There are alot out there in perfect top flight shape.

Maybe people are not as stupid as I think.

 

And his museum is PRIVATE. I wonder what he does privately while viewing his private museum.

 

Wait till you see the prices of Shelby stuff next year, old Carroll looks like he has one foot in the grave.
And the CNN Hummer's engine caught fire after the auction, they put it out though.

 

Even if he writes the check to the CSCF, the IRS could argue that the bidder got a car with a $600,000 value in return. You don't get to deduct it, if you get something of equal value in return.

Is Shelby GT #1 worth only MSRP or is it's value $600,000?

I would argue that's what the public auction just determined.

 

True enough.

Of course, they'll be no living with the stealerships now though.

 

Whats to argue about...Shelby's kid charity still gets the money and the buyer prolly will pay taxes on the sticker price plus he gets #2 Shelby GT at sticker price from Ford. I've paid taxes on lottery winnings ,casino jackpots and we won a new house.We only paid the prize tax which was the percentage of the prize..around 33%.
Today another 200K was raised for Darrel Gwenns charity for paralyses.Car guys came out and donated generously which awesome.

 

Its become a ahem, measuring contest for people with too much money. Now that it's on TV it also motivates the $$ too to show off even more. Last year two identical #1 perfect 57 Roadmasters were up for auction. The really nice red one sold on Friday morning for $115K(right on the value mark for the car). The white one sold on Saturday night(on TV) for $380K. So $265,000 just to show off...I'm sure the guy who picked up the one on Friday was laughin his ... off.

It always makes me laugh to read the Hemming's auction reviews after the BJ auction as they profess how rediculous the prices are that some cars go for and some of the possible 'reasons' for the bids

 

You mean ridiculous, right?

 

HAHA... you know I had to explain to my dad why I was getting madder and madder as the price went up and all about ADM's and that this was a blank check for them at the stealers.

 

at 80 wpm while working I don't have too much time to spellcheck

 

You can only rip yourself off buying a car as you sign off on everything involved. If its too expensive for you, well being bitter isn't going to get you any closer to having it. How come every time I read your posts I get the feeling you've never owned a car?