Re: Meticulous 55 Convertible Resto

Posted by Leeedy On 2023/6/7 10:56:20
Quote:

packardsix1939 wrote:
Seller might still have to come down quite a bit further. A partially completed project is a difficult sell in today's market.

Not sure how much you would have to spend to complete, but this fully restored AACA National Award winning 1956 Caribbean convertible did just sell at Mecum Indy for $154K. So maybe you could buy the '55, finish it and still come out ahead.https://www.mecum.com/lots/553734/1956-packard-caribbean-convertible/

But the $154K does look like it might be an anomaly in light of other recent '55-'56 Carribean auction sales.

This fully restored 1955 brought only $78,100 at RM Sothebys Palm Beach in 2020:https://rmsothebys.com/en/auctions/fl20/palm-beach/lots/r0029-1955-packard-caribbean/841109

This solid black '55, advertised as having only 19K original miles, brought just $56K at RM Sothebys Amelia Island in 2020:https://rmsothebys.com/en/auctions/am20/amelia-island/lots/r0110-1955-packard-caribbean-convertible/851658

And this '56 brought $82K at 2021 Mecum Indy auction:https://www.mecum.com/lots/475689/1956-packard-caribbean-convertible/

Have examples of other recent auction sales, but none close to the $154K for the '56 at Mecum Indy 2023. All were well under $100K. Any thoughts?



Auction companies and cars in auctions... and frankly so-called "meticulous restorations" and "award winning restorations" are usually hyperbole. Often wildly so. Some might buy into this kind of talk as translation of value.

This is particularly true when people judging these things, selling these things and people restoring them have no idea what they are looking at. Some go by "guides" which themselves have errors and omissions.

Case in point.

Look at the first 1956 Caribbean here listed as a "meticulous restoration"...
• The anti-short cover for the regulator is completely missing and wiring to the regulator is rolled like spaghetti.
• Decals on the air cleaner pots are wrong type and wrong color.
• Decal on the oil canister is missing
• There are 2 pressed rings on the lower masts of the rear antennae. These are not Caribbean or V-8 Packard rear masts, but rather transplanted front fender masts. Original Caribbeans and other V-8 rear antenna masts only had 1 (one) pressed ring on the lower mast section.
• 1956 Caribbean convertible tops had a grain on the outside. This car appears to have a 1955 top installed.
• The statement that the interior cushions for this car are "reversible to tan cloth" is wildly off, since the factory reverse would have been a grayish boucle. Tan goes with pink? Not in the factory upholstery book, nor in any original 1956 Caribbean with factory interior.

And there are other issues with this Caribbean.

So. While this is a very pretty Caribbean, "meticulous restoration" and values associated with this terminology and other auction company claims are not always a gauge.

Furthermore, people buying these cars are rarely experts. Just people who want one and have the $ to buy.

Oh... and let's not forget... the auction claims "287 built" of 1956 Caribbean convertibles. Wow. Let's amend that to the real factory count of 276... please?

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