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Disappointing results at Monterey Car Auction, Pebble Beach
#1
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Garrett Meadows
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https://fortune.com/2019/08/24/pebble-beach-classic-car-auction-economy/

Interesting article about what the lackluster results at the Monetary Car Auction and what that says about the top 1%.

Posted on: 2019/8/25 13:55
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Re: Disappointing results at Monterey Car Auction, Pebble Beach
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58L8134
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Not to worry, markets fluctuate, the 1% and the auction houses who serve them will survive.

In the meantime, all us church mice will continue enjoying the ownership and driving experiences our modest Packards provide. Somehow we'll all continue in spite of the top of the market in turmoil...

Steve

Posted on: 2019/8/25 17:42
.....epigram time.....
Proud 1953 Clipper Deluxe owner.
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Re: Disappointing results at Monterey Car Auction, Pebble Beach
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Owen_Dyneto
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Honestly, those auctions are so outrageously removed from the world I live in that I pay little or no attention to them. As to Pebble, I attended as a spectator once back in 1996; sure its an pulse-quickening experience to be in that kind of environment and surrounded by such great cars and I hope all who wish to can attend a high end Concours once in their lifetime. But if I felt like doing something similar again, I think I'd pick Amelia Island for a variety of reasons.

Posted on: 2019/8/25 18:11
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Re: Disappointing results at Monterey Car Auction, Pebble Beach
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flackmaster
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Steve makes a couple of good points, a) that not all people that rich are frivolous about it, and b) that they don't enjoy their cars any more than us 'ordinary folks'. I submit that they probably don't enjoy them as MUCH, as they are usually very predisposed with what it takes to STAY that wealthy and by just cutting a cheque for a collector car, there isn't anywhere NEAR the satisfaction of getting one's hands dirty and actually working on getting them running and figuring out all the mechanical nuances inherent in cars that DON'T cost $300K+. I'm a sailor and it is no different in the boating world, there are those out there in exotic yachts and the 'rest of us' sailing nice, but not extravagant vessels, and I know for a fact that I put on way more miles of water under the keel than they ever will, because my boat is paid for and I have the time. At the end of the day, 'time' may be the most valuable resource out there. I went on a 2 year extended voyage a few years back, and ran into a guy down in the islands and after hearing our story, he said: 'oh, you guys are rich'. When I informed him that we were not, he said 'oh yes you are, you have time'. Never forgot that. It's all relative.... Chris

Posted on: 2019/8/25 18:42
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Re: Disappointing results at Monterey Car Auction, Pebble Beach
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BDC
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I have some cattle several miles up the road, and boy do I enjoy checking on them while using my Packard! I dont see the 1% taking out their $300+k vehicle to make a little trip a few times a week like that. In the meantime I have a neighbor who never heard of Packard (and he manages a car dealership) but loves to go for the ride with me. I think I'll be able to talk him into his own Packard in the next year or so.

Posted on: 2019/8/25 19:09
I can explain it to you but I can't understand it for you

Bad company corrupts good character!

Farming: the art of losing money while working 100 hours a week to feed people who think you are trying to kill them
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Re: Disappointing results at Monterey Car Auction, Pebble Beach
#6
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Tim Cole
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I think they somehow think those cars are going to make them more interesting people. Fact is they are rather boring. I worked for Benmosche who was making $25 million and he was buddy buddy with Epstein and going to Columbia on vacation and doing god knows what. Anyway, if I went into the office and said I read The Great Gatsby over the weekend they would act like doing something that doesn't involve making money means I'm not fit to work there.

As long as the law allows corporations to drive stock prices higher using executive warrants and buybacks, and the government is able to fund its 4% annual growth (the only source of economic growth) with a credit card spurious materialism will thrive.

I tell the youngsters that I will be dead before things get really bad and for sure human activity is on a destructive course. Nobody will survive that. All off these priceless trinkets will become fossils.

Posted on: 2019/8/26 8:36
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