- Universal Pictures
The classic car market has become saturated.
The next big thing? The ’80s.
Kids from that era are now adults entering the car market, Craig Jackson, chairman and CEO of the Barrett-Jackson auction house, told Business Insider.
And now that they’ve got money to spend, they are forgoing the traditional limits of the classic car world, preferring instead the cars they grew up wanting.
During this year’s Scottsdale auction with houses Barrett-Jackson, Gooding & Co, RM Sotheby’s, and Bonhams, overall sales were down about 15%. That’s a major drop after years of rapid growth.
While Ferrari road cars failed to meet expectations, cars from the ’80s, long seen as out of place among automotive royalty, brought in huge prices.
A 1984 Ford Mustang GT-350 sold for $71,500, while a 1987 Buick GNX went for $126,500.
“We needed to predict the future a bit, and so we took a lot of 80’s cars – and they broke the bank,” Jackson said.
“When we saw a late model, ‘in the wrapper’ 1979 Trans-Am for $180,000 -that tells you that the next gen’ers are spending their money,” Jackson said.”And now we need to prepare for the Millennials.”
At Barrett-Jackson’s Palm Beach auction this weekend, expect to see some more Reagan-era automotive classics, including three Porsche 930 Turbos.
A 1987 Buick GNX sold in Scottsdale for $126,500.
This “fox body” 1984 Ford Mustang GT-350 sold for $71,500.
Eastbound and down: $550,000 for a 1977 Pontiac Trans Am promo car from “Smokey and the Bandit.”
A highly-desirable “slant nose” Porsche 930 Turbo Cabrio, to cross the block in Palm Beach this weekend. Expect well into the six-figures.