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Under the Hood of the Auction
Michael Duffey
01/01/2004
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A nervous bidder squirms in his chair. The auctioneer, in clear, aristocratic tones, acknowledges each contender with a nod as the buying price tensely, relentlessly climbs. Soon, only two bidders remain in contention; each surveys the room discreetly, and, in turn, signals his interest with a barely raised hand or the all but imperceptible touch of an ear....
 Such popular auction clichés have been propagated in films and on television for decades. Though exceptions exist, most auctions transpire on quite a different plane, being somewhat chaotic affairs that take place amid cacophonies of spectator chatter, challenged ventilation, and often a good deal of confusion. The collector car auction, in particular, presents an unglamorous tableau, conducted as they are in tents far more often than in walnut-
paneled rooms. Yet these sometimes trying events have in recent years become a fixture in the retail marketplace for classics, exotics, muscle cars, hot rods and historic racing cars. (Click image to enlarge)
At one time, car auctions were almost exclusively bulk listings of off-lease cars, rental fleets or bank repossessions. This changed during the late 1980s, when auctions emerged as collectors’ venue of choice for getting just about anything on wheels that had even a remote claim to rarity or exoticism. Prices during those years skyrocketed, fueling a frenzy of anxious sellers interested in profit-taking and attracting the public at large, who arrived to ogle the next million-dollar car.
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