The Barrett Jackson Auction is the world’s largest annual sale of classic cars and it is safe to say that a very wide selection of classic cars will be available at the event. Experts have predicted that the event will net tens of millions of dollars. Last year, the event netted 112 million. Even with the poor economy, experts are pointing out those wealthy car enthusiasts with money to spare are the ones buying the cars at the event so it will not be affected by the current state of the economy.
Leslie Kendall, curator at the Petersen Automotive Museum in Los Angeles said: "Every time the economy takes a downturn, the value of tangibles goes up. Vehicles are tangibles that you can use and enjoy, theoretically, if you buy them for the right reasons, a lot of people treat them as investments, there’s a lot of speculators out there that help the prices go up. You’ll see a whole lot of people in their 50s and 60s. A lot of people who are as wealthy as they ever will be, right now, and they just want to reward themselves for having done well in life."
"There are lots of vehicles from our youth, and we recapture a bit of our youth, we get a bit of that old feeling back," continued Kendall. "The cars are a great way to do it. The market for any quality old vehicle is going up."