Kareem Abdul-Jabbar has a lot in common with the folks hanging out this weekend in the Valley of the Sun.
The NBA legend, one of the sport’s greatest players of all time, was at the 43rd annual Barrett-Jackson Scottsdale Collector Car Auction Friday, where he purchased a 1948 Packard. “It was made about the time I was born,” Abdul-Jabbar said. “I was born in 1947 and it kind of reminds me of the old days.”
And with that simple statement, Abdul-Jabbar neatly summed up why well-heeled men and women will spend more than $100 million this week on vintage and collector cars. Sure, there are dealers here, as well as speculators and pure investors, but for the vast majority of the buyers, these cars are time machines that take them back to their youth.
Just as that Packard was for Abdul-Jabbar, who made his first pilgrimage to Barrett-Jackson this year.
That’s why people are snatching up vintage GTOs at $100,000 a pop, or vintage Corvettes, Mustangs, Camaros and anything else they can find. For each buyer, the motivation is different: Maybe it’s the car they had their first date in or drag raced while they were in high school. Maybe it’s the car they couldn’t afford as a kid but swore they’d buy someday and now they have the means to afford it.
Whatever the reason, the collector-car market is red hot right now. In the first three days of Barrett-Jackson Scottsdale, 700 cars sold for more than $24 million.
And the action is just going to heat up in the next 48 hours, as the high-dollar cars roll across the Barrett-Jackson auction block. So stay tuned to the FOX family of channels for all the action. The best is yet to come.
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Live coverage from Barrett-Jackson Scottsdale continues today on FOX Sports 1 (2 p.m. ET) and FOX Business (9 p.m. ET). Here’s everything you need to know:Barrett-Jackson, Cars