Video: Watch the Shelby Dragonsnake Sell at Mecum for $875,000

Images: Mecum Auctions

The five day Mecum Auction that completed its run in Florida, this past weekend, was an interesting indicator for the current health of the economy, as well as the collector car market. Several major auctions were run just the week before in Scottsdale, AZ, so it begs the question, “Is the collector car market saturated with auctions?”

While we can’t speak to what went on in Arizona, there was no shortage of buyers and the needed cash to back up their whims or decisions. With about 1,750 cars to cycle through the auction process, the Kissimee, FL, auction is one of the largest in North America. With that many cars, there is truly something for everyone.

At one end of the scale, there was a 1984 Ford LTD 4-door that sold for $1,300 and at the other end, a Ferrari 275 GTB/4 Berlinetta that didn’t sell with a high bid of $1,075,000. Interestingly enough, the highest ticket item to go last weekend wasn’t a car at all, but a boat. A hand built Riva Aquarama Special, sold for $975,000. The top selling car was the Shelby Dragonsnake Cobra, CSX2093, that we featured back in November.

In the first release of the movie Wall Street, Gordon Gecko (played by Michael Douglas) quipped at one point, “If you want to run with the big dogs, you have to learn to piss in the tall weeds.” We can take this to mean that things don’t always go your way, and when they don’t, the numbers can be big. One of the conventional auction rites that the Mecum organization still retains is the reserve bid. With this, the seller of the vehicle can specify a minimum bid that must be obtained before the car will actually be sold. During the bidding process, the seller can withdraw the reserve at their discretion.

So it was for the owner of this Shelby. In the video below, you’ll see what happened during the auction of CSX2093. Bidding stalled at the $875K level and the owner removed the reserve, presumably to try and kick start the process to higher levels. It didn’t work. You’ll also hear the auctioneer mention that the last time they sold this very car, it went for $1.4 million.

Somewhere along the line, somebody left a half million dollars on the table. Ouch.

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