An auction for folks with feel for wheels

Shawn and Tracy Vetter of Bozeman, Mont., came to Las Vegas to gamble - not necessarily in the casinos, but at the Barrett-Jackson Auto Auction at Mandalay Bay.

They brought a 1971 Volkswagen Super Beetle convertible to sell in the no-reserve auction, which means there's no minimum bid. They paid $6,000 for the car two weeks ago.

"It's like gambling. It's risky," Shawn Vetter said Tuesday after unloading the mint-condition Beetle in the convention center parking lot. "Hopefully it will bring $15,000. That's the norm. This was an original owner, 41 years in the family."

An improving economy could bring top dollar for 550 collectible and classic vehicles up for bid at the fifth Barrett-Jackson Auto Auction in Las Vegas, said Craig Jackson, the company's chairman and chief executive officer.

He expects a "very active and competitive" bidding floor this year. Some 60,000 automobile enthusiasts, including about 1,200 registered bidders, are expected to attend the three-day auction that starts Thursday. It's a chance to check out some of the collector car industry's hidden treasures, Jackson said.

The inaugural Las Vegas auction in 2008 totaled $29 million, and the numbers declined from there. Last year, 580 cars sold for $24 million. Jackson noted that merchandise sales increased 25 percent in Las Vegas last year.

"Last year went off very well and throughout this entire year auctions have been very strong," he said. "Car collecting has proved to be strong all the way across. Stocks go down and all you've got is a piece of paper, but if a car goes down, you've still got a car to play with."

Jackson said his agents work with consigners to determine an estimated value, but ultimately, the price in a no-reserve auction is determined by the bidders. Car owners can also register as bidders, and some of the higher-value cars carry a minimum bid. Reserve thresholds vary from auction to auction and range from $50,000 to $500,000.

The collectible-car market will always rise and fall, said Rick DeBruhl, analyst for cable television's Speed channel. The network will broadcast 20 hours of live auction coverage and highlights.

"Even during the down times of 2008 and 2009, that's when the economy was in trouble, what we saw was getting back to originality," DeBruhl said. "Cars that truly have value ... that value will always come back."

DeBruhl lives in Phoenix and has been attending Barrett-Jackson auctions since the 1970s.

"Customs have kind of ruled the day here," he said. "Every auction has its own personality. Scottsdale (Ariz.) is the best of the best. Palm Beach (Fla.) is kind of quirky. Here it's eye candy that takes it to the next level and really impresses when you look at it."

As a tribute to the late legendary car designer Carroll Shelby, this year's Barrett-Jackson auction features a roundup of Shelby GT350s and GT500s.

"It is not often in this world that an individual becomes a legend," Jackson said, "and we know his spirit lives on with each Shelby we offer today."

Other featured vehicles in this year's auction include:

■ 1964 Chevrolet Corvette Custom 2-door Coupe. Powered by a 350-horsepower LS2 and Tremec 5-speed transmission. Street Shop chassis with all modern Corvette suspension and drivetrain, power steering and power four-wheel disc brakes.

■ 1970 Ford Mustang Boss 429 Fastback. This very rare, matching-numbers Grabber Orange Boss 429 Mustang has been rotisserie-restored to its original showroom condition. Built by Ford and upgraded by Kar Kraft for NASCAR use. Documented with a Marti report, which specializes in Ford restorations.

■ 1950 Packard Victoria Custom Convertible. Three-year rebuild. Four-wheel coilovers and disc brakes. Corvette 350 LT1 engine, test and tweak miles.

■ 1970 Plymouth Hemi Superbird 2-door Hardtop. Only 20,846 original miles. Fully documented by its Broadcast Sheet, more than 600 restoration photos, restoration receipts and certified by Chrysler expert Galen Govier.

Daily admission to the auction is $15, with a three-day pass available for $40. Bidder registration fee is $400.

Contact reporter Hubble Smith at hsmith@reviewjournal.com or 702-383-0491.