Well for whatever reason a car sales at auction it is what the value guides and classic car insurers use to determine value. There is no database on private sales across the hobby. Like it or not the auctions are documented sales.
I agree a lot of money gets spent on incorrect cars but the truth of the matter is a lot of the high end concourse winning and documented cars get sold at these auctions as well. I have noticed quite a few Pontiacs that were high point concourse cars at GTOAA Nationals go across the auction block. Just because you or I would not spend that kind of money does not mean the car is not worth that much. The market determines the value. The big auction houses use this to their advantage.
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