Julian, very well stated indeed.
There is no conspiracy to prevent someone from buying a car at auction — quite the contrary actually! If the offers are bad, the money either wasn't in the room, or just isn't there at all. The fact that the very original black GT5-S didn't bid over $180K suggests that the GT5-S market is not what some people would like it to be. Examples are everywhere. Several of the cars that did sell in Arizona were sold for a fraction of their pre-sale asking/estimate numbers — and not just Panteras. Despite some really exceptional results (the red early car selling for $132K), many cars are not selling for what owner/sellers would like.
For a long time the premium for a GT5-S over an equal quality narrow car was anywhere from 30—100%. I know this because I have been following real sales for 10 years now. If a nice narrow Pantera is a $75K car (and clearly many are and more are not), that would suggest a 5-S should be in the $100K to 150K range, maybe a bit more. Mangustas used to be the same multiplier, maybe a bit more. After some very public $300K-plus sales, we are now seeing Mangustas selling in the $200—250K range.
What a seller asks and advertises a car for is NOT usually what they SELL for. And after every sale someone cries that it was a "steal" or something equal, or says "I would have paid MUCH MORE for that car". The phrase "step-up or shut up" comes to mind—and I've kicked myself MANY times for not being bold enough to offer what I think a car I want is worth only to see it sell for LESS. Jonathan had a hell of a time generating anyone interested in buying his original 1983 GT5 even after he lowered it to $105K.
There are only so many big money multi-hundred car collectors out there, and at some point owning 10 GT5-S Panteras (or Mustangs, or Shelbys or...) must get boring. Eventually those cars will find their way back on the market, and hopefully the road too!
Being both an owner and a buyer, I see both sides of this issue VERY clearly. But the end of the day, I would prefer prices to return to pre-2015 levels so I can buy more cars! Especially a nice GT5-S.
Mark