In a normal supply demand market, classic car auction (ANY OF THEM) mean little to nothing to actual value of the vehicle. Prices then depend on WHO (and how big their pockets are) is there to bid. You can have the best auctioneer in the world work the bidders as hard as he can at one of the most prestigious auctions of the year (once was BJ at Scottsdale, but I do not know now), and unless you have buyers who want to bid and compete for top bid, you can get a lousy result. OR, as I saw several years ago at a RM Auction, two 40 something women bid a $15,000 65 Mustang Convertible to $87,000 before a husband slapped a hand over his wife's mouth (literally), you can make a killing. Auction sales depend on having enough buyers to get bidding competition going fast and furious, and a great auctioneer to bleed the last possible $ out of buyers. Auctions can be great or they can be deadly. The most important part of the auction scene is the marketing to prospective buyers, classic car dealers around the US and overseas, and the general uninformed newly wealthy public who think they need a cool car to go along with their lifestyle. Not many true car enthusiasts who actually work on their own cars and drive them buy high dollar auction cars. BJ, Mecum, RM, and a few of the others do the best job of getting tons of qualified buyers, but each has their problems and downfalls. Having owned over 1,000 collector cars in my lifetime (80+ years), I have bought only 1 car at an auction (and lost my a__ on it two years later), but have sold more than 25 at auctions, mostly Scottsdale and Monterey. Lost my a-- on two (Scottsdale 2024) and Hot August Nights (early 2000's). Killed (300% to 500%) on 3 (Monterey & Scottsdale), and the rest of the auction cars I did OK on. Sold most of my classic cars in my life by direct sale.
Auctions are all about having enough people with money bidding in the audience.