How often do you hear people use this phrase in conversation, in presentations or even on TV? It’s both incorrect and lame. Remember that ‘un’ means ‘not’ – it doesn’t mean ‘no longer’ or ‘end’ in this context.
You might hear ‘And then John said ‘quote-unquote’ – ‘that won’t work here at all!’. If the intent is to repeat exactly what John said, the correct form is ‘And then John said ‘quote’ – that won’t work here at all’ – ‘end quote’, ‘close quote ‘ or ‘unquote’.’
And if you ever even think of using ‘air quotes’ or ‘air bunnies’ to add visual punch to your quote reference, punch yourself first before someone else does.