No sale again

michael-king

michael-king

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Looks like they are still reaching hihg.. and in no rush to sell.. what are the listing/entry fees at an auction?

http://www.sportscardigest.com/mecum-kissimmee-2014-auction-report/5/

Lot # F281 1965 Sunbeam Tiger Convertible; S/N B9470832LRXFE; Carnival Red, Black hardtop/Black; Visually maintained, largely original, 3+ condition; Not sold at Hammer bid of $95,000 plus commission of; Final Price $95,000

F281_Sunbeam_1965_Tiger_Convertible_B9470832LRXFE_900.jpg
 
Love the Pies! I got to look at mine in LV while I was there for Easter. They are NICE ones.
Found out yesterday that a guy spotted my Tiger in the Garage and knocked on the door and spoke to my wife. He live a few houses down from me and has a Tiger! What are the chances? :)
 
What that means in the auction world is that the seller probably had a reserve of 100 grand and the auction company took it up to 95 to see if there were any real bidders. If they did not have any real bidders the auction shows a bid to $95k which is not a real number for the car. The auction world has lots of fake bids and numbers to keep prices up on cars. To me that is not a $100k tiger but to the seller it is. Lee
 
I'll take 95k for mine and it looks flashier..haha. I think some sellers are getting greedy.
 
michael-king said:
Looks like they are still reaching hihg.. and in no rush to sell.. what are the listing/entry fees at an auction?

It is a common practice to take an idiots money for entering a car who wants a ridiculous reserve. The house gets the entry fee and the car spends little time on the block. There is never any bidders, the auctioneer fakes a ridiculous opening bid, fakes a couple of subsequent bids (seeing if some schmuck jumps on it), and moves the car out. No time wasted and on a rare occasion someone falls for it and puts in a stupid bid. This happens all the time and is spelled out in the fine print. There are cars at NR Barrett Jackson that show as sold and they never had a bid. RM, Gooding, and Bonhams rarely do this as they will not accept a car with a ridiculous reserve. BJ, Mecum, Russo and Auctions America are notorious for doing it.

Just so you know

Moondoggie
Click to expand...
 
I am surpirsed there are not laws against shill bidding in USA at professional auction houses... buyer beware.. but thats even worse.
 
I was at an auction with a friend selling his car. His reserve was 100k for his oldsmobile 442 w-30. The car was up to 95 and the auction representative walked up to him and said we don't have any bidders on your car. It was rolled off and later he did sell it through the auction house in a negotiated deal that they brokered. Lee
 
Mike your final question. Listing fees vary from zero for special cars the auction company will use to market the cars to a couple thousand. Some do not charge if you do a no reserve auction. There is not a big advantage to allowing overpriced reserve cars in an auction because of the marketing and processing. Those are usually allowed in when the seller is a regular customer of the auction company or when they need to get their numbers up. It is a big business and the profit is in the buyer and seller fees. My car sold through Russo and Steele would have had $50+k in buyer and seller fees. They did a deal to make the sale work. Lee
 
Didn't BJ get caught in a deal years ago where they were using shill bidders and also sending their own cars through with very high "sales" to get the juices flowing? I thought I had read that--I am sure none of them are super honest.
 
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