57 classics at "no reserve". - Really??? | FerrariChat

57 classics at "no reserve". - Really???

Discussion in '206/246' started by TonyJerseyUK, Aug 12, 2014.

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  1. TonyJerseyUK

    TonyJerseyUK Karting

    Mar 21, 2013
    139
    #1 TonyJerseyUK, Aug 12, 2014
    I've just received an email from Bonhams Auctioneers, informing that they have "57 motorcars without reserve at the Quail Lodge Auction", which takes place this Thursday and Friday. This includes plenty of Fezzers, starting off at Lot 1 with a 206 GT and, as everyone knows, includes a 250 GTO.

    Can someone throw any light on how "without reserve" really works? I mean, REALLY works...

    Because, call me cynical, but I have a hard job imagining that what will probably amount to over a hundred million bucks worth of metal is simply risked up on the assumption that a minimum of two punters will bounce clients' cars up to what they reasonably expect, without any dramas, tears and, possibly, heart failure?!

    I can think of perhaps half a dozen ways of "without reserve" avoiding the use of a mobile cardiac arrest team, but are any of them legal??? Maybe all of them are legal??????

    I am fascinated! Enlighten me, please.

    Cheers,

    Tony
     
  2. Nuvolari

    Nuvolari F1 Veteran
    Owner Silver Subscribed

    Sep 3, 2002
    6,416
    Toronto / SoCal
    Full Name:
    Rob C.
    #2 Nuvolari, Aug 12, 2014
    No Reserve means just that. It is a gamble on the part of the seller but also a strong marketing lure by the auction house for potential buyers as they KNOW that high bid will buy a car. Historically this leads to more bidding so it is a calculated gamble.

    Realistically the only way a seller can protect against not getting enough is to have a friend register themselves as a legitimate bidder to bid against other offers the seller feels are too low. If their friend ends up as high bidder then they go through the full transaction, pay the associated fees and that is the cost of your little experiment. It is up to the seller to decide how much is too much to loose if the auction is cold that day. Some may argue that this approach is unfair but at the end of the day it is a legitimate transaction even if the original owner ends up with the car.

    Other than that if a seller is so paranoid about not getting enough then they should use a reserve they are comfortable with and sleep like a baby the night before the auction.
     
  3. greyboxer

    greyboxer F1 World Champ

    Dec 8, 2004
    12,314
    South East
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    Jimmie
    #3 greyboxer, Aug 12, 2014
  4. ross

    ross Three Time F1 World Champ
    Owner Silver Subscribed

    Mar 25, 2002
    36,246
    houston/geneva
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    Ross
    #4 ross, Aug 12, 2014
    jamie knight always seems to find a bidder....sometimes even hanging from the chandelier.... :)
     
  5. David_S

    David_S F1 World Champ
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    David S.
    #5 David_S, Aug 12, 2014
    Legitimate? Perhaps. Legal? Perhaps not.

    Fairly certain that most states have laws in place regarding shill bidding at auctions.
     
  6. TonyJerseyUK

    TonyJerseyUK Karting

    Mar 21, 2013
    139
    #6 TonyJerseyUK, Aug 12, 2014
    Someone just sent me a pm to ask what my half a dozen ideas may be. Okayyyyy, in no particular order:

    'phone
    online
    plant (actor)
    plant (real) - perhaps sitting in pot on shelf near wall
    wall (as mentioned above)
    owner's chum
    owner
    "hanging from the chandelier" (copyright Ross) - hadn't thought of that one...

    I'll admit there is a hint of a common denominator to my ideas. Obviously, being a major share holder of an auction house, for instance, probably trumps all the above. :)
     
  7. synchro

    synchro F1 Veteran

    Feb 14, 2005
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    Scott
    #7 synchro, Aug 12, 2014
    In 2005, I was seeking a 330 GTS, saw one at an sales facility in Gazelle, CA serial numbered 8167
    Car Detail

    A search in the register shows this number actually belongs to a 330 GT, strange I thought to myself ...
    http://www.330register.com/search.cfm

    This car came up in Monterey auctions in Aug 2005 with serial number 9481 and I noticed it was removed from the website but the auction used the same photos then subsequently sold and set a "New High Sales price for the 330 GTS".

    Within weeks it was back on the same dealer's website as before with the wrong serial number 8167. I called the selling agent who confirmed it was incorrectly listed as 8167 and actually was 9481, quickly dispelled as a typo on the website ....

    Ethics at auctions are sometimes optional extras ...
    :)
     
  8. prd575

    prd575 Formula Junior
    Owner

    Jun 11, 2012
    418
    Summerfield, NC
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    Philippe Dorier
    #8 prd575, Aug 13, 2014
    I am trying to find a way to watch the auction live on internet or TV but cannot find anything.
    Has anybody found something?
     
  9. Pantdino

    Pantdino Formula 3

    Jan 13, 2004
    2,069
    Full Name:
    Jim
    #9 Pantdino, Aug 24, 2014
    I doubt very much that is true. Most likely the auction house has some kind of deal where "if your friend buys it we won't charge you the 10% because the car brought lots of attention to our auction" or something with the same net effect. Sure, if you're selling your $60K Healey what you said might apply, but not if you're selling a $10M car.
     

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