Lamborghinis at auction

Mecum Seattle is not the place for all those cars. First off it's a new venue, second I'm sure most of Roy's Lambos are sold out of state or country. It was great exposure either way and being right in his backyard why not give it a run..

 

The $200k high-bid on the Countach may be telling, no matter the location.

 

Well,the old saying, a Countach buyer would go to a pig farm on Iowa, if needed,why did he not show up in Seattle,(wich by the way is a great City,my old aunt lives there,spendt a short week there last summer,loved it )

 

From experience. I took a 355 spider to mecum and couldn't get 30k on the car, 2 months later the car sells for 55k at Barrett. Same mecum sale I took a decked out H1 and it wouldn't do 40k and this monster had about 150k in extras. I put it on eBay the day after the sale and it sold for 75k in ONE day.

There are times where there is just no money in the room especially at a small venue like this one. I don't feel these results are indicitive of a soft market, just bad timing and a poor venue for these cars. If these cars were at RM or Gooding in Monterey I'm sure there would've been alot more action.. maybe even record #s. It's all about the right place and crowd at auction.

 

Yes it did, after sale, after it crossed the block.

 

For me it was very good FREE exposure for my Dealership right here in Seattle.

I was happy with the results in all, a 38% sale through for us with 49 cars crossing and 19 selling..all in the Black.

 

Nice work! Congrats.

 

I agree with this first before your next post.

 

+1. There really is such a thing as bad timing/placement for auctions. One no sale is not indicative of the market, unless you are a palm reader.

 

Mecum is probably 5th or 6th in line when it come to auction companies for Lamborghini.
But as Roy says, and I knew and agree, the exposure was the main point. Exposure sells cars. That's why all these car owners hump Barrett. Exposure for their cars and sometimes for them to show off on camera when bidding.

 

Surely that $170 sale would imply that the $200k was a shill bid?

 

Mecum General bidder rules, #8. The auctioneer has the right to place a bid for consignor up to the reserve amount.

Call it anything you want but the rules are clearly stated IMHO.

 

In my opinion I agree with Mecum not being the right venue for Roy's cars but I understand why he brought them there which was for exposure.
On another note regarding his white Countach, that car underwent a massive mechanical overhaul to the tune of something like $89,000. I think that kind of makes a purist looking for an original spec Countach shy away from it. Alas, there is a lid for every pot and another buyer might want a reliable driver but maybe not at $389k, which was the original asking price.

 

Like the others said even if Mecum is not the venue for the exotic cars, the values are pretty proportionate with the market to some extent. About 1.5 years ago I tried to find values at the Kissimmee Mecum auction and there wasn't really anything for Ferrari, Lamborghini, Porsche.

I see on this auction not much being sold at high prices, including Porsche 930 (either not meet reserve or sell on the low end).

With the market being hot across the board you'd figure that smart money would find its way into Mecum - so the only conclusion is that the market is taking a break to say the least.

 

The Carfax for the white Countach shows a few dates where the mileage is inconsistent. Is also failed emissions a few times but I'm sure that has been rectified with the George Evans overhaul.
Stil,l it has almost 29,000 miles on it so you are not talking about a 3,000 mile cream puff but the car still looks good and I'm sure runs excellent it will be sold to the right buyer.

 

The mileage consistency problem is normal on vintage Lamborghinis. The speedo mileage is in kilometers not miles. What some think is mileage fraud is actually a dmv screw up. Not all of the time of course, but very often.

 

The milage on these old cars with ,i think pastic gear in the front wheel hub wich runs the cable to the speedo,Must be taken with a grain of salt,Harrys s car ran back from Monaco with a non functional speedo,acc to his story in the magazine,and who knows how many othes just like it,if your car comes from your buddy,and you know he has not used it much,you have good record, othervise its nothing but a sales pitch.

 

Yes, that is correct..and as others have stated here...not only is it LEGAL under the Law..but spelled out in the Auction contract that BOTH a "Bidder" and a seller pre-sign prior to the Auction. Don't be surprised, ALL Auction houses do it with a "Reserve" car.

This is why there are so many "after the block" sales completed by many Auction houses after a car has crossed the block. EVEN the really "big boys" at Monterey do this..next time watch as they start auction on a car..and see WHO stands up with a "phone Bid" in the house..AND ITS under Reserve..the auction house is bidding it up against the in house bidder via phone..and worst case if the in house bidder does not bid up an increment, they "back the bidding" up and then it goes..

ALSO keep in mind multiple auction houses BUY THE auction cars themselves...for two reasons..it keeps the numbers looking good as well as they get PAID the seller fee's to buy the car...so now they have bought a car at under market value...then next auction they run it through and they sell it and get paid the BUYERS fee and make money all the way around.

Auctions are just like any other place you buy a car...pay for it WHAT you will and be a good value to you..times there are good buys times there are not. For MOST buyers, that buy ONE car, its for their private collection and they are happy with what they paid..the Auction houses were not intended to be a "wholesale lot" for Dealers to get "buys" at..they are a "retail" venue for the most part and that is why MOST cars run via an Auction of from Dealers..I KNOW for a fact that of the approx 600 cars ran at Mecum this weekend, over 200 came from Dealers in the area..that's 30% plus.

Their are MULTIPLE ways to buy and sell cars, this is just one of the ways..for some it works, for others it does not...but it really just means that on THIS DAY in time, IN THIS venue and AUCTION house, this is what was being paid..nothing more nothing less..you can take the same NO SALE cars NEXT Saturday to another Auction in another State..and BANG they hit it and are gone..but as stated..for me it was all about the FREE advertising and the FUTURE possible sales it brings me for all my inventory.

FYI, this morning I am heading back down to the Auction site as it appears a Deal is being put together on the White Countach...so it more then likely will be sold today. Will keep you informed..

.

 

Roy,
Thanks for the info on how the auction houses work. I did not know that. Good Luck with the sale of your Countach and thanks for sharing the info.

 

Thanks Roy, lots of stuff unknown to me.

 

That is what some think..

but in all reality a car at an auction with a RESERVE is just like a car for sale with a price listed..the only difference is the one with a price listed you KNOW what they are wanting..on a RESERVE car, you don't know till it GETS to the reserve..and if it does not, most will not sell...so all the House is doing is speeding up the process to get numbers to or near the reserve..then the seller can remove the reserve if he/she chooses and let it go..

HOWEVER some times there are no real bids in the house, so the auction company runs up (OK by law) to just under a reserve price...then they hammer a no sale..that's when the GOOD BUYS can be made...go to the "still for sale desk" after a car has run..put in your best offer all inclusive with fee's and see what happens..you may surprised that the car is yours shortly...after all BOTH the seller and the House want to make a sale..if there is no sale, NEITHER gets paid...

FYI, this is why my service to BOTH sell a consignment car and OR BUY a car for a customer at an auction is available...I know the ropes and get it done for the customer..

Just remember all this venue is, is another form and way to buy and or sell a car..it is NOT the all answer to the world going market..its just 1 day in 365 days of a year...and as they say in the car market

"There is an ASS for every seat...just have to find the right match"

Just a little example, Saturday across the Block Lot #S74, my 66 Ford Wagon with the Luggage on top of it..I was HOPING to get $12K for it..it was just a run of the mill Wagon, but it had a 396, 9 passenger, wood side wagon, very clean, reminded me of Wally World Truckster..had a great eye ball look to it.. WELL 2 in house bidders and a phone bidder starting go at it in a 3 way contest..HAMMERED AT $31,500..HECK yea I was happy...but just shows you anything can happen at an auction.