Lamborghinis at auction

Also our cars are getting old, perhaps buyers at this point are starting to factor inn a restoration in their total purchase. I know i do. Had a wiff on a dd in Norway a few months back. But what i was willing to pay. Sombody else paid a lot more, (part of the story is my bid never reached the seller, beeing it was sold quickley earlier ) my point is my equation was based on car+resto as a whole ,dd 650 in perfect cond"new"-100 buffer-250 rest-300 car.

 

Exactly.

 

Spot-on.

 

Perhaps the other reality is that traditional buyers of some models are aging right along with the cars. The action I've observed lately in the car market with younger buyers primarily centers around brand new, "limited-to-only-500-examples" models that get gobbled up as soon as they are announced.

 

The younger generation does not value older cars as we do

 

911R ?

I would not want to be standing when the music ends.

 

There is a huge new generation chasing older stuff, I see it everyday in the walk ins and calls we get to our retail location.

That being said, people are being more cautious about condition.

Well restored vs needs restoration can mean $150-200k difference or more on some cars.

Buyers are being more astute and speculators are gone.

And the real buyers? Who can stroke a check for a $500-1 million don't want a hassle or project, they want turn key.

 

Another great post!

I am seeing the same thing, I am selling nicer & pristine older cars to a younger generation. In fact, I think that the new generation that are interested in cars will value older cars as much as we do if not more so, in time.

The main characteristic I see is that they are very well-educated on all the variants, know exactly what they want, and, are fussy - as they have every right to be!

That said, they are usually very easy to deal with.

 

Except for Me and Jimmy, haha.

 

1972 Lamborghini Jarama 400 GT
Coachwork by Bertone
Estimate: $200,000 - $250,000 | Without Reserve
SOLD $132,000
Chassis: 10348
Engine: 40905

 

The fulie was bid to 210K but failed to sell.

 

1967 Lamborghini 400 GT 2+2
Coachwork by Touring
Estimate: $475,000 - $550,000
Chassis: 0622
Engine: 0570

Was a no sale at Goodings.

Anyone know what the final bid was?

 

So you are saying they don't want vintage Lamborghinis, then? (ha, ha! couldn't resist . . .)

 

I just think that these showcase auction houses are not a winning place to sell a car.....and I think most are catching onto that.
Private sales are where it's at. You really don't need auction houses when we have a world reach at our fingertips.
You will probably see less and less Lamborghinis at these auctions in the future as most are seeing it is the place to bring in the least amount of money these days.

 

Also, I think the "auction houses" estimates are damaging to the market. It's always looks like a failure when it is not reached. Just IMO. Looking forward to the Indycar race today though.

 

Yes and no imo. The highest numbers are at auctions...and probably the lowest. They are great comps for the rest of us not involved, however.

 

Some perspective on the GLA12927 sale from publicly available data.

It was only the 6th QV DD offered at auction by a major house since 2010/11. Of which, 4 have been red, 1 was white and 1 was black.

And it's only the fourth to actually sell. The price is middle of the range achieved by the other 3 sold at auction of $199k, $319k and $446k. And it's consistent with where I know two OK/good driver cars have traded in the UK in the last 6 months. Similar condition with gaps in the paperwork.

Plus, 40% of all the Countach presented at auction since 2010/11 are red. (20% black, 20% white, 20% the rest). Not saying I don't like red. Just that it comes up a lot.

Treat every car on it's own merits. Beware making generalisations based on auction prices.

That's really the only lesson we can take from sales data. It's clearly, and correctly, where the hobby is going.

Take a benchmark like a Porsche '73 RS...you can, and do, hear of sales anywhere between £400k and £1.1mm depending on exactly where that car is at today and what it has the potential to become in time. Nobody thinks that's weird. Lamborghini should see the same.

 

My perception would be that auctions work best for rare, world class, unrepeatable cars, probably at the top end.

Not so much for less rare or average examples, of which it seems there's a near endless supply, leaving auction shops in danger of becoming simply clearing houses for cars that are harder to sell privately or in a dealer showroom.

FWIW I hear there are owners out there talking up the idea of less frequent "super-auctions" for the best cars, to counter the feeling that some great cars are getting lost in the storm of average and are missing a legitimate auction outlet.

We shall see...

 

lol.


I hate red L cars .

F cars are a different story.

The mid-grade cars will be squeezed.



Cars will find two kinds of buyers:

A bargain based buyer who is looking for an entry-level car/project.
A buyer who is looking for an excellent example.

 

I agree Peter. Heck, over the years I've several folks contact me directly or through a friend wanting to know if I would sell my car.

When the time comes for me to sell, it will be via a private sale and not an auction house.

Mike

 

Additional perspective on GLA12927: it was purchased by a prominent collector who views the purchase as a major SCORE. I agree!

 

Agree with the latter, disagree with the former.

All the world-record numbers I am party to or know of are via Private Treaty. And there is good reason for that. Generally (not always but generally), the best cars change hands privately. Why? Because they don't even have to come to the market, these cars generally attract a small group of followers who are keeping an eye on the car's availability, and the owners of such cars are aware of this. An experience or knowledgeable facilitator or broker can be useful in bringing the parties together in a deal that is satisfying to all the parties, in a smooth and, most importantly, discreet way. Note that there are some people who do not want the details of their sale or the upside gained to be a matter of public record! Similarly, some astute buyers who step up and pay up ahead of the bell curve do not want to be embarrassed by the amount they paid or have to explain to others why they paid what they did to get the best.

The problem with Private Treaty sales as regards influencing the market is that they are private and not publicly posted or proven. In some cases they cannot be as they are subject to strict confidentiality clauses. Nor do the participants who cause these sales want them to be shared. There are sales I do that cannot be posted in my Cars Sold link. But still, I think the numbers can be used to help paint the big picture as far as values are concerned.

My business is 100% Private Treaty Sales and I get the feeling that this will be an increasing market share as time goes by.

 

Glad to hear it has gone to a strong hand. It's what these cars deserve.

 

I'm not surprised. There were many minor things on this car that could have been attended to that would have yielded a much stronger result. To someone with Countach experience and knew what they were looking at they would have seen an opportunity. To others looking, they could have been turned away. With most auction cars, presentation is everything.

With all that said, many people that have lusted over the Countach since their youth are still learning about the different Countach variants and getting an understanding of each. The future is bright, you just need to recognize the opportunity when it is in front of you.

 

So what's the verdict on the one that got didn't sell with highest bid slightly over 200k?