Annual Monterey auction thread

My quote will have your previous post live on

I guess I wasn't watching closely enough to differentiate, but there's an enormous difference between an "absentee" (or chandelier) bidding below the reserve (supposedly OK, if not a little icky) and the house driving bids up via an "absentee" on a no reserve lot (not OK at all).

 

0854 just hammered $27.5m

 

Wow, the 412P was painfully anticlimactic.

Opening bid, "we're selling the car".

Second bid, an incredibly modest (at this level) increment of $500k.

And then... Nothing but 7 minutes to hammer it sold at $27.5.

 

This was the funniest part. I never expected this lot to meet reserve within 5 seconds. I also didn't think it would have a reserve that low, but apparently it's a good thing it did.

Still, over $30m (incl. premium) isn't anything to laugh at, even if I'm sure they wanted and expected more.

 

what did Ed’s Elena sell for?

 

Gooding: only 2 out of the first 21 lots have met the low estimates.

 

Yet many have sold (yes, I realize several were NR). Typically, if I see a lot sell under but within 10% of the low estimate, I assume the house and consignor have struck a deal.

In the case of Gooding this evening, several lots were sold well (well) under the 10% delta, which tells me sellers are letting them go, perhaps fearful of not being able to do better with a no-sale result attached to their car.

 

We all hear a lot of talk that x is worth y and much of it is total hyperbole. Take the 412P, some were closer to $30 mm, others $40mm but because some had said $30 - 40mm there will always be those who believe it will go for $60 or more. I mean hell lets go full Rodney Dangerfield era Caddyshack and go $100mm. In light of all those amounts, $30 mm is a complete disappointment. But the great unwashed ideas of value are not realistic, the real number of punters with the interest and funds and ability to buy (less than 10 people in the entire world and many of them will already have another P car) said $30 mm is enough. Its almost 50% more than the 410S RM sold last year and a little less than the double Le Mans winning 275P fetched a couple of years back so why not. It is well bought but not by that much IMHO.

Now we begin the fun game of pick and number, double it and add a lot of zeros for the GTO/LM on offer in New York. I say $376.5 million!

 

Elsewhere, is it me or does Dave Gooding look a lot like a younger Tom Hanks? Some good results coming out of Goodings sale which shows what the best can do. I haven't seen much of RM but I would bet they are doing just fine too.

 

I would bet the 412P was sold BEFORE the auction.

 

Tim, in the 13 years, 4 months, and 13 days you have been on this site... this is the most spot-on thing you've ever said.

 

We just need to fit in the GT which handily could be GateToken (a listen type of crypto) and boom!

 

https://www.bonhams.com/auction/28011/lot/64P/1958-ferrari-250-gt-coupe-chassis-no-0855-gt-engine-no-0855-gt/

Paul

 

Does anyone know, whether the 550 Prodrive sold? It was supposed to be offered yesterday, but in the result lists no result or estimate for this car is given anywhere.

 

Spot-on Dyke.

 

Buchpilot: Prodrive was a NO sale at $7,400,000 bid.

 

worth every penny. a true labor of love. the ferrari factory should have bought for their museum and as a reference car.

 

Maybe bidding was lower because the Prodrive 550 cars were not a Ferrari factory effort?

 

Turning down 7,4 for that car seems insane...if the bid(s) were real....

 

wow! big haircut since last sale?

 

Steve was a tank mechanic in the Marines, so in his honor the auction gave the seller a crewcut.

 

How many cars did Steve McQueen own? Must be 60 or 70 considering the high number of cars from his alledged possession coming to auctions ...

 

And then there is the increased cost of everything since 2014, what percentage is that if you are counting the value of money?

We enjoyed streaming the auctions on YouTube. I watched the Verde 275 being restored years ago at a local shop and recall the conversation about color. They made the right call without a doubt. Beautiful color. And a local friend took his BMW race cars, I'm disappointed for him as they did not do well. Plus I think he was unlucky to get the last spot. But I guess certain race cars are very specific in use and value.

https://www.latimes.com/business/autos/la-fi-hy-2014-pebble-beach-mcqueen-ferrari-sold-20140812-story.html

https://robbreport.com/motors/cars/steve-mcqueen-classic-ferrari-auction-1234831319/


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The factory does not buy cars. They get others to buy them then ask to get them on long term loan.
A client once loaned them a 166 and there was severe arm twisting to make it semi permanent. It finally pissed him off so much he took it out and brought it home just to shut them up. He did offer it to them but they had no desire to spend actual money.

Their sense of entitlement knows no bounds.

Blood suckers.