Interesting Kidston Article Re-Inconsistent Monterey Results.

A lot of sales and money traded hands, it was a great weekend, who cares what "they" say.

 

I am sure Simon did not attend Russo and Mecum,,,not his style,,,but I met him at Bonhams, he even offered me a drink, always a gentleman, and he was bidding at RM as we know.

All this to say the first 3 did between 85 and 90% sale, a very good result and only the last 2 had much larger number of cars , in particular US muscle cars,,,and sold much less in proportion. But they are not in the same league, don't sell the same type of cars, and don't appeal to the same customers or collectors.

But we all noticed the market is more polarized, Ferrari selling very well, some specific cars as well, most middle price cars requiring a lot of persuasion to sell above reserve, although a lot were without reserve, and Pre war cars suffering except very few specific models. May be a trend of what is coming next on the market.

 

Do "they " really know whats going on ? Most are just used car salesmen in suits reporting on what has already happened. I am not impressed. IMO these guys drag the weekend down.

 

**** me, that is awesome information, thanks for posting. Simon Kidston is one of THE agents working at the top end. His summary is spot on when it comes to the vibe of the market place, figures only ever tell you so much.

 

If you have a look through kidston.com at the for sale and sold page you will see he really does know the market. On top of that before he went solo he was chief of Bonhams car dept. and I believe may have been with Christies car dept. before that so he really has seen this market and knows it inside out. Even he says nobody can understand human behaviour which afterall drives the auction market

 

He was with Coys (not Christie's) before going over to Bonhams.

 

And what does this tell us? Its RM, GOODING & CO and BONHAMS who rule the auction world. The rest is ...the "rest"!

 

Simon is good, yes, - but he (like most of us mortals ) is not a clairvoyant. He`s only reflection to what had happened.

But I have my strong concerns reg. his role as speaker and member of the board at Ville d`Este Concours AND (!) his business interests as a dealer.......

 

Thanks for posting.

A well written article that was most informative.

 

Simon keeps it quite separate. I like him a lot. He's right about one thing. The stories, lies, and bull**** about what some cars are and are not is growing every day. The Auction descriptions go on for pages before you get to the part that matters and often than is glossed over and tarted up.

 

No nothing wrong, it's just the hypMost reports I have seen are flawed in so many ways. I guess I am from the camp that you do your own homework, learn, understand all aspects of what your purchasing.

 

Ain't that the truth. And still the bubble seems to continue to expand.A lot of $ and brass ones. Remember 1988/9. tongascrew

 

Kidston is a class act. I also think his star is still rising, the content he is putting out is growing from stength to strength...just watch his videos on his website.

 

I am a used car salesman, however rarely wear a suit but totally agree with you.........Some people believe all they read.........

 

agree

 

[ The Auction descriptions go on for pages before you get to the part that matters and often than is glossed over and tarted up.[/QUOTE]

I always just read the last paragraph........and even thats invariably wrong. Have you noticed in the past few years a new phrase has crept in........The seller informs us.....i.e its his fault if this is a load of bull.....

 

Jim,
the odd part about this is; with how much these cars are fetching, most of us who would have been potential purchasers, are now priced out of the market. When I say "us", I am referring to the traditional "car guys", those who have been involved in the hobby for years, are fairly knowledgeable about one or two marques, know enough to ask the right questions from the right people, etc. Who is/are buying these storied cars for millions? It seems almost foolish to me. I know millionaires that waste money, but this seems beyond that.

 

I always just read the last paragraph........and even thats invariably wrong. Have you noticed in the past few years a new phrase has crept in........The seller informs us.....i.e its his fault if this is a load of bull.....[/QUOTE]

Where do you stand if you buy a car and then the catalogue claims prove to be wrong or can't / haven't been substantiated by the auction house? (Assuming they haven't caveated with "the seller informs us" - I haven't actaully seen that in all honesty)

I would have thought at these levels of commission they would / should be doing a decent level of due diligence on the vehicles but I suspect this is not the case.

 

I always just read the last paragraph........and even thats invariably wrong. Have you noticed in the past few years a new phrase has crept in........The seller informs us.....i.e its his fault if this is a load of bull.....[/QUOTE]

Exacto.

There are very few that read: "As delivered to the first owner by the manufacturer including the original tires."

 

Exacto.

There are very few that read: "As delivered to the first owner by the manufacturer including the original tires."[/QUOTE]

But in todays litigious society can anything else be expected. Not forgetting that each catalogue ends with pages of information effectively stating that the auction house takes no responsibility for any claims of provenance

BONHAMS (California): 7. All statements contained in the catalog or in any bill of sale, condition report, invoice or elsewhere as to authorship, period, culture, source, origin,
measurement, quality, rarity, provenance, importance, exhibition and
literature of historical relevance, or physical condition ARE QUALIFIED
STATEMENTS OF OPINION AND NOT REPRESENTATIONS OR WARRANTIES.
No employee or agent of Bonhams is authorized to make on our behalf or
on that of the consignor any representation or warranty, oral or written,
with respect to any property.

RM: Accuracy of Information RM Auctions, Inc uses commercially reasonable efforts to assure the accuracy of the information on this Site. All Information contained on this Site, however, may be changed and updated at any time without notice, and may contain errors or inaccuracies. This Site also contains information provided by third parties. RM Auctions, Inc. makes no representation or warranty regarding the accuracy, truth, quality, suitability, or reliability of such information; and RM Auctions, Inc. is not responsible for any errors, omissions, or inaccuracies contained in any information provided by such third parties.

And on and on.

On an entirely different but with astonishing similarities anyone wanting to read about auction and market fraud should read Billionaires Vinegar by Benjamin Wallace (A superb book) about how an auctioneer (Michael Broadbent) worked with a fraudster (Harvey Rodenstock) to sell 18th century wine. Whether on purpose or not MB started selling the wine that had been mysteriously found in the 1980s as real and then slowly but surely the market took off with everyone having doubts but chasing the almighty dollars until the eventual realisation that the market was a sham. The same claims eventually were made "buyer beware"........ Great great book.

The analogies are similar, how many cars are suddenly found in some state, how many have unknown conditions and how many have parts that might actually be genuine thus hiding the fact most isnt. Though unlike cars when a bottle of wine is drunk it no longer exists, simply becoming an empty bottle. A car "generally" exists in some form forever.

 

Greed and misplaced trust feed the machine.

When you start meeting people at the car auctions that know little about the cars they're buying you know the end is near.

I hear the $$$ art auctions are where the real crazy stuff happens.