$220k!!!!! wow!!!! They never once mentioned it being a conversion......
LOL Taz you make me laugh. Ya pretty amazing the seller wouldn't accept such a huge profit. Im pretty shocked about the whole sale honestly bc obviously the buyer knew it wasn't a factory 6 speed bc one of those recently got $357k i believe but at the same time I didn't think it would get $220k thats still a ton of money.
I really am interested, Im more worried about legalities. The car today didn't sell technically, the reserve was not met. Mecum still never mentioned it anywhere but with where it ended price wise it finished inbetween an F1 and a manual so I guess the bidder knew? I just dont get why Mecum wouldn't say it. I actually wrote an email to my shop with links to the car + a screenshot of the final price and he hasn't replied to me yet. How do we know if the car sold in the end and for what? What does "the bid goes on" mean. I really cannot believe the seller wouldn't take $220k I mean damn he paid less than $129k bc thats what the seller was asking for the car when he bought it. Did they ever mention the miles on that car I didn't see them anywhere either, i know it was 16k when bought in 2016 but I didn't see anything about the miles now. Whats nuts is 1 look at the service records and you would see this was a conversion. Surely a huge bill for the conversion + all the previous F1 gearbox services. Perhaps at $220k the new owner doesn't care, I suppose its not a bad price if a real manual one at $300-400k is out of your budget. Do you have to disclose this type of info before you list a car with mecum? If seller doesn't disclose it, does mecum get in trouble if the buyer comes back or do they pass the headache onto the seller?
The purpose of my original question was because in my 63 years on the planet I've owned a lot of cars but I have never experienced this ever: A few years ago I had my car in for routine service and was picking my car up (the repairs having been made). My car was sitting next to two Italia's and a California so my little ole 1998 550 was the "plain jane" of the bunch and yet the general manager of the dealership made a beeline to me asking; "Is that your car?" I said: "yes" He said: "would you be willing to sell it, I'll give you $70K today, interested?" I said: "no I plan on being buried in that car (just kidding, I'd never do that to art)" He said: "well let's talk (and handed me his car) I'm sure I could up my offer" I LEFT THE PLACE STUNNED--that has never happened to me with any other car I've owned. Granted this was several years ago. Over the next couple of years I saw the general asking prices on EBay approach 150-175 (lot more than I originally paid back in 2008) then gradually prices started to level downward around 120K --so all of this was just my curiosity about where common knowledge thought we were now --clearly condition matters and brachettas are a completely different animal as are 575 f1s. My question was on the original 550 stick in base mode with typical mileage (20s-30s).
Nothing illegal happened here. The car was simply modified and its up to the seller to do their due diligence. With 14 manual LP Murcielagos in the US, there have also been conversions done from E gear to 6 speed. The "bid goes on" is just a way for the auction houses to continue the bidding process after the main auction and is usually done online. I'm always skeptical of too much emphasis on non winning bids as some of these tend to be inside shill bids.
The car has its original drivetrain, correct? So just the switch gear was changed. It’s a lot more factory complete than 99% of the 1950s, 60s, and 70’s cars that are selling for millions. You guys are funny.
Looks like Mecum LA Ferrari sell-through was pretty poor. Besides the 575M no-sale @ $220K, 3x 458s didn't make reserve (i.e., "Bid Goes On" in Mecum parlance), and a nero/cuoio 13k '98 550 Maranello was a no-sale @ $100K high bid.
From what I've noticed watching Mecum over the last few years is that its more of a place to sell american muscle cars and the european exotics need to go to barret jackson or sothebys. Am I wrong for getting that feeling?
I think you’re spot on about that. Mecum made its bones selling classic American muscle etc. Hagerty values a concours level 550 at 175K and one in excellent condition at 143K. Think they’re spot on as well.
Usually the number on the top of screen which I believe is between a 2 And 3 level is usually closer to what private deals exchange at. Most of the time there is always something that needs to be sorted or a major etc thus the 2.5 rating Also the FML is usually a good source if the market did not move to much in the last 6 months My subscription is expired so I cannot look it up ..maybe someone can look there and rpt back Thanks Sent from my Moto G (4) using Tapatalk
