https://bringatrailer.com/listing/1996-mercedes-benz-s600-7/ Update on Beverly hills car club shill bidding. If you have the nerve to do a publicity blitz and then shill bid a 15 thousand dollar car all the way up to 200 thousand, you probably also have the nerve to shill it up to 34 on Bring a trailer. Even if there were no reserve, the buyer would have "disappeared" again.
just that his view has been this is a massive bubble - he got short in 2011 and the market has jus gone up...
I posted this car back in August when it was on ebay the first time and a few members claimed that 200 grand was justifiable given the car's original owner. It was all smoke and mirrors as predicted.
He's been saying the market is in a bubble: For ten years. (8 years documented in this very thread) I wish I were joking. You both know what happens next, though, right? Subsequent correction, he'll be like - aha! See told you so! The saddest part? He's doesn't hold his position because he wants to get in. He wants to see people get burned. What can I say? Some people see success and learn to emulate it; others decide tearing them down is more apt.
The market has been a toilet seat at a baseball game for the last 10 years or so. It was way up..then back down..but settled higher. Currently the market is not as overly inflated as it was..but cars are moving very fast, but not at the insane price points. It seems prices have stabilized and are a bit more realistic.
Market ceased making fundamental sense a while ago... it’s a future based on fairly tales, dreams, magic powder, and Tesla streamers...
That's how I see it also, Tom. Been watching everything on BaT for years, along with most of the others. It's like houses for the last 12. If you hang on you'll get your money back. I do not see a Ferrari bubble. But I do think I see a Porsche bubble. I can see a turbo, slope nose Cab, doing well, but dumbfounded by the prices of upside down Bathtubs with 80 horsepower.
Some of those upside down bathtubs can get you into the Mille Miglia. Image Unavailable, Please Login
Someone just secured a nice 330. Looks well bought Silverstone Auctions | 1968 Ferrari 330GTC by Pininfarina
While market wasn’t a bubble bursting like the early 90s, it has a slow leak from the 2014/15 high point. Given the recent political, Covid, Economic changes, especially with the low interest rates and Government printing presses running 24/7 we maybe poised for another sharp rise in prices like what happened after the 2008 crash.
Most recently, I would say prices seem to be up about 20% (some more, some less) in the last year. In fact, the low point seemed to be about a 3 month trough from March-June 2020 (peak COVID concerns) and things started turning after that. Taking a longer view, some cars are just now catching up to their previous peaks from 2014/15, but some have risen and now eclipsed those levels, with no indication of slowing.
Originally Grigio Argento, now red. Ugh. Why do people insist on destroying PF lines/bodies with resale paint jobs(?).
Quantitative easing (asset purchasing) and direct payments to business and individuals are both a form of currency devaluation and causing asset price inflation. That's why the prices have gone up in the last year. Those dollars are permanently in the economy...they are not loans that get paid back. Prices will go down if/when that money is pulled out of the economy (which is never).
I wonder will Classiche pick up on the wrong wheels, with the new owner having to foot the bill to replace with RW 4039s or 10 hole Campagnolo alloys for the Red Book?
We shall see. My guess is we will have interest rates stuck at 0%/low indefinitely and can't raise them without screwing things up more...like a one way valve/trap. Same for quantitative easing. I guess we'll figure out over the next 12 months if inflation (CPI/PCE, not asset prices) spikes after vaccines. Will be interesting how money velocity will be then. Blue chip Ferraris imo will keep going up.
that's becaue perhaps you haven't driven a sorted 356 ,it's a sublime experience takes skill and an appreciation of things mechanical