Coys auction 288

It went for 207 GBP at the hammer, and after fees thats 235 GBP. Conversion = $414k US at the hammer, $470k US including fees.

The info will be posted there next week.

Joe
www.joesackey.com

 

Dear Comrade Joe Sackey,

Isn't this substantially less than expected for one of these motor cars?

With kind regards,

512 Tea Are

 

Dear Comrade 512 Tea Are:

The problem is that Coys chose to hold their auction at Ascot rather than in London and it is my understanding that several bidders got lost on their way there. The other half happened to be in the bathroom at the time the car went up for bidding and one lucky bugger scooped it up at a very low price

Yes that price was low. 2 cars have changed hands in excess of $600k recently, and 2 others (with VERY low mileage) are available privately (unadvertised) right now at $750k and $775k. Another modified car advertised asks $625k.

Joe
www.joesackey.com

 

Joe,

A great deal for the new owner.

Steve

 

You have an e-mail good sir...

Joe
www.joesackey.com

 

I bet there are some for whom no AC or power windows has minimalist appeal in the sense that its a car without the bells-and-whistles of other cars. In fact, I think Albert Obrist (owner of innumerable Competition Ferraris dating from the 60s to the 90s) ordered it that way intentionally, asking for AC and PW to be deleted.

Additionally, a quick scan reveals that just 31 of the 273 production cars had the "no AC no PW" combination, rare birds indeed appealing to those who like raw & lightweight Supercars.

But youre right, the market speaks for itself, so 'no AC no PW' GTOs will probably bring less as most people seem to want the bells-and-whistles.. hey at least it had the orange inlays.

Joe
www.joesackey.com

 

That is a good price though for the new owner. Joe do happen to have the number of GTOs produced with both AC and PW?

 

I thought GTO's were going for 400-500k?

 

RM Sotheby car £ 205 000 hammer £ 237 000 inlcuding commission tonight so I'm told

 

I am getting the same hammer price, but I think it is only 13% commission. So it would be a 231,650 ending or $478,844 US dollars with today's conversion.

 

I believe its 13 % commission plus sales tax of 17.5 % on the commission

 

I have 156 noted but Im sure there are more...

Joe
www.joesackey.com

 

The miles on the clock were disclosed as not being real and Im sure it hurt the value and it ended up at $478k.

There is a private deal on the table happening at $775k. Of course that car has a genuine 1,200 miles.

Joe
www.joesackey.com

 

Well we cant argue with the market as I always say. And yes sales that some view as anonalies do occur too.

Did you buy the RM car?

Joe
www.joesackey.com

 

The car is sold to a floor bidder So only 10% commission.
That makes incl commission and taxes. 229087.50 sterling pounds
€329.275,- Euro $ 476500.00 US dollars

 

Your kidding about a 775K 288 GTO? They are not more than 450 to 500K cars...

 

I stand corrected - 10 % plus 17.5 % sales tax on it

 

Thanks for the figures! That is interesting that more then half chose the two.

 

Thanks Toto for accuracy's sake (say Hi to Marcel B for me!).

$476,000 plus 17.5% sales tax = $559,800 US.

Not bad.

Joe
www.joesackey.com

 

Sure thing.

In fact the car is $775k before fees, and taxes. A small range such as you (& msgsobe) have suggested does not cover all cars within the model. The car Im speaking of is PERFECT, like new, AC & PW, orange inserts, 750 miles....

I know of another car that will need TLC that can be had for $375k, and I would say a car like Bill C's 500-mile long-term ownership car would solicit bids even in excess of the $775k car (not that it is likely to ever come to the market). $375k to $800k is the total range in reality. Then it depends on which end of the spectrum the car you are talking about exists in.

Same thing with F40s: I know of one that sold at $375k not long ago (a little 'tired' with some miles), and on the other end of the scale Silicon Valley sold the perfect 405-mile car for $735k.

It is rather naive in the extreme to simply stamp all GTO's as $450-500K cars.

Also lets remember the Coys car had a fair few miles and was without AC or PW and many simply passed to wait for an AC, PW car.
Additionally, the RM car has the all-black interior (your typical GTO buyer seems to prefer the "whole enchilada": orange inserts, AC & PW), and it has quite a "story" as it relates to the mileage it shows, which was declared as not the real mileage (for whatever reason, broken odometer or otherwise!). Neither car could have been expected to bring top value, so although I agree they went for what they were worth, they are not neccesarily the most valuable GTOs.

If you are going to simply drive & enjoy, I say go for one in the lower end of the scale. If you are a collector who wishes a car that will be really valuable in future and who enjoys looking at it and showing it, then the upper end of the scale will appeal.

Each to his own...

Joe
www.joesackey.com

 

LOL.

Since the beginning of the classic car market, people looking for a particular car (potential buyers) try to hype prices down, and those who own them (potential sellers) try to hype prices up.

Generally speaking.

I believe its a thing called human nature

Joe
www.jmssackey.com