F355 Market

Not to mention, if you place a last second bid (literal) like BOOOM did on BAT, there’s probably only a 50% chance it’ll actually go through in time. BAT bidding can be funky and act up. Refresh issues, time outs. You don’t wait until the literal last second if you’re a serious buyer. Circus bidding.

 

I can only disagree. There is no way to know what SDL would have done had BOOM not hit the button first. These guys were waiting until 15 sec or less to place a bid. Fact is, SDL placed the next bid at $143k and then RJJ and SDL went at it again. Probably would have continued that way if BOOM hadn't place the $142 bid. Ultimately SDL dropped out then RJJ, but the final bidding was between BOOM and j.mora who was a late entry.I wonder how long j.mora was sitting back with his finger on the button?

Enough of this.

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But you do know. SDL and J.mora did nothing for at least 1:59 secs after the RJJ’s $141k bid and you know it. BOOOM came out of nowhere. The ball was on SDL’s court and he decided he wasn’t going to play until after another bidder saved it.

Bottom line, BOOOM kept the auction alive with a last second bid. If he didn’t bid or his bid didn’t go thru, auction was going to end at $141k. If you’re serious, you don’t wait for another bidder (who wasn’t even in the action) to save the auction.

I know I’m not the only person who saw BOOOM’s last second bid. Not last 15 secs or 10 secs. Literally the last second. Where was SDL for 1:59 secs??

Circus bidding.

 

Amen to that!

 

I agree with this statement. But I've not contended that is the ceiling for the market either. If anything, the market is all over the place. Given how well the previous blue F355 did on BaT (It may have been a GTS) I'm sure the seller was expecting for the reserve to be met easily. It seems like the GTB have finally made it to the auction block after seeing several (comparatively) over the last year. Now it feels like the nicer cars are being put up to bid with the mediocre/driver quality cars. The 10k mile one on BaT should do well. The presentation is certainly much better than the previous two.

 

RJJ wasn’t done. He was already the highest bidder waiting for SDL to make a move. Top bidder doesn’t have re-bid unless out-bided. SDL was done.. for at least those 2 min.

Why did SDL re-enter after the auction saved? Probably because it was more fun with 3 bidders or another party coming into play gives him some confidence his perceived valuation is shared. OR he knew they were still far from reserve, so what the heck… circus bidding.


I told people high chance this was going to be a RNM auction due to poor representation, so the result isn’t a surprise. What would’ve been a big surprise is if reserve was met.

Hence, my comment during the heat of bidding “Lots of drama for a RNM auction” … and considering the amount of upticks it got immediately after I posted it … it seems many shared the same sentiment. Barely anyone challenged my comment, which was a rude comment if you think about it.


Also, who’s to say J.mora wasn’t willing to go higher than $155k? No one challenged him to go higher. Yes, he is the highest bidder, but that doesn’t necessarily imply he wasn’t willing to bid higher.

 

LOL

(For entertainment only)

OK, suppose I'm j.mora. The seller contacts me after the auction and says "maybe we can work a deal." I say, "Maybe. I put $155k on the table. No one in that auction was willing to bid higher. Why should I give you more?" He still has no idea of how high I might go. Heck, I could even say "you should have taken the 155. I'll give you 153 now." I'm in a position of strength. I have money and I know he wants out of the car.

 

I wasn’t addressing your sentiments per say… I was addressing Johnk’s sentiment the highest RNM bid is the ceiling price the market is willing to pay for the particular car in it’s presented state.

It assumes the highest bidder wasn’t actually willing to bid higher if challenged/out-bided. If the auction format had allowed only 1 bid per bidder forcing him to place his highest offer, then perhaps one can make that statement. In this case, the RNM bid is only the highest offer over the next guy’s, not the highest one is willing to pay.

In this particular case, I feel participants were hesitant due to lack of info or simply thought it was a bad car. Those who felt it was a bad car didn’t participate. Those who were hesitant didn’t have the confidence to bid higher. They need more info (seeing the car in person etc.). It could be a better or worse car in person. Heck, the car could be valued lesser than the highest RNM bid in person.

Point is, it’s a stalemate situation between what the seller believes the car is worth and participants not yet convinced. Why make a strong statement about the RNM bid over what was obviously a busted auction from the get-go?

 

So Ken, what you opinion of what that car, in that condition is worth?

 

Seller:

“BAT and ourselves agreed to a $200k reserve for this car as this is a low mileage example of a highly desirable spec 355. We did not realize what we believe were minor issues at the time would reflect poorly on the car. We should have done better to present the car. We believe the issues are primarily aesthetic and the car is mechanically sound.

The car is currently in the hands of a professional detailer to address these aesthetic issues. A detailed invoice will be provided on what was performed.

We invite you to come inspect the car in person after completion. We realize this car now has a tainted auction history and we are willing to lower our expectations. Perhaps we can meet somewhere in the middle between your offer and our reserve once you see the car.”

 

Not enough info. Due to seller fault.

If all participants/potential buyers had seen the car, inspected it, driven it and that was the highest J.Mora was actually willing to pay… I can see a point. Problem still is you don’t know if that’s the highest he was willing to pay unless he told you. There’s a fallacy in stating the rnm bid is the highest one is willing to pay.

The issues were aesthetic clean-up issues for the most part. Problem is that reflected poorly on ownership, which led to uncertainty over the car mechanically. It could be a mechanically sound car … it might not be. Point is, you don’t know and the way the auction was presented certainly didn’t help. Inconclusive.

The conclusion you’re drawing is it is 100% a bad car both aesthetically and mechanically, therefore only worth $155k and that’s that. Nevermind the car still has only 10k mi on the odometer. 10k mi on the suspension & bushings. 10k on internal engine wear and tear. 10k on the transmission and clutch. 10k mi on interior seat wear. 10k mi on manifolds. 10k mi on valves. 10k mi on misc rubber and seals. 10k mi on brakes. Would you feel the same about it’s valuation if the car was presented exactly the same but with 2k miles ???

Because the car now has a tainted auction history tied to it’s VIN, if the car is mechanically sound … my opinion is it worth somewhere in the middle of $155k and $200k. Let’s say $175k. The miles help.

 

So actually we aren't that far apart.

 

We’re not far apart.

How do you know for certain J.mora wasn’t prepared to bid as high as $180k that day? What if he negotiated for $180k immediately after?

 

So.... How long you two going to agree to disagree for?

 

I had this exact situation happen in the early days of E-Bay.

I was bidding on an Eyepiece (telescope:: 30mm Lietz if that maters) and I was outbid in the last 2 seconds of the auction by <say> $20 on a $300 EP. About a week later the owner e-mailed me that the buyer had backed out and offered me the EP at his bid. I wrote back that my highest bid is what I was willing to pay. I guess the owner ended up with the EP and no money.

The experience pretty much soured me on auctions........

 

Let me say it one more time just so Eric can get a laugh.

If I'm j.mora and bid 155, and not one of the other 4 top bidders raise me I'm sitting there seeing 4 other guys telling me the car ain't worth more to them, even if I was willing to go higher. So when the owner calls me I'm just not going to offer him 25k more. I'll wait for a better car.

If you are j.mora, you are going to ignore the other bidder's assessments and write a check for as much as 180k 'cause you just had to have it.

Two different j.moras.

 

Till they're both right...

The j.mora of the story is "There's always room for some-j.mora."

 

Well, I know I'm right. Just ask my wife.

(It's all in good humor. Got to keep the fires burning for a couple more hours till the next one falls.)

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well...that's a multiple of 60k...

sjd

 

….wait for a better car. Like this one?


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Just imaging if it was a 95!

 

low mile, no story, clean ones will just keep grinding higher

 

That was a well prepared car, with Ferrari Classiche. Have to say, I always wonder why when a similar car comes up you seldom see the guys who bid on the previous car. Where were SDL, Rjj, BOOOM, j.mora..... on this auction? And where were the guys who bid on this car when the 155k car was on the block?

 

This car was over SDL, RJJ, and BOOOM’s budget yesterday. J.mora already wrote the $180k check for last week’s car .