Well, perhaps the bids are virtually there, just behind the virtual smoke and mirrors, only visible to all virtually registered bidders ?
The web site says the bidding closes on June 20, but I could swear that the original close was advertised as today, June 6.
I went to see the RM website yesterday evening there were 3h left to bid, and yes today it’s June 20th. Not the success they were expecting maybe !
RM Sotheby’s just got around to sending an email officially extending the auction to June 20. None of the five (I thought there was only one) NFTs has met reserve. They are also adding design changes. This looks like a big embarrassment. The Modulo is a milestone in design. It’s a shame that its story has been tainted by what appears to be a cynical money grab based on an investment fad…..all just my opinion, of course.
Not necessarily applicable to the Modulo but relevant nonetheless… http://www.studyfinds.org/rare-nfts-lose-value/
Mods: Since even the "Modulo" content, let alone this NFT(?) nonsense don't really belong to "Vintage Ferrari" section, perhaps it could be moved somewhere else ?
The thread was started almost 13 years ago. The Modulo is more “vintage” now than it was then. In fact it was built in 1970, within the date range of the cars in this forum.
Well, I’ll give you the “Modulo” being period appropriate, but being that it was created/rebodied (by PF) on a used Ferrari chassis back in he day, while these “NFT” cartoons are just modern day CGI creations attempting to capitalize on its design and really nothing to do with “Vintage Ferrari” or am I missing something ?
I don’t think you’re missing anything. The NFT post was just a comment tangential to the auction of this….and I hate to use the word….”iconic” car. I think it demeans the car to have it associated with these, as you rightly call them, “cartoons.” Still, it is being done so I personally think it’s worth discussing here. Many of us consider it a Ferrari, although the auction company totally ignores the connection. (There’s probably a story there too). I have no idea what marque is shown on its official documentation, but it would be interesting to know.
I find this auction very confusing, from start to end date and everything in between. Can a bidder pay in a government-backed currency instead of a NFT? Like dollars or GPB? Won’t the 25% auction premium kill a lot of bidders? I’d likely bid, but 1.25x my bid is stupidly high. Matt
It is confusing, as reflected in the failure to meet reserve. Thus the extension of the bidding deadline by two weeks. But the currency isn’t an NFT. The auction is five separate lots of one NFT each. The NFTs all depict the Modulo through the decades in a digital format. Before bidding one should be fully informed as to what NFTs are and what they represent as an asset class.
Yeah, it seems it’s a way to monetize the car without selling it. NFTs are considered investable art by some, but I have no interest in making the effort to learn enough to participate.
The auction is NOT of a CAR. As far as I understand (perhaps incorrectly), this auction is for 5 separate lots of CGI "cartoons" (each featuring the image of "Modulo") or "NFT"s as they call them, but all I see is WTF. This is about as silly as those CGI driving/racing things people do on their computers or TV's, hence I asked if it could be moved to some other forum section.
Auction houses are getting greedy and don't care. When i said in another forum they want to have their hand in everything, i had a point. They do marketing alright, but most of the time to their own financial benefit. Where is Ed Niles? Bless his soul, he sold some of the most significant Ferraris without any of this B.S
With all due respect, but most of the above applies to just about all business. Some are just greedier and care less than others (plenty of examples can be found in any/every business). Only very few (mostly, independently or otherwise wealthy) can afford not to make money or gain other financial benefits from their business model or ventures. To me, these WTF/NFT sales just appear more like a desperation, but what do I know, I’m more into vintage cars than cartoons about them. Actually, I’m not into cartoons about them at all, but maybe that virtual driving/racing crowd is ?
Does anybody know the result of the Modulo NFT auction? I couldn’t locate anything about it on the RM web site,
Might not be easy to find. RM has a habit of removing items from their website that have poor sales results. So there are some past auctions and various lots that you will not (probably never) be able to find results for.
Exactly what I was thinking. It seems to have disappeared. Everybody I knew at RM has gone to Broad Arrow, so I have nobody to ask. If JG still owns Modulo he must have had some involvement.
Being that I’ve always been “somewhat” cynical of (self)reported results of old car auctions, why am I not surprised about this ^^ and wouldn’t be if other houses resort to similar tactics ?
