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Ferraris at KENO Bros. Auction NY 19 November 2015

Discussion in 'Vintage Ferrari Market' started by Marcel Massini, Nov 18, 2015.

  1. merstheman

    merstheman F1 Rookie

    Apr 13, 2007
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    Mario
    I think there is a lot of that in the mix. It's just their first auction, they will get better with the timing - if they decide to stick with it. Apparently their next one is in Hershey, April next year I think.
     
  2. 375+

    375+ F1 Veteran
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    Dec 28, 2005
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    The auctioneer is Simon Hope, he is chairman of H & H Classics in UK. He concluded each passed lot(many) saying, " Please see Bradley" with any interest post block.
    I wonder if the Miura was an actual sale? It was Lot 1 and I believe it was owned by the Keno's investment fund, would they really sell it at a loss? If so there will be some unhappy partners.
     
  3. jollygood

    jollygood Formula 3

    Oct 24, 2005
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    #103 jollygood, Nov 25, 2015
    Last edited by a moderator: Sep 7, 2017



    They couldn't start off their new hyped up auction with a no sale, could they?
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  4. 375+

    375+ F1 Veteran
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    Dec 28, 2005
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    I agree, but if it wasn't an actual sale on the block wouldn't they hammer it at $1.5 or so? Whether it was a real sale or not, a poor result either way.
     
  5. Super_Dave

    Super_Dave Formula Junior

    Oct 6, 2014
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    Dave
    I've never been to a car auction. Curious as to why the auctioneer should really truly matter. Realize they may make a difference, just seems a bit odd.

    If I wanted a car (or not) I would bid to the amount I was willing to pay, regardless of the auctioneer's voice, speech patterns, etc.

    Again, completely realize that reality is probably what everyone describes (that it does matter)...
     
  6. nis1973

    nis1973 Formula Junior

    Jan 19, 2013
    396
    NYC/CT
    I think it only matters to the extent that a good auctioneer can engage you and get you suspend your rationality for a couple of minutes. It happened to me once - I ended up bidding 10% over my pre-determined limit. Fortunately I missed but it still ended up driving the price...
     
  7. Super_Dave

    Super_Dave Formula Junior

    Oct 6, 2014
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    Dave
    Yeah, figured as much. Just an odd thing that it is so central to the process / outcome (or at least hinted at as being material to the outcome).

    To me, my only focus items would be A) documentation / trust in what I was getting and B) how much I was willing to pay for what I was getting.

    A) and B) are entirely related, of course... I just want to "Get" what I think I'm "paying for".

    The only live auctions I've ever participated in were for musical instruments (never bought / "won" anything). I was always amazed at how the prices tended to go above what you could otherwise buy them for, outside of an auction process. The atmosphere and notion of competing against others to "win" seems to cloud judgment. I guess it's akin to slot machines at casinos (something else I never participate in). I only play at the poker tables.

    I'd still like to attend an auction some day.
     
  8. jjmcd

    jjmcd Formula Junior

    Dec 3, 2004
    490
    There is definitely an "in the heat of the moment" effect in auctions. I have sold several items, had the winning bidder flake and the #2 and 3 bidders decline to buy the item, even at their own high bid amount!
     
  9. zjpj

    zjpj F1 Veteran

    Nov 4, 2003
    5,938
    USA
    How is this legal? I don't know what Terms and Conditions bidders sign, but shouldn't being hammered as the high bidder constitute a binding contract? You should be able just to back out.
     
  10. Caeruleus11

    Caeruleus11 F1 Veteran
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    Jun 11, 2013
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    Sometimes people simply don't behave and then the cost of enforcing > the cost of not enforcing. Its just that.

    If you've never been to an auction you should go to one. Even if its just to observe. You will be just touching the surface. I wouldn't say its a rigged game, but you really have to have some experience / work with someone who does with these things.

    My own 2 cents is we don't need another auction house.
     
  11. RallyeChris

    RallyeChris Formula Junior

    Nov 30, 2012
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    Northport, NY
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    S.C.Conigliaro
    He is probably sharing ebay motors auction experience, which is non-binding unfortunately.
     

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