THE 2018 Monterey/Pebble Beach auction thread

I agree it is useful to know, but my understanding is that the auction estimates don’t include buyers fees, so it wouldn’t make sense to include it when reporting where the eventual sales price fell within that range?

 

That’s one thing I don’t understand. Why have a buyer’s premium at all? It’s always seemed weird to me to say SOLD! at some price and then say “just kidding” immediately afterward...


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The auction house deserves a fee for the service they perform. Seems very reasonable.

 

Nothing really weird about it; this is the way all auctions are conducted for cars, art, antiques, toys, etc. There is the "sold" hammer price plus buyer and seller percentage a.k.a. premium, commission, or fee. That is how the auction co. makes most of its money, and is an accepted standard. They spend a significant amount of money to put on these auctions. Granted there are rare occasions when a sellers or buyers fee might be waived or adjusted - but that depends on many variables, and typically is not done. All fees are always stated up front in the catalogs along with a mind numbing, long list of terms and conditions.

 

This also explains why million-dollar cars (and I presume art and so on) are negotiated deals BEFORE the auction. This is where the auction house earns its fee. Getting the seller to the table is the key.

 

Only some deals (minority of them) are negotiated before....and some literally right before, but that is not sop with all big sales.

 

The big dollar cars don't get a guarantee?

 

Nope, and too many of them to realistically do that with.

 

I didn’t necessarily mean a house would guarantee a sale at X price. It’s more along the lines of saying we’re willing to commit to getting you Y price.


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Notably both the 250 GTO and Aston Martin P215 at RM Sotheby's had price guarantees in place. As you pointed out this is different from a reserve price.

 

Fee is of course reasonable, however their fee amount (%) is unreasonable....

 

I guess I wasn't clear in what I was trying to get at. My beef wasn't with that the auction houses get compensated, but from whom. If I buy a house, I'm not paying the agent's commission, the seller is. Just seems weird that buyers have to pay above the actual price.

 

I hear what you're saying, but you are more or less trying to reinvent the wheel. What's your suggestion for auction house compensation?

 

I think he implied he wants the full commission be paid by the seller and the hammer price is what the buyer pays and nothing more. Similar to home sales with the example he gave.

Edit: It would just end up shifting the price estimates and reserves up, but at least some buyers wouldn't feel nickel and dimed. At least that's what I guess would happen...

 

The trick is finding someone who wants to sell their valuable car. There are always more buyers than sellers for these old Ferraris. The house that offers the best deal gets the sellers.

 

yes they basically find a buyer a certain price and gaurantee a certain net to a seller this is done all the time to get big name cars to the auction... they want the cars to get other lesser cars and of course the bidders., in such a case it would not be unusual for the seller to net more then the hammer price ...nothing is as it seems at auctions ....
and high bid but no sale does not mean there was anyone there to buy the car...it only takes one bid to buy a car ...

 

Hello
Does anyone knows something about the 250p 0816 ex Bardinon? It was consigned to RM Sotheby’s Private Sales last August..

 

It was available for private sale--same car that was withdrawn from the Retromobile auction

RM said asking price was around $50 Million

Ken Goldman

 

Thank you Ken, but it was sold or not?

 

Still on their web site in the Private Sales section as being available.

 

Ah ok! Thanks Steven

 

Hi guys, just an enthusiast question, is there a specific reason why 0327AL didn't sell ?
The Vignale design might divide but it's so strong and personnal, I love it, the interior is the best you can get in that era, and you have a 375 Lampredi under the hood with all the fun that it implies in term of performance and all the troubles and worries to take care of it . So I'm a bit surprised this one didn't sell?
Thanks for your lights.