Why would you sell a Ferrari at auction?

you hope there are 2 drunk guys with really big egoes present

 

Time short , storage short - don,t want to see it come back .
Quick with a certain end .You don,t have to put a reserve on .If it’s short of the reserve the auctioneer normally starts to negotiate with the highest bidder after in private anyhow .

One stop shop the auction day .
Better published if it’s a bit special so don,t have to “ trust “ the middle of nowhere SOR dealer generating interest from his “contacts “.
If it was Steve McQueens or Micheal Schumachers car the whole world will know .

At the Auction its self the great and the good in the classic car world and Ferrari collectors will be either there or bidding by proxi .

Buyers can rummage around without the “ can I help you Sir “ conversation from a salesman on the viewing days discretely.

If it’s a crock of **** in Ferrari terms with any luck you will be able to read between the lines in the brochure
“ would benefit from a light recommission “

Don,t be afraid
Factor in the buyers fees if you are buying .

 

Bc you get top dollar for the car you're selling, I don't know about ferraris but other cars you do. I just bought a low mileage SL500 on bringatrailer and I paid way below what 2 recent cars sold for at bonhams and gooding and co. There was a 13k mile 2002 SL500 that sold for $48,000 at gooding & co and an 11k mile 1993 SL500 that bonhams sold for $45,000. I paid $29,750 + 5% on bringatrailer for a 1999 SL500 with 5k miles and before I bought mine a 1500 mile SL500 went for $46,000 + 5% a week earlier and I missed out on it.

Bringatrailer is the best to buy imo bc the fees are capped at 5% up to the first $100k so even a $2m car its still just $5,000. The big auction houses charge 10% so thats a huge difference on a car thats $200k+. I wanted to consign a car to gooding and co recently for the amelia island show bc i noticed they got the highest prices of anyone for some of the cars and I have a low mile 500E mercedes maybe the lowest mile one around and I think they're the best place to sell it but I have to pay $1,500 to tow it there enclosed and then I have to pay them $1,500 fee whether car sells or not and then 10% of the final price. So with that in mind if it doesn't sell I could lose $1500 putting it in and $1500 towing it each way so $4500 if it doesn't sell, meanwhile I can sell on bringatrailer for $99 from my house and not waste time, if it doesn't sell im out $99, if it does I get the full amount and pay nothing as a seller.

Long term I think the auctions like bonhams and sothebys and so forth are in trouble bc bringatrailer is AWESOME. You get commentary from many experts + the fees are reasonable and much lower than auction houses. Im honestly scared the big auctions buy bringatrailer and shut it down bc its damn efficient and a serious threat. Cars get MORE money on BAT than anywhere I've seen honestly if you have records and answer questions. A gray 28k mile 2002 575 recently sold for $108,000 + $5,000 fee and the same color/miles for a different 575 was on ebay asking $99,000 at the time and its still there. So a buyer paid $13,000 more bc he got to engage with the seller and the community and was satisfied with all the questions the owner answered.

So all in all as a seller you want to go where you get the most money, and auctions do often do that in my case my SL500 I purchased was bought for almost $20k less than a big auction may have gotten it, but you run the risk of the reserve not being met and being out $1000-1500 at all the big auctions + shipping costs.

 

They could be dumping cars and claiming losses.

 

Another possible scenario, I have been led to believe some states have regs that require banks to sell all reposessed vehicles to auction.

 

You can certainly get top dollar.

I was in the room when this non-functioning display 365 GTB/C bid — and sold — for more than I had paid for my entire 330 GT 2+2 in great condition, albeit ten year later.

And that doesn’t include the buyer’s premium.

Matt

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Not needed.
All it takes is one guy and a chandelier.

Marcel Massini

 

But doesn't the chandelier need to be drunk? Just kidding...

 

Im considering getting rid of my California and may go the auction route as i do not want to deal with buyers directly. Its too much of a hassle for the small bump in price id get selling direct.

 

When I bought my first used Ferrari 22 years ago I was proposed a car by a specialist dealership - I did not buy it but a few days later I attended an auction were it sold for more than what I could have bought it (the dealer told me the car would be there, so I went by curiosity).
So it really did not make sense, why would someone buy a car they could have had for less just by looking at some paper ad?
But it did happen...

 

That’s a good point.

Although I’ve wondered if sellers just based their pricing on what it would most likely sell at (not dream or dealer prices) , took off some for auction fees etc and made it clear that it was as is/ where is, if it would sell just as fast and painlessly?
As a buyer of lots of things with motors, I see lots of hot deals sell before I even get a chance to get in on the action. Priced right, anything moves.

 

Auctioneers take upwards of 20% from buyers as a premium and between 20-30% commission from sellers. Something to consider when making the decision to sell.