SAAC Forum

$111,1000 auction end, does not say "reserve not met". Who knows?

Quote from: 2112 on May 18, 2020, 11:53:01 PM

Quote from: Hockeylife on May 18, 2020, 10:48:38 PM
Been recently on both BaT and eBay.

https://bringatrailer.com/listing/1967-shelby-gt500-4/

Wonder what he thinks about that bid today?

Assuming there was ever any real money to begin with?

Been recently on both BaT and eBay.

https://bringatrailer.com/listing/1967-shelby-gt500-4/

Nothing more than a clone.

https://www.youtube.com/watch?v=gqsI4A30ckg

https://bringatrailer.com/listing/1967-shelby-gt500-5/

Just when I think I don't need to own a 67 Shelby, I see a couple videos of the sights and sounds of them that remind me I really do have to own one! Nice car!

What I posted is the detail found in all auction sites. The details state buyer and seller fees as fixed amounts.
However, make no mistake that both fees are negotiable depending who you are. Sellers here, elsewhere, love to tout inflated prices - hammer plus 10% as a given. Mecum, others now post all-in prices, where a few years ago they only posted hammer prices, leaving it to adults to assume there were buyer fees, but to what amount is private. Now it's easier, self-serving to inflate and just add 10% to everything. Nobody will know what's done in private, no?

Quote from: SBCARGUY on March 29, 2020, 11:27:51 AM
Well.... We do not know what the seller "actually" paid in sellers commission but... We do know the buyer paid $115,500 "all in"
My bet is the seller did "not" pay 10 percent in sellers commission.

Quote from: Hockeylife on March 26, 2020, 01:00:02 AM
I don't know, if you sell online via RM Sotheby's you pay a 10% sellers fee. So in this instance, the seller sold for approx $90k, and buyer paid $115k. Again, great for the house. Compare to Bring a Trailer, another online auction, seller only pays $99, and buyer pays 5% of sales price, to a max of $5k. Fees alone are a no-brainer, exposure too, I think is in BaT's favor. To me, if you lose the physical presence, why pay all these fees?

I don't know, if you sell online via RM Sotheby's you pay a 10% sellers fee. So in this instance, the seller sold for approx $90k, and buyer paid $115k. Again, great for the house. Compare to Bring a Trailer, another online auction, seller only pays $99, and buyer pays 5% of sales price, to a max of $5k. Fees alone are a no-brainer, exposure too, I think is in BaT's favor. To me, if you lose the physical presence, why pay all these fees?

Ends today.

https://rmsothebys.com/en/auctions/fl20/online-only--the-palm-beach-auction/lots/r0310-1967-shelby-gt350/866582

Quote from: 68krrrr on March 17, 2020, 05:38:50 PM
Was that the black one or the white one there where back to back i think ,i watched it but didn't record it

White

If anyone has a recording of Mecum Saturday they should watch Lot S142, 63 split window restomod - it's instructive. The Mecum handler is next to the consignor urging him to drop the reserve at $190k, which apparently the consignor agreed to if that number was reached. He refused, at which time Frank Mecum stepped in, saying we worked hard to get you real money at 190k, which we had an understating you would drop reserve if we hit that number. Consignor would not budge, Frank then asked him if the bidder in the audience was "his guy"? Frank figured it out, thru his arms in the air, stopped the auction in disgust.
Auction result says "bid goes on at 190k". You decide when a "bid" is a bid, whether shill bid from consignor and his buddy, whether the auction house is a shill bid, or does only real money constitute a real bid. IMHO only real bids represents what buyers are willing to pay, which ultimately represent value. Everything else is mispresentation.

Quote from: shelbymann1970 on March 17, 2020, 11:42:11 AM
Well when the market crashed in 1987 didn't investors flock to tangible assets like classic cars and they tookoff price wise for for a number of years? Mecum isn't the only auction that bids cars up to their reserves if they so choose. Gary

Gary, back in 1987 Black Monday did occur, the biggest Stock market drop ever at the time. However, within 2 years the market recovered what it lost and then some, so the money quickly flowed quickly back to the market. During the 90's, with the advent of the internet, knowledge was much easier to access. We know stock and classic car appreciation occurred at the same time. Not sure you can say investors flocked to classic cars in 1987, where would you get this data? Somewhat anecdotal.
I expect the stock market to recover in time, and America will lead the world out of it, and some rare and collectible cars will recover. In the short term prices are declining.
Mecum Phoenix attendance was way down, and prices as well, though buyers could still buy via internet. RM Sotheby's Florida auction is online only now. Given government guidance to limit social interactions, major sporting events being cancelled, is it realistic to expect upcoming auctions to occur in-person? What will this do to the market? I don't know. We will see.
And yes, absolutely, Mecum is not the only auction to inflate prices. Buyer beware.

Quote from: Royce Peterson on March 17, 2020, 08:28:43 AM
Mecum auctions have different rules than Barrett - Jackson (for example). At a Mecum auction the company can place "bids" on a reserve car up to the reserve (but not in excess of the reserve) if there is no activity in the room from actual bidders.

This practice results in countless cars seeming to reach a very high number while in fact no one was actually bidding.  The idea is to make it where if anyone actually places a bid then they are the new owner while meeting the seller's reserve.

Quote from: dirpubsaf on March 15, 2020, 08:33:13 PM
Fortunately this one got up to $160,000, although (and I'm glad they didn't sell it at that price) it didn't meet the reserve.  Looks like the seller knows what they have.  That car is worth in excess of $200,000 all day long.

https://www.mecum.com/lots/AZ0320-405291/1968-shelby-gt500kr-fastback/

I think the corona virus, stock market and other factors are artificially holding prices and attendance down for the moment. I'm curious what the individual or dealer sales are getting for like vehicles.

As for the purple GT, to each his own.  If that is what he/she likes, then go for it.  Besides, it only helps those of us (with car value) that keep ours original as there are fewer around.

Absolutely true Mecum bids, some would say shill bids, up to a reserve. It's known, but not by all, resulting in an attempt to inflate values. Hapless announcers cite car was bid to xxxx, when in fact no money in room. Then sellers tout car was bid to xxxx, as if the bid goes on has any relevance...it does not.
I watched 3 Boss 9's, bid to 150k, 170k, and $210k, give or take, and the aforementioned 68 KR...no money, but everyone who owns these cars, or similar will tout these numbers as if they represent the market...they do not. The market occurs when buyers buy, sellers sell.
As for real values, many of you long term owners have seen extreme increases in value over the years. Much of this can be attributed to the long term increase in the stock market. With the sudden drop in today's stock market, prices in many other commodities will fall as well. Gold may be an exception.
Sorry, but nothing "artificial" in how prices ebb and flow with the ups and downs of the market.

As I rummaged thru old Snakebite ads I was struck by 2 things:
"Leftover" vs "Carryover"
The large number of Shelby cars listed by Shelby owners/enthusiasts in a enthusiast publication to fellow enthusiasts. That doesn't seem to be the case anymore.