Trying to understand the math: Last year importer asked $75,000 shipped, then sold. This year auctioneer anticipated as high as $130,000, sold for half that at $66,000 since no reserve. Results: auction seller likely pays 15% of selling price($9,900). Auction buyer pays "buyer's premium" 15%($9,900). So..............auction seller sees sale at $56,000, and likely lost money on the deal, depending on what he originally bought it for. Buyer sees his purchase rung-up at $75,900. And best of all, Auction house sees $19,800 for 2-3 minutes of stage time, using seller's photos and editing seller's ad copy. And the real winner is............ And the moral of the story................
It was mine. I sold it. I reget it. Painful lesson learned. The auction houses all pursued me to list it with them (the big 3- RM Southbys, Gooding and Bonhams). Barrett Jackson also but I did not consider. Everything was selling very low and no one can figure it out. The buyer was a phone buyer and may have been out of country. The issue was there was not enough buyers in the room. It was after 5 PM when it came up and the RM auction down the road had also just started. Gooding had 20 cars with a reserve that didn't sell (nearly all that had reserve). (Has to be 250k or more to have reserve) I can assure you this was a near perfect restoration - both mechanically and body. I am modest collector and Enthusiast. The new buyer got an amazing deal. Everyone loved it. But the audience is really Lamborghini, Ferrari, Austin Martin. God forbid they consider a legend from the orient. And how do I know the value should have been much more? I had breakfast with Donald Osborne- the guy from Jay Leno's garage who makes a living at determining value- he concurred with the 100-130 and we spoke about how he wished he did the program on one like mine rather than Jay's ICON. So perhaps I have saved anyone else from making the mistake I made. Don't let the high end auction houses temp you with the lights and glitter of high end auction.
Really sorry to hear that, man. If more folks were as brutally honest as you, perhaps the hype from the auction houses would get toned-down. I understand some of the auctions will allow a reserve for a vehicle under $250K. Also trying to squeeze into the auctions in Scottsdale(January) and Pebble Beach(August) will have largest crowds. The political nature of the auctions, however, is the biggest demon. The auctioneers will hype auctions for "preferred" sellers with shills and phony phone bidders in an effort to drive up prices for "selected" vehicles--obviously illegal, but never proven. And, certain repeat sellers get the choice time slots on the choice days. It seems in your case that the interest wasn't there--either for the crowd and/or the auction house. Once you saw the direction things were headed, was there any way prior to yours heading up the ramp that you could have pulled out, under some pretense, to avoid a catastrophe--maybe having to pay a "fine" to do so? I didn't see any other FJXX/BJXX vehicles in their line-up as competition for attention--what about the other auction companies? Just as with gamblers returning from Las Vegas, nobody speaks about the folks who lost heavily, or the cars or the gemstones or the memorabilia that didn't sell at auction for astronomical record-setting prices--not headline-grabbing news. Without a protective reserve, it's gambling, in a game most of us know very little about, have limited experience, limited influence. Yes, there are sometimes huge winners, as in Vegas. But I always come away thinking that the glamorous, ostentatious creation that is the city of Las Vegas, was built with the financial losses of so many unspoken people. From me, personally, thank-you for enlightening those of us who debate whether we should try the auctions--a vicarious lesson I shall remember.
Appreciate the support Bear. You can't pull out without paying the commissions on the high end estimate. Buyers pays 10%. Seller fee is negotiable- I did so to 8%. Entry fee is negotiable- I paid $900. I'm not going to bad mouth Gooding- they were professional all the way. I knew the risk up front- but began to foresee what was going to happen after the first American car was Auctioned that morning. There was a Lincoln- amazing restoration. Estimated at 160-180 that sold for 50. I knew then I was not going to get a premium. The room literally growned. There were no other Land Cruisers. There was a glimmer of hope when it rolled up on the stage...the crowd moved forward to take pictures...there was excitement buzz....then it turned horribly wrong when it stalled out when the room bidders would not go against the phone bidder. There was another collective gasp from the crowed as the hammer came down on mine. I've made a fair bit of money from selling my cruisers - usually to buy another. So I can't complain about that. But it was disappointing to not see it appreciated in the market.
Happy Easter to you and your family Johnny and all the guys here too Johnny we need a pic of your 40 in front of the Rabbit Ears Motel in Colorado Next year ? On the highest paved road in North America - The Ford Barn scroll down to pic 15 please Cheers Peter
Happy Mothers Day peeps May your momma not be a punchline in a momma joke and your wifes be the princess they deserve... and if you are a mother (mud ladies) .... I'm sorry you need to endure your husbands childish behaviors Enjoy!!!
I missed mother's day, but God 17 mai to any norske folk who may be on. It's a wet early morning south of Oslo, hoping the weather improves for the festivities
