I am just curious how the turn out is? Are people staying away because of the virus? I doubt Mecum is letting sellers pull their cars out of the auction. I would think there could be some good buys on cars with no reserve if buyers stay away? Just wondering what the overall mood is there?
Good question. I have two friends at the auction - one of them is selling two cars. His first car crossed yesterday, and the situation didn't seem to affect the selling price, as it sold for what was expected.
I haven't talked to them, yet, about overall attendance. This will be interesting.
According to the TV you are risking life and limb if you even think about going outside. Sooo stupid.
I was at Amelia last weekend (14th yr in a row) and crowds were bigger than ever on Sat and Sun.
Auction prices were fairly strong on the high end cars.
Possibly fewer cars sold but haven't studied the results yet.
Are more registered bidders on the phone than in person?
What's stupid? The media scare tactics, or actually going?
Media
I agree. Anything to make a headline and destroy the economy.
The blue 1968 KR 03563 just sold for 85K that's a steal !! a 70 hemicuda bid only to 76K no sale , im not sure there's a lot of money in the room now ..
Bidders may have rechecked their current investment balance sheets compared to when they registered weeks ago. 8)
Yes, probably so. China screws the world again.
It looks like they are giving Shelby's away!
Out of 11 Shelbys to cross the block today, only 3 sold. A 1968 KR fastback went for $93,500 and a GT 350 fastback only got up to $55,000. Remember those prices also include 10% buyer fees, which means the sellers actually sold them for $85,000 and the other stopped at $50,000.
Hopefully Saturday will be better.
https://www.mecum.com/lots/AZ0320-404925/1968-shelby-gt500kr-fastback/
https://www.mecum.com/lots/AZ0320-404947/1968-shelby-gt350-fastback/
You could actually say the seller sold/money received was 10% less than the $85k hammer, resulting in $76.5k to the seller. Great deal for auction house though.
There was no money, not even the house bid at $55k for the 68GT350.
The fun and excitement from the auctions in January in the Scottsdale have waned, plus SH.. weather been raining for days, the virus, the stock market crash was a recipe for disaster. We can only hope things can turn around in a timely manor.
My friends at the auction mentioned that yesterday (Friday) the was the smallest crowd that they've ever seen at a Mecum Auction. Also, they mentioned that there was more money in the room Wednesday versus Thursday; which is completely contrary to normal circumstances.
Hockeylife, you are absolutely right! 76k for a 68 KR! WOW!
67 GT500 (identified as #67402F2A00498) with engine swap (427) and other personal choices just sold for under $60K ::)
Looks like it was a local car at one point
Quote from: J_Speegle on March 14, 2020, 06:03:47 PM
67 GT500 (identified as #67402F2A00498) with engine swap (427) and other personal choices just sold for under $60K ::)
Looks like it was a local car at one point
Recently CL listed here in the Phoenix area for approx $150k. Quite the haircut!
I think it's time for the auction houses to dial back on the number of Auctions they have during the year.
It would be a plus if it brought more back into the hobby due to lower prices.
One of the cars I was interested in is this CSX8000 car - one of the black 50th anniversary cars that sold out at Barrett Jackson. It hammered for ~$132,000 which seems like a pretty good result and fair for both buyer and seller.
https://www.mecum.com/lots/AZ0320-405179/1962-shelby-cobra-csx8000-series/
I would love to hear more on the '67 GT500 that laid an egg. That is a give-away price. Wow.
Quote from: The Going Thing on March 13, 2020, 06:23:23 PM
I agree. Anything to make a headline and destroy the economy.
This - it's all about changing the dynamic to effect an event in November.
Quote from: JWH on March 14, 2020, 08:54:58 PM
One of the cars I was interested in is this CSX8000 car - one of the black 50th anniversary cars that sold out at Barrett Jackson. It hammered for ~$132,000 which seems like a pretty good result and fair for both buyer and seller.
https://www.mecum.com/lots/AZ0320-405179/1962-shelby-cobra-csx8000-series/
I would love to hear more on the '67 GT500 that laid an egg. That is a give-away price. Wow.
https://www.hemmings.com/classifieds/cars-for-sale/shelby/gt500/2386275.html
Quote from: 2112 on March 14, 2020, 07:29:01 PM
I think it's time for the auction houses to dial back on the number of Auctions they have during the year.
I think we can all agree that current things going on around the world and in this country have allot to do with this and other things taking place. Respectfully if you believe there are too many auctions and that it in some way affects value then the same thing should be said about all the places on the internet to post cars for sale
As for the car, the color (looks to be "its your car do what you want" purple) may have also affected some possible buyers. Just a guess
If you have to bust the car apart to repaint it nicely finished value creeps into the discussion as it often does
+1
Dave
Quote from: 98SVT - was 06GT on March 14, 2020, 09:16:30 PM
Quote from: The Going Thing on March 13, 2020, 06:23:23 PM
I agree. Anything to make a headline and destroy the economy.
This - it's all about changing the dynamic to effect an event in November.
+3
Good point Jeff on the color of the GT500. Maybe no Vikings fans in the house for this one?! I think most would agree not the most flattering color and would almost demand a repaint. But if you can get past the color, for $60K, there is probably a lot of fun to have with this car.
Quote from: JWH on March 14, 2020, 11:09:54 PM
Good point Jeff on the color of the GT500. Maybe no Vikings fans in the house for this one?! I think most would agree not the most flattering color and would almost demand a repaint. But if you can get past the color, for $60K, there is probably a lot of fun to have with this car.
I would have bought it in a heart beat at 60K .Woulda, coulda, shoulda. Keep in mind that the winning bidder was lucky in that he was in the right place with no other bidders bidding against him. For those wishing that they had access to a way back machine so you could step out and into the auction to bid against the high bidder at the 60k then who knows how much more it would have bid up to. I suppose if you stepped out of your way back machine and were able to identify the bidder and put a sack over his head and stuff him in a closet so you could take his place then you could be the lucky guy. Just considering the sci fi possibilities. :D
Anyone know what the white KR went for lot# S174
Mecum site says the bid goes on at 160k
Regarding the purple / 427 GT-500..... the auctioneer announced several times that "it was real" almost to the point that it might have scared potential bidders ? As you know, if you haven't looked at the car, and it starts to fall on it's face on the ramp..... you better have deep pockets to play those hunches. I had a buddy there who called me, and all I could tell him is you are on your own if you haven't looked at it.
Quote from: Bob Gaines on March 15, 2020, 12:51:32 AM
Quote from: JWH on March 14, 2020, 11:09:54 PM
Good point Jeff on the color of the GT500. Maybe no Vikings fans in the house for this one?! I think most would agree not the most flattering color and would almost demand a repaint. But if you can get past the color, for $60K, there is probably a lot of fun to have with this car.
I would have bought it in a heart beat at 60K .Woulda, coulda, shoulda. Keep in mind that the winning bidder was lucky in that he was in the right place with no other bidders bidding against him. For those wishing that they had access to a way back machine so you could step out and into the auction to bid against the high bidder at the 60k then who knows how much more it would have bid up to. I suppose if you stepped out of your way back machine and were able to identify the bidder and put a sack over his head and stuff him in a closet so you could take his place then you could be the lucky guy. Just considering the sci fi possibilities. :D
. If I had a time machine I would go back further.In the 70s /80s they were "giving them away".If I could go back to 82,when I bought my car,and had the cash,I would buy EVERY car I went to look at at the time....EVERY car was under 8k with an outlier being a 289 cobra at 20k....Interesting times.....
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.
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.
What!!! $200k all day long? I don't think so. I'm not expert on these cars but I know for a fact that this car has the wrong emblem on the passenger glove box, has the wrong tail light bezels, has a bunch of things wrong in the engine compartment (wrong battery and a bunch of other stuff) and who knows what else. Unless this is an engineering car or it has some sort of significant history, in my opinion, there is no way it is $200k +. Just my opinion but let the experts chime in. I might be totally wrong but I don't think so.
QSS
Not to mention the wonky lower stripes are all wacked out at the doors & look at the Gt500KR script with no stripe next to it on either side ,should of took $160 seemed like decent money unless i'm missing something .
QuickSilverShelby, what would be the correct emblem on the glove box for a KR?
The '68 cars don't have the look nor the value of the 67 cars. 200K easily? Not even close.
I must also respectfully disagree. First with the seller, the car is not anywhere close to being unrestored. GT500 KR fastbacks have historically never been over $150k, even on their best days. There of course, always exceptions.
We could make a pretty long laundry list on this one, but I will refrain. The same people who believe the forum is controlled by a cabal of bitter, never to be named, good old boys, will be the first to scream we are tearing other people's cars apart.
I believe, the glove box emblem is correct.
At 160k this car was overbid by at least 20k in my opinion. I have only been tracking 1968 prices since 1986 so take it for what its worth.
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.
It must be the added lemans stripes that make it a $200.000 car!!! Anybody see the buck tag?
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.
Really confused by your 200K statement "all day long". Lets see no original starter delay, no wheels hubcaps and top stripes. No judging award paperwork. Those are the types of cars that might bring the coin you think of in my opinion. I think 160K may be high and who knows a Mecum bid? Wasn't there but it is missing expensive critical items for a top dollar car. Gary
Quote from: dirpubsaf on March 17, 2020, 03:17:36 AM
QuickSilverShelby, what would be the correct emblem on the glove box for a KR?
Quote from: Coralsnake on March 17, 2020, 07:33:34 AM
I believe, the glove box emblem is correct.
I stand corrected. I got mixed up last night and I thought I was looking at a GT500 glove box with a repo emblem you often see used on GT500's. In fact this is a GT500KR glove box with a correct emblem on it.
Pete, thanks for cleaning up after me.
Still not a $200k car.........all day long.
QSS
I am here to help ::)
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.
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
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.
So they don't actually buy the car for $160 but they still listed as sold and the seller goes home with the car and no check, damn that's pretty shady.
Quote from: 68krrrr on March 17, 2020, 01:30:36 PM
So they don't actually buy the car for $160 but they still listed as sold and the seller goes home with the car and no check, damn that's pretty shady.
Actually, the car was bid (either by the auction house or by a potential buyer) to $160K. The car is not listed as sold. Instead, it's listed as "The Bid Goes On" (AKA, still for sale), and the seller takes home the car, unless a deal can be made prior to auction conclusion.
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.
+ 1
Quote from: The Going Thing on March 17, 2020, 06:55:03 AM
The '68 cars don't have the look nor the value of the 67 cars. 200K easily? Not even close.
Quote from: Hockeylife on March 17, 2020, 02:58:24 PM
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 them 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.
This is a prime example of why I don't attend or patronize auctions. Sucker bait.
Was that the black one or the white one there where back to back i think ,i watched it but didn't record it
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
Quote from: Hockeylife on March 17, 2020, 02:58:24 PM
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 them 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.
Awesome! Everyone is in on the scam. The Auction house, the seller and no fish to be found. Dat's a damn shame :'(
QSS
That's why my RED-RED 63 split didn't go there , HOLY CRAP people. Too bad :-[
Quote from: Hockeylife on March 17, 2020, 12:27:20 PM
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.
My history restoring and selling a "few" cars in the late 80s-mid 90s in particular saw the market go up around the crash of 87. I remember reading about investors buying up cars as my cars spiked in value around that time( 1 in particular a B9). I remember all too well when I went to sell my restored 70 GT500 DP FB in 1991 the market was on the downside as I could have gotten more for it in the summer of 90 than in the spring of 1991. Market remained flat for a lot of years as I recall by the prices I got for my cars. I sold a CJ Mach1 in mint concours condition for 25K in 1996. My friend sold his mint 1969 CJ Mach1 for 28K in 2002 and bought a HEMI 71 Challenger for 70K and watched it jump to 195K in 2 years as the car market then went up. Those are my recollections of the market from 1985 until 2003-4. To be clear I am not saying history would repeat but that is what happened back in 1987 to my recollection and it was positive for me. :) Gary
This is a sticky one. I would love to see all auction be "no reserve", but I know that isn't feasible. EBay is the same, your buddy bids up your item in hopes you land a fish.
The "Scam" ghost bidding/offers has been happening for 1000s of years and it's not going to change now. I have always been in the camp of bid what you feel its worth, then walk away. That way you can't get caught up in the hype and you can feel good about it either way.
Quote from: Hockeylife on March 17, 2020, 02:58:24 PM
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.
+1 I can't tell you how many times I have seen bids on TV at BJ where they were trying to get 10K more for a car with a supposed high bid of X price. When the sold drops it dropped back to 10K LESS than the X price. So were they bidding up a bidder with shill bids and when he stopped bidding it dropped back to his last bid? Sure seems that way to me. I highly doubt the tech kept making errors on showing the current bid price. Wayne Carini once commented on an auction (one of the Pebble beach ones in Calif) that the house had the right to bid up to the reserve and there was no real money in the room. Gary
The one we love to see is the INVISIBLE BIDDER in the crowd
You see them point and scream as the bid goes up
As you see the crowd look at each other or behind them to see who the INVISIBLE BIDDER is ....
Proof that it happens these two pictures of "him" the lower picture clearly showing that he is done bidding
At BJ in January I was watching a couple bid on a car. They bid up to 80k. Bid goes past them to 82k. Bidding assistant asks him ?85k, bidder clearly says NO, assistant puts up his hand and the car sells, to him at 85k in three seconds. He was furious!! Would love to know how that ended up.
Mecum Spring 2019 there were 2 Twister special SCJ Mach1s. One catalog at 175-200K auto. Bid to 180K no sale. Other a 4 speed est of 225-250K. No sale at 170k. The owner of the 4 speed car was nice enough to put mirrors under the car so I could see the nice detail of the 65-68 incorrect floor pans with drain plugs nicely detailed. Now for me if I wanted to spend 6 figure dough the car BETTER HAVE CORRECT FLOOR PANS in IT!. I was just going over my pics. Now the auto car bid to 180K no sale I somehow missed walking through. Nice cars but in reality is anyone paying that kind of money for a 70 SCJ Mach1? Like I said both no sales but the 4 speed car with repo 65-8 floor pans had a catalog estimate of 225-250K? Sorry, not for me at half the price. Gary
https://www.mecum.com/lots/SC0519-371511/1970-ford-mustang-mach-1-twister-special/
https://www.mecum.com/lots/SC0519-370127/1970-ford-mustang-mach-1-twister-special/
Quote from: Stillakid54 on March 18, 2020, 09:25:24 AM
At BJ in January I was watching a couple bid on a car. They bid up to 80k. Bid goes past them to 82k. Bidding assistant asks him ?85k, bidder clearly says NO, assistant puts up his hand and the car sells, to him at 85k in three seconds. He was furious!! Would love to know how that ended up.
did you look up the results of said car? Gary
Excellent point, and no I unfortunately did not do that.
Was not a car I was particularly interested in and cannot call the car particulars enough at this point to check. Would be interesting to know.
I just watched a saved recording of that incident. It's fun to watch!
No way I would be a seller at a Mecum auction. Buyers at any auction have a real advantage on cars that are "No reserve". I have bought a couple that way and might again.
Quote from: Hockeylife on March 17, 2020, 02:58:24 PM
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.
I don't personally have a vested interest in this discussion. However, I have both bought and sold at Mecum before. I can say that the key to any auction is knowledge - knowledge of how things work on both the selling and buying ends. There are ins and outs that some people are not aware of which are not publicized. However, there are nuances to all that takes place, and being educated ahead of time is best, as the 90 seconds it takes for your car (either buying or selling) to cross the block goes by in a heartbeat, and the pressure (whether auction or self-induced) is real.
I can't speak for other auctions, as Mecum is the only place I've used. I would still use them, and it took me a while to understand the ins and outs / how to play the "game". It is certainly possible for all parties involved (auction house, seller and buyer) to win.
Just my 2 cents...
Obviously I stand corrected. I was misled by believing it was unrestored, which apparently it isn't. And my own naivety from being new to the hobby.
Lesson learned.
Quote from: shelbymann1970 on March 18, 2020, 09:14:01 AM
+1 I can't tell you how many times I have seen bids on TV at BJ where they were trying to get 10K more for a car with a supposed high bid of X price. When the sold drops it dropped back to 10K LESS than the X price. So were they bidding up a bidder with shill bids and when he stopped bidding it dropped back to his last bid? .....................
Seen this a fair number of times over the 30+ years I've gone to auctions. Bidder gets stretched out moving the bid forward and the single real money stalls. Often a worker will approach the last real bidder and tell them that some drunk, person waving to a friend, ....... whatever the excuse bid by mistake and if they were still in for the car. Of course this is taking place at the same time another worker is attempting to get the seller to drop or lower their reserve since "they have a beautiful car but that is all the money in the room today".
Sometimes the "ghost" is an unknown bidder that a corner person is bidding for so that they are invisible - but this does not seem as typical as other situations. Different auctions and workers work things slightly different and change up the game depending on the "room"
^^^^^ And the last thing you want is a fired up, over weight, sweaty, coffee- garlic breathed owner imposing his will on you, saying thats all the money we got for you... when its way off the money for what ever economic problem is occurring at the time. Just some things to consider when choosing the right venue to turn your baby loose. :-\
What's a nice 65 k code fastback worth in todays market? Restored 20 years ago but not driven much and stored right. Red w/black interior.
Whatever a seller will take and a buyer will pay....
No one can actually answer that question... 8)
Quote from: Tig65gs on March 23, 2020, 07:56:42 PM
What's a nice 65 k code fastback worth in todays market? Restored 20 years ago but not driven much and stored right. Red w/black interior.
Well that's an obvious answer. That goes for anything even the shelbys late
y.
Since you didn't like my answer...
Let's try again.
If you are a buyer, make your best reasonable offer to the seller... If you are a seller... You know what you want for your car.
SIMPLE.
Quote from: Tig65gs on March 23, 2020, 07:56:42 PM
What's a nice 65 k code fastback worth in todays market? Restored 20 years ago but not driven much and stored right. Red w/black interior.
Well... with all the information you have provided..... maybe $10k to $100k.
Exactly 8)
Tig65gs - When trying to get an idea of the value of a certain car, I like using Hagerty's valuation guide. I can't give insight into what the virus has done to prices, but Hagerty is a very good starting point --
https://www.hagerty.com/apps/valuationtools/search/auto?gclid=Cj0KCQjwjoH0BRD6ARIsAEWO9DtaWSFVsD_GzvH7AZpXULbXNgMZmZPN7fy_hTbHsEv9Wnk3Ly_nrlUaAi_iEALw_wcB&ef_id=Cj0KCQjwjoH0BRD6ARIsAEWO9DtaWSFVsD_GzvH7AZpXULbXNgMZmZPN7fy_hTbHsEv9Wnk3Ly_nrlUaAi_iEALw_wcB:G:s&s_kwcid=AL!5126!3!283867041995!e!!g!!hagerty%20valuation%20tool&aff=g_us_hv_e
Thanks JWH it's what I was looking for,forgot about hagerty. Tig
It seems a bit on the low side...