CSX3021: Gooding Auction

[Nedsel]

One must watch the details closely. The consignor of the car to the '10 Gooding auction was its original owner, Bill Turner. Given that fact, it would be tough to view the claimed sale last year at a price of $3.75 million as reality, yes?

[Anthony]

Originally Posted by Nedsel

One must watch the details closely. The consignor of the car to the '10 Gooding auction was its original owner, Bill Turner. Given that fact, it would be tough to view the claimed sale last year at a price of $3.75 million as reality, yes?

yes.

So, I guess it was either a no sale, or Turner bought the car back, paying a commission at last years auction ?

[Nedsel]

If the bidding had actually reached anything close to $3.75m at last year's auction, Turner would have had no reason to buy it back; the car would have ben gladly sold. It found a new owner at this year's Gooding sale.

[CobraDan]

Nedsel,
So you are saying that the Ft. Lauderdale Beach auction on Jan 2, 3 & 4, 2009 where Bill Turner had CSX3021 at no reserve never sold for 3.5M plus his 289 CSX2311 and his 1964 Ford Thunderbolt all at no reserve and many other cars from his collection never happened because he still owns CSX3021 and it went for 1.2M at the Gooding auction this January???????????????

http://www.cobraregistry.com/Search....tails&vid=1347
Here it indicates that Hollywood Investments from Saint Peterberg owned CSX3021

[Nedsel]

Cobra Dan, maybe you better re-read the posts. I didn't say anything about the other cars. In fact, I know 2311 did sell, as it ended up about ten miles away from me. As for 3021, we don't know who is behind Hollywood Investments. All that is clear is that the sale was never finalized, otherwise Bill Turner would not have been the consignor at the recent Gooding auction.

[computerworks]

Originally Posted by Nedsel

. The consignor of the car to the '10 Gooding auction was its original owner, Bill Turner.

.......................

[CobraDan]

This cobra world is getting way to complicating for me how do you put your car up for sale at auction at a no reserve bid and wind up still being the owner and then a year ago we say here at clubcobra it went for 3.5M. Ron I remember sending you the info it was listed I think on Ebay with in a very short period of that 3.5M purchase. It has been on the cobra registry for awhile now listed for sale at 3.75M by Hollywood Investments of St Peterberg and yet you & Nedsel say Bill Turner was still the owner when it just sold again at auction for 1.2M. I must admit that a 2.3M lose is a hell of a beating but if it never went for 3.5M then Bill Turner made a killing. We have a local seller of a 17M dollar home that has been reduced to 13M with no takers and going at a no reserve auction soon so the owner can get rid of this home.

[Nedsel]

Dan, I think you are making this more complicated than it really is. At last year's Rupp/ Flynn Ft. Lauderdale auction in January, 3021 was said to have been sold at a hammer price of $3.5 million. If you add the buyer's premium, which is usually 8-10% of the bid, then the supposed buyer would have been paying a minimum of $3,780,000 for the car, unless some type of deal was arranged given it was the headliner car. That's a lot of dough, and more than twice what a nice S/C would have been expected to bring at auction a year ago. But let's suppose there were two (or more) serious bidders in the room who wanted the car, and the final price when the last under-bidder dropped out was $3.5 million. That's the number the auction company would have reported as the sales price. Now, let's move ahead several weeks or months. Suppose the winning bidder gets cold feet and/ or has difficulty coming up with the cash to close the deal. It's hard to imagine this scenario, as most auction companies require a bank letter guaranteeing they will honor a draft against the individual's account up to the requested credit limit, which in this case would have been at least $3.5 million. But let's say it happens, and the winning bidder fails to perform. He may lose whatever deposit he has put down and be forced to pay damages, legal fees, etc., but he can't be forced to buy the car. So, maybe with the cooperation of the seller and the auction company, a deal is struck whereby the car is offered up for sale on eBay, using a fictitious business name as the owner, in the hopes that someone, somewhere - having heard that an original 427 S/C sold for over $3.5 million - decides that he'll pay that, too, as, after all, that IS what they're bringing these days, right? I mean, that is what was reported, so it must be the value. Except that no one steps up to the plate and bids. So the car remains unsold. What's a seller to do but bring it back to another auction and give it another shot? So that's what happened at Gooding in January, and the buyer, from Houston, spent $1,028,500 (including the 10% buyer's premium) for the privilege. It seems pretty straightforward to me.