CSX3016 for sale through Exotic Classics, Syosset NY

[SunDude]

UPDATE: As it happens CSX3016 did not sell today at Mecum Kissimmee on a high bid of $1,700,000 USD.

[mrmustang]

Originally Posted by SunDude

UPDATE: As it happens CSX3016 did not sell today at Mecum Kissimmee on a high bid of $1,700,000 USD.

I was not there, but rumor from those that were stated that real bidding stalled around $950,000

[OnyxRider]

What do you think is a ballpark price that this car is worth?

[A-Snake]

Originally Posted by OnyxRider

What do you think is a ballpark price that this car is worth?

Do you want the guesstimates to include the possible future attorney fees?

[Nedsel]

Originally Posted by mrmustang

I was not there, but rumor from those that were stated that real bidding stalled around $950,000

If you read the fine print in most auction companies' policy papers, you will find that they reserve the right to bid on items they are selling "up to, but not beyond" their reserve prices. In other words, the auctioneer has the right to - and will - raise the called price on things without an actual bid being placed by anyone in the audience. Once they get within spitting distance of the reserve price, this practice stops, as it doesn't pay to have a shill bid win the auction. Which is also how one can often determine if the bidding is real or fake: when the auction company pleads with the seller to drop his reserve, the bid is usually genuine. If there is no such activity, chances are there was no real bidding anywhere close to the reserve price.

[joyridin']

Originally Posted by Nedsel

If you read the fine print in most auction companies' policy papers, you will find that they reserve the right to bid on items they are selling "up to, but not beyond" their reserve prices. In other words, the auctioneer has the right to - and will - raise the called price on things without an actual bid being placed by anyone in the audience. Once they get within spitting distance of the reserve price, this practice stops, as it doesn't pay to have a shill bid win the auction. Which is also how one can often determine if the bidding is real or fake: when the auction company pleads with the seller to drop his reserve, the bid is usually genuine. If there is no such activity, chances are there was no real bidding anywhere close to the reserve price.

If you watched the B-J auction, was that happening there? I was confused as some cars jumped in price, but then 1 minute later were down $200k. At that point, the reserve was dropped.

This happened quite a few times I noticed. Maybe I wasn't paying attention in years past.

[Nedsel]

99% of the cars at Barrett-Jackson are consigned with no reserve, hence they are going to sell. You may occasionally see the situation where there is simply no real buyer present, and if the consignor thinks he is really going to get burned, he might arrange to buy his own car back, usually through the bidding of a friend. But that costs commissions, so it had better be worth it. At last week's B-J auction, I saw several instances of the auctioneer apparently losing track of where the last few bids had come from, and having to back-track. Sometimes this results in "lost" bids, where either whoever made the bid says no they didn't, or the auctioneer may have, uh, accidentally accepted a bid that he can't identify. So they go back to the point of the last confirmed bid and start the process over again. It's confusing because of the pace they maintain and the unintelligible auction-speak B-J seems to like, where if you can't see a monitor, you have no idea where the bidding actually might be.

[OnyxRider]

Originally Posted by Nedsel

If you read the fine print in most auction companies' policy papers, you will find that they reserve the right to bid on items they are selling "up to, but not beyond" their reserve prices. In other words, the auctioneer has the right to - and will - raise the called price on things without an actual bid being placed by anyone in the audience. Once they get within spitting distance of the reserve price, this practice stops, as it doesn't pay to have a shill bid win the auction. Which is also how one can often determine if the bidding is real or fake: when the auction company pleads with the seller to drop his reserve, the bid is usually genuine. If there is no such activity, chances are there was no real bidding anywhere close to the reserve price.

Unfortunate but I have seen this many times when watching a B-J auction. They create something artificial and try to get a feeding frenzy of bids going. Just wondering how often it is practiced.