Mecum Auction in Monterey 2018
08-27-2018, 12:34 AM
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Mecum Auction in Monterey 2018
My wife and I went to the Rolex Motorsports Reunion held at Weathertech (Laguna Seca), raceway.
This is one of the biggest car events in the Monterey/Pacific Grove/Carmel area. Huge influx of exotics with several cars I've never heard of, nor have ever seen before.
We purposely didn't take our '62, as I just didn't want to worry about parking and the security of our car.
Anyway, there are several events around the area as well as a few different car auctions. One of which we enjoy going to is the Mecum Auction held at the gold course.
While we noticed a definitive lack in attendance, there were still some very nice cars. Each car has a short informational notice on the windshield, along with an estimate of price that it's expected to bring.
Well.....I don't think that more than a very small percentage ever got anywhere close to the estimate(s).
We watched car after car go through only to "close the bid". I'm not sure exactly as to what percentage actually sold, but I would bet the majority would go to the "not sold" cars.
Watched a handful of big block Corvette's go through, yet I didn't see one of them sell. In all fairness we were only there for a total of about 4-5 hours.
What was really eye opening for me was the amount of false bidding that took place. I've never witnessed the amount of times the bid jockeys would throw their fists up in the air like they had a bidder, yet there was no bidder in sight. They traded yells and fists from one side of the room to the other while gazing towards a specific area, yet no bidder would be there. We witnessed the auctions attempt to utilize the "phone bidders" table to get a bidding frenzy going. It was truly crazy!
We watched a guy bid up one of three cars from the Ferris Buellers Day Off movie. He was way up there in price, yet they kept trying to get him to increase his bid by pressuring him with the phone bidders, and they were successful. They're blowing horns, circulating lights, yelling and screaming about the phone bidders and telling this guy he needs to increase his bid. The guy finally stopped bidding yet they continued to pressure him for another 10k. Come on....the phone bidders are bidding, you have to go another 10k!
Then when the guy wouldn't come up another 10k...….the RESERVE IS OFF!!! Then it's back to the guy and that he's going to lose the car to the phone bidders....you better bid another 10k! The guy wouldn't come up and after a few more moments, the car is sold. Guess who it's sold to? The guy they kept pressuring that the phone bidders are bidding, and you're going to lose the car.
The guy should have stopped buying their nonsense at least 50k prior and he would have still been the "winning bidder". LOL!
I know there have been a few guys on here who have had good luck with selling their cars at auction, but all I can say is that it's definitely not for me. I was thinking of putting our '55 Nomad in an upcoming auction, but have since redirected that desire.
Pat
This is one of the biggest car events in the Monterey/Pacific Grove/Carmel area. Huge influx of exotics with several cars I've never heard of, nor have ever seen before.
We purposely didn't take our '62, as I just didn't want to worry about parking and the security of our car.
Anyway, there are several events around the area as well as a few different car auctions. One of which we enjoy going to is the Mecum Auction held at the gold course.
While we noticed a definitive lack in attendance, there were still some very nice cars. Each car has a short informational notice on the windshield, along with an estimate of price that it's expected to bring.
Well.....I don't think that more than a very small percentage ever got anywhere close to the estimate(s).
We watched car after car go through only to "close the bid". I'm not sure exactly as to what percentage actually sold, but I would bet the majority would go to the "not sold" cars.
Watched a handful of big block Corvette's go through, yet I didn't see one of them sell. In all fairness we were only there for a total of about 4-5 hours.
What was really eye opening for me was the amount of false bidding that took place. I've never witnessed the amount of times the bid jockeys would throw their fists up in the air like they had a bidder, yet there was no bidder in sight. They traded yells and fists from one side of the room to the other while gazing towards a specific area, yet no bidder would be there. We witnessed the auctions attempt to utilize the "phone bidders" table to get a bidding frenzy going. It was truly crazy!
We watched a guy bid up one of three cars from the Ferris Buellers Day Off movie. He was way up there in price, yet they kept trying to get him to increase his bid by pressuring him with the phone bidders, and they were successful. They're blowing horns, circulating lights, yelling and screaming about the phone bidders and telling this guy he needs to increase his bid. The guy finally stopped bidding yet they continued to pressure him for another 10k. Come on....the phone bidders are bidding, you have to go another 10k!
Then when the guy wouldn't come up another 10k...….the RESERVE IS OFF!!! Then it's back to the guy and that he's going to lose the car to the phone bidders....you better bid another 10k! The guy wouldn't come up and after a few more moments, the car is sold. Guess who it's sold to? The guy they kept pressuring that the phone bidders are bidding, and you're going to lose the car.
The guy should have stopped buying their nonsense at least 50k prior and he would have still been the "winning bidder". LOL!
I know there have been a few guys on here who have had good luck with selling their cars at auction, but all I can say is that it's definitely not for me. I was thinking of putting our '55 Nomad in an upcoming auction, but have since redirected that desire.
Pat
08-27-2018, 12:39 AM
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Pat, given everything you described is designed to increase bidding, why would it put you off in selling there?
BTW, the false bidding is called “chandelier bidding” and it’s usually stated in the consignment contract that the house has the right to make those bids below the reserve amount.
BTW, the false bidding is called “chandelier bidding” and it’s usually stated in the consignment contract that the house has the right to make those bids below the reserve amount.
08-27-2018, 01:00 AM
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Pat, given everything you described is designed to increase bidding, why would it put you off in selling there?
BTW, the false bidding is called “chandelier bidding” and it’s usually stated in the consignment contract that the house has the right to make those bids below the reserve amount.
BTW, the false bidding is called “chandelier bidding” and it’s usually stated in the consignment contract that the house has the right to make those bids below the reserve amount.
Also, I understand that it's an acceptable, and frequently used tactic by the auction houses, but I have to say I was quite surprised by the amount of times it's used.
As to why I would put off selling there goes.....I just really don't know. As a seller, I should be happy that they're trying to get the most money for the car. But man.....the tactics just seem pretty deceiving to me.
Pat
08-27-2018, 06:22 AM
#4
Yea, it was very evident when the chandelier bidding would stop, as it was getting too close to the reserve, and of course they didn't really have a bidder.
Also, I understand that it's an acceptable, and frequently used tactic by the auction houses, but I have to say I was quite surprised by the amount of times it's used.
As to why I would put off selling there goes.....I just really don't know. As a seller, I should be happy that they're trying to get the most money for the car. But man.....the tactics just seem pretty deceiving to me.
Pat
Also, I understand that it's an acceptable, and frequently used tactic by the auction houses, but I have to say I was quite surprised by the amount of times it's used.
As to why I would put off selling there goes.....I just really don't know. As a seller, I should be happy that they're trying to get the most money for the car. But man.....the tactics just seem pretty deceiving to me.
Pat
I can't imagine how much $$ is lost by unsuspecting buyers that get caught up in the moment with the horns, yelling , crowd, etc. (Not for me)!
08-27-2018, 07:19 AM
#5
Team Owner
Go to Cirque du Soleil it’s better entertainment without the duplicity.
Exactly why people quote one-off sales prices from the Mecum carnival like its a new value trend and I laugh every time.
Exactly why people quote one-off sales prices from the Mecum carnival like its a new value trend and I laugh every time.
Last edited by Frankie the Fink; 08-27-2018 at 07:19 AM.
08-27-2018, 08:24 AM
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In a unrelated way, it reminds me of a guy I know who is about $100K over budget in a major restoration, but his restorer say not to worry." Look at the prices they are currently ASKING for these cars online", he tells him. Many of which are ridiculous.
08-27-2018, 09:39 AM
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2023 C1 of the Year Finalist - Modified
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The Red 56 sitting with the big blocks was my car that I restored. I sold it in 2009 to Greg Wyatt. It surfaced at Auburn about 3 years ago and sold there. It was on eBay for 125k a couple of months ago and now mecum. It bid to 90k with no sale. It’s virtually unchanged since 2009.
Last edited by Geralds57; 08-29-2018 at 09:12 AM.
08-27-2018, 10:44 AM
#9
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The Red 56 with the big blocks was my car that I restored. I sold it in 2009 to Greg Wyatt. It surfaced at Auburn about 3 years ago and sold there. It was on eBay for 125k a couple of months ago and now mecum. It bid to 90k with no sale. It’s virtually unchanged since 2009.
08-27-2018, 11:07 AM
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Very easy to tell when they have two real bidders. Doesn't happen often. They run it up looking for the fish. Auctioneers will argue they are just trying to get to where the owner will sell. So bullshit.
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ptjsk (08-28-2018)
08-27-2018, 11:15 AM
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08-27-2018, 11:40 AM
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A large part of the auctioneers job is to try to get people to consign their cars for the next auction. They make it look like there are people that will pay more than the guy with a car at home would sell it for so they consign for the next one & find that all the bidders were smoke & mirrors. That's why I do believe that BJ'S no reserve auctions are the best way to go for the seller if they are willing to take the gamble. Not a fan of auctions to sell or buy but I have done both many times.
08-28-2018, 09:58 AM
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Did anyone see the 250 GTO go for $48 million at the Mecum auction? It set a new record beating the $38 million for a GTO two or three years ago. It was bought by a Chinese guy who was later caught moving aluminum ingots to Mexico and then importing them into the USA duty free under NAFTA. The caper was discovered by a press reporter... Department of Commerce was clueless. I'm not aware that Mexico has any aluminum smelters.
I wonder if it was the same chassis number and who bought it. There were only 39 GTOs produced... three with the series 2 body ('64 models) and a couple of series 1 cars were converted to the series 2 bodies, probably after being wrecked.
Duke
I wonder if it was the same chassis number and who bought it. There were only 39 GTOs produced... three with the series 2 body ('64 models) and a couple of series 1 cars were converted to the series 2 bodies, probably after being wrecked.
Duke
08-28-2018, 10:09 AM
#15
Safety Car
Duke, I saw the auction online. It was sold through RM auctions. It hammered for 44 million. They have the full write up on the car on their website.
Last edited by SBR; 08-28-2018 at 10:10 AM.
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08-28-2018, 10:09 AM
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Did anyone see the 250 GTO go for $48 million at the Mecum auction? It set a new record beating the $38 million for a GTO two or three years ago. It was bought by a Chinese guy who was later caught moving aluminum ingots to Mexico and then importing them into the USA duty free under NAFTA. The caper was discovered by a press reporter... Department of Commerce was clueless. I'm not aware that Mexico has any aluminum smelters.
I wonder if it was the same chassis number and who bought it. There were only 39 GTOs produced... three with the series 2 body ('64 models) and a couple of series 1 cars were converted to the series 2 bodies, probably after being wrecked.
Duke
I wonder if it was the same chassis number and who bought it. There were only 39 GTOs produced... three with the series 2 body ('64 models) and a couple of series 1 cars were converted to the series 2 bodies, probably after being wrecked.
Duke
https://journal.classiccars.com/2018...R0ZUBhb2wuY29t
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08-28-2018, 05:26 PM
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There's a cost for attending each one. We paid $30.00 each, for each day we attended the Mecum, and I was told (by another guest at the Inn), that the cost for RM auction was $300.00 each. That seems pretty crazy, but maybe that includes the bidding registration as well. I really don't know. I do know that bidding registration for Mecum was $200.00.
Pat
08-28-2018, 06:34 PM
#18
Safety Car
One of the guys I shoot with in a skeet league took his '67 coupe to the auction. He said all the Corvettes up for bid didn't make sale. There may have been one, not sure though. .. His read on the goings on was that of little interest, American muscle just wasn't in the cards for this auction. Maybe the wrong venue for American muscle cars? . . .
He said he didn't want to have to bring the '67 back home. Many others in the same camp, no doubt. . .. It appears most of the sales went to European buyers of exotic cars.
John
He said he didn't want to have to bring the '67 back home. Many others in the same camp, no doubt. . .. It appears most of the sales went to European buyers of exotic cars.
John
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ptjsk (08-29-2018)