$125k '58 Fuelie at Barrett
09-26-2010, 04:39 PM
#21
Safety Car
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St. Jude Donor '10
It was great just to see those cars, but the $$$$
for them was too much for me. I can't imagine, but you guys are right, if someone wants the car, they will pay anything to HAVE it.
for them was too much for me. I can't imagine, but you guys are right, if someone wants the car, they will pay anything to HAVE it.
09-26-2010, 04:59 PM
#22
Safety Car
Jeff, good point and I have seen this happen as well. I can't help but wonder why would they ask the high bidder to raise his own bid? I know the dummy with the Ferrari hat raised his bid to buy the F88 olds concept car for 3 million a few years ago but anyone with half a brain would not fall for that.
09-26-2010, 05:18 PM
#23
Tech Contributor
I'll be curious to see if anyone takes up Craig's offer to re-enter the bidding. During the post "event" interview Craig indicated the car was still for sale for the participating bidders if someone wanted it.
09-26-2010, 06:14 PM
#24
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Jeff, good point and I have seen this happen as well. I can't help but wonder why would they ask the high bidder to raise his own bid? I know the dummy with the Ferrari hat raised his bid to buy the F88 olds concept car for 3 million a few years ago but anyone with half a brain would not fall for that.
What I saw was the $750k was clearly a mistake... the screen often has to catch up with the auctioneer... they corrected it to 700 and then the high bidder (the clown in the white bandanna) seemed to be signing for being the winner and all his buddies around him whooping it up. Later jackson said at the podium there was a problem with the bidder, offered it to anyone who wanted it, and decided to buy it when no one stepped up. Later in the interview Jackson really threw bandanna boy under the bus about being the high bidder.
Would have been interesting to see them run the auction again, but its very hard to replicate what people would do when they arent prepared for a do-over.
09-26-2010, 07:36 PM
#25
Safety Car
When did they ask the high bidder to raise his own bid? Ive seen that in auctions when there was an unmet reserve, but I didnt see anyone asked to raise their own bid. Now Ill have to watch it again.
What I saw was the $750k was clearly a mistake... the screen often has to catch up with the auctioneer... they corrected it to 700 and then the high bidder (the clown in the white bandanna) seemed to be signing for being the winner and all his buddies around him whooping it up. Later jackson said at the podium there was a problem with the bidder, offered it to anyone who wanted it, and decided to buy it when no one stepped up. Later in the interview Jackson really threw bandanna boy under the bus about being the high bidder.
Would have been interesting to see them run the auction again, but its very hard to replicate what people would do when they arent prepared for a do-over.
What I saw was the $750k was clearly a mistake... the screen often has to catch up with the auctioneer... they corrected it to 700 and then the high bidder (the clown in the white bandanna) seemed to be signing for being the winner and all his buddies around him whooping it up. Later jackson said at the podium there was a problem with the bidder, offered it to anyone who wanted it, and decided to buy it when no one stepped up. Later in the interview Jackson really threw bandanna boy under the bus about being the high bidder.
Would have been interesting to see them run the auction again, but its very hard to replicate what people would do when they arent prepared for a do-over.
Last edited by SBR; 09-26-2010 at 07:44 PM.
09-26-2010, 09:34 PM
#26
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2018 C1 of Year Finalist
I've never been, but I fully intend to go at some point. I enjoy watching the rolling car show on TV even if I don't agree with the sales prices.
I'm not a tax expert, but I was thinking that if your corporation invested profits in BJ purchases, and then it turned out some were bad investments and you sold them for a loss, there might be something in the tax laws that would allow a tax deduct for the loss.
As for capital gains tax - that is exactly why I do keep all of my receipts, and I do know how much I have in each car, because if I do sell for less than I have in it, I don't want to pay a capital gains tax based on
(sales price - my original purchase price).
Instead I want to prove that I have taken a loss with
(sales price - [purchase price + restoration costs])
I'm not a tax expert, but I was thinking that if your corporation invested profits in BJ purchases, and then it turned out some were bad investments and you sold them for a loss, there might be something in the tax laws that would allow a tax deduct for the loss.
As for capital gains tax - that is exactly why I do keep all of my receipts, and I do know how much I have in each car, because if I do sell for less than I have in it, I don't want to pay a capital gains tax based on
(sales price - my original purchase price).
Instead I want to prove that I have taken a loss with
(sales price - [purchase price + restoration costs])
09-27-2010, 12:24 AM
#27
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I believe that they really did not ask him to up his own bid but rather offered an alternative explanation in case I was wrong in my original post. I believe they asked him to be the new high bid at 800K. They then realized he was not taking the bait lowered it to 700 and hammered it on him. If the bid was really 700 and not 750, why would they ask the high bidder to up his own bid? I think they knew there was a mistake made or got caught running it up and they owned up to it. If the bidder was wrong you know as well as I that they would have made him buy it. I also think there was very little real money on that car because if there were, they would have rerun it or it would have sold after the fact.
I will say that I have been to several barrett auctions where I saw a bidder flat-out make a winning bid, then bail out and try to get out of it, and Barrett let them get away with it. Completely irritated me. One goof in AZ a few years ago paid too much for a car, then claimed he thought he was bidding on the previous lot. I was sitting next to him. They let him off.
09-27-2010, 01:03 AM
#28
Melting Slicks
One thing that people must keep in mind. It isn't the value of the car that matters, but it is what the person wants that matters. If these people with money have a desire to own a particular car, they don't care about it's market value--------------THEY WANT IT! And they will pay to get what they want!
Any of you remember the pictures I posted from the American Diabetes Assoc fund raiser in Tulsa from last Sunday? Some of those people in attendance REALLY made me feel VERY uncomfortable. I was literally in the company of multiple millionaires (maybe some billionaires, I don't know) and I was very self conscious about my lowly status around those people. My wife was telling me about a conversation she overhead of some guy talking to his girlfriend(???) and asking if she wanted to take his jet to Vegas for dinner afterwards, or just go out on the boat (I have no clue how big of a boat) for dinner.
My point is, if someone wants a particular car, and they have the financial ability, then money is no object. They could care less about the value!
Tom Parsons
Any of you remember the pictures I posted from the American Diabetes Assoc fund raiser in Tulsa from last Sunday? Some of those people in attendance REALLY made me feel VERY uncomfortable. I was literally in the company of multiple millionaires (maybe some billionaires, I don't know) and I was very self conscious about my lowly status around those people. My wife was telling me about a conversation she overhead of some guy talking to his girlfriend(???) and asking if she wanted to take his jet to Vegas for dinner afterwards, or just go out on the boat (I have no clue how big of a boat) for dinner.
My point is, if someone wants a particular car, and they have the financial ability, then money is no object. They could care less about the value!
Tom Parsons
Stewy
09-27-2010, 01:08 AM
#29
Melting Slicks
Did anyone else see the bidding on the Veyron? They ran it up to 750K and then when they realized they could not get the underbidder to go to 800K they lowered it to 700K and hammered it. The under bidder made a huge stink and BJ bought the car for 700k. They were saying that the under bidder had cold feet. If I was the underbidder I would have done the same thing. If the 750k was a fake bid then how can they prove that the 650 or even 600k bid was real? Thats why BJ bought that car, they got caught with their hands in the cookie jar. They were named in the 100 most ethical companies though.
09-27-2010, 08:46 AM
#30
Safety Car
I wish I knew what the details were.
I will say that I have been to several barrett auctions where I saw a bidder flat-out make a winning bid, then bail out and try to get out of it, and Barrett let them get away with it. Completely irritated me. One goof in AZ a few years ago paid too much for a car, then claimed he thought he was bidding on the previous lot. I was sitting next to him. They let him off.
I will say that I have been to several barrett auctions where I saw a bidder flat-out make a winning bid, then bail out and try to get out of it, and Barrett let them get away with it. Completely irritated me. One goof in AZ a few years ago paid too much for a car, then claimed he thought he was bidding on the previous lot. I was sitting next to him. They let him off.
Last edited by SBR; 09-27-2010 at 08:48 AM.
09-27-2010, 09:00 AM
#31
That is surprising that they let him off. A friend of mine put a proxy bid on a car several years ago and went on vacation. On his way home he noticed that his credit cards were maxed out. He was then contacted by the auction company and they told him that he won the car and he had 90 days to pay for it or else legal action would be taken against him. He did buy the car and it probably is the best investment that he ever made. I guess that sort of thing is part of their business.
09-27-2010, 04:43 PM
#32
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http://automotive.speedtv.com/articl...yer-backs-out/
09-27-2010, 04:46 PM
#33
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That is surprising that they let him off. A friend of mine put a proxy bid on a car several years ago and went on vacation. On his way home he noticed that his credit cards were maxed out. He was then contacted by the auction company and they told him that he won the car and he had 90 days to pay for it or else legal action would be taken against him. He did buy the car and it probably is the best investment that he ever made. I guess that sort of thing is part of their business.
09-27-2010, 07:06 PM
#34
Melting Slicks
B-J did not "have their hands in the cookie jar" and in this particular instance I don't see anything wrong with their ethics. It is unfortunate that everyone assumes B-J is pulling something when a bidder defaults on a bid.
http://automotive.speedtv.com/articl...yer-backs-out/
http://automotive.speedtv.com/articl...yer-backs-out/
09-27-2010, 08:06 PM
#35
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I was at BJ on Thursday and before the TV coverage began a POS MK V Continental came across the block without recieving a single bid.
They finally rolled it off.
About 45 min later they rolled it back on stage and claimed that it was sold to a "unregistered bidder" by mistake. The POS sold this time for $1200.
The "unregistered bidder" was just a story they told to save face.
If they will do that, what else will they do?
DT
They finally rolled it off.
About 45 min later they rolled it back on stage and claimed that it was sold to a "unregistered bidder" by mistake. The POS sold this time for $1200.
The "unregistered bidder" was just a story they told to save face.
If they will do that, what else will they do?
DT
09-28-2010, 02:01 AM
#38
Melting Slicks
That's just one unethical tactic in sales ! I'd hate to see all the other tactics they use to do business ! Stewy
10-02-2010, 03:54 AM
#39
AIR Saddle Tan was the rarest early C2 paint color, it didn't make it to '65. But someday I will have a SWC in that gorgeous shade.
