[DeTomaso] Fwd: Hammer Price Portfolio Report - Sunday, August 26,
Julian Kift
julian_kift at hotmail.com
Mon Aug 27 22:01:02 EDT 2018
I spent much of the day at Mecum on Friday, I would agree definitely a softening overall, but was surprised by a few strong sales where I didn't expect e.g. three 'Herbie' VW bugs went for ~$100K each and thene there was $467K for a Porsche 959 that had been crashed into a tree when the trailer separated from the tow vehicle.! Mecum almost looked like a new car lot with all the modern super cars, most of which didn't seem to sell or have a lot of bidding interest, but that is understandable when considering the 12% commission either side and the fact (for me at least) it's considered a dealer sale and NV wants its 8% sales tax on top.
When I looked at the Russo & Steele lot list to see if it was worth the price of entry I was pretty disappointed with the showing.
In contrast RM who attract the higher end collector cars reported a record $157M in sales, albeit half of that was in 3 cars, with a record setting $48M Ferrari 250GTO, an Aston Martin prototype at $21M and the Le Mans winning GT40 P1016 at just shy of $10M.
I have to wonder whether the frequency of auctions isn't impacting Monterey in particular, where accommodation is already at a premium for everything that is going on. It seems that Mecum in particular is akin to a roaming circus show, moving tent from one location to another, there's at least one auction a month now. The same cars can't change hands that frequently and everyone make money (other than the auction house that is), so new cars need to constantly come to market!
Sorry I missed you Gray, they were furiously working on your B16 when I went by J&L on Saturday, but you definitely put on a good showing in the races!
Julian
________________________________
From: DeTomaso <detomaso-bounces at server.detomasolist.com> on behalf of Gray Gregory <rgg at gregorycook.com>
Sent: Monday, August 27, 2018 5:10 PM
To: Tom Cabanski; detomaso at server.detomasolist.com
Subject: Re: [DeTomaso] Fwd: Hammer Price Portfolio Report - Sunday, August 26,
That was definitely not limited to just Panteras. I was at the RM auction for a little while on Friday night and there were quite a few very high end cars that did not make reserve; Saturday morning I ran into the Bonhams guys at breakfast and they told me their sell rate was just shy of 80% as compared to 90+% in recent years and my observation on just about all of the cars I did see or hear about selling went for less than or at best the bottom end of their estimated price ranges.
The consensus across the board was that the market is definitely softening a bit.
Gray
-----Original Message-----
From: DeTomaso <detomaso-bounces at server.detomasolist.com> On Behalf Of Tom Cabanski
Sent: Monday, August 27, 2018 9:48 AM
To: detomaso at server.detomasolist.com
Subject: Re: [DeTomaso] Fwd: Hammer Price Portfolio Report - Sunday, August 26,
Pretty poor showing at Mecum.
Only the one Pantera sold for $73,700 and the other two did not meet reserve.
Of course Mecum at Monterey is not the best place to try to sell a Pantera.
tom
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-------------- next part --------------
I spent much of the day at Mecum on Friday, I would agree definitely a
softening overall, but was surprised by a few strong sales where I
didn't expect e.g. three 'Herbie' VW bugs went for ~$100K each and
thene there was $467K for a Porsche 959 that had been crashed into a
tree when the trailer separated from the tow vehicle.! Mecum almost
looked like a new car lot with all the modern super cars, most of which
didn't seem to sell or have a lot of bidding interest, but that is
understandable when considering the 12% commission either side and the
fact (for me at least) it's considered a dealer sale and NV wants its
8% sales tax on top.
When I looked at the Russo & Steele lot list to see if it was worth the
price of entry I was pretty disappointed with the showing.
In contrast RM who attract the higher end collector cars reported a
record $157M in sales, albeit half of that was in 3 cars, with a record
setting $48M Ferrari 250GTO, an Aston Martin prototype at $21M and the
Le Mans winning GT40 P1016 at just shy of $10M.
I have to wonder whether the frequency of auctions isn't impacting
Monterey in particular, where accommodation is already at a premium for
everything that is going on. It seems that Mecum in particular is akin
to a roaming circus show, moving tent from one location to another,
there's at least one auction a month now. The same cars can't change
hands that frequently and everyone make money (other than the auction
house that is), so new cars need to constantly come to market!
Sorry I missed you Gray, they were furiously working on your B16 when I
went by J&L on Saturday, but you definitely put on a good showing in
the races!
Julian
__________________________________________________________________
From: DeTomaso <detomaso-bounces at server.detomasolist.com> on behalf of
Gray Gregory <rgg at gregorycook.com>
Sent: Monday, August 27, 2018 5:10 PM
To: Tom Cabanski; detomaso at server.detomasolist.com
Subject: Re: [DeTomaso] Fwd: Hammer Price Portfolio Report - Sunday,
August 26,
That was definitely not limited to just Panteras. I was at the RM
auction for a little while on Friday night and there were quite a few
very high end cars that did not make reserve; Saturday morning I ran
into the Bonhams guys at breakfast and they told me their sell rate was
just shy of 80% as compared to 90+% in recent years and my observation
on just about all of the cars I did see or hear about selling went for
less than or at best the bottom end of their estimated price ranges.
The consensus across the board was that the market is definitely
softening a bit.
Gray
-----Original Message-----
From: DeTomaso <detomaso-bounces at server.detomasolist.com> On Behalf Of
Tom Cabanski
Sent: Monday, August 27, 2018 9:48 AM
To: detomaso at server.detomasolist.com
Subject: Re: [DeTomaso] Fwd: Hammer Price Portfolio Report - Sunday,
August 26,
Pretty poor showing at Mecum.
Only the one Pantera sold for $73,700 and the other two did not meet
reserve.
Of course Mecum at Monterey is not the best place to try to sell a
Pantera.
tom
_______________________________________________
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