[DeTomaso] Fwd: Hammer Price Portfolio Report - Friday, March 1, 2024
Julian Kift
julian_kift at hotmail.com
Fri Mar 1 16:06:02 EST 2024
Mike,
I looked at the auction previously and there's a little icon Bonhams uses to designate that import duties are payable. That import duty is 2.5% so less than ten thousand dollars, but along with the 12% buyer's premium all in cost would be $298k, which from my knowledge is about where the last two Si's I know of sold for in Europe, so may not be too far off perceived market on the buyers' side, albeit one would have to add ~$15k for transport from Europe to the US.
Julian
________________________________
From: DeTomaso <detomaso-bounces at server.detomasolist.com> on behalf of Mike Drew via DeTomaso <detomaso at server.detomasolist.com>
Sent: Friday, March 1, 2024 11:36 AM
To: De Tomaso Forum <detomaso at server.detomasolist.com>
Subject: [DeTomaso] Fwd: Hammer Price Portfolio Report - Friday, March 1, 2024
All,
The Bonham’s yellow Pantera Si continues to prove itself sale-proof. After falling flat on its face at the auction in Monterey last fall, it then wintered at Fantasy Junction, the high-end purveyor of exotic and classic cars located in Emeryville, CA (right next to. Berkeley, across the bay from San Francisco, and across the street from the famed Pixar animation studios that used some of their inventory for inspiration for their movie ‘Cars’). Clearly it failed to find a buyer there.
Evidently it was scooped up and hauled across the country to Amelia Island where it once again failed to get anywhere near its reserve.
I believe the problem with this car is that it was privately imported after being purchased in Europe, and the owner failed to account for the steep import duties he would have to pay—and didn’t pay them. The buyer of this car would not only need to pay the bidding price plus the auction fees, but then owe tens of thousands of dollars in federal import taxes. At least, that was the story last fall. Maybe the taxes have since been paid. Bonham’s is rather economical with their description of the situation in the auction catalog.
When one considers the all-in costs, the high bid seen below makes more sense. The ultimate solution for the luckless seller might just be to export the car back to Europe?
Of course, this could also be signaling a leveling-off or even dip in Pantera Si values. Only time will tell….
Mike
Sent from my iPad
Begin forwarded message:
> From: info at hammerpricelive.com
> Date: March 1, 2024 at 01:02:13 PST
> To: MIKELDREW at aol.com
> Subject: Hammer Price Portfolio Report - Friday, March 1, 2024
>
>
>
> Portfolio Report Friday, March 1, 2024
> Pantera
> 1.
> 1991 De Tomaso HIGH BID $260,000 USD
> Pantera 90 SI EST. PRICE $310K-$360K USD
> EXTERIOR Giallo Cromo
> BONHAMS|CARS
> INTERIOR Nero
> Lot 23 Amelia Island
> CHASSIS Nº ZDT874000MA009630
> February 29, 2024 1:28PM (EST)
> De Tomaso
> 1.
> 1991 De Tomaso HIGH BID $260,000 USD
> Pantera 90 SI EST. PRICE $310K-$360K USD
> EXTERIOR Giallo Cromo
> BONHAMS|CARS
> INTERIOR Nero
> Lot 23 Amelia Island
> CHASSIS Nº ZDT874000MA009630
> February 29, 2024 1:28PM (EST)
> Too much mail? Adjust your Hammer Price notification preferences in the app using Settings.
> © 2024 Live Auction Results, LLC
-------------- next part --------------
Mike,
I looked at the auction previously and there's a little icon Bonhams
uses to designate that import duties are payable. That import duty is
2.5% so less than ten thousand dollars, but along with the 12% buyer's
premium all in cost would be $298k, which from my knowledge is about
where the last two Si's I know of sold for in Europe, so may not be too
far off perceived market on the buyers' side, albeit one would have to
add ~$15k for transport from Europe to the US.
Julian
__________________________________________________________________
From: DeTomaso <detomaso-bounces at server.detomasolist.com> on behalf of
Mike Drew via DeTomaso <detomaso at server.detomasolist.com>
Sent: Friday, March 1, 2024 11:36 AM
To: De Tomaso Forum <detomaso at server.detomasolist.com>
Subject: [DeTomaso] Fwd: Hammer Price Portfolio Report - Friday, March
1, 2024
All,
The Bonham's yellow Pantera Si continues to prove itself sale-proof.
After falling flat on its face at the auction in Monterey last fall, it
then wintered at Fantasy Junction, the high-end purveyor of exotic and
classic cars located in Emeryville, CA (right next to. Berkeley, across
the bay from San Francisco, and across the street from the famed Pixar
animation studios that used some of their inventory for inspiration for
their movie `Cars'). Clearly it failed to find a buyer there.
Evidently it was scooped up and hauled across the country to Amelia
Island where it once again failed to get anywhere near its reserve.
I believe the problem with this car is that it was privately imported
after being purchased in Europe, and the owner failed to account for
the steep import duties he would have to pay--and didn't pay them. The
buyer of this car would not only need to pay the bidding price plus the
auction fees, but then owe tens of thousands of dollars in federal
import taxes. At least, that was the story last fall. Maybe the taxes
have since been paid. Bonham's is rather economical with their
description of the situation in the auction catalog.
When one considers the all-in costs, the high bid seen below makes more
sense. The ultimate solution for the luckless seller might just be to
export the car back to Europe?
Of course, this could also be signaling a leveling-off or even dip in
Pantera Si values. Only time will tell....
Mike
Sent from my iPad
Begin forwarded message:
> From: info at hammerpricelive.com
> Date: March 1, 2024 at 01:02:13 PST
> To: MIKELDREW at aol.com
> Subject: Hammer Price Portfolio Report - Friday, March 1, 2024
>
>
>
> Portfolio Report Friday, March 1, 2024
> Pantera
> 1.
> 1991 De Tomaso HIGH BID $260,000 USD
> Pantera 90 SI EST. PRICE $310K-$360K USD
> EXTERIOR Giallo Cromo
> BONHAMS|CARS
> INTERIOR Nero
> Lot 23 Amelia Island
> CHASSIS N-o ZDT874000MA009630
> February 29, 2024 1:28PM (EST)
> De Tomaso
> 1.
> 1991 De Tomaso HIGH BID $260,000 USD
> Pantera 90 SI EST. PRICE $310K-$360K USD
> EXTERIOR Giallo Cromo
> BONHAMS|CARS
> INTERIOR Nero
> Lot 23 Amelia Island
> CHASSIS N-o ZDT874000MA009630
> February 29, 2024 1:28PM (EST)
> Too much mail? Adjust your Hammer Price notification preferences in
the app using Settings.
> (c) 2024 Live Auction Results, LLC
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