Historic 1973 Porsche 911 RS Lightweight at Auction
11-23-2015, 08:35 AM
#16
Racer
Join Date: Dec 2004
Location: Naples, Florida
Posts: 323
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Just one more questionable car that failed to make an estimate that was too high. We saw a lot of that at Monterey.
These cars have to be dead-on perfect to go over $1 million.
I also think Keno Brothers got into the auction business at the wrong time. Sotheby's is having financial trouble and the privately held houses are also having problems. The houses offered too many guarantees. They ended up having to make up the difference between the actual selling price and the guarantee. That's gotten fairly expensive for the auction houses. It may be a while before the houses get back into guaranteeing the amount of money you leave the auction with.
From what I'm seeing here the owner never even got a guarantee.
Richard Newton
These cars have to be dead-on perfect to go over $1 million.
I also think Keno Brothers got into the auction business at the wrong time. Sotheby's is having financial trouble and the privately held houses are also having problems. The houses offered too many guarantees. They ended up having to make up the difference between the actual selling price and the guarantee. That's gotten fairly expensive for the auction houses. It may be a while before the houses get back into guaranteeing the amount of money you leave the auction with.
From what I'm seeing here the owner never even got a guarantee.
Richard Newton
