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I was being generous to Gooding. I doubt that $83K was a legitimate bid too, maybe it was, maybe it wasn't. There's no way to tell. Their online auction format is utterly opaque- no bidder identities, no number of bids or bid history, nothing. Makes you realize how good the BAT formula is for online auctions, and I bet there's a tense conference call at Gooding on Monday morning when they go over the results. There were 52 lots in the auction, 18 did not sell. What percent of the 34 were actual sales? Only they know.
So they change this to a straight sale process after the auction?
auction got to $72k - reserve not met
Everyone here and in the auction keep praising the car, but the market speaks; as does historical sales, BaT proves that. A paint to sample with less miles went for 80k, not sure how one can justify this going for more
I agree with @Rob Edwards 's sentiment -- who bid even $83k? The high end art world is the exact same -- galleries buy up name artists during market troughs to keep comps artificially inflated (Jeff Koons is an example).
But the BAT model is no silver bullet either: set reserve at 80, prompt your buddy to bid 79,928 at the buzzer to hopefully nudge someone over your ask. When that plan doesn't work out? "RNM."
I agree with @Rob Edwards 's sentiment -- who bid even $83k? The high end art world is the exact same -- galleries buy up name artists during market troughs to keep comps artificially inflated (Jeff Koons is an example).
But the BAT model is no silver bullet either: set reserve at 80, prompt your buddy to bid 79,928 at the buzzer to hopefully nudge someone over your ask. When that plan doesn't work out? "RNM."
My understanding is BaT has to agree to the reserve (that it's reasonable), or will not take your car. That being said, they are certainly not flawless - I was recently high bidder on a car that missed the reserve by ~$13K (high bid was 70% of the reserve).
A friend of mine sold his 993TT on BaT. He was argued down on reserve. IMO they were wrong but for some reason the black 996 twists he had on the car despite selling the OE 993 twists with the car held it back. The reserve was shy by $1000 but BaT ate the grand to push the sale through. I later found out that someone associated with BaT purchased the car.
A friend of mine sold his 993TT on BaT. He was argued down on reserve. IMO they were wrong but for some reason the black 996 twists he had on the car despite selling the OE 993 twists with the car held it back. The reserve was shy by $1000 but BaT ate the grand to push the sale through. I later found out that someone associated with BaT purchased the car.
Does the seller have to agree to BaT eating the $1000?
Does the seller have to agree to BaT eating the $1000?
I believe so. Although he was happy enough with the sale price. I could have gotten him probably another $20k for the car but wasn't willing to wait for the money. He is working on a very elaborate race car turned street car restoration which quickly consumed all the money.
I believe so. Although he was happy enough with the sale price. I could have gotten him probably another $20k for the car but wasn't willing to wait for the money. He is working on a very elaborate race car turned street car restoration which quickly consumed all the money.
I'm glad he was happy with the sale price.
But BaT talking him down on the reserve, then adding the final $1,000 to close the sale for a BaT affiliated person sure sounds like a conflict of interest.
I would think no, as the seller would end up getting the reserve price they agreed to - the $1K would come out of BaT's buyer fee.
This seems like a situation where everyone was happy with the outcome, but the way this auction went is fraught with issues. BaT convinces seller to agree to a lower reserve, then actively closes the bid to ensure the sale. And then an affiliated party purchases the car.
If the reserve had not been met, maybe the seller would have wanted to relist the car? And someone who knows the reserve amount gets to buy the car? Reserves are hidden from all other bidders. How many people would have upped their bids if they knew the reserve was only $1,000 away?
I hope this an isolated case, but this sounds like a conflicted transaction. (edit): ..meaning the seller possibly could have been able to do better?
Last edited by Future928Owner; 08-18-2020 at 01:20 PM.
08-14-2020, 12:36 PM
