It's tough to hold back and not comment on that result. I bid $70,000 for the Lincoln lot. He starting bidding low and had a buy it now at over $100,000. I knew I was not going to meet the reserve. It ended at $50,100 for the Lincolns or about 37% of what the bidders thought of his Buy It Now.
Whoever is selling has every right to ask what he wants but I think at nearly $10,000 for this car, with a strong 24 bids, you are looking at the defacto market value of a full-on 1951 Frazer convertible project. That's good money and the seller ought to take it!
I don't think it's the same as my shill bid on the Lincolns. People were bringing their prices up incrementally wanting to buy it. I just don't get reserve auctions, I really don't. Yes, a seller can lose money, and yes each auction creates a different demand. In some cases the auction has a lot of money in the room - for nicer cars, think Scottsdale - and it's hard to say what's going on here.
I applaud the fellow who found these cars and stored them for someone to do something with them. But outside of that, having a reserve is insane. Move them! Next auction, just start the auction at the lowest amount you will take for the darn thing and if the market determines it's value is higher, so be it!
