Nigel Mansell auction

[fourstardan]

Some tempting stuff here going on auction!

https://rmsothebys.com/en/home/lots/nm23

[Paul_M3]

Blimey....he appears to be selling everything he owns!

[eltax91]

Paul_M3 said:

Blimey....he appears to be selling everything he owns!

Tax Planning

[rodericb]

eltax91 said:

Tax Planning

Could you expand on that?

[fourstardan]

The museum in the Channel Islands is closing.

I've never done an auction like Sothebys is it a flaff?

[nismocat]

fourstardan said:

The museum in the Channel Islands is closing.

I've never done an auction like Sothebys is it a flaff?

Flaff?

It’s the same as any other auction I’d imagine.

Can’t see most of that reaching the silly prices.

[SpudLink]

Paul_M3 said:

Blimey....he appears to be selling everything he owns!

You're not wrong. Some of these Items don't seem like things one would let go of easily.

[anonymous-user]

I assume he is selling it all now so his family don't have to worry about it when he passes over the rainbow bridge.

And at the end of the day it is just stuff, where is he going to put it now the museum has closed down?

[Petrus1983]

Nothing like a good clear out - all without reserve so I may register incase something looks cool at a v good price.

[Portofino]

I’m up for the Williams F1 carbon moustache trimmer with aero attachment.

[Dynion Araf Uchaf]

329 items with an average estimate of £2000. Sotherby's are suggesting that his stuff is worth £600k min?

Someone is going to be disappointed, and it isn't the punters.

[ScoobyChris]

Surprised at some of the guide prices on the site - for some reason I'd imagined trophies, etc of an F1 world champion, would be worth a fair bit more!

Chris

[Muzzer79]

ScoobyChris said:

Surprised at some of the guide prices on the site - for some reason I'd imagined trophies, etc of an F1 world champion, would be worth a fair bit more!

Chris

Depends. Mansell was a hero to a lot of people but not as revered as Clark or Hill or Moss. Different eras of course.

Plus, it's a bit weird buying trophies that someone else has won, I think.

[tim0409]

ScoobyChris said:

Surprised at some of the guide prices on the site - for some reason I'd imagined trophies, etc of an F1 world champion, would be worth a fair bit more!

Chris

I was following the recent Sotheby’s Freddie Mercury sale (the contents of his home), and the reserves were pessimistic to say the least…the graffiti covered door had an estimate of £15-25k, and sold for £412k, and the bangle he wore for the Bohemian Rhapsody video was estimated at £7-9k, and sold for a whopping £695k!

Not that Nigel is in the same league as Freddie in terms of global appeal

[eliot]

Cant say that any of it appeals to me at-all.

smallprint said:

Addendum: Please note this lot has entered the UK on a temporary import bond, which must be cancelled either by exporting the lot outside of the UK on an approved Bill of Lading with supporting customs documentation or by paying the applicable VAT and import duties to have the lot remain in the UK.

So going to get clobbered 20% vat, probably 5% customs and are their buyers fees too?

Edited by eliot on Wednesday 13th September 16:29

[samoht]

rodericb said:

eltax91 said:

Tax Planning

Could you expand on that?

Gifts given in the last seven years of your life are counted as part of your estate for inheritance tax purposes. Ones given before that are not.

If you die with a million quid and leave it to your favourite daughter, she has to pay 40% tax on the part above the allowance of £325k. The same applies if you give her the million quid and then die within seven years.

However, if you give her a million quid and are still alive seven years later, then no inheritance tax is payable on that money. So if you have spare wealth you intend to pass on, best to do so earlier rather than later.

Thus if you are a popular racing driver who's just turned 70, now might be a good time to sell your collection of valuable memorabilia and pass on the money to your family.


Separately, I would also think that we might be at or past 'peak Mansell' in terms of the value people would put on items with his name on, so they might fetch more now than in five or ten years' time... but I'm far from certain of that.

[What The Deuces]

Dynion Araf Uchaf said:

329 items with an average estimate of £2000. Sotherby's are suggesting that his stuff is worth £600k min?

Someone is going to be disappointed, and it isn't the punters.

I suspect it will make a lot more

His 1987 Silverstone trophy and Podium Cap will go for more than the estimate, one of the most iconic races in F1 history

Don't underestimate his appeal, 80's F1 was often remembered as the golden period and Piquet, Senna, Prost and Mansell were 'the big four'.

[Lord_Howit_Hertz]

I think this is the third lot to be auctioned in as many months, first lot being a lot more of his Car's (road and race) and a huge collection of Motorcycles.

On another thread about these, it was said 2/3 of his museums had closed and he doesn't have enough room to store it.

[QuartzDad]

[eliot]

samoht said:

If you die with a million quid and leave it to your favourite daughter, she has to pay 40% tax on the part above the allowance of £325k. The same applies if you give her the million quid and then die within seven years
.

Not quite true, there's a taper on the taxable amount of a gift. But true, that better to get shot as early as possible.

3 to 4 years 32%
4 to 5 years 24%
5 to 6 years 16%
6 to 7 years 8%
7 or more 0%