Selling a rare car and auctions

[Notshortnottall]

I'm a complete newbie on this but would appreciate some input from those more knowledgeable. I have a rare car (<250 produced) which may be for sale however I understand that to get the best for it I might not want to just chuck it on Gumtree.

I've long wondered about the effectiveness of auctions and how to best navigate them. Obviously I want to ensure that I get the most I can for it - albeit second hand prices are quite hard to find as it seems to rely a lot on ownership, originality and provenance. I recognise that rare doesn't necessarily equal valuable.

In my simple mind, I was trying to think of ways to garner interest in advance and then put it in to something like Bonhams or the other famous auction houses. Are these invitation only (in some cases?) or do I need to be part of a specific club etc. etc.

I'm aware of the concepts ((final fees, seller fees etc.) but would appreciate any useful reading can point me to, or experience you can impart.

Thanks

[Krikkit]

It might be rare, but is it both desirable and reasonably valuable? Both would generally be needed to sell at the big-name auction houses.

[datum77]

If you study any of the auction houses "classic car auctions", and the results thereof - you will note that around between 30% to 50% of the entry don't sell.

There is a myriad of reasons for the lack of a sale. Usually, (but not always), because the desired price is too high. Undesirability for the particular product is another reason. Lack of provenance is yet another. The list goes on.

Just like selling ANY vehicle ....there are NO rules.

[jdizz]

...whats the car?

[Notshortnottall]

Krikkit said:

It might be rare, but is it both desirable and reasonably valuable? Both would generally be needed to sell at the big-name auction houses.

I certainly *hope* it is - it's a well-known marque (Lotus) and is a 50's car with continuous ownership and documentation since. Basically, if I were to put it on a generic selling site I'd have no idea what to advertise it for whereas my view is that auctions generally focus minds a little and are a better barometer of worth, however I have little/no idea on the practicalities of doing so.

[cootuk]

How about going onto a specialist Lotus forum and asking their advice. They can immediately tell you the desirability, any pitfalls of that model, and even a tentative valuation.
After that a lot depends on market sentiment as to how flush buyers feel, and how many of these come up for sale.

[Actus Reus]

Is it the Seven in your profile pic? Lovely thing (if I've identified it correctly).

I'd drop a proper auction house a line - I've worked with RM Sotheby's (as their lawyer) and they've always struck me as nice people and it'd make the whole sale an experience too. Think they have a London sale in autumn.

ETA: https://rmsothebys.com/en/auctions/el20/the-elkhar...

[Notshortnottall]

Actus Reus said:

Is it the Seven in your profile pic? Lovely thing (if I've identified it correctly).

I'd drop a proper auction house a line - I've worked with RM Sotheby's (as their lawyer) and they've always struck me as nice people and it'd make the whole sale an experience too. Think they have a London sale in autumn.

ETA: https://rmsothebys.com/en/auctions/el20/the-elkhar...

Aha - had forgotten that was there! Yes it is - an original Series I. Thanks for the link - that's helpful.

[kevinon]

I am the last person to know about such matters - but for a Lotus of that age, and beauty - I would expect to see that in a top -flight auction

[griffter]

Silverstone Auctions sell some interesting cars. See previous sales or Harry’s Garage on YouTube for an idea.
Or carandclassic have just started doing auctions which reach a big audience and I imagine cost less in fees.

[LunarOne]

I've attended a few Historics auctions and bid on several cars. Some cars don't reach their reserve prices and go unsold, while others exceed their estimated by quite some margin.

You can view their auction results and make up your own mind at https://www.historics.co.uk/buying/auction-results...

[GreatGranny]

https://www.silverstoneauctions.com/events/2020-au...

[Dave Hedgehog]

Notshortnottall said:

I'm a complete newbie on this but would appreciate some input from those more knowledgeable. I have a rare car (<250 produced) which may be for sale however I understand that to get the best for it I might not want to just chuck it on Gumtree.

I've long wondered about the effectiveness of auctions and how to best navigate them. Obviously I want to ensure that I get the most I can for it - albeit second hand prices are quite hard to find as it seems to rely a lot on ownership, originality and provenance. I recognise that rare doesn't necessarily equal valuable.

In my simple mind, I was trying to think of ways to garner interest in advance and then put it in to something like Bonhams or the other famous auction houses. Are these invitation only (in some cases?) or do I need to be part of a specific club etc. etc.

I'm aware of the concepts ((final fees, seller fees etc.) but would appreciate any useful reading can point me to, or experience you can impart.

Thanks

if its interesting and in reasoanble condition i would chuck it on here, no seller fees

https://collectingcars.com/

[Hadleyiam]

I would recommend getting in touch with Paul Matty Sports Cars, we have painted a few Sevens for them in the past, if anyone can give you a rough guide on price they can!

Cars like this can demand top money depending on its history