Is this the biggest Classic Auction blunder ever?

[RDMcG]

Typ 64 auction - fails to sell after auctioneer mistake.....

https://www.bloomberg.com/news/articles/2019-08-18...

[Cheib]

I just read that.....it;’s incredible, will have to see if I can find a vid of it.

Away from that there have been some lots going through a LOT lower than estimate!

[unpc]

Cheib said:

I just read that.....it;’s incredible, will have to see if I can find a vid of it.

There's one on Jalopnik IIRC

[JxJ Jr.]

Cheib said:

Away from that there have been some lots going through a LOT lower than estimate!

It's been a bit of a torrid week though, financially - most markets spent most of the week going down, bond yields turning negative, ongoing political risk in HK, talk of recession.....Not necessarily a great time to be thinking of splashing out.

[FourWheelDrift]

Video - https://www.youtube.com/watch?v=9WldajqzUMc

[RDMcG]

That is confusing...the video shows the car as sold , but Bloomberg reports it was still listed as "for sale" after the auction..

Not sure if it sold or not.

[Camelot1971]

What a shocking story. Not sure how those poor billionaires survived the night

[g3org3y]

Camelot1971 said:

What a shocking story. Not sure how those poor billionaires survived the night

Link needs some sad face photos to convey the true impact.

Ultimate first world problem story?

[RDMcG]

It is also true right now that the market has peaked...last few auctions have been soft. I wonder if this car will come up for auction again any time soon. My guess is that they will try for a private deal.

[Cheib]

RDMcG said:

It is also true right now that the market has peaked...last few auctions have been soft. I wonder if this car will come up for auction again any time soon. My guess is that they will try for a private deal.

Yes can’t see how they will get anything done at auction for a looooong time. Watched a video....Christ knows what they were up to but looks like they were just trueing to bid it up to the reserve with make believe bids

[Cheib]

JxJ Jr. said:

Cheib said:

Away from that there have been some lots going through a LOT lower than estimate!

It's been a bit of a torrid week though, financially - most markets spent most of the week going down, bond yields turning negative, ongoing political risk in HK, talk of recession.....Not necessarily a great time to be thinking of splashing out.

I don’t think thie soft tone to the auctions has got much to do with the last week...market has been slipping for a while. Some cars have sold at 50% of estimate .

This guy has put out some interesting stuff over the last few days on his Twitter timeline

https://twitter.com/torquespeak/status/11626351719...
https://twitter.com/torquespeak/status/11626951963...

[jontykint]

If I were the guy that bid 17million then had to listen to it being begged for over 2 mins to have someone else come in, had “going once / twice” a few times “fair warning” I would be effing livid.
Is that usual at these auctions?

[Shuvi McTupya]

Worst auctioneer i have ever seen. Surely a decent auctioneer would have something more interesting to say than just keep repeating 17million dollars a hundred times.

I assume it didnt hit its reserve if they were expecting 50+million out of it?

[Cupramax]

Incase anyone hadnt seen it Harris driving video of the very car.

https://youtu.be/HaDWPBco07w

[RDMcG]

Interesting that Porsche says this is not the first Porsche, but the 1948 car is. However, this car was reregistered as a Porsche by the family in 1946 despite its VW origin, and the family put the Porsche lettering on it.

Will Porsche keep displaying the repro bodyshell with the Porsche lettering at the Museum I wonder??...here is a shot I took:

[Luke.]

RDMcG said:

Interesting that Porsche says this is not the first Porsche, but the 1948 car is. However, this car was reregistered as a Porsche by the family in 1946 despite its VW origin, and the family put the Porsche lettering on it.

Will Porsche keep displaying the repro bodyshell with the Porsche lettering at the Museum I wonder??...here is a shot I took:

That lettering looks like something out of Halfords.

[MrGTI6]

Cheib said:

Christ knows what they were up to but looks like they were just trueing to bid it up to the reserve with make believe bids

As much as I like a good conspiracy, I don't think this is true, and I genuinely believe the person operating the screen misheard the auctioneer, although he wasn't speaking clearly at all. He was obviously going up in $500,000 increments.

In other words, it should have gone:
$15,000,000
$15,500,000 (+$500,000)
$16,000,000 (+$500,000)
$16,500,000 (+$500,000)
$17,000,000 (+$500,000)

Not like this:
$50,000,000
$50,500,000 (+$500,000)
$60,000,000 (+$9,500,000)
$60,500,000 (+$500,000)
$70,000,000 (+$9,500,000)

[EarlofDrift]

Luke. said:

RDMcG said:

Interesting that Porsche says this is not the first Porsche, but the 1948 car is. However, this car was reregistered as a Porsche by the family in 1946 despite its VW origin, and the family put the Porsche lettering on it.

Will Porsche keep displaying the repro bodyshell with the Porsche lettering at the Museum I wonder??...here is a shot I took:

That lettering looks like something out of Halfords.

That's the first thing I thought too. It's amazing how cheap a multi-million pound car can look with some Hal-vetica specials

[rainmakerraw]

MrGTI6 said:

As much as I like a good conspiracy, I don't think this is true, and I genuinely believe the person operating the screen misheard the auctioneer, although he wasn't speaking clearly at all. He was obviously going up in $500,000 increments.

In other words, it should have gone:
$15,000,000
$15,500,000 (+$500,000)
$16,000,000 (+$500,000)
$16,500,000 (+$500,000)
$17,000,000 (+$500,000)

Not like this:
$50,000,000
$50,500,000 (+$500,000)
$60,000,000 (+$9,500,000)
$60,500,000 (+$500,000)
$70,000,000 (+$9,500,000)

My thoughts in a nutshell. It was a bloody poor show and there's no excuse for any auctioneer having that kind of ambiguity in their speech, but it was pretty obvious he wasn't going up in 500k then 9.5M increments in turn. The re-runs of going once, going twice... and then an extra minute of begging for new bids before saying it all again was a bit OTT and tasteless as well imo. It's either going or it isn't. It came across like they'd let the work experience have a go.

[Cheib]

I am guessing whoever owns that car was hoping that either someone in the Porsche family or Porsche AG themselves wanted to buy that car. You’d have to be a total Porsche obsessive to buy that car and want it as the crowning piece of your collection. Bit of an anomaly in several ways..