Is this the biggest Classic Auction blunder ever?

[PS2018]

very well put @cs garth!
it is staggering how the auction houses can be completely free of any recourse, a bit like the recent Jerry Seinfeld Porsche case referenced in that article.
i remember watching a ferrari 375+ auctioned at goodwood about 5 years ago. that one had slightly sketchy ownership history flagged even before the auction began - it still ended up in the courts!
for those of you as geeky as me, i read the entire 53 page court decision document publicy available here:
https://www.judiciary.uk/wp-content/uploads/2015/1...

[anonymous-user]

Interesting that no-one seems to want this car. I get its a piece of history, but I think at this level of pricing, the fact it's been quietly offered and refused to collectors, and Porsche themselves not associating with it all count against it.

If the current owners want rid, it should be a no reserve or much lower price expectation. Reading about no-one bought it at $5m a few years ago - it's hardly going to be worth more now. You'll probably find this is really a $1m car - enough for someone mega rich to fitter away a cool million on an old car.

[Cold]

I'd give them a grand for it, as long as they deliver. There, there's its real price - unless I'm outbid.

[CS Garth]

Should whack it in the classifieds here.

I’d be the first to ask him “wots the lowest u will take m8”

[PS2018]

thats a good point @2002 they couldnt find a buyer even <$5m.
so in a no reserve auction, are we happy that will be populated only by genuine bids? the auctioneer cant fake a no reserve auction?
i am still troubled by this surely dirty practice - here is the definition on that bloomberg article:

"Chandelier bidding” wherein an auctioneer uses phantom bids to raise excitement. The hope is that the imaginary numbers will drive up the dollar amount of bids up to near an item’s reserve value, at which point it’s hoped that an actual human will offer a legitimate bid. (In whipping the crowd into a frosted-icing frenzy, the auctioneer points to faux bids as if he’s pointing to the chandeliers above, hence the elegant name for a shady practice—which is legal, so long as the auction house notifies both buyers and sellers contemporaneously and the ghost bids don’t result in a sale.)

“An auction house can, on behalf of the consignor, effectively bid the car up to its reserve,” says Damen Bennion, a London-based contract lawyer specializing in the collector car market who was present during the auction. “That is what we saw happen. That is not unusual. There is nothing wrong with that.”

[Dinoboy]

They can also sell the car for less than the reserve and the auction house makes up the difference so the seller still gets what they wanted. They are then seen to have 'sold' the car.

[PS2018]

yes i remember seeing that on one of the wayne carini chasing cars episodes. when you are collecting fees on both sides it gives them room to do it when very close to reserve price....