Is the bubble about to burst?
Discussion
Mousem40 said:
roygarth said:
Hexanchus said:
Legacywr said:
By my (poor) calculations, Silverstone's make over 30k on that 4.0 RS alone!!
Yep, the buyer pays 12.5% and the seller 5% so auction house get over 36k on 208k hammer price. A UK buyer also pays VAT on the premium.SOR is cheap in comparison!
Legacywr said:
Hexanchus said:
Legacywr said:
By my (poor) calculations, Silverstone's make over 30k on that 4.0 RS alone!!
Yep, the buyer pays 12.5% and the seller 5% so auction house get over 36k on 208k hammer price. A UK buyer also pays VAT on the premium.SOR is cheap in comparison!
These high end auctions seem to be as close as money for nothing as I can think of!
Digga said:
She was a very accomplished driver. There on merit.
She most certainly was. I worked on the World Rally Championship during my youth and have sat in with many top drivers from that era during test and press days, and Mouton was one of the most impressive. Best for me though was Francois Delecour. Scariest - by some margin - was Ari Vatanen (mind you I never blagged a ride with Colin McRae).Happy days
RSVP911 said:
I couldn't agree more - it's scandalous what they make , an absolute con. Crazy .
Is it?You shuold set up your own auctions then, slash the fees and start counting the money!
I agree the fees are strong, but the sellers seem to think Silverstone bring value for the money.
RSVP911 said:
fredt said:
Is it?
You shuold set up your own auctions then, slash the fees and start counting the money!
I agree the fees are strong, but the sellers seem to think Silverstone bring value for the money.
Thanks for the tip , there's a thought ........You shuold set up your own auctions then, slash the fees and start counting the money!
I agree the fees are strong, but the sellers seem to think Silverstone bring value for the money.
fredt said:
anonymous said:
[redacted]
Yes obviously. And that's my point. They have done something right and charge what the market can bear. People like and use it, it's nothing like a con.diametric123 said:
For me the 930 Turbo at £170k was the standout - you can buy better cars for significantly less from a main dealer (see Dick Lovett Swindon) - what on earth possessed someone to drop this kind of money on auction stock?...
I was there and watched this one being bid. The guy really really wanted it. He also bought the Mercedes 190 Evolution!The most ridiculous ask price was the Aventador SV LHD that had an offer of £440 pre bidders costs and was turned down. It is on the Silverstone website now for £577k if you want it, which assuming the bidders costs are included, means the seller wants £500k for a LHD SV - thats about RHD prices i think!!
anonymous said:
[redacted]
Auction houses compete for consignments, for big tickets they won't get all the commission. A couple of the things they'll do. 1. The seller either can get a reduced fee or if it's a particularly desirable car they pay no fee at all and actually get some of the buyers commission. i.e. Car sells for £1mil with in theory buyer and seller both paying 10%. What actually happens is that the seller pockets £1,050,000 and the auction house gets £50k.
2. Auction houses also underwrite consignments. They use to do it themselves but in 2008 it nearly put them out of business. Now they'll approach a third party to underwrite the item ( normally a collector who is keen not to see an item sell cheaply). So in the above example where a car sells for £1mil the underwriter say underwrote the car at £900k and in return will get a decent chunk of the commission that the auction house receives.
The above is not going to happen for a £100k car but it will definitely happen for the headline grabbing cars or collections like the Porsche one at the RM sale.
They also sometimes get buyers dropping out on them and generally will find someone else to buy it and wear the loss (if need be).
I have t say when my mate who told me about things like the underwriting when cars are shown as "no reserve" I was quite surprised. If a banker did that it would be career over!
Cheib said:
Auction houses compete for consignments, for big tickets they won't get all the commission. A couple of the things they'll do.
1. The seller either can get a reduced fee or if it's a particularly desirable car they pay no fee at all and actually get some of the buyers commission. i.e. Car sells for £1mil with in theory buyer and seller both paying 10%. What actually happens is that the seller pockets £1,050,000 and the auction house gets £50k.
2. Auction houses also underwrite consignments. They use to do it themselves but in 2008 it nearly put them out of business. Now they'll approach a third party to underwrite the item ( normally a collector who is keen not to see an item sell cheaply). So in the above example where a car sells for £1mil the underwriter say underwrote the car at £900k and in return will get a decent chunk of the commission that the auction house receives.
The above is not going to happen for a £100k car but it will definitely happen for the headline grabbing cars or collections like the Porsche one at the RM sale.
They also sometimes get buyers dropping out on them and generally will find someone else to buy it and wear the loss (if need be).
I have t say when my mate who told me about things like the underwriting when cars are shown as "no reserve" I was quite surprised. If a banker did that it would be career over!
Again, shows why I and many others I know, would never buy from Auction houses. The cream will go to the specialists for that marque, Fiskins/ Talacrest for Ferrari, Maxted for PORSCHE for example.1. The seller either can get a reduced fee or if it's a particularly desirable car they pay no fee at all and actually get some of the buyers commission. i.e. Car sells for £1mil with in theory buyer and seller both paying 10%. What actually happens is that the seller pockets £1,050,000 and the auction house gets £50k.
2. Auction houses also underwrite consignments. They use to do it themselves but in 2008 it nearly put them out of business. Now they'll approach a third party to underwrite the item ( normally a collector who is keen not to see an item sell cheaply). So in the above example where a car sells for £1mil the underwriter say underwrote the car at £900k and in return will get a decent chunk of the commission that the auction house receives.
The above is not going to happen for a £100k car but it will definitely happen for the headline grabbing cars or collections like the Porsche one at the RM sale.
They also sometimes get buyers dropping out on them and generally will find someone else to buy it and wear the loss (if need be).
I have t say when my mate who told me about things like the underwriting when cars are shown as "no reserve" I was quite surprised. If a banker did that it would be career over!
The odd one will turn up at the likes of Hexagon, who prey on the fickle, but also charge ridiculous commission rates. A fool and his money etc...
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