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The story of selling an FF by auction.....

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by cannonball » Sat Nov 23, 2019 7:31 pm

ascotts1 wrote:I was there today Duncan, it is a very straight, nice looking car with a beautiful under bonnet presentation!
I thought the mango colour is certainly striking but I couldn't help but thinking the same effort in to repainting it the original Crystal Blue may have worked better for you?? It's a funny thing with the FF's, they command so much respect out there on the street but it's not necessarily reflected in sale rooms.
As far as restoration goes, it's not a phenomenon just with Jensen, some of the files of receipts I see for restored cars of all sorts is just eye watering and I have one car myself currently being done ( not a Jensen) down to a bare shell and back up again which I'm questioning my sanity over, so I guess it's only for the keepers these days and a bit like horse racing, only bet what you can afford to lose...
Anyway, hopefully the new owner gets to enjoy it and he spreads the word! :D


I wanted it a colour that I like and the crystal blue/mist grey roof was not cutting it for me, and there was a similar spec car that crystal blue /grey combo on sale right around 18 months ago in a much more buoyant market and it was struggling to sell,so I figured if it wont sell have it in a colour I like, but hey the market changed at least I have some money in for a super duper Hemi for a drag car,, :roll: :D :D :D :D
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by ascotts1 » Sat Nov 23, 2019 7:51 pm

Hey Duncan, I empathise on personal colour choice totally, when I said striking before, I should have also added stunning, as it certainly was!
It's a bit like when I changed a convertible from it's original yellow to midnight blue nearly 30years ago, which I thought was great at the time but these days I would have it back in it's original yellow in a heartbeat.
One thing I have learnt from all of the cars that have come and gone over the years and the wins and losses along the way is that no matter how each one turned out, it made way for the next car and subsequent experience which you cannot put a price on, so enjoy the next one whatever it may turn out to be... :D
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by johnw » Sun Nov 24, 2019 1:38 pm

If you look at the realised auction results for FFs, cars actually sold, prices I got off the web today, in reality they have perhaps fallen slightly, but price data makes FFs sit nicely in a slightly upward sloping price curve, because the last couple of cars were on the day of sale perhaps [in my subjective opinion] in better shape than the ones previously offered.

The last 3 cars sold have all been great deals, but it would be extremely difficult to argue that FF auction prices have suddenly fallen 30% say in the last 12 months. If this car was the best ever sold at auction in the last 4 years, let's assume it was, +20% would make it king of all FFs auctioned since 2015 price wise. If you are selling an FF at auction I think you can guess where the price might fall. FFs are very scary cars to buy for most collectors having maxaret, FF transfer box, etc. I think this holds them back at auction where it is difficult to assess mechanical perfection.

The figures show that for FFs there has been no dramatic slump, give or take 10 to 20% which must surely be typical auction variance.

I agree other cars have slumped. Also private sales are often higher than auctions, especially for FFs.

23rd Nov 2019 Historics sold £72000 Mk1 FF Orange
4th September 2019 Brightwells Classic & vintage sold £70000 Mk2 FF Red
20th October 2018 Richard Edmons Motor Cars sold £31000 Mk2 FF Blue
3rd March 2018 Historics Ascott sold £85120 Mk1 FF Blue
27 Jan 2018 Anglia car auctions sold £43460 Mk1 FF White - Resto project
28 Nov 2015 Historics Weybridge sold £58500 Mk1 FF White
7 March 2015 Historics Weybridge sold £78400 Mk1 FF Blue

If anything, in hindsight, that blue Mk2 sold in 2018 looks a bit of a bargain.
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by Michael Richardson » Sun Nov 24, 2019 2:02 pm

John. Thank you for this info. If we average out your 5 year results...£62000.( FF) It is fair to say that this is not a bad result,and confirmed by the sale yesterday.
I think it is important to accept the fact that one must not be 'blinkered' by one particular/favoured marque. 24months ago I was involved in the purchase/sale of two high value Ferraris....This model is now at around 30% less than then,so .yes as already agreed,the market is depressed for all classics,and I would say that the Interceptors,having come from a massively low level (say £5000) have done nothing more than follow the market,be it up or down .
I assume that Cannonball,and the buyer contributed around £13000 to the auction house. ….Easy come...easy go ! !
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by cannonball » Wed Dec 11, 2019 5:39 pm

An update on my FF I still have not been paid by Historics, I should have been paid last Friday, other people I know have been, there top man that I commissioned the car to has told me they are waiting on the guys finance to come through a different story from last week, have also told me they do not take a deposit as the hammer falls just rely on full payment within a certain time frame,, I feel I am being shafted and that's bollax about no deposit etc,, what to do ?????
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by Chris_R » Wed Dec 11, 2019 5:56 pm

Check your contract carefully. If they are in breach of contract take the car back with nothing to pay except perhaps the entry fee which would be paid regardless of the car selling or not selling.
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by cannonball » Wed Dec 11, 2019 8:06 pm

Chris_R wrote:Check your contract carefully. If they are in breach of contract take the car back with nothing to pay except perhaps the entry fee which would be paid regardless of the car selling or not selling.



it looks like the direction I will be taking, very very poor way for a auction house of this supposed character to be conducting itself,,
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by Eddie » Wed Dec 11, 2019 9:35 pm

People are nuts.

Why would you bid on a car without the means to pay for it all sorted before hand.

It’s all a bit beyond me :shock:
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by rolando38 » Wed Dec 11, 2019 9:48 pm

having recently acquired a nice M...ti at B....ms , I just want to remind that there is a 12,5% buyer's premium + VAT, which for a 72k "hammer price" car would mean actually 82k
then you 've got to pay for storage (before you can pickup the car) , banking fees, (if your account is inot in £ for instance), and transportation costs to your destination country

all in all, for, say , a Swiss buyer (just taking this likeley example , the Swiss Franc seems to be ever stronger and stronger...) that would mean close to 86 k£ to take it to his garage...

and Canonball do not worry too much, if the funds come from abroad, there is always lke an additionnal week delay to transfer the funds than from inside the UK
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by ascotts1 » Wed Dec 11, 2019 11:26 pm

rolando38 wrote:having recently acquired a nice M...ti at B....ms , I just want to remind that there is a 12,5% buyer's premium + VAT, which for a 72k "hammer price" car would mean actually 82k
then you 've got to pay for storage (before you can pickup the car) , banking fees, (if your account is inot in £ for instance), and transportation costs to your destination country

all in all, for, say , a Swiss buyer (just taking this likeley example , the Swiss Franc seems to be ever stronger and stronger...) that would mean close to 86 k£ to take it to his garage...

and Canonball do not worry too much, if the funds come from abroad, there is always lke an additionnal week delay to transfer the funds than from inside the UK



???? Im not sure where you get your information on money transfers from but the year is 2019 and international money transfers are now basically instant Monday to Friday. I buy a number of cars in the UK at auction and even if I buy at an auction on a Saturday, the money is in the vendors account by 8am ( or earlier) on the Monday morning from Australia. Also, when the UK car auction houses publicise the sold amount it is the total amount including premium. And as for surmising that it was possibly a Swiss buyer, I'm lost for words....
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by cannonball » Thu Dec 12, 2019 12:34 am

Its supposedly a buyer based in England a muse house in London ??????????? has a large collection of classic cars,, why would such a fellow require finance its all beyond me, hold your hand up for something you pay up, I just want the FF back now
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by jvcarrier » Thu Dec 12, 2019 3:18 am

Think you mean mews, muse is a band or a person usually female that gives a writer or painter inspiration.Perhaps he is having to print all those notes!
Presumably the auction house has not released the vehicle?
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by jvcarrier » Thu Dec 12, 2019 3:49 am

Just read their information to buyers, you can pay there and then or they will take the car into storage whilst you arrange finance! No mention of deposit or maximum period allowed! Talk about loading the dice against sellers who they pay in 14 days -if they have been paid!

Compare it with US auction houses I have been looking at because I fancied going to Scottsdale, you have to have a letter from your bank ensuring cheque will be honoured plus insurance before they will let you bid. With the no reserve trend they have managed to push over here and there efficient payment collection they must be making a fortune!
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by rolando38 » Thu Dec 12, 2019 7:48 am

Ascotts1: telle me the name of your bank ! because when I bought a car at a UK auction 2 weeks ago, paying with 2 different french banks, it took in both cases 3 week days (meaning 5 including week end) before the auctioneer said 'yes, I've got the money on my account'
and the banks took a fee for change between € and £
now if it's a UK buyer no object
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by Frankoid » Thu Dec 12, 2019 8:35 am

Perhaps this is a blessing in disguise … You didn't really want to sell for the price you got, and that car is tailored perfectly for you and is keeper. The best advert you could have, an unforgettable entrance to any event. But it does need a Voxson 8 track :D
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