Mk 3 Int at Bonhams

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Peter Rothery
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Mk 3 Int at Bonhams

Post by Peter Rothery »

https://www.bonhams.com/auctions/26119/ ... t/5390520/" onclick="window.open(this.href);return false;

Sold last month at Mathewsons auction for a reported £16,663.
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Craig-H
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Re: Mk 3 Int at Bonhams

Post by Craig-H »

Love to know what’s been done to add that value!
Peter Rothery
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Re: Mk 3 Int at Bonhams

Post by Peter Rothery »

Probably not much...but that is exactly what dealers/traders do as we have said many times on here before.

This may have been a speculative purchase or it could be a real enthusiast who now realises he doesn't have the skill or resources to make the restoration happen. Either way, let's hope it does get the restoration it deserves eventually. At that published estimate however, it will be tight IMHO.
esse1
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Re: Mk 3 Int at Bonhams

Post by esse1 »

Seller assessment of bodywork -Good. Presents well :shock:
a trip to specsavers recommended !
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Chris_R
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Re: Mk 3 Int at Bonhams

Post by Chris_R »

Peter Rothery wrote:Sold last month at Mathewsons auction for a reported £16,663.
Yes, sold at their auction on 18th July. Lot 182. https://www.glenmarch.com/auctions/results/1103" onclick="window.open(this.href);return false;
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Tommy
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Re: Mk 3 Int at Bonhams

Post by Tommy »

The potential profiteer didn’t make a killing after all. Sold for £17,000 plus commission at Bonhams.
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Re: Mk 3 Int at Bonhams

Post by SRD »

The seller in fact must have lost on the car. after taking into account buyers premium.
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Peter Rothery
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Re: Mk 3 Int at Bonhams

Post by Peter Rothery »

I think we will find out that this one was NOT actually sold for the price bid on the day.
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Re: Mk 3 Int at Bonhams

Post by Richard Calver »

Shill bidding can be a problem with auctions of any kind. It can also be legal. I sat in an auction one time and watched a Convertible receive four bids from two bidders. It reached reserve and the auctioneer sold it to the highest bidder, or so you would think if you were in the room. Later I read that it had not been sold.
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Peter Rothery
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Re: Mk 3 Int at Bonhams

Post by Peter Rothery »

Auctioneers are in it for themselves first and foremost...they want the sale and the two lots of commission that go with it. Some however may be more unscrupulous than others.

It used to be the case that the lower estimate figure was roughly where the reserve was set. Some auctions now set the estimates at stupidly low levels to attract the punters. Who wouldn't bid on the fully restored e-type for the estimated £20-£25k after all? It always looks a bit strange when the estimate is exceeded but the reserve is still not met.

Buyers may get nervous if no one else seems to be interested in bidding in case there is a problem with the lot that they might have missed. Auctioneers used to "take bids off the wall" from imaginary bidders to stimulate some action. These days they have "commission" bids to help them kick the bidding up to closer to the reserve price...maybe even a few internet accounts in their own name?.I heard one auctioneer justify it by saying the "auction house was bidding on the lot" up to the reserve. That may be legal but not morally defensible.

Deals can usually be done post auction if all three parties compromise (and the auction house relinquishes some of their commission into the bargain). Auctions seem to want to be judged on their sale rate percentage.

Silverstone Auctions recently broadcast the fact that they sold £15m worth of cars over 2 days. At 10%+ commission from Buyers, Sellers entry fees and 5%+sellers commission that is nice work if you can get it...even if they did have to spend £50k to temporarily rent a warehouse for a month to accommodate the covid secure viewing. Buyers beware.
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Re: Mk 3 Int at Bonhams

Post by Tommy »

You are right. Although it was knocked down for £17,000 at Bonhams and the on-line website displayed ‘sold’, lo and behold, it is now showing as unsold.
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Re: Mk 3 Int at Bonhams

Post by SRD »

As they say, nothing new under the sun,

Shill bidding is still encouraged by many auctions unfortunately, although of course they would deny it..
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