I saw the press - and saw other comments off-line. |  |  |
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Boxsterra - 4 years ago |
CNN: $17 million or $70 million? 1930s Porsche fails to sell after auction snafu.
[www.cnn.com]
[www.cnn.com]
As I said off-line:
It was a mistake. But "blunder" might be an overstatement.
Clearly, the person running the video board mis-heard the auctioneer.
But the auctioneer was asking for $500K increments and the bidders seemed to understand what he was saying as they were still bidding. (they clearly would not be at $50M or $60M). There is almost no way the bids would ever have gone up in $10M increments. (of course that should have tipped the video assistant - but he/she might have been new or something).
Bottom line, no one who might have bid was prevented from doing so even after the place calmed down and the prices on the screen were reset.
I am not sure there was any harm done here. Especially since it was apparently a no sale anyway.
Is it embarrassing for the auction house? Maybe. But it will probably end up being one of those random events that will be remembered more fondly than not.
They still got $17M plus the fees etc. for a car that was likely unknown until recently. That is somewhere around $20M for that car.
That puts it at, or close, to the top 10 most valuable cars EVER. It is pretty hard to argue that the auction house did not do its job. And all this for a glorified VW built right on the cusp of WWII? I would say both they and the owners would do just fine. Now talk to me if the car does not sell before a recession hits. (Not being political - one will come it is just a matter of when.)
It was a mistake. But "blunder" might be an overstatement.
Clearly, the person running the video board mis-heard the auctioneer.
But the auctioneer was asking for $500K increments and the bidders seemed to understand what he was saying as they were still bidding. (they clearly would not be at $50M or $60M). There is almost no way the bids would ever have gone up in $10M increments. (of course that should have tipped the video assistant - but he/she might have been new or something).
Bottom line, no one who might have bid was prevented from doing so even after the place calmed down and the prices on the screen were reset.
I am not sure there was any harm done here. Especially since it was apparently a no sale anyway.
Is it embarrassing for the auction house? Maybe. But it will probably end up being one of those random events that will be remembered more fondly than not.
They still got $17M plus the fees etc. for a car that was likely unknown until recently. That is somewhere around $20M for that car.
That puts it at, or close, to the top 10 most valuable cars EVER. It is pretty hard to argue that the auction house did not do its job. And all this for a glorified VW built right on the cusp of WWII? I would say both they and the owners would do just fine. Now talk to me if the car does not sell before a recession hits. (Not being political - one will come it is just a matter of when.)
 carlos in Montreal - 4 years ago |
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