Carolina Blue 1969 Camaro Z/28 @ Mecum Auctions

[iluv69s]

450k and did not sell it?? hard to believe

[njsteve]

Remember that in the consignment contract, the auction house has the right to bid the car up on their own, to just under the reserve, hoping a real buyer will step in and bid to get it over the reserve. Obviously the reserve was $460k.

[roeville]

<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: njsteve</div><div class="ubbcode-body">Remember that in the consignment contract, the auction house has the right to bid the car up on their own, to just under the reserve, hoping a real buyer will step in and bid to get it over the reserve. Obviously the reserve was $460k. </div></div>
That practice always seemed deceptive and unscrupulous to me.

[mmcporter]

I'm not defending Dana Mecum (or any other auction house for that matter), but this practice of the auction house running the car up to just under the reserve is a &quot;normal&quot; auction practice called &quot;chandelier bidding&quot;...again, it's a practice of the business model and not exclusive to Mecum....

[njsteve]

Yes, it is a standard practice in the auction industry since time immemorial, but most people have a problem with the insider trading aspect of a person who both owns the car, and owns the auction, doing it for his own car. As the market sees this, all it is, is an attempt to influence the future sale price(s) of this car and/or similar cars.

If this was a regulated security, the SEC would have a field day. But since cars are not regulated, it is not illegal.

[bigsixman]

<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: njsteve</div><div class="ubbcode-body">Yes, it is a standard practice in the auction industry since time immemorial, but most people have a problem with the insider trading aspect of a person who both owns the car, and owns the auction, doing it for his own car. As the market sees this, all it is, is an attempt to influence the future sale price(s) of this car and/or similar cars.

If this was a regulated security, the SEC would have a field day. But since cars are not regulated, it is not illegal. </div></div>
Well stated

[mmcporter]

I hear ya NJSteve....I guess I just assume some sort of rigging is happening at these auctions, so I have lowered expectations and certainly never buy cars there...it's pure entertainment for me....sort of like the movie The Wolf of Wall Street....you know much of what's happening isn't on &quot;the level&quot;.

[77Z28]

Maybe this has been explained before, but I am curious if Chevrolet actually painted the white stripes on the rear of the car as restored? As many Z28's that were made I could not imagine this car getting a different stripe layout than others during production. Were these extended stripes something done at the dealer?

Todd

[bigsixman]

<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: iluv69s</div><div class="ubbcode-body">450k and did not sell it?? hard to believe </div></div>

X2 ^^^^^ I do not understand the reasoning here...450k!!!