Rand Workman Friday update

[mockingbird812]

Not sure of the rules of engagement, but did the no-sales have to be bought back by the sellers? I surely hope not. What a disappointment - this was definitely the buzz at the Pavillions Car Show in Scottsdale this eve.

[Bill Pritchard]

Very interesting to hear the "real world" report from those of you at the show/auction. My wife and I spent most of yesterday afternoon in front of the computer screen, 'watching' the action on eBay. As each car was finished, the eBay screen showed "SOLD" in a column to the left of the listing, and the final bid in a column to the right. Absolutely no indication that these were only the high bids and no sale Barrett-Jackson, Kruse, Russo-Steele, RM, et. al. are undoubtedly breathing a collective sigh of relief

[12bolt]

Barrett-Jackson, Kruse, Russo-Steele, RM, et. al. are undoubtedly breathing a collective sigh of relief

[/ QUOTE ]You mention KRUSE, they actuyally handled the Automotive aspect of this Auction! Rand/Workman are 2 New York visionaries who had a dream and turned it into reality. Sadly it did not turn out the way they planned. those two guys put out quite an effort and missed their mark. I was fortunate in many ways with this Auction. I got contacted early so I was able to get Comp'ed Entry and reduced Commission. I also am 2 hours away. The Experience was not All Bad. as a matter of Fact, had they attracted Bidder's it would have made everything complete. The COBRA that did $800K+ SOLD to the High Bidder. Several of the High Dollar Cars I personally believe were Bid within Fair Price range. I guess people see themselves getting into a higher Tax bracket with One Sale. to each his own. Me, I drove Back up this Morning realizing that why should I let my Car even run through and get bid to 2/3rd's of it's Value?. It is a beautiful sunny day here. Traffic was almost nonexistent. and then while seeing the city on the Horizon, a thought crossed my Mind. Today is 9-11. It is Morning time. 4 Years ago, at about this time, 2 Airplanes Hit 2 Buildings right over there..... Maybe just maybe, people are scared and feeling vulnerable since Katrina hit. they know our military is stretched thin. "Honey, let's stay home"! whatever the reason, it is ashame for all the folks who spent a lot of time and money traveling and shipping cars to this venture. perhaps "Kruse" should have made more than an "Honorable mention" of this show in their Auction publications. Like I said before. they had everything BUT the Bidder's. if they figure that part out, they will have a winning show on their hands for certain! will they attract The High Caliber car's they got this time? That will certainly be the other Hard item to return. Two Big Strikes. Recovery of this effort I believe unlikely.

[Charley Lillard]

I'm guessing the 4 door Hemi car that the owner turned down 1 millon for 10 years ago didn't do too well. I thought there was someone that was going to pay 2 million for that car at this auction ? Maybe he got stuck in traffic.

[Bill Pritchard]

[ QUOTE ]
Not sure of the rules of engagement, but did the no-sales have to be bought back by the sellers?

[/ QUOTE ]

Sam, I would think (and hope) that the no-sales were just that....the seller is out their entry fee and expenses and that's all. What a shame for the sellers who understandably had great expectations for this event

[Jeff H]

Is there anyone that runs a "real" auction anymore. BJ forces people to list their car with no reserve or they won't take it across the stage and even then the sellers can bid on their own car to buy it back. That's not a no reserve auction. Then this auction with reserves showed fine print where the auctioneer could bid up to but not above the reserve for the seller! All this does is falsely inflate prices when there might only be 1 or 2 real bidders but the seller or auctioneer can create artificial bids to keep the price going up. Of course, BJ then requires the seller/buyer to pay the fees even if the person buys back their own car.

[SamLBInj]

[ QUOTE ]
Of course, BJ then requires the seller/buyer to pay the fees even if the person buys back their own car.

[/ QUOTE ]
If the owner is dumb enough to bid above his own reserve and get stuck with his own car then he deserves the 15 points he has to pay...

[LVCamaro]

[ QUOTE ]
[ QUOTE ]
Of course, BJ then requires the seller/buyer to pay the fees even if the person buys back their own car.

[/ QUOTE ]
If the owner is dumb enough to bid above his own reserve and get stuck with his own car then he deserves the 15 points he has to pay...

[/ QUOTE ]

BJ Scottsdale is a no reserve auction.

SS

[427TJ]

[ QUOTE ]
BJ forces people to list their car with no reserve or they won't take it across the stage and even then the sellers can bid on their own car to buy it back.

[/ QUOTE ]

By allowing owners to buy back their own cars BJ still collects the 8% fee. (I think it's 8% of the selling price, isn't it?) Anyway, Craig Jackson makes his money either way. Any businessman will tell you that guaranteeing payment is just good business.

And no one "forces" an owner to participate at BJ. The rules are posted beforehand and an owner decides to play by them or not. If the no-reserve clause scares an owner, then that owner can go somewhere else to parade their car in front of people. Craig Jackson is running a business as well as an entertainment spectacle. Anyone with a serious intent to sell should know that the show spectacle that BJ has become (live TV, huge tents, people with large amounts of money to spend on cars) is a great place to sell their car, IF they truly want to sell it.

The Rand Workman auction is being criticized here on Y-net because the high reserves and no-sales seem to prove that owners are just shopping their cars with no serious intent to sell--that is, unless a bidder meets the (high) reserve set by the owner. Perhaps Rand Workman is an "anti-BJ" in the sense that owners want more control over bidders. Well, it looks like only about a dozen bidders showed up at Rand Workman. What does that tell you? (Hint: How many bidders register and show up at BJ Scottsdale?) Bidders want more control to buy and so they flock to Scottsdale where there's no reserve. Looks to me like no-reserve clauses bring in the bidders.

So all Craig Jackson is doing with the no-reserve clause is 1: ensuring that he makes his money--and who here doesn't want that for themselves? and, 2: in doing so, he ensures that bidders, who know a car will sell no matter how low the bid, become emotionally involved ("This can happen!") and make those sky-high bids such as the $300K for a '68 Shelby. That bidder let his young son make the call and dad kept bidding up and up and up. You know darn well that Shelby owner wasn't expecting to get $300K for his car but he was glad as hell to take the money and run.

A good auctioneer such as Craig Jackson deserves an honorary PHD in all fields of human behavioral study.

[ANDY M]

So which auction brings in the "stupid" money and which one brings in the "smart" money?
I have never been to an auction like either one of these.
Not that I've got anything against stupid money, is the point here that you have a better shot at getting some at BJ?