Barrett Jackson.....

[427king]

A no reserve auction only benefits the buyer. I do notice that some cars with roughly the same value get a pretty nice starting price of say 200K, while others start at 50K, i wonder who makes up those decisions and what the criteria of getting the benefit of a higher starting auction are..

[Charley Lillard]

More people pay attention to no reserve auctions because they know they really have a shot at the item. Yes there can be a downside if bidding stops before where you think it should but for the most part it generates more bidders and higher prices.

[sYc]

[ QUOTE ]
More people pay attention to no reserve auctions because they know they really have a shot at the item. Yes there can be a downside if bidding stops before where you think it should but for the most part it generates more bidders and higher prices.

[/ QUOTE ]

I think a prime example of this is Ebay, where the majority of us do our best to avoid reserve auctions.

[JTH74]

They bought the car for 75K and sold for 300K, I don't see what they were bitching about, pretty good return if you ask me. Where was Ferrari hat guy and Alan Jones, I didn't see either one of those guys. What happened on the Futureliner deal last year that left one bidder very upset? B/J is good entertainment, much better than anything else that I could have been watching.

[JoeG]

When there is a reserve price, can't the seller lift the reserve if he feels it's close enough to what he expects.??-----------Could a seller ask to have a reserve price at BJ or was he kinda passed over for someone who had a ample supply of tums and was willing to " gamble" with his car.........??..........Just lookin for an education..

[sYc]

[ QUOTE ]
When there is a reserve price, can't the seller lift the reserve if he feels it's close enough to what he expects.??-----------Could a seller ask to have a reserve price at BJ or was he kinda passed over for someone who had a ample supply of tums and was willing to " gamble" with his car.........??..........Just lookin for an education..

[/ QUOTE ]

Yes..and... no.

A seller can lower, or even lift his reserve, this was done on numerous occasions at Mecum.

I believe B/J will only take cars sold with No Reserve.

[Stuart Adams]

BJ is simple economics. People wanting to sell at No Reserve out number the lots he has available. When he doesn't fill all his lots then things may change, until then no way. He gets his no matter what, american dream.

[m22mike]

[ QUOTE ]
They bought the car for 75K and sold for 300K, I don't see what they were bitching about, pretty good return if you ask me. Where was Ferrari hat guy and Alan Jones, I didn't see either one of those guys. What happened on the Futureliner deal last year that left one bidder very upset? B/J is good entertainment, much better than anything else that I could have been watching.

[/ QUOTE ]

I saw " Little Red Farrari Guy " Live on Saturday. He was up on the podium with the boy's for awhile.
I forget to bring my Malox !

[JTH74]

I missed that part of the auction on Saturday night, had to attend B-day party for my father-in-law, Ferrari hat guy is usually all over the place on Friday and Saturday night.

[TXSS]

I've never been very comfortable with the whole no-reserve B-J set up. The seller appears to take all the risk. There is no real incentive for them to work the crowed when they get their squeeze either way, unless it's a million+ dollar car. But let's be honest. With out sellers there is no auction. The sellers have allowed B-J to write the rules. Short of any unethical or illegal activities you can't fault Craig Jackson for being allowed to write the rules and make millions in the process. I know very few people, business men, investors, what ever that given the same opportunity would not have done the same thing. Any seller that expected to invest 75K in a car and turn it for a million and then complain about only selling it for 300K (if that's the real story) is just as greedy as CJ. I'm not saying that there is anything wrong or right about being greedy, but lets not call the kettle black. Sellers have allowed B-J to become the monster it has become and only the sellers can change it. B-J can't pay the bills selling pianos and soap box derby cars. If they in fact turned away 3000+ no reserve cars it may be a wile before things change.

I've attended both R-S and B-J. For entertainment B-J is a ton of fun but for selling a car the R-S auction is much more my style, reserve pricing, much smaller, much more intimate in fact to intimate for there to be any shill bidders or missed bids. Plus those guys at R-S really work the crowed. If a few more major auction houses had auctions in Scottsdale during B-J week they would have to take reserve cars.