Carolina Blue 1969 Camaro Z/28 @ Mecum Auctions

[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: 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!!!

[Mr.Nickey Nova]

That (Z) is Dana's Mecums personal car.My guess,he never had any intension on selling.I would have taken the money and run also.Way to much money for a crossram Z/28...

[bigsixman]

<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: Mr.Nickey Nova</div><div class="ubbcode-body">That (Z) is Dana's Mecums personal car.My guess,he never had any intension on selling.I would have taken the money and run also.Way to much money for a crossram Z/28... </div></div>
If that is Mecum's car, it raises some serious questions to me on how business is conducted at his auctions. I agree with the previous posts that 450k is way too much money for any special paint 69 Z/28.

Lets be honest, if the 450k was real money, there were two fools involved, the bidder and the guy who refused the bid. Dana is no fool, so now you have to ask yourself, what is the entire story behind this no sale???

[azcamaros]

Lot S143, the 72 LT1 Corvette belongs to Mecum too, it show also put on a great show for the TV audience.

[Ryan1969Chevelle]

Shoulda woulda coulda.

Ryan

[Mr70]

If it really is for sale,I'm guessing Dana didn't take it because the top bid wasn't real money.
They might have been looking for every ones ceiling,and now that they know that,will contact them after the fact to try to sell privately.

[mr 707]

i think they were looking for a piece of candy on a stick with a label wrapped around it. The label says SUCKER