Auto Shows: $20 million Porsche flops in auction snafu - PressFrom - US
  •   
  •   
  •   

Auto Shows$20 million Porsche flops in auction snafu

22:20  19 august  2019
22:20  19 august  2019 Source:   cnbc.com

A Singer 911 Is Being Auctioned for the First Time—and It Could Fetch $1 Million

A Singer 911 Is Being Auctioned for the First Time—and It Could Fetch $1 Million A Singer 911 Is Being Auctioned for the First Time—and It Could Fetch $1 Million

$20 million Porsche flops in auction snafu© Provided by CNBC LLC Attendees view the 1939 Type 64 coupe, designed and driven by Porsche AG automobiles founder Ferdinand Porsche, displayed during the RM Sotheby's auction at the 2019 Pebble Beach Concours d'Elegance in Pebble Beach, California, U.S., on Saturday, Aug. 17, 2019.

A Porsche that was expected to sell for over $20 million flopped on the auction block Saturday night, after the sale was thrown into disarray by a technical error.

The car, a 1939 Porsche "Type 64" that was already facing controversy in the collecting world, hit the auction block Saturday night at RM Sotheby's in Monterey as part of the sales surrounding the Concours D'Elegance car extravaganza.

One of Six: Rare 1959 Porsche 718 RSK Center-Seat Race Car Heads to Auction

One of Six: Rare 1959 Porsche 718 RSK Center-Seat Race Car Heads to Auction Porsche makes a new 718 sports car, this is absolutely not that car.

Research Porsche on MSN Autos

RM Sotheby's auctioneer started the bidding at $13 million. But the giant screen display in the auction room showed the first bid as $30 million. The next bid was $14 million, but the screen showed $40 million -- an error that continued all the way up $17 million, when the screen showed $70 million.

The crowd was erupting in cheers and shouts as the price on the screen was showing that the Porsche was selling for a record-shattering price. But at $17 million, the auctioneer stopped the bids and announced that the screen showing $70 million was wrong and that the leading bid was $17 million.

"I'm saying 17, not 70," said the auctioneer, Maarten ten Holder. "That's 17 million."

The crowd in the auction room -- often a boisterous one after a day of parties and events in the area -- immediately started booing and shouting at the error.

The richest car sale of the year: $380 million of wheels set for auction at Pebble Beach

The richest car sale of the year: $380 million of wheels set for auction at Pebble Beach For the wealthy collectors who converge from across the globe on Monterey Car Week, the biggest spectator sport over the weekend is the auctions.

There were no more bids after $17 million. Since $17 million was below the reserve price -- or minimum required by the seller -- RM Sotheby's pulled the lot.

"The car didn't meet reserve," RM Sotheby's said in a brief statement. "We will make every effort to sell the car post-sale."

Some attendees in the audience said that because ten Holder is Dutch, his "17 million" sounded like "70 million," so both the screen operator and audience was confused.

Whatever the reason, the sale debacle was an embarrassing and costly mistake for RM Sotheby's, which expected to auction off nearly $200 million worth of cars over the weekend.

"We take pride in conducting our world-class auctions with integrity and we take our responsibility to our clients very seriously," the company said. "This was in no way intentional on behalf of anyone at RM Sotheby's, rather an unfortunate misunderstanding amplified by excitement in the room."

1955 Porsche Tempo Mikafa Sport Camper Sells Beyond Estimates

1955 Porsche Tempo Mikafa Sport Camper Sells Beyond Estimates This rare camper netted a good haul in Monterey. Monterey Car Week auctions often have an eclectic, fun selection of vehicles to bid on, but the 1955 Porsche Tempo Mikafa was perhaps one of the most unusual options this year. The aluminum-bodied camper was estimated to sell for as much as $150,000, but once the hammer fell at Mecum it actually netted $187,000. While Porsches general elicit quite a bit of excitement among collectors and enthusiasts, this one was a bit of a wildcard. The unrestored Tempo Mikafa Sport Camper is one of only three ever made.

It also marked a fitting climax to a week of sales that fell well below expectations, and could signal more trouble ahead for the classic car market. Total sales for six auctions over the course of the week were expected to top $380 million, according to Hagerty, the collectible-car insurance and valuation firm. But the preliminary total as of Sunday morning, with virtually all the auctions complete, was only $245 million -- marking a 34% decline from last year.

Experts said the wild swings in the stock market and fears of a global slowdown may have weighed more than expected on the minds of wealthy collectors.

"Whether it's the threat of recession, broad economic volatility or too many cars crammed in too few hours, there's no denying the this year's Monterey Auction Week results were depressed," Hagerty said in a statement.

Sotheby's did manage to sell a 1994 McLaren F1 for $19.8 million just shy of its estimate of $21 million to $23 million. And it sold one of the James Bond Aston Martin DB5's -- used in promotions for "Thunderball" -- for $6.4 million Thursday night. Gooding & Co. sold a 1958 Ferrari 250 California LWB Spider for $9.9 million.

James Bond’s 1965 Aston Martin DB5 Sells for More Than $6.3 Million

James Bond’s 1965 Aston Martin DB5 Sells for More Than $6.3 Million RM Sotheby’s sets new DB5 auction record with James Bond's star car

But along with the Porsche, which Porsche AG said was not a genuine Porsche, RM Sotheby's also failed to auction off a 1953 Aston Martin DB3S works race car, which was expected to fetch over $8.75 million and only attracted a high bid of $7.5 million.

Other auction houses also had expensive misses, including Mecum's 1959 Ferrari 250 Monza that went unsold at $20 million.

The only segment of the market that was strong this week in Monterey was the low end, for cars under $75,000. A 1970 Triumph TR6 went for $28,000 at Bonhams, more than double its current Hagerty market value. And a 1961 Chevy Impala convertible sold for $66,000 -- also well above its book value.

"With all these statistics signaling a slumping market, the question will be whether this is felt in the broader market or be isolated to this week's sales," Hagerty said

Follow MSN Autos on Facebook and Twitter

Read More

Four new North American cities join Porsche subscription schemes.
Successful pilot in Atlanta paves way for more areas to become part of Porsche Passport subscription and Porsche Drive rental programmes The post Four new North American cities join Porsche subscription schemes appeared first on Motoring Research. Read More

—   Share news in the SOC. Networks

Topical videos:

usr: 15
This is interesting!