Corvette Grand Sport Fails to Reach Reserve - Remains Unsold

[J C.]

The Corvette Grand Sport #002 failed to reach reserve and went unsold. I just got off the phone with a RM Auction media contact who confirmed that. No word on what the high bid was yet.

http://www.corvetteblogger.com/index.cfm/2009/1/16/Breaking-News-Corvette-Grand-Sport-002-Fails-to-Reach-Reserve

[Loren S.]

Re: Corvette Grand Sport Fails to Reach Reserve - Remains Unsold

Ends up being sold after the auction, maybe?

[Stuart F.]

Re: Corvette Grand Sport Fails to Reach Reserve - Remains Unsold

Right Loren, I just don't like all that publicity and media attention. Just like when I won the Power Ball - told um I'd meet them at Joe's bar for the settlement.

Stu Fox

[Clem Z.]

Re: Corvette Grand Sport Fails to Reach Reserve - Remains Unsold

Ends up being sold after the auction, maybe?

maybe too save auction fees just like some deals on ebay

[Jim D.]

Re: Corvette Grand Sport Fails to Reach Reserve - Remains Unsold

Ends up being sold after the auction, maybe?

I doubt it as high dollar cars like this use the auction selling price to validate their value.

[Loren L.]

Re: Corvette Grand Sport Fails to Reach Reserve - Remains Unsold

maybe too save auction fees just like some deals on ebay

I would somehow doubt that Mr Myers of RM auction is fussing over what he is going to charge himself in commission.
I'm also fascinated with the report that it failed to meet reserve WITHOUT KNOWING what the final bid was....????????

[Tom M.]

Re: Corvette Grand Sport Fails to Reach Reserve - Remains Unsold

The Corvette Grand Sport #002 failed to reach reserve and went unsold. I just got off the phone with a RM Auction media contact who confirmed that. No word on what the high bid was yet.

http://www.corvetteblogger.com/index.cfm/2009/1/16/Breaking-News-Corvette-Grand-Sport-002-Fails-to-Reach-Reserve

what was high bid ??

[Steve B.]

Re: Corvette Grand Sport Fails to Reach Reserve - Remains Unsold

Sounds like $5 million was the high bid.

http://njection.com/blogs/autoblog/archive/tags/2009+RM+Auctions+Arizona/default.aspx

[Ridge K.]

Re: Corvette Grand Sport Fails to Reach Reserve - Remains Unsold

Sounds like $5 million was the high bid.

http://njection.com/blogs/autoblog/a...a/default.aspx

Steve, thanks for throwing that info, and link in. Of course, I think most everyone here could agree that we'll never know if any of the bids were for real or not, unless someone here was one of those last few bidders. (yes, selling owners do place bids, or, ask others to place bids)
For over 35 years, I have enjoyed attending collector car auctions. In the last five to seven years, the fake bidding has taken the shine off the auction format. Five years ago, while attending a collector car auction, that will remain un-named, I was caught admiring a car, by it's selling owner. The owner came up to me, and asked me if I would be bidding. I told him I would be unable to place a winning bid on the high-end car. Seeing my registered bidder pass, he then asked if I could help him out by placing a bid for "X" amount of money. I declined, and walked over to a friend of mine, and told the story. My friend stated, that he had also been asked to bid "X" less $1k, than me. Happens at virtually every auction.

[Dale C.]

Re: Corvette Grand Sport Fails to Reach Reserve - Remains Unsold

Wonder if that happens on eBay?
Dale

[Kenneth B.]

Re: Corvette Grand Sport Fails to Reach Reserve - Remains Unsold

Steve, thanks for throwing that info, and link in. Of course, I think most everyone here could agree that we'll never know if any of the bids were for real or not, unless someone here was one of those last few bidders. (yes, selling owners do place bids, or, ask others to place bids)
For over 35 years, I have enjoyed attending collector car auctions. In the last five to seven years, the fake bidding has taken the shine off the auction format. Five years ago, while attending a collector car auction, that will remain un-named, I was caught admiring a car, by it's selling owner. The owner came up to me, and asked me if I would be bidding. I told him I would be unable to place a winning bid on the high-end car. Seeing my registered bidder pass, he then asked if I could help him out by placing a bid for "X" amount of money. I declined, and walked over to a friend of mine, and told the story. My friend stated, that he had also been asked to bid "X" less $1k, than me. Happens at virtually every auction.

I agree. The auction company will put in air bids. Now they have to say that they sometimes bid for the owner. That's why even at this years BJ auction they have to back up the bid because the seller desides to take less than than the air bid.
KEN

[Steven B.]

Re: Corvette Grand Sport Fails to Reach Reserve - Remains Unsold

Wonder if that happens on eBay?
Dale

I assume so.

[Dick W.]

Re: Corvette Grand Sport Fails to Reach Reserve - Remains Unsold

Steve, thanks for throwing that info, and link in. Of course, I think most everyone here could agree that we'll never know if any of the bids were for real or not, unless someone here was one of those last few bidders. (yes, selling owners do place bids, or, ask others to place bids)
For over 35 years, I have enjoyed attending collector car auctions. In the last five to seven years, the fake bidding has taken the shine off the auction format. Five years ago, while attending a collector car auction, that will remain un-named, I was caught admiring a car, by it's selling owner. The owner came up to me, and asked me if I would be bidding. I told him I would be unable to place a winning bid on the high-end car. Seeing my registered bidder pass, he then asked if I could help him out by placing a bid for "X" amount of money. I declined, and walked over to a friend of mine, and told the story. My friend stated, that he had also been asked to bid "X" less $1k, than me. Happens at virtually every auction.

The request, if honored, would be collusion. The Uniform Commercial Code, which has been adopted by at least 47 states is very specific on bidder collusion. I know it does happen which still does not make it legal. If the buyer of an item could prove that this happened could probably make a legal case and win.