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I agree with Uncle and hope that the auction house was able to 'help' the high bidder come up to your reserve. I have heard of an auction company (BAT) taking no commission on a car, in order to 'meet' the reserve and 'get it sold'. My friend, Ward, was similarly surprised when his GTV was declared sold -just shy of the reserve. Hopefully you put the reserve amount in writing with Bonham's.

Still not a terrible result but far from the amount I expected this example to sell for.
Congratulations on the sale and handling it well,

Mark

Don, since you have been fully transparent and open on this sale and experience, I don't feel out of line to ask you to explain what happened here. There seems to be some misunderstanding of the "no sale --reserve not met-- then sale" scenario. It might benefit someone looking to use an auction house .
 

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All was in writing.

I thought they really wanted the car and would market it aggressively. In the end, the normally on-point and prepared auctioneers appeared as though they’d never heard of the car, or its degree of preparation. Sort of bumbled about with the description. It appeared as if they hadn’t dredged up overseas phone buyers, then they didn’t do what they said they would do.

headed back to Carson today. I don’t drag around resentments. Lessons learned.
 

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Don, since you have been fully transparent and open on this sale and experience, I don't feel out of line to ask you to explain what happened here. There seems to be some misunderstanding of the "no sale --reserve not met-- then sale" scenario. It might benefit someone looking to use an auction house .
Actually, I don’t see any sculduggery.

At this moment, I don’t recall whether my reserve was 130 or 140. I thought it was 140. The bidding stopped at 137500, which I thought fell short. That was OK with me. If Bonham’s couldn’t get enough real bidders to get it higher, I was confident that I could do better later.

In the contract, we agreed they could attempt to sell it after the actual auction, and so long as they got the reserve, they could close the sale.

it’s easy to imagine that they got a little more from the high bidder, and maybe matched him out of their commission. All normal and above board.

The buyer’s fee is 12%, so if they got him to 140, the net price to the buyer would be 158, more or less.

SOP at an auction.

my decision was to try for an extraordinary result. What I got was an ordinary result. While I’m confident 102s will continue to rise, this is never in a straight line.

It’s inconceivable I’ll do another 102. Maybe the “Tahoe Special” will be offered if/when I depart southward. It’ll be private sale only.
 

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Don. A beautiful car. Bonhams listed that your car sold for $154,000.00. I had a reminder set and looked it up. I tried to recheck today but I cannot find it. To those of us who have been following your build(s) for years Congratulations! Maybe it wasn't what you wanted, but it is a pretty good example of the worth of these cars.
 

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Thank you for the nice words.

Selling at auction is a complicated business, and not one I am practiced at. A review of this week’s results shows that my car was the 8th highest price car sold by Bonhams. When you look at their list of offerings, with Bentley, Rolls, Aston, and many others normally priced higher, I have to accept that my car did well in a down market. Elsewhere, a McClaren MP4 sold for about the same money. That’s a head shaker.

More experienced sellers would have certainly had a shill in the audience, or simply been bold enough to bid on their own car. It’s not illegal, and the auction house is happy to collect their fee. It’s what I wish I’d done. In a future year, 1488 will be recognized as “best of”, just as it was at Concorso.

I was disappointed by the lack of preparation by the stage auctioneers. Their skill is one reason why I chose Bonhams. Normally, they are quite conversant with the details of what they’re selling. When 1488 came up, they started fumbling for their notes, remarked on “award winning”, but no statement of where. The local bowling alley show and shine? Described the car as “fun to drive”, and ”aren’t those Borrani wheels pretty?”

I’m at peace. Time for the next adventure. I’m getting a 115 Spider ready for the grandson’s first car. I’ve already conferred with my neighbor, a retired marine cabinet maker, about my intended Montreal-engined wooden boat project. That probably won’t be a money-maker, but hopefully it’ll be fun.
 

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While I love the look of a nice wooden boat; I can't imagine how a Montreal engine would make a very good boat motor. Perhaps a good boat anchor but not such a good boat motor... I love fishing and boating and spend a lot of my spare time doing both. Wooden boats, like Montreal engines, have their own 'special needs'. We 'boaters' jokingly say that BOAT is an acronym for 'Break Out Another Thousand'. In your case it might as well be spelled 'BOAHT' for...'Hundred' Thousand.

That said, I am sure I will continue to read and enjoy your posts as usual -living vicariously through your financial exploits.

Mark
 

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Hiya Mark,

Always enjoy hearing from you.

I’m not a boater. Only boat I ever owned was a small day sailer, and I demasted it in my first, and only, time in it.

However, I like crafting pretty things.

Any Alfa must serve first for its practicality? I am inspired by the Riva Aquarama built for Lamborghini. The online record of its restoration is inspiring.

in the next week I plan to create a budget assessment. Although I don’t know the number, there is an amount above which I will probably have a Montreal engine for sale.

Alert. Brain explosion.

BEFORE writing this post I entered into an agreement to buy a very nice Alfetta Sprint.

Alfetta Sprint. Montreal Engine.

No good could come from this.....
 

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Alert. Brain explosion.

BEFORE writing this post I entered into an agreement to buy a very nice Alfetta Sprint.

Alfetta Sprint. Montreal Engine.

No good could come from this.....
Do it!!!

As quickly as you work, it would probably be done before Christmas.
 

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We know Alfa made some Montreal 3.0 GTV8s using GTV6s as a starting point. What they had to do is beyond my knowing. In any case, I doubt I'll go down that road. Strikes me as a negative payback experience, and I have other ways to amp my adrenaline level.

At the very least, the entire driveline would have to be replaced for a 250 HP motor rather than the 120 (more or less) that was originally in the Fetta. I have other plans for my time. This Fetta is nice and clean. No need to butcher it.
 

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Great write up. I just spent 3-4 hours over the last couple days reading it. I now have a new found appreciation for a car like this, would have gladly paid more for what this car sold for.

I am now a buyer looking for the right car.... just scrapped the Duetto idea, and my budget had a significant increase :). (Selling my Audi R8 to fund this purchase)

Do I recall one of your comments stating only 150 of these are still around?

also, amazing the timeframe you completed this. My GTV is close to being driven, but 7 years after I bought it.

Darren
 

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I have no authoritative position on how many 102s remain, just a suspicion. 3,414 made. 60 years ago. No real rust proofing.

Rust never sleeps.
 
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