1962 Ferrari 250 GTO, chassis #3413 To Be Auctioned In Monterey

Sotheby's and many other auction houses have an "Irrevocable bid" on certain items. I have seen this announced in several sales that I have attended.
Someone guarantees a bid, so a high value item is assured of selling.
In exchange, the auction house will offer the bidder a reduced buyer's commission or other incentives.

Common practice lately

Ken Goldman

 

I'm not sure how it creates the possibility of a stronger result when one potential buyer has essentially put in an offer instead of participating in the auction.

 

Dr Greg Whitten, his 250 GTO and his other cars:

 

RM Sotheby's Ian Kelleher and Marcel Massini have done a great job on the history of 3413 including Dr Whitten's ownership of the car:

 

Sold. $44,000,000 plus BP. $48,405,000 all in. A world record for a car sold at auction.

 

Where’s it going ???

 

Don't know. I asked who bought it in the other thread.

 

Probably not Texas like that CLK-GTR. That owner would've been pretty vocal about it lol.

 

Did anybody else get the sense that the GTO was already "sold" before the auction and we were just witnessing some auction theatrics! Although I wasn't in the room, I assume that was Shelby Myers, head of RM Sotheby's private sales, bidding on behalf of a customer. It was very interesting watching him build some suspense in the room before raising his paddle in 250k increments towards the end. Back and forth between two RM employees representing clients. It would have been nice to have had a live competing bidder in the room, but I guess at this level RM has already prequalified every possible bidder on the car and have in essence pre-sold it. Can those with more experience care to comment, affirming or just calling BS on my assumption?

 

As RM Sotheby's announced after the auction that the all in price was $48,405,000, whoever bought it will be paying the full Buyer's Premium with no discount on the Premium, so I can't see any advantage/incentive for the bidder who won to have given a guaranteed bid or an underwrite in advance of the auction. I'd take my chances at the auction.

 

As I have read & heard many times—regarding auctions, if someone has a high value lot, the auction company can find a buyer and offer this buyer a reduced buyer’s premium.

In this case, the catalog stated that Sotheby’s had a financial interest in this lot.

There is certainly an advantage to a buyer giving a guaranteed bid. He saved on the buyer’s fee and the seller is guaranteed that his item will sell.

It happens more than we would think today. If you have Sotheby’s behind you, they have very deep pockets—- more so than other car auction companies.

I have been attending Sotheby’s and other auctions now for over 50 years. All is not what it seems sometimes!!

Ken Goldman

 

So the guaranteed bidder(s) got outbid then if the winning bidder is actually paying the full Buyer's Premium as RM Sotheby's stated at the the end of the auction.

 

Probably headed to Cincinnati?

 

It was a disappointing performance.

 

Quite the difference between this and the $70m series I. Didn't even break $50m.

Seems low (despite the record being broken)

 

Or was 70m too high in a softening market?

 

I thought a recent Ferrari set the record at $70M?

 

A world record for a car sold at auction. 250 GTO 4153 is said to have sold for around $70 million privately, facilitated by 2 dealers.

 

Thanks for the clarification.

 

I wouldn’t make the assumption that because it was between 2 RM employees that the buyer wasn’t in the room. Some prefer to be discrete for personal or competitive bidding reasons.

 

Rumor in early July was a floor number of 48M was guaranteed prior to auction.


Sent from my iPhone using FerrariChat.com mobile app

 

Joins Harry Yeagge's TR

 

I guess that's why he sold Mclaren F1 073 for low 20s end of June via RM Sotheby's private sales (https://rmsothebys.com/en/home/private-sales/r0001-1998-mclaren-f1-lm-specification/694079). Needed to make room for something new.

 

Thank you.

 

Hey folks... I have been away from 1:1 (aka: full size) car sites for a while... Just saw the GTO sale on a news website and when I saw "1962" I got confused... wasn't this the later body style? I think I see someone here did post that it is indeed a re-body?