Chris Evans loses £4.5M on Coburn 250 GT SWB

Was sold the 18/05/2008 0by RM's Maranello auction
incl. buyer's prem. ($10,894,400)

RM and Classiche knows this detail?

 

Everyone except him apparently knew about the engine. I remember thinking at the time the price paid was absolutely idiotic. Makes you wonder who the underbidder was doesn't it? Mr. Chan D. Lier maybe?

 

He was well apprised of the engine issue and chose to ignore it in the heat of the moment.

 

Ouch

 

He broke some absolute cardinal rules of auction bidding and got burned badly as a result.

Either he wouldn't listen to Collins or he was giving him some terrible advice.

 

Chan tends to be out somewhere ahead of reserve.

 

He received advice from an unimpeachable source and chose to ignore it.

 

His history is that of financial gambles and big losses. Just google what's out there in the public domain on his past financial up and downs. Seems like a fun guy and apparently can make back his money quickly too, but I would not follow his investment advice!

He was likely trying to cash out at the peak in this market but timed it a few months too late. I think a lot of exit attempts now are going to be more and more difficult. That said, were he truly desperate for the cash he could have taken lower values of those cars.

 

He brought it through an RM auction and then sold it to buy the GTO64 which was a private treaty sale through RM. While this makes a good headline for the Sun, it would not surprise me if this is an accounting paper loss (which would be useful for Evans as he buys them through a company and gains would be subject to tax) rather than an actual cash loss?

 

Yes,we have talked about this "record breaking car dealer loss" before. It was some time ago,and well documented. Chris is a wheeler/Dealer,and at Bonhams Revival,chucked in a whole load of motoring stuff,free of charge,to benefit a BBC major charity. Very generous. No,the cars he put up did not do that well,and he took most of them home. Never mind....he will carry on doing his thing,and he seems to love it. He is a F.fanatic after all.

 

Geez I guess I was all washed up when I said buying an over-hyped car through an Auction house is a bad idea, eh?

I'm sure RM will reimburse him. Sure.

Anyone who doesn't believe this sort of stuff happens all the time is completely naive. The average Joe has no idea what he's buying most of the time, and average Joe's do a lot of the buying at Auction houses.

 

When did Evans sell this car? Recently?

 

Mods this could be merged with this recent thread-
http://www.ferrarichat.com/forum/vintage-ferrari-market/496811-chris-evans-selling.html

 

...and this one: http://www.ferrarichat.com/forum/vintage-thru-365-gtc4-sponsored-vintage-driving-machines/494021-alleged-%A34-5m-loss.html

 

Interesting article about auctions and bidding...
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