Quote:
Originally Posted by JMS935
It’s not a risk I would ever take, I don’t see the point of it. I’ve heard of pretty bad stories of no reserve car auctions selling for far less than they were “promised by the auction house” to sell at. With some even questioning the legitimacy of the auction process itself afterwards. I think the entire collector car auction industry has the collector car hobby duped into thinking that they’ll get more money without a reserve (when it’s actually for their benefit to increase their sell through rate), but that doesn’t make any logical sense though. Buyers go into an auction with a set price they’re wiiling to bid a car up to, I’ve never heard of anyone that adds a premium to it simply because the car is listed at no reserve. You’ve gotten lucky up till now, no reserve will eventually burn you at some point. I would rather protect my asset(s) with a reserve I am comfortable with, and just pay a slightly higher commission on it. Or ship it home if it doesn’t meet my reserve, that ensures I’m not getting screwed with a lower than expected hammer price. It happens, I’ve seen it, I’d just choose never to put myself in that position.
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I suppose it can depend on lots of uncertain variables, economy at listing vs sale time, people in attendance, auction location, the weather sale day, all reasons I have paid the extra $$$ for a reserve.