Mecum auction 2006 Ford GT Red Stripe Delete


2112

Blue/white 06'
Mark II Lifetime
If that ^^^^ is for sale, throw it up on all the performance Ford forums like SAAC, VMF and the B2 forums before you consign it.

Mustang guys will know how rare that is. Looks nice too.
 

roketman

GT Owner
Mark IV Lifetime
Oct 24, 2005
6,339
ma.
me cum
 

centerpunch

GT Owner
Mark II Lifetime
Sep 16, 2005
606
When Mecum says that 1500 mile GT "sold" for $352K, that includes the 10% buyer premium, right?

So that would mean the car hammered for $320, the seller paid $352 (10% more), and the seller got $288 (10% less).

Right?
 
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jaxgt

GT Owner
Mark IV Lifetime
Jul 12, 2006
2,293
When Mecum says that 1500 mile GT "sold" for $352K, that includes the 10% buyer premium, right?

So that would mean the car hammered for $320, the seller paid $352 (10% more), and the seller got $288 (10% less).

Right?
Normally that is correct and how auctions report it. The price listed in their results typically includes the 10% buyers premium. Potential sellers forget the facts you posted, and wind up in this case with near $70k less, not to mention some auctions also charge seller's a fixed entry fee of $1000-$2000
 
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GTdrummer

GT Owner
Mark II Lifetime
Le Mans 2010 Supporter
Mar 13, 2010
2,002
Richmond Virginia
I need to ask someone in my law firm how these guys get away with phony bidding. I don’t get it.
 

centerpunch

GT Owner
Mark II Lifetime
Sep 16, 2005
606
Normally that is correct and how auctions report it. The price listed in their results typically includes the 10% buyers premium. Potential sellers forget the facts you posted, and wind up in this case with near $70k less, not to mention some auctions also charge seller's a fixed entry fee of $1000-$2000
If you do the math, the auction guys get 18.2% of the buyer's money. I've never figured out what value they add to deserve that much!
 

twobjshelbys

GT Owner
Jul 26, 2010
4,948
Las Vegas, NV
I need to ask someone in my law firm how these guys get away with phony bidding. I don’t get it.
They don't. Have you ever heard a first hand account of someone saying "I did a fake bid and got paid for it"? Every time I hear of this it's "I heard it from a friend of a friend's uncle that saw something fishy". If it's really happening it's as good a secret as the real Kennedy assisn's club.

I was in Craig's sky box the time that the guy bid on the Veyron. Craig interrupted the next car and said that the buyer was fake and he had been banned from this an all future auctions. They said he got caught up in the enthusiasm and fully expected to be outbid (his was something like 650K which was very low at the time) but didn't so he won. Craig opened up the auction again with the option of the previous bidder to take it for that price but he didn't come forward so Craig personally bought the car for the fake bid's price. It now goes around with a Barrett Jackson logo wrap as a company car :)
 
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Sinovac

GT Owner
Mark II Lifetime
Jul 18, 2006
5,507
Largo, Florida
I need to ask someone in my law firm how these guys get away with phony bidding. I don’t get it.
“Shill bidding” up to the reserve price is generally legal.
 

centerpunch

GT Owner
Mark II Lifetime
Sep 16, 2005
606
 

Attachments

SYCO GT

GT Owner
Mark II Lifetime
Sep 9, 2006
4,199
California
And an explanation of the practice of shill bidding, from the perspective of a non-lawyer, auctioneer, who claims to have "an unmatched knowledge" of auction law.

https://mikebrandlyauctioneer.wordpress.com/2010/11/25/what-is-shill-bidding/
 

NorthwoodGT

GT Owner
Jun 12, 2009
1,061
Michigan
this action has been going on for decades. Russo and Steels, Barrett, Rick Cole and even Kruse and Auction America have done this for years. when you're selling a vehicle, they get you in a head lock up on the stage and tell you where the real bid amount is and then wait for the right tuna to go over the last fake high bid and all of a sudden the auctioneer stops and yells S-S-S-SOLD! I also think the way Frank Mecum wrangles with the bidders about fees on live TV to get the sale doesn't show much class in my opinion. Anytime you consign a vehicle, the form states on the back they have right to bid up the price on your vehicle. ugly and dirty to me
 

bret a ewing

GT Owner
Nov 29, 2006
283
Have a plan. Stick to it. No problem.
 

2112

Blue/white 06'
Mark II Lifetime
If you do the math, the auction guys get 18.2% of the buyer's money. I've never figured out what value they add to deserve that much!
But you get to be on T.V. While you pay all that extra money.