CSX3021: Gooding Auction

[Don]

Scottsdale, Friday, January 22 & Saturday, January 23, 2010, from the Gooding Co web site:

" Chassis No. CSX 3021, One Owner, Less than 3,900 Miles From New,1965 Shelby 427 S/C Cobra "

" Please note that this vehicle is titled as 1967 The First of 29 427 S/C Cobras Built by Shelby American "

Lot # 132 @ $1,028,500

http://www.goodingco.com/auction/ind...product&pid=26

Auction Results:

http://www.goodingco.com/auctions/results/scottsdale10/

Previous Thread:

First SC (CSX 3021) to be auctioned

[Anthony]

Did the car sell or was it a no sell at $1,028,500 ?

Is that right that it sold 1 year ago for $3,500,000 ?

http://www.clubcobra.com/forums/show...light=csx+3021

If so, kind of a big loss.

[Don]

Gooding web site states:

" Unsold lots are not shown."

http://www.goodingco.com/auctions/results/scottsdale10/

I hesitated to post, but could not find any other info regarding sale/no sale & the price. Agree, does not seem reasonable ?

computerworks.....your thoughts ?

[PANAVIA]

Looks like it sold -- someone took a bath, but maybe they needed a write-off

was smitten by this little beastie, but sadly my checkbook is a bit light.

http://www.goodingco.com/auction/product.g&c?pid=6

[Anthony]

Originally Posted by PANAVIA

Looks like it sold -- someone took a bath, but maybe they needed a write-off

Whether it was a write off or not, they still took a good bath.

I'm guessing 2008, early 2009 may have been the best time to sell.

[Nedsel]

One must watch the details closely. The consignor of the car to the '10 Gooding auction was its original owner, Bill Turner. Given that fact, it would be tough to view the claimed sale last year at a price of $3.75 million as reality, yes?

[Anthony]

Originally Posted by Nedsel

One must watch the details closely. The consignor of the car to the '10 Gooding auction was its original owner, Bill Turner. Given that fact, it would be tough to view the claimed sale last year at a price of $3.75 million as reality, yes?

yes.

So, I guess it was either a no sale, or Turner bought the car back, paying a commission at last years auction ?

[Nedsel]

If the bidding had actually reached anything close to $3.75m at last year's auction, Turner would have had no reason to buy it back; the car would have ben gladly sold. It found a new owner at this year's Gooding sale.

[CobraDan]

Nedsel,
So you are saying that the Ft. Lauderdale Beach auction on Jan 2, 3 & 4, 2009 where Bill Turner had CSX3021 at no reserve never sold for 3.5M plus his 289 CSX2311 and his 1964 Ford Thunderbolt all at no reserve and many other cars from his collection never happened because he still owns CSX3021 and it went for 1.2M at the Gooding auction this January???????????????

http://www.cobraregistry.com/Search....tails&vid=1347
Here it indicates that Hollywood Investments from Saint Peterberg owned CSX3021

[Nedsel]

Cobra Dan, maybe you better re-read the posts. I didn't say anything about the other cars. In fact, I know 2311 did sell, as it ended up about ten miles away from me. As for 3021, we don't know who is behind Hollywood Investments. All that is clear is that the sale was never finalized, otherwise Bill Turner would not have been the consignor at the recent Gooding auction.

[CobraDan]

Nedsel,
I know what the posts say but what I question is since all Bills cars were auctioned at no reserve in January 2009 and we did have a discussion here at clubcobra about CSX3021 and it being sold at 3.5M, why do you think Bill still owns and never sold CSX3021 this past year and only did so this January of 2010

[computerworks]

Originally Posted by Nedsel

. The consignor of the car to the '10 Gooding auction was its original owner, Bill Turner.

.......................

[CobraDan]

This cobra world is getting way to complicating for me how do you put your car up for sale at auction at a no reserve bid and wind up still being the owner and then a year ago we say here at clubcobra it went for 3.5M. Ron I remember sending you the info it was listed I think on Ebay with in a very short period of that 3.5M purchase. It has been on the cobra registry for awhile now listed for sale at 3.75M by Hollywood Investments of St Peterberg and yet you & Nedsel say Bill Turner was still the owner when it just sold again at auction for 1.2M. I must admit that a 2.3M lose is a hell of a beating but if it never went for 3.5M then Bill Turner made a killing. We have a local seller of a 17M dollar home that has been reduced to 13M with no takers and going at a no reserve auction soon so the owner can get rid of this home.

[Nedsel]

Dan, I think you are making this more complicated than it really is. At last year's Rupp/ Flynn Ft. Lauderdale auction in January, 3021 was said to have been sold at a hammer price of $3.5 million. If you add the buyer's premium, which is usually 8-10% of the bid, then the supposed buyer would have been paying a minimum of $3,780,000 for the car, unless some type of deal was arranged given it was the headliner car. That's a lot of dough, and more than twice what a nice S/C would have been expected to bring at auction a year ago. But let's suppose there were two (or more) serious bidders in the room who wanted the car, and the final price when the last under-bidder dropped out was $3.5 million. That's the number the auction company would have reported as the sales price. Now, let's move ahead several weeks or months. Suppose the winning bidder gets cold feet and/ or has difficulty coming up with the cash to close the deal. It's hard to imagine this scenario, as most auction companies require a bank letter guaranteeing they will honor a draft against the individual's account up to the requested credit limit, which in this case would have been at least $3.5 million. But let's say it happens, and the winning bidder fails to perform. He may lose whatever deposit he has put down and be forced to pay damages, legal fees, etc., but he can't be forced to buy the car. So, maybe with the cooperation of the seller and the auction company, a deal is struck whereby the car is offered up for sale on eBay, using a fictitious business name as the owner, in the hopes that someone, somewhere - having heard that an original 427 S/C sold for over $3.5 million - decides that he'll pay that, too, as, after all, that IS what they're bringing these days, right? I mean, that is what was reported, so it must be the value. Except that no one steps up to the plate and bids. So the car remains unsold. What's a seller to do but bring it back to another auction and give it another shot? So that's what happened at Gooding in January, and the buyer, from Houston, spent $1,028,500 (including the 10% buyer's premium) for the privilege. It seems pretty straightforward to me.

[CobraDan]

Ned,
Well, with that explanation you are right it is much easier to understand and I want to thank you for you’re in depth explanation. I always thought that CSX3021 had actually sold for 3.5M and never knew that the buyer had walked away.

[Anthony]

Yes, thank you Ned.

[Don]

Gooding confirmed the sales price and mentioned they do not release/publish the name of the seller or buyer

[Nedsel]

Please understand, I'm not saying that the foregoing is what DID happen; it's more an explanation for what COULD have happened. In any event, 3021 was not sold in 1/09 for $3.5 million.

[CobraDan]

Nedsel,
The part that really needed an explanation was the fact that a no reserve car that reached a bidding price of 3.5M in January of last year never left ownership of Bill Turner until this January and then sold for only 1M. This might give second thoughts to the other Gold Cobra as to whether pulling off the repaint piece by piece was worth all that hard work. This might also be the reason that with reserve the TURD reaching a bid price of over 1M was a resent no sale.

[A-Snake]

Originally Posted by CobraDan

Nedsel,
This might also be the reason that with reserve the TURD reaching a bid price of over 1M was a resent no sale.

Dan,
CSX2196 did not sell because it did not reach its reserve price. What does that have to do with the sale of CSX3021? Isn't that apples and oranges?