Mecum Auction

[NRP/MN]

I thought someone else would have brought this up, but while working late to finish up a roll cage in a customer car, i had the Mecum auction on in the shop. Much to my disbelief, a 4000 series continuation Cobra with an Ernie Elliot engine sold for around $325,000.00. I figured it it be a hot topic today. Maybe Evan will get his asking price afterall!

[cobrajeff]

Didn't sell...bid up there (amazing to me) but reportedly, the guy is looking for 400 plus. Shows up on Mecum's site as "Bid Goes On"....

Jeff

[NRP/MN]

I did not notice that it did not sell, but saw the price point and could not believe what was taking place. I was at B.J. last year and 2 of these sold in the $125,000 to $150,000 range.

[Sailfish]

I was at the Mecum auction when the cobra went up for sale. Beautiful car, a great engine and spectacular condition, but certainly a surprise it went so high-------and remained unsold. I'm obviously missing something, or the pre-bid marketing paid off. Certainly raised the bar for continuation cars.

[mrmustang]

Originally Posted by Sailfish

I was at the Mecum auction when the cobra went up for sale. Beautiful car, a great engine and spectacular condition, but certainly a surprise it went so high-------and remained unsold. I'm obviously missing something, or the pre-bid marketing paid off. Certainly raised the bar for continuation cars.

You have to watch "who" was bidding on this car when the reserve was not met.

I'll leave it at that

[Winchester67]

I guess cars are like everything else...worth what someone is willing to pay. To me, well, my inexpensive Backdraft is the driver I wanted. Many times in the past I have owned cars I was afraid to park...and every time I sold one I swore I would not do it again. I don't know who would pay that much for that car. Probably not a car guy, but a guy with money. Can't fault a man for that. I have friends that collect wine...I don't get it, but if they like it it is their money. But I also think if you are not a car guy, any well-finished replica would do, so why spend extra for a top shelf replica? Or, since it didn't sell as others have mentioned perhaps there is a back story here.

[jhv48]

This car is pretty much a one of one specialty R build.
The carbon fiber body and Bill Elliott engine only contribute to its uniqueness.

Evan's car is nice. This one, however, is spectacular.
That said, not sure it's worth the asking price today. You're getting into original cobra pricing now.

If SA ever ceases building continuation cobras, this one would probably be the one to have for investment purposes.

As for me, I just like to be able to jump in mine and drive up the coast with the wife for lunch. Park it wherever I want to and walk away with my hat, sunglasses and garage door opener left sitting on the console.

[66gtk]

Likely some "air" bidding going on to reach a price THAT high and NOT sell. Market manipulation has been going on like this for a long time at the big auction houses.

[Bernica]

Shill Bidding to drive the price up.?
I guess the publicity can't hurt as far as "perceived" values of these cars by some folks...

[twobjshelbys]

All the naysayers promulgate this "shill bidding" but it's never been proven. Everyplace. BJ, Mecum, even RM.

So if you think it was, name names. Or take it to Jalopnik - they'll jump on it like a hawk on a snake.

(There was one disaster bidding I remember - it was Barrett Jackson when this clown bid about 600K on a Bugatti Veyron and the bidding stopped. He didn't have the money and was summarily removed and given a lifetime ban. Craig Jackson came back on and offered the car to the next lowest bidder who rejected, and then bought the car himself. I was in the skybox when it happened. Now the car has a BJ logo on the side. Some company car, eh?)

[jwd]

Originally Posted by twobjshelbys

All the naysayers promulgate this "shill bidding" but it's never been proven.

Mecum is well known for "chandelier" bidding. It's not illegal and they admit to it. They know what the reserve is and when it gets close to it, they'll let the real bids take over, if there are any or "the bid goes on". I've seen Dana trying to talk a seller into lifting the reserve and he said "We've got a REAL bid at $xxxxx and I'll lower the commission so you get $xxxxx in your pocket".

[mrmustang]

Originally Posted by twobjshelbys

All the naysayers promulgate this "shill bidding" but it's never been proven.

So, arriving several days before a certain WPB BJ auction (2005 I believe but may be off by a year) I fall in love with a certain A/S Boss 302, I spend a few days going over the car with the friend of the seller, the seller, and someone associated with the seller. 2 DAYS going over the car on and off with the three of them. A no reserve auction, seller expects 125K+ . Time on platform, I'm sitting center aisle, bidding happily away against a few others, when I notice one of those "associated" people (boldly on the stage no less) with a bidder assistant bidding against me. "No problem" I think, he too is excited and wants the car for himself. However, I take a step back for a minute and regroup, when a bid comes in from the side skybox closest to me, sure enough, the sellers wife is bidding on his car. Ok, I'm out car sold for $77,000, however the same seller/consigner had the car up for sale again in Michigan. VIN according to my notes was 0F02G140278 .

1970 FORD MUSTANG BOSS 302 FASTBACK A/S RACE CAR

boss 302 race car for sale

BOSS Race Car for sale in MI

Bill S.


PS: There are many more examples on cars I actively track (Shelby, Cobra R, Boss 302, etc), but none that I was as personally involved in than this one.

[DAVID GAGNARD]

Originally Posted by twobjshelbys

All the naysayers promulgate this "shill bidding" but it's never been proven. Everyplace. BJ, Mecum, even RM.

Don't remember the year,but it was when Unique in Texas was making the Eleanor cars.........they were selling the "standard Eleanor" for $150,000.00........
They ran one of the first ones thru BJ that year and "someone" ran the bidding up to around $185,000.00 and it sold for that price!!!!!!!!!!!

Funny thing, 2 weeks later the same car/SAME VIN was sitting in Uniques showroom for sale by the dealership and their new add stated:

Barrett/Jackson has set the price on these one of a kind cars,buy one for $150,000.00, drive it and enjoy it and in a year or two sell it at BJ and MAKE MONEY on it.......

If you believe BJ/RM/Mecum are all honest people, goggle lawsuits against them and see what pops up, pages and pages of legal action against all three for things they have done......

David

[Bernica]

You just surmised it quite for everyone well David!
And it doesn't just happen at car auctions....

[DAVID GAGNARD]

Originally Posted by twobjshelbys

All the naysayers promulgate this "shill bidding" but it's never been proven. Everyplace. BJ, Mecum, even RM.

So if you think it was, name names. Or take it to Jalopnik - they'll jump on it like a hawk on a snake.

(There was one disaster bidding I remember - it was Barrett Jackson when this clown bid about 600K on a Bugatti Veyron and the bidding stopped. He didn't have the money and was summarily removed and given a lifetime ban. Craig Jackson came back on and offered the car to the next lowest bidder who rejected, and then bought the car himself. I was in the skybox when it happened. Now the car has a BJ logo on the side. Some company car, eh?)

They are all so honest,take the time to read this old thread:


Russo & Steele Fraud and Breach case

[Bernica]

Originally Posted by DAVID GAGNARD

They are all so honest,take the time to read this old thread:


Russo & Steele Fraud and Breach case

I have met a certain dapper bearded gentleman from R&S before. All I'm sayin'

[RodKnock]

Originally Posted by jhv48

This car is pretty much a one of one specialty R build.
The carbon fiber body and Bill Elliott engine only contribute to its uniqueness.

Evan's car is nice. This one, however, is spectacular.
That said, not sure it's worth the asking price today. You're getting into original cobra pricing now.

If SA ever ceases building continuation cobras, this one would probably be the one to have for investment purposes.

As for me, I just like to be able to jump in mine and drive up the coast with the wife for lunch. Park it wherever I want to and walk away with my hat, sunglasses and garage door opener left sitting on the console.

I have to take the counterpoint here and disagree.

Carbon fiber body? Unique? They made 6 I think, not one. At this price level, I want alloy. 700 HP Bill Elliott engine? Ya, like that can't be duplicated every day of the week and twice on Tuesdays. Not impressed. And all those red and blue Aeroquip fittings? Blech. At $325,000 everybody involved is sniffing aerosol cans. I'd buy Evan's CSX4206 before this one AND with the rest of money buy a Porsche GT3 RS.

[legenmetals]

I just watched a 71 Cuda sell for 350k on Mecum.
Cash is King!

[spf645]

Bill, or anyone, any information on the white cobra in the background. Seen as the cars go across stage? I've only gotten to watch a few minutes last couple days. Thanks, Brett

[legenmetals]

This is a link to the May Mecum auction. I believe this is the car in question.

https://www.mecum.com/lot-detail/SC0...dster/4-Speed/