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+--- Thread: Chummy Auction (/showthread.php?tid=9646)
Chummy Auction - Tony Griffiths - 18-10-2024
The Mathewsons Chummy sold for far more than the estimate. Some of the other estimates were so far out that they might as well have said, "We've no idea."
https://www.mathewsons.co.uk/auction/lot/lot-899---1927-austin-seven-chummy/?lot=35779&so=0&st=&sto=0&au=83&ef=&et=&ic=False&sd=1&pp=96&pn=10&g=1
https://www.mathewsons.co.uk/auction/details/-october-classic-vehicles--memorabilia-auction/?au=83&pn=8&g=1
RE: Chummy Auction - Steve kay - 19-10-2024
This really is lottery time for prices, and thus for values. The buyers of the Chummy recently sold at Nigel Ward will be skipping about very cheerfully when they see this price in comparison.
RE: Chummy Auction - Nick Salmon - 19-10-2024
Just takes two people to make an auction...
I am not a fan of Mathewsons but in fairness to them, this is a changing market and that makes accurate estimating tricky.
There was a lovely 1929 Riley Monaco estimated at £7k - £8k. A while back it would have made £10k. It made £7k. Bargain.
RE: Chummy Auction - Mick Hobday - 20-10-2024
The "estimate" is very often not a realistic estimate, but usually an indication of the reserve price, the lower estimate being the actual reserve. The reserve price is usually agreed between vendor and auctioneer taking into consideration recent market prices and the vendor's urgency to sell. When the vendor is an executor of a deceased estate then often a very low reserve is set to make sure of a sale; sometimes "offered without reserve" is declared. A very low estimate is favoured by auctioneers as this will often attract more buyer interest and virtually guarantee a sale. The auctioneer will usually have a little flexibility and will be able to bring the hammer down at a figure 10% under the reserve price.
Remember that classic cars sold at auction attract the dreaded buyer's premium, usually 8-12% plus VAT on that premium. Compare that to household goods, antiques etc when BP is usually 15-25% plus VAT and often much higher still!
RE: Chummy Auction - Tony Press - 20-10-2024
Interesting- buyers premium here on all auctions (cars and antiques ) is around 22% plus GST (10%) - which ends up at 25% on top of the winning bid