Quote:
Originally Posted by kochevy67
I just finished watching the new series Chasing Classic Cars. While watching it they took a SC Cobra to Mecum and I heard them say that the auctioneer and Mecum have the right to run the bid up just shy of hitting the reserve. That to me is B.S. I always wondered if there were in fact people bidding now I guess this guy answered my question.
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While all of the jacking may seem unethical to you (and technically it is). None of it matters unless the seller is willing to sell the car for the bid figure. Bidders are not forced to bid, so if they do, it means they are willing to pay the amount of the bid being called. You can have all the active bidding you want and if the price is short of the seller's reserve, the car won't sell anyway. It is just another way to get there.
The auction you mentioned will also buy cars if they seem cheap or sometimes just to try to stimulate some action. Sometimes you'll see the same cars popping up at more than one of their auctions. Sometimes they make money sometimes they lose, but they can create some action by selling one of their cars short if there is a lull.
Who do you think owned the $7 million Shelby Daytona Coupe that ran at Indianapolis and finally sold at Moneterey?