Same thing with 69' Z-28's, people that went to Woodstock and people that fought in Vietnam! DaveI always laugh at how there's more 'real numbers matching' 70 LS6 cars now than there was in 1970. They seem to pop up everywhere.
The owner buying it back because he was going to lose his ass on it.
A lot of the big money "sales" are shills just to look good on TV.
gulp....that's like 18%....Some of the cars actually do get sold... Im sure the majority of them are... But others are usually sold back to the owners. All they have to do is pay the sellers and buyers fee...
If your car went across the block for 1/3 of what you thought you were going to get, would you buy it back or just let it go???
Barrett-Jackson said:Jackson and Davis say they recognize there is some confusion about the difference between the rules at reserve and no-reserve auctions, and they know this confusion sometimes spills over to their own events. The laws that govern sales at auction set very specific guidelines, though, and all auction companies are required to abide by them. The National Auctioneers Association (NAA) tries to break down the different terms in a way that can be easily understood.
For example, the NAA defines “auction with reserve” as follows: “An auction in which the seller or his agent reserves the right to accept or decline any and all bids. A minimum acceptable price may or may not be disclosed and the seller reserves the right to accept or decline any bid within a specified time.” In a sale with a reserve, the auctioneer may advance the bid on the owner’s behalf up to the reserve price.
On the other hand, an “auction without reserve” is defined as: “An auction where the property is sold to the highest qualified bidder with no limiting conditions or amount. The seller may not bid personally or through an agent.” In a no-reserve auction, the auctioneer may not knowingly accept a bid from an owner or an owner’s agent, and all bids placed are real bids from real, interested buyers.
Barrett-Jackson not only bans unauthorized practices (such as owners bidding on their own cars) in its consignment agreement with sellers, but uses casino-style, state-of-the-art technology to catch those who refuse to abide by the laws.
“We have systems in place,” says Jackson, explaining that real-time television monitors show auction personnel images of a vehicle’s owner, the active bidders and their auction buying and selling histories.
“If we find the owner or a known agent of the owner bidding, we stop the auction and go back to the last real bidder,” Jackson says.