'67 L88 Red/Red didn't sell

[Mark F.]

Re: '67 L88 Red/Red didn't sell

I get a subscribed email from Mecum on their auctions and the last email I got said this:
Dana Mecum exercises option on the 1967 Ferrari 275 GTS/4 NART Spyder.


That car bid up to $23,500,000 if I recall correctly and I think the reserve was $24,000,000.
I have never been to a car auction, so what does it mean that Dana Mecum exercised an option ?the bid goes on^st bid over the reserve ? or do the ask the seller if he/she will accept or reject each bid as it comes in ?
How long will they let this process go on ?

KISSIMMEE 2024
1967 Ferrari 275 GTS/4 NART Spyder for sale at Kissimmee 2024 as S195.1 - Mecum Auctions

[Michael J.]

Re: '67 L88 Red/Red didn't sell

I have heard it said that Dana owns a majority of the cars in his auctions.

[Mark E.]

Re: '67 L88 Red/Red didn't sell

I have heard it said that Dana owns a majority of the cars in his auctions.

That's a lot of cars.

[Mark F.]

Re: '67 L88 Red/Red didn't sell

So, if he owns the cars what does it mean to exercise an option ?
doesn't make sense to me...what am I missing ?

[Tim G.]

Re: '67 L88 Red/Red didn't sell

The Bid Goes On is nothing more than negoitating a price for the car. The offer usually starts at what the car bids up to on the block. You can make an offer including comission or without comission. An offer with comission lets them figure out how much to allow the seller to receive. It's not a bad way to make a purchase, no pressure of cameras and people in your face telling you to raise your offer.

[Steve B.]

Re: '67 L88 Red/Red didn't sell

I heard from a friend of the buyer that a deal for the red red 67 L88 just got done.

[Sal C.]

Re: '67 L88 Red/Red didn't sell

I have heard it said that Dana owns a majority of the cars in his auctions.

That would be well over 2000 cars in the case of Kissimmee. Not true.

[Danny P.]

Re: '67 L88 Red/Red didn't sell

yup , this 67 Red Red L88 sold in 2014 for 3.5 mil at BJ ten years ago , i don't think the seller would sell at 2.7 at a loss and take a hit of 1mil I would wait another year, the market is down on Corvettes.

[Gary S.]

Re: '67 L88 Red/Red didn't sell

So, if he owns the cars what does it mean to exercise an option ?
doesn't make sense to me...what am I missing ?

Not sure, but I'm guessing he has the option of forgoing part of his 10% buyer's and 10% seller's commissions to make it hit reserve and sell.
Another possibility is that he has the option of buying the car at reserve minus 10%.

Hmm... if he gets 20% on each car sold, well, he could own half the cars pretty quick with a few big number sales.

$3M for the red-red L88 is a bargain compared to $23M for those mid-year Ferraris...Corvette gives you more bang for your megabucks!

[Mark F.]

Re: '67 L88 Red/Red didn't sell

Not sure, but I'm guessing he has the option of forgoing part of his 10% buyer's and 10% seller's commissions to make it hit reserve and sell.
Another possibility is that he has the option of buying the car at reserve minus 10%.

Hmm... if he gets 20% on each car sold, well, he could own half the cars pretty quick with a few big number sales.

$3M for the red-red L88 is a bargain compared to $23M for those mid-year Ferraris...Corvette gives you more bang for your megabucks!

Thanks, Gary,

$275,000,000	< this is what Mecum said the Kissimmee Auction produced
$27,500,000	< if the buyer's commission is not in that figure, this is the amount that went to Mecum
$27,500,000	< if the seller's commission is not in that figure, this is the amount that went to Mecum
$55,000,000	< if no commissions were reduced or eliminated, this is the amount that went to Mecum
$x,xxx,xxx	< minus Mecum expenses to put this event on - and I'll bet they are huge costs in the low millions
$330,000,000	< $ Value of the auction (excluding Mecum's expenses) if all of the above is true.
we're talkin' some serious moola here !

[Joe R.]

Re: '67 L88 Red/Red didn't sell

Duke, which one was the Lincoln car and which one with low mileage had the motor end up in a boat?

No. It's not the "12-mile L-88" that was featured in a 1977 vintage Corvette News article. I helped disassemble that car in the Spring of '67 and have told the story here in the distant past.

Last I heard it was bought by a Chicago collector several years ago for about the same price as one or two other '67 L-88s that were sold around then for something on the order of three-and-one-half million.

Duke

[Duke W.]

Re: '67 L88 Red/Red didn't sell

If you're asking which one of the photos in post #14 is the "12-mile L-88 it's the top row fourth from the left.

I'm not sure what happened to the original block. I didn't hear that it was gone until decades later, and I have no explanation. The original owner was selling parts that he planned to replace with aftermarket stuff, like the TI system that I bought, but there was no aftermarket replacement for the block.

I can only speculate I know the owner lost his job with Boeing circa 1969 when the SST contract was cancelled and Seattle went into a deep recession, so he may have sold it out of economic necessity.

Duke

[Mark F.]

Re: '67 L88 Red/Red didn't sell

The yellow/black '67 L88 is back up for sale on Mecum at Glendale.
The estimate this time is $2.4 to $2.6 million