Quote:
Originally Posted by teak360  The reason the car is shown as sold at $110,000 on the Russo and Steele website is because that is what the buyer paid. If you were there at the auction you saw the car go across the block at $100,000. The buyer pays $100,000 plus a 10% premium and that equals $110,000. The auction house can legally refer to that 110K as the final sales price, or even the final bid price, because that is what it is. The buyer is fully aware that when the auctioneer says "do I have 100K?" he is really asking the question "Are you, Mr. Bidder, willing to pay 110K? Because when you add in your buyer's premium that will be the price of the car."
The seller may have had some agreement with the auction house not to pay a full commission, who knows for sure. All I know is the final sales price is $110K, so that is what this SPF GT40 was worth on this particular day. |
scott: Are you aware that the sale prices on the Barrett Jackson website reflect the hammer price and do not include buyer's premium? Check it out at 480-421-6694. Maybe you could explain to them that they are doing it wrong. Be sure to report back to us with your findings.