$110,000 (FYI)Mike,
A SPF MK11 auctioned @ Russo Steel this past Thus @8PM (lot 7404)..Roush carbed, silver with 1600 miles..I don't see results posted yet.
Steve SPF P2125
$110,000 (FYI)
This Superformance MarkII GT40 actually sold at the Russo And Steele auction for $100,000, not $110,000.
I find it rather curious that R & S would inflate the actual sales price on their website.
The gavel price was $100,000. The buyer's premium was $10,000 so the final sales price was $110,000.
The seller also pays 10% of the gavel price, or $10,000.
So, the seller only got $90K for the car, but the buyer paid $110K
The sale price was $100,000 Mr. scott. The buyer's premium is not part of the sales price. Also, your assumptions regarding the buyers premium and seller's commission cost could be wrong. The amount of the seller's commission would depend on whether or not there was a reserve on the vehicle, and in addition, if there was a reserve (which in this case there was) the seller's commission could be lowered during bidding to get the seller to drop his reserve. Likewise, the buyers preminum could be lowered during the bidding to get the buyer to bid higher. The object being to get the reserve off and the car sold.
So I doubt that you know what the seller paid or the buyer received, unless of course, they informed you.
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.