Auction of Gene Hetland's mostly '32 parts

[DavidG]

That was my first reaction (to the buyers premium), but it is easy to judge from afar and not knowing the sprawl and complexity of the auction site, the hundreds of helpful Mecum employees (all paid, not volunteers) providing security, directions, and golf cart rides to visitors seeking to pick up their parts to and from the jammed sprawled out parking (besides the 2,500 cars and trucks going on the block all week long) and between pavilions with limited access for security reasons, careful administration of disbursing all of the 504 lots to the right owners without items walking off by themselves, with everything repacked for either pickup or shipping (the wooden boxes and display cabinet shelves weren't included and that was clearly stated before hand), and then there is the minor matter of moving all of that stuff from Minnesota to Indiana. Having seen it all yesterday and been a beneficiary of the services provided, the funds to bankroll all of that have to come from somewhere, so, no, I cannot agree that the buyer's premium of 23% is "pure greed".

[Tim Ayers]

Originally Posted by DavidG

That was my first reaction (to the buyers premium), but it is easy to judge from afar and not knowing the sprawl and complexity of the auction site, the hundreds of helpful Mecum employees (all paid, not volunteers) providing security, directions, and golf cart rides to visitors seeking to pick up their parts to and from the jammed sprawled out parking (besides the 2,500 cars and trucks going on the block all week long) and between pavilions with limited access for security reasons, careful administration of disbursing all of the 504 lots to the right owners without items walking off by themselves, with everything repacked for either pickup or shipping (the wooden boxes and display cabinet shelves weren't included and that was clearly stated before hand), and then there is the minor matter of moving all of that stuff from Minnesota to Indiana. Having seen it all yesterday and been a beneficiary of the services provided, the funds to bankroll all of that have to come from somewhere, so, no, I cannot agree that the buyer's premium of 23% is "pure greed".

Thanks for this perspective. I've edited my post to reflect your thoughtful response.

[barnfind08]

I agree with David on the fees. Couldn’t have said it better. Now for the prices. I’ve been doing this for almost 60 years. I know Gene same state also. He did very well with prices. The auction for his memoriablia tomomorrow will also bring big money along with his cars. The cars are the best you will ever see.

[quickchangeV8]

The auction I was referring to was the online auction of parts and not the 1932 Ford cars and other vehicles that were also up for auction. The auction I was referring to is the first posting in this thread and was made up of about 500 or so lots. 23% premium on top of the hammer price, on top of the probable 10% auction fee charged to the seller is just far too high. Some of theses auction companies have figured out that some vintage car buyers and vintage car parts buyers are willing to pay almost anything to acquire that special car part or vehicle. So guess what happens next. They jack up fees buyers premiums etc. and find they can get away with it, because some people are happy to pay these crazy prices.

This online auction could have been held with a minimal staff involved and the profit margin had to be high.

I for one simply will not pay these crazy high fees. The high prices and money gouging prices are just going to ruin our hobby. Our young people simply will not continue the hobby and everything will come to an end.

[Kube]

Originally Posted by quickchangeV8

The auction I was referring to was the online auction of parts and not the 1932 Ford cars and other vehicles that were also up for auction. The auction I was referring to is the first posting in this thread and was made up of about 500 or so lots. 23% premium on top of the hammer price, on top of the probable 10% auction fee charged to the seller is just far too high. Some of theses auction companies have figured out that some vintage car buyers and vintage car parts buyers are willing to pay almost anything to acquire that special car part or vehicle. So guess what happens next. They jack up fees buyers premiums etc. and find they can get away with it, because some people are happy to pay these crazy prices.

This online auction could have been held with a minimal staff involved and the profit margin had to be high.

I for one simply will not pay these crazy high fees. The high prices and money gouging prices are just going to ruin our hobby. Our young people simply will not continue the hobby and everything will come to an end.

I believe the current (quote) "crazy high fees" have no new impact on the hobby. This hobby has always been a bit on the expensive side. I was fortunate enough to get in on the proverbial "ground floor" back in the late 60's and prospered rather well for that.
To quote you: "The high prices and money gouging prices are just going to ruin our hobby."
A hobby is paid for with discretionary (aka fun money) monies. Some folks have more discretionary money than others. So be it.

There's a reason only one car remains on my bucket list. Cost. Current value is around $750. For me - insane. For others? Chump change. I don't believe that ruined anything for me. I had the chance to buy that particular car in 1976 for a cool $35. I chose to by my first home for the same price.

Auctions, like any free enterprise, thrive upon supply and demand.

Believing that (quote) "Our young people simply will not continue the hobby and everything will come to an end." Well, yes, but for not so much the money end of it but rather the loss of interest. Cars collected by folks like me and most others were typically the ones we wanted in high school / college or had at that time. As we as a group aged and became more affluent, we started buying those cars.
Young folks by and large are not interested in cars and many, very many are not even seeking a drivers license. So as they age, there are no memories of "that car" to create an urgency to buy one.

[tubman]

Sponsored Links (Register now to hide all advertisements)

Wait 5 or 10 years; you'll be able to buy a lot of this stuff a lot cheaper than now.

Oh yeah, a lot of us won't be around in 5 or 10 years to take advantage of the bargains.

[Tim Ayers]

I for one simply will not pay these crazy high fees. The high prices and money gouging prices are just going to ruin our hobby. Our young people simply will not continue the hobby and everything will come to an end.


Quote is from a poster above. I just wanted to quote the last part.

I've been hearing this for the last 25-30 years. A cool car is a cool car. Today's kids are still into cars if they can get into them right.

What turns they off are the guys who turn their nose at hot rod or a modified stocker. The old Ford hot rod world is stronger than ever. Guys are dropping very big money on those rare parts or the right car. Anything pre-war is in a demand and the prices are higher.

We need to stop recycling this myth.

[quickchangeV8]

I think that Tubman's post puts everything into perspective. Things are really going to change in the next 5 to 10 years. I really don't know what is going to happen to our hobby .Some younger people are still going to be interested but the numbers will be down considerably compared to the number of enthusiasts today. The hot housing market, the future surge in numbers of electric vehicles, and just the plain high cost of desirable parts and getting into this hobby in the first place are going to be determining factors in future young people getting into this hobby.

I have made my feelings known about the auction buyers premium. Looking over the auction results I see that the Eddie Meyer water heated intake manifold brought a hammer price of around $3700. I have been going to Fall Hershey for a lot of years and about 1980 there was a fellow selling his entire collection of about 80 flathead intakes for $35 each, your choice. Yes, you guessed it, I purchased the same Eddie Meyer intake for$35. I also bought 5 other intakes, a couple of Thickstuns, a Jack Henry, a Weiand tall and an Edelbrock Regular. That was all I could fit into my wagon. Yes, times have really changed since then.

[Tim Ayers]

Originally Posted by quickchangeV8

I think that Tubman's post puts everything into perspective. Things are really going to change in the next 5 to 10 years. I really don't know what is going to happen to our hobby .Some younger people are still going to be interested but the numbers will be down considerably compared to the number of enthusiasts today. The hot housing market, the future surge in numbers of electric vehicles, and just the plain high cost of desirable parts and getting into this hobby in the first place are going to be determining factors in future young people getting into this hobby.

I have made my feelings known about the auction buyers premium. Looking over the auction results I see that the Eddie Meyer water heated intake manifold brought a hammer price of around $3700. I have been going to Fall Hershey for a lot of years and about 1980 there was a fellow selling his entire collection of about 80 flathead intakes for $35 each, your choice. Yes, you guessed it, I purchased the same Eddie Meyer intake for$35. I also bought 5 other intakes, a couple of Thickstuns, a Jack Henry, a Weiand tall and an Edelbrock Regular. That was all I could fit into my wagon. Yes, times have really changed since then.

What's interesting about that Eddie Meyer intake that sold in the auction, it's a reproduction. Still very cool, but a reproduction and sold for more than it should have.

[Frank Miller]

Typically it used to be 10% paid by the buyer and 10% paid by the seller so the auction house made 20% on all sales. The fact that the auction house is paid on commission is why they should be marketing an auction. Sure there is a disclaimer for the buyer that they are not liable for information provided but they are liable for poor marketing in the form of poor sales. It costs them money.
The Dingman auction had the same crazy fees and stuff was still in the stratosphere. There are some discriminating collectors out there we are not even aware of. They have a building on their property that is the equivalent to a museum. The cars there are meticulously maintained and of the highest quality. Dingman sold a 1949 Convertible for 100,000. He paid 150,000 to get it restored.
If I were to sell mine I fell hard pressed to get in the high 20's for it.
We are just a bunch of regular guys. Sure one of us may be worth 10 times more than the other but 100 dollars is worth 10 times more than 10 dollars. We are all still little guys. The big guy does not even bother with these conversations.

[DavidG]

quickchangev8,


I guess you did not bother to read all of my post in #61 where I specifically cited the 504 lots of parts and Mecum's handling of them while making no reference to cars other than in a parking lot context.

[RB]

Is the auction bidding on video & how are the vehicles pix viewed

[TJ]

Originally Posted by quickchangeV8

I think that Tubman's post puts everything into perspective. Things are really going to change in the next 5 to 10 years. I really don't know what is going to happen to our hobby .Some younger people are still going to be interested but the numbers will be down considerably compared to the number of enthusiasts today. The hot housing market, the future surge in numbers of electric vehicles, and just the plain high cost of desirable parts and getting into this hobby in the first place are going to be determining factors in future young people getting into this hobby.

I have made my feelings known about the auction buyers premium. Looking over the auction results I see that the Eddie Meyer water heated intake manifold brought a hammer price of around $3700. I have been going to Fall Hershey for a lot of years and about 1980 there was a fellow selling his entire collection of about 80 flathead intakes for $35 each, your choice. Yes, you guessed it, I purchased the same Eddie Meyer intake for$35. I also bought 5 other intakes, a couple of Thickstuns, a Jack Henry, a Weiand tall and an Edelbrock Regular. That was all I could fit into my wagon. Yes, times have really changed since then.

Let's see here, 1980 was 40 years ago and the cost of doing business has gone up considerably since then. You indicate that these current prices are going to squeeze out the young people who want to get into the hobby. So here's a suggestion. Since you have collected all these parts over the years and maybe even hoarded them by hanging them on the wall, why not sell them to young person for what you paid for them. This way you get all your money back and have helped some young person get into the hobby. You've had the pleasure of owning them and can now pass them on to a new and younger owner to keep the hobby going.

[quickchangeV8]

TJ, yes I have tried to help out younger people by selling intake manifolds to them for a very reasonable price, just to help them out with their project and get them along in the hobby. I remember selling two very hard to find intakes to two different young people. Just take a guess what happened. Within two weeks after each sale each intake ended up on ebay after these two persons faithfully told me they were going to use these intakes on their cars. I really didn't like the end result of me trying to help someone out.

[quickchangeV8]

Originally Posted by DavidG

quickchangev8,


I guess you did not bother to read all of my post in #61 where I specifically cited the 504 lots of parts and Mecum's handling of them while making no reference to cars other than in a parking lot context.

Yes David, I did read all of your post #61. It was extremely well written and you have that special talent when it comes to writing, and I fully can understand your viewpoint. You obviously liked your purchases and liked your whole experience with that auction company. That's great and as long you are happy this is just fine.

I, however have a different viewpoint. Whether from afar or up close the buyers premium was far too high in my opinion and I chose not to participate in that auction for that reason.

[TJ]

Originally Posted by quickchangeV8

TJ, yes I have tried to help out younger people by selling intake manifolds to them for a very reasonable price, just to help them out with their project and get them along in the hobby. I remember selling two very hard to find intakes to two different young people. Just take a guess what happened. Within two weeks after each sale each intake ended up on ebay after these two persons faithfully told me they were going to use these intakes on their cars. I really didn't like the end result of me trying to help someone out.

Sorry you had a couple of bad experiences. I've been lucky so far that the parts I gave to people or sold cheaply were used on their cars and they were young guys. i can understand why you are now hesitant to help out.

[Tim Ayers]

Originally Posted by quickchangeV8

TJ, yes I have tried to help out younger people by selling intake manifolds to them for a very reasonable price, just to help them out with their project and get them along in the hobby. I remember selling two very hard to find intakes to two different young people. Just take a guess what happened. Within two weeks after each sale each intake ended up on ebay after these two persons faithfully told me they were going to use these intakes on their cars. I really didn't like the end result of me trying to help someone out.

I agree 100% that's not cool at all. Not in the least.

[uncle buck]

Does anybody have a list of what each of Gene’s cars sold for?

[deuce lover]

I wrote them all down but Mecum should be posting the results on their site.I was surprised that the chopped 3W went for $300K.His first '32 roadster $62K.The 19K mile orig roadster $200K.The RPU went for $60K which I thought was a bargain.The Vicky $77K,Sed Del $75K.The 4cyl 5W $95K.To name a few.All the '32's went for a total of 2.151 Million.

[35fordtn]

The auction prices on the cars confused me... a 4 door sold for the same amount as a roadster pickup (60k), and a 2 door sedan brought darn close to a 3w coupe.. a neat collection of cars that in my opinion the restored cars brought way less than anticipated