Don’t Cry For Me
The problems I’m about to share with you warrant numerous eye rolls. They are real and they affect you. Thankfully, we can overcome them together!:)
As a consultant for RM Sotheby’s, I am often asked to help clients consign cars to one of their world-class auctions such as Scottsdale which is coming up on 1/24/25. Usually, the first words out of my mouth during one of these discussions is “it’s really hard to get a car in”. I say this from numerous experiences. Thankfully, these are experiences that I’ve learned from…lessons I can share with you.
Problem #1 – Musical Chairs
Do you remember playing this game as a child? There was always one chair less than what was needed and it was a scramble to grab a seat when the music stopped. I still feel guilty about throwing a hip at little Suzy back in third grade.
Other auction houses often sell thousands of cars at one venue. There is a chair for even the slowest, least aggressive kid. RM’s Scottsdale sale is limited to less than 100 cars. And RM wants them to be the best cars possible with the best terms ensuring the cars will sell.
It’s a competitive environment and the threshold for acceptance is high. Will a nice $35k Mustang convertible get in? Not unless it is tied to more valuable cars from the same consignor. How about a pristine, 1970 Hemi Cuda? Probably, but only if the terms of sale make sense. A 1955 Mercedes-Benz 300SL Gullwing? Absolutely, as long as another one was not already accepted. RM does everything they can to not have duplicate offerings.
Another factor is private collections. RM is always discussing, negotiating, inspecting, reviewing private collections at any point in time. At a moment’s notice, +20 spots can suddenly disappear. I had hoped to consign eight to ten cars to RM’s Hershey sale but because of a few noted collections, I only consigned one. The chairs disappeared and I was still standing.
Lesson #1 – If you are considering consigning to a sale, connect with your Car Specialist as early as you can. There’s no cost to exploring the options available to you and if you consign early, your car will be a part of the initial marketing push…this is a fact I feel is always overlooked. Don’t be a little Suzy!
Problem #2 – The Other Guy
When I was in fifth-grade, I had a huge crush on Stacy Hill. But I was a bucked-toothed, bowl-cut, four-eyed shy kid who liked hermit crabs and rode on a Huffy adorn with Star War stickers. My competition was Tad, a spiked-hair, extrovert, BMX riding kid whose parents let him play with fireworks. I had no shot…I never blamed Stacy.
When consigning, you have competition. All cars with their terms for sale are submitted to the Auction Manager for approval. If your $150k 1968 Shelby GT350 is submitted with a 6% consignment fee but there’s a $150k 1950s Chrysler 300 convertible at 10%…you’re a Greg and not a Tad.
Lesson #2 – Be realistic about the value of your car and recognize the power of a reputable auction house. The cost to showcase your car to a global audience at a high-end auction at a premier location is significant.
Problem #3 – Square Peg, Round Hole
I’m a rule follower so as a little kid, I never tried to hammer the square peg through the round hole. I thought about it though…
Not all cars fit every auction or auction house. I often field calls from folks who want me to sell the impossible car. The 1963 Restomod Split Window Corvette they built in their garage? And they want $350k? It’s best to call Barrett Jackson. The pristine, low-mileage 1986 Buick Century Limited? Frequent readers know I have a soft spot for this Bitchin Car, but call Mecum. A brass era Marmon? Hershey would be a better forum but it might work for Scottsdale. The Ferrari F40 that was just serviced? Yes, let’s talk.
Lesson #3 – Call your Specialist to see what makes the most sense for your car or collection. A good Specialist will be transparent with you and make recommendations that would present your car at the best forum possible…which may be a competitor.
Problem #4 – Being Gregless
There is a chance that you are reading this email but you do not have a relationship with a Car Specialist. Someone you can call for advice and direction. This one is easy…I’m your guy! Don’t be Gregless! Just respond to this email and we will connect soon.
