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This happens all the time. The auction houses
like No Reserve as it brings out the bargain crowd who hope to make a steal (and
they generally do). Friend of mine went down the same road with a
VW factory Camper van - really nice clean vehicle - he was talking about
selling it, auction house got wind of it when he took it to them for an
appraisal, and they told him it would easily hit $30,000 if he
sold it through them with no reserve as that would get people bidding.
Despite being forwarned, he went ahead and listened to them anyway. Well, it
went for $2300.00. Another one, in the sale sale a couple of weeks
earlier, with a healthy reserve, had sold for 32,000!!!! (and not as nice a
vehicle).
A few years ago I was at a major auction in
Michigan, and really nice 57 Caddy Coupe De Ville 2 door hardtop went with no
reserve for $5500. In the same auction, an identical car with a $20,000
reserve brought $23,000 - go
figure.
Tom
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