MARKET LEADERBOARD

💰 The figures shared below don’t count any other sales such as car seats, memorabilia etc..

I only include websites that have sold 5+ cars in the chart below. Which means Hemmings and many others did not sell 5 cars yesterday!

Yesterday, I crafted a piece about where Hemmings might be heading, and the response I received was overwhelming. About the poll: a massive 82% believe Hemmings will either stick to its current trajectory or branch out into a new sector.

For those who might not be aware, you can actually leave comments on our daily editions. Just click on 'read online' located at the top right of this email.

Now, let me share some of the feedback I received - brace yourselves, it's not pretty!

So to continue the story, these three above are all owned by Ed and all the auctions are No Reserve. The only one I can really estimate what the market rate based of course on previous selling prices is the Ferrari, which should bring in around $170,000.

But the real intrigue lies in whether celebrity-owned cars like these fetch higher prices at auction. That's what we're all waiting to see. 

Switching to celebrity auctions, Ewan McGregor’s 1972 Porsche 911T Targa is also up for grabs. That’s one beautiful car!

But I digress, moving on to Sotheby’s Motorsport and their partnership with Ed. They're showcasing nine cars, a mix of Ed's and possibly his friends'. It's a bit hazy on the details there. Sotheby’s Motorsport, operating under the duPont Registry umbrella, must've dangled a pretty lucrative carrot to snag a deal with him. We're talking six figures, maybe even a slice of the pie? 

Antoine Tessier, the CEO at duPont REGISTRY, commented on this partnership: “We could not be more honored that Ed has trusted us with this partnership. We have no doubt that listing these iconic cars will be the start of a long and fruitful relationship with Bolian."

The approach is clear: they're starting with these nine cars, hoping to leverage Ed's influence to attract his audience to Sotheby's Motorsport (SM). But how does SM stand out in a market dominated by heavyweights like BaT?

The current trend, as seen with platforms like Cars & Bids, fronted by Doug DeMuro, and Collecting Cars, led by Chris Harris, is to align with influencers who can bring their substantial following over. It’s a risky strategy, but with the potential for high returns. There’s also another big influencer led platform coming next year…stay tuned.

I've been following SM since the start and written about them here and let’s just say their start was a bit bumpy. They've smoothed out some wrinkles, but they're not out of the woods yet.

However I think there are two MAJOR hurdles they are going to need to overcome if they want to be successful.

1. The Bidding Conundrum: You can’t just sign up and bid like EVERY other online auction platform. They instead are caught in between being a physical auction house and an online platform. This is what they said they’ll do if you want to place a bid. “We'll contact you directly to confirm your financial capability. Once approved, you'll have full access to bid on auctions as a Registered Bidder. Please note that the verification process may take 1-3 business days, depending on how quickly you provide the required information. Consider this timeline before placing a bid.”

   Basically what they’re saying is, If you want to throw your hat in the ring, brace yourself for a financial deep dive that could take days. Imagine finding your dream ride on the last day of the auction and then playing beat the clock with their verification process. Utter madness!

2.  The Fee Dilemma: They kicked off with a 2.5% seller's fee plus a buyer's fee, but kudos to them for axing the seller's charge. Now, they're hitting buyers with a 5% fee, but with a cap at $25,000, which towers over BaT's cap by $20,000. This might cool buyers' jets, meaning lower bids to cushion that extra cost. Not exactly music to sellers' ears.

These are my two cents. I'm all for SM making it big, but there are real hurdles they need to clear. It'll be interesting to see how their first auctions with Ed’s cars go and what the long-term impact of this partnership will be. Let me know your thoughts in these two questions:

Lately, I've been coming across some older cars with ridiculously low mileage hitting the auction scene. I'm talking about cars like an '89 or an '03, not just the latest models. Seriously, how's someone keeping these beauties parked without clocking any serious miles? It's a head-scratcher for me. Flipping a 2022 or 2023 model, sure, I get that. But cars from decades ago?

Before I dive into these unbelievable finds, let's not overlook this cool cat (pictured above): a 2000 Plymouth Neon with a mere 6 miles that sold back in November. Yep, you read that right.

Now, for the real showstoppers. First up, we had this 6,000-mile 2003 BMW Alpina Roadster V8, which just went for a staggering $325,000. Then there's this 1989 Porsche 911 Turbo Cabriolet M505 Slant Nose, a rare gem with only 8,000 miles, fetching $319,000. (both in the top 5 most expensive cars sold yesterday)

And currently on the auction block is this stunning 1996 Porsche 911 Carrera 4S 6-Speed, barely driven with just 8,000 miles. It's like they're coming out of the woodwork. Where have these beauties been hiding all this time?