Re: Some recent online postings

Posted by packardsix1939 On 2023/10/28 9:30:21
The 1948 Custom Eight Convertible Victoria was Lot #188 at the C. Lewis Ablelove auction (Phase 1) that was held in November 2021. Hammer price was $5,250. Commissions were an astounding 22%. There was a second auction (Phase 2) that was held in April of last year. I participated in that auction and bid on one of the vehicles but ended up being significantly outbid. When you factor in the high commission, I think a lot of people ended up overpaying on many of the cars, particularly the better ones. But for the most part, the cars were really rough and would be challenging restorations. Many were just parts cars.

Here is a photo of the Custom Eight from the auction catalog

This is from the auction catalog indicating the commission schedule applicable to the auction:

5. FULL PAYMENT MUST BE RECEIVED AS LISTED BY THE AUCTION COMPANY and Auction Company Invoicing Post Auction. It is the Buyers responsibility to contact the Auction Company if they do not receive an invoice via email within 24-hours after auction closes. Failure of buyer to supply a correct email address or claim of non-receipt is not grounds to cancel bid or obligations to perform.

6. A Buyers Premium Scale PER ITEM will be assessed based on the following, which will be added to the high bid price. (This is in addition to your bid price). NOTE: ALTHOUGH BUYERS PREMIUM IS LISTED AT 22%. OUR STANDARD 4% BUYERS PREMIUM DISCOUNT IS STILL AVAILABLE FOR ONSITE CASH PAYMENTS AS IT HAS BEEN FOR MANY YEARS. JUST THE CONFIGURATION OF HOW IT IS CHARGED HAS BEEN REVISED.

$0 - $50,000 = 22% BP
$50,001-$75,000 = 21% BP
$75,001-$99,999 = 20% BP
$100,000 and Up = 19% BP

Buyers that do not pay on time shall be assessed a 15% late fee in addition to initial total amount due.

Please be sure to read additional Auction Terms thoroughly.

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