The Lambrecht auction

Here's my best guess as to how it works. Let's say I sign up and put in a bid for $1800 for that '79 Impala with the straight six. It'll continue to grab bids until the online auction ends. Say the highest bid by anyone else was $1300. Then I'll be on top at $1350. Then when they start the live auction in person they might start at $500 and if it only goes to $1349.99 or less live, then I get the car. If it goes over $1350 then I don't get it, even though I bid $1800 online.

Unless they are able to see my maximum bid...and I would think that would be cheating somehow...and in that case someone would have to bid $1800.01 or more at the live auction to keep me from getting the car.

Now I'm confused...

But that's how it works at the charity car auction down in Arlington. They don't start at the online high bid, they start at $1000 or $500 or $200 or whatever they can get people to start speaking up or raising their hands live. If it goes up to say $1200 and stops live, but the highest online bid was over $1200, then they say, "The online bid wins!" and whoever just tried to get it for $1200 is out of luck.

 

I'm pretty sure they start the bidding at whatever the highest proxy bid is, and go from there. So, if that bid is $10,000, that is where it starts. Time is money! The auction is not going to waste time starting live at a bid of $50 when there is a high bid of $10K already waiting.

 

I believe that the live auction will start below the highest online bid. It may not be way lower but the auctioneer is going to start the bidding where she thinks she can get the crowd in attendance going. She knows if she can get the crowd rolling the bids will probably go higher. That's how people end up spending more than they intended, they get caught up in it. I have won a few bids by starting high, that sometimes ends the auction with one bid. It doesn't always work but it usually knocks a lot of the bidders out.

Because there so much stuff, some of it may go cheap but I'm sure there is going to be a lot of last minute online bidding. A local auction that I have been to allows the online bids during the live bidding also.

I'd be very cautious bidding online on this auction. It seems like without an inspection you really don't know what you're getting. I'd also be very concerned with the size of the crowd how they are going to secure all those vehicles during and after the auction.

 

I'll be glad when October gets here !

 

So you can start restoring your new Lambrect Chevrolet? Or will you get one of there fine late model used cars.

 

Wrong on both counts. The darned auction will be over and forgotten!

 

If you read the disclaimer at the top of the listing on Proxibid, you'll see that the auction company has asked for, and been granted, the ability to see all proxy bids, including high bid amount. I have to assume that the live bidding will start at the max proxy bid, not the "current" proxy bid. Some have stated that it is the auctioneer's fiduciary duty to go to max proxy bid when starting the live bidding.

There is also an agreement in place with a scrap dealer/crusher on the used cars, so the guys that figure they're buying cars for under $100 are going to be disappointed, IMO.

Have a guy at work that was going...his buddy that was also going is getting cold feet after seeing the online bids ($35.5K pace car, last I looked), so not sure if they're still going.

 

History Channel "History Made Now:Wheels of Fortune"

Its midnight on Saturday night and the Lambrecht Auction is about to start on the History Channel (already started for the west coast viewers). Guess I'll stay up a while and watch some of it. Already noticed both a 67 and a 69 Caprice wagons I don't remember seeing on the inventory list.
Tens of Thousands of bidders in a town of 1700. I wonder if they have enough Port-O-Potties".

 

I tried watching it on the HD History Channel station, but it has no sound, so I had to change to regular History Channel station. Must have been cold there... they were all bundled up! LOL! Looks like it is supposed to be in the 80s there tomorrow. Should have wanted another day. lol.

 

I watched the first part of the auction for some of the better condition cars. Those are the ones I was interested in watching so I'm glad I got the chance to watch that part.
56 Corvette toy pedal car $16,500
58 Cameo pickup $140,000
58 Apache $80,000
64 Impala coupe $75,000
63 Impala coupe $97,500
65 Impala coupe w/396 $75,000
64 Bel Air wagon $30,000
Corvair Monza $42,000 and another at $30,000
62 Impala coupe $36,000
69 Chevelle SS396 with crushed roof $27,500
Vega $27,500
42 Chevy wrecker truck $5000
74 Monte Carlo $15,000
I think the 78 Corvette pace car was likly one that alot of people were watching, but I missed that one and couldn't care less anyway. Most of the rest of the cars are probably major restoration projects or little more than parts cars.

 

I have Verizon Fios and find I sometimes need to turn the TV off (not the cable box) and then turn the TV back on to get audio on some of the HD stations.

 

Thanks for the update Jim ,I gess to many people may have to much money a to little knowledge to understand what's involved to bring these vehicle's back to life . Thanks again

 

The buyer of the rare 58 Cameo pickup (which was stored inside) says he will do nothing to it (not even fix the dent above the windshield on the roof. It will remain a time capsule.
The buyer of the 64 Chevy wagon says he'll get it going again and it will be his "work truck". I thought the wagon would go for more.

 

What rediculous prices! And everyone thought Lambrecht was crazy! Heeeee Heeee !

 

Exactly! And more power to him, too! Plus, he picked probably the best auction house in the Midwest. She did a hell of a job marketing this auction, generated buzz worldwide, and got thousands of people to physically be there for the event or bid online.

I tell ya what, if I ever have an estate auction before I die (so I can spend it all BEFORE I go!), I'm hiring her.