Very Interesting quote on bloomberg re: RM Sothebys

[YGRLX]

I was at the RM Sotheby's auction over the past few days and quickly noticed something before this hit the news. The bubble has finally burst on vintage and modern high end luxury cars.

Having looking for a vintage Paul Newman Daytona as well over the past year, I have also noticed that the prices and demand were slipping. If you recall, the crazy rolex hype (and more specifically the Daytona hype) was born out of the CRAZY 17.8 Million dollar Paul Newman sale.



See clip I took out of a bloomberg article from this morning:

"The Type 64 was far from the only rough sale during a weekend where gross totals through Friday were down about 25%, or about $50 million, from 2018, according to Hagerty. Across the board, while there were 16 more cars offered for the first two days of auctions in 2019, almost 30 fewer cars were sold. The average sale price was $75,000 less than last year. Insiders at RM Sotheby’s described the current market as “a bloodbath.”

[Explorer2polar]

Oh'Deary me.......... Car dealers suffering, makes you weep tears of joy.

Any one who can afford to spend that sort of money on a collector car will not be to worried about the market drop.

I watch the Wayne Carini programme Chasing Classic Cars, he always gets a beating at these High end auctions, its pretty funny now to watch him expecting $$$$$$$ then taking a bath.

[Sandpit]

That Type 64 sale is absolutely laughable. Porsche themselves said it wasn’t a Porsche but the cock-up during the auction is quite embarrassing.

https://www.bloomberg.com/news/artic...uction-blunder

Edit: many people here seem utterly convinced that the rich aren’t impacted by any downturns. We’re not just in a Rolex bubble, we’re in an asset bubble in general.

[Divingdeep87]

The Porsche bubble did burst a couple of years ago and so will everything else. But i stil think there will be high demand for low production number things.. Like the newmans, some 911s, Ferraris and so on. I think over time these things will go up and down.

But I hope the internet hype on high production things like blnr, hulk and so on is soon over. Don’t get why people will pay a premium for things that are in mass production.

[mongrelnomoad]

Originally Posted by Nejmann

The Porsche bubble did burst a couple of years ago and so will everything else. But i stil think there will be high demand for low production number things.. Like the newmans, some 911s, Ferraris and so on. I think over time these things will go up and down.

But I hope the internet hype on high production things like blnr, hulk and so on is soon over. Don’t get why people will pay a premium for things that are in mass production.

I had a 993 Turbo S that I sold in 2007. Last year I saw the same car on sale for over three times the price. I loved that car, but it isn’t worth that money. Vintage cars, vintage watches, real estate etc etc, it’s all been the same bubble for years fueled by the search for yield.

[Gary Busey]

Originally Posted by mongrelnomoad

I had a 993 Turbo S that I sold in 2007. Last year I saw the same car on sale for over three times the price. I loved that car, but it isn’t worth that money. Vintage cars, vintage watches, real estate etc etc, it’s all been the same bubble for years fueled by the search for yield.

People looking for yield in cars and watches are idiots who deserve to be burned (monetarily speaking)
Easier to buy anything you can’t afford when you have a lifetime of free money.

Danish 20 year mortgage 0%.
Retardéd times we live in

[FLGatorM5]

Originally Posted by Sandpit

We’re not just in a Rolex bubble, we’re in an asset bubble in general.

Yes sir.

Add food for thought, how many homes (US) in the $200-300k range are selling above asking and in less than 12 hrs.



Sent from my iPhone using Tapatalk

[Sandpit]

Originally Posted by mongrelnomoad

I had a 993 Turbo S that I sold in 2007. Last year I saw the same car on sale for over three times the price. I loved that car, but it isn’t worth that money. Vintage cars, vintage watches, real estate etc etc, it’s all been the same bubble for years fueled by the search for yield.

Oh man - when people talk about grails that’s mine right there. I would do unspeakable things to own one. In the interim I think I’m going to get a 718 Cayman S instead to scratch an itch.

[cbalster]

Every time I drive my low mile 993 or 997 gts they lose a little value and I couldn’t give a damn. Maximum smiles per gallon. the smile on my face, ear to ear baby and priceless!

[Fat_ninja]

Originally Posted by Gary Busey

People looking for yield in cars and watches are idiots who deserve to be burned (monetarily speaking)
Easier to buy anything you can’t afford when you have a lifetime of free money.

Danish 20 year mortgage 0%.
Retardéd times we live in

I see this bothers you a lot lol. :). I joke. I can see ur emotions

[Fat_ninja]

Originally Posted by cbalster

Every time I drive my low mile 993 or 997 gts they lose a little value and I couldn’t give a damn. Maximum smiles per gallon. the smile on my face, ear to ear baby and priceless!

I never understood this expression... when driving the car down the freeway or wherever, does one keep a permanent smile?

[ArtNouveau]

The McLaren F1 auctioned off was considered to be one of the best examples of the 100 remaining cars out there. At least three or so have privately traded for over $20M and this one was expected to also. Instead it stalled at $18M plus fees. Still high and a good profit for the owner who paid around $4M for it years ago but perhaps a sign that the market in general has flattened.

[Divingdeep87]

Originally Posted by Gary Busey

People looking for yield in cars and watches are idiots who deserve to be burned (monetarily speaking)
Easier to buy anything you can’t afford when you have a lifetime of free money.

Danish 20 year mortgage 0%.
Retardéd times we live in

I’m from Denmark. Thaaaaaaaaaat’s the one thing i love in these crazy times hahaha.. I just cut 10 years of my 30 year mortgage (the norm) to a 20 year. Beautiful.

[Sublovin]

Originally Posted by Explorer2polar

Oh'Deary me.......... Car dealers suffering, makes you weep tears of joy.

Any one who can afford to spend that sort of money on a collector car will not be to worried about the market drop.

I watch the Wayne Carini programme Chasing Classic Cars, he always gets a beating at these High end auctions, its pretty funny now to watch him expecting $$$$$$$ then taking a bath.

Happy to hear you take pleasure in the misery of others. You must be the most popular relative at family get togethers!

[Sublovin]

Originally Posted by Fat_ninja

I never understood this expression... when driving the car down the freeway or wherever, does one keep a permanent smile?

I assume you have never driven a fine automobile, or you would know that it is a true pleasure.

[vinny84]

Originally Posted by Fat_ninja

I never understood this expression... when driving the car down the freeway or wherever, does one keep a permanent smile?

My Ferrari does a pretty good job

[exador]

Originally Posted by YGRLX

If you recall, the crazy rolex hype (and more specifically the Daytona hype) was born out of the CRAZY 17.8 Million dollar Paul Newman sale.

The Paul Newman sale didn’t cause InstaGrat Kiddies to start flipping Submariners.

[Fat_ninja]

Originally Posted by Sublovin

I assume you have never driven a fine automobile, or you would know that it is a true pleasure.

Originally Posted by vinny84

My Ferrari does a pretty good job

Yeah nope, no idea ... I mean I speed up for 2 secs and hit the light. I still don’t understand the saying even if it was enjoyable because ... does one smile the entire time in the car? Would look funny. Sorry trying to understand where it literally came from

[Sublovin]

Originally Posted by Fat_ninja

Yeah nope, no idea ... I mean I speed up for 2 secs and hit the light. I still don’t understand the saying even if it was enjoyable because ... does one smile the entire time in the car? Would look funny. Sorry trying to understand where it literally came from

What saying? And yes, many do smile....does smiling look funny?

[Etschell]

Originally Posted by exador

The Paul Newman sale didn’t cause InstaGrat Kiddies to start flipping Submariners.

The guy on the salad dressing bottle?

[enjoythemusic]

Originally Posted by Etschell

The guy on the salad dressing bottle?

Yes... and famous actor... and pro racer / race team owner... and guy who helps those less fortunate via his Hole In The Wall Gang camp for kids https://www.holeinthewallgang.org .

BTW, have been at a few SCCA races as a racer myself (Formula 2000) and PLN was racing his car in another series. Great guy, saw him at LRP during a Test And Tune Day a few days before he passed.