Bugatti Buyer Reneges After Sale at Barett-Jackson Auction
09-28-10, 06:43 AM
#1
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Bugatti Buyer Reneges After Sale at Barett-Jackson Auction
http://automotive.speedtv.com/articl...yer-backs-out/
Barrett-Jackson’s marquee sale of an exotic Bugatti Veyron in Las Vegas turned into soap opera Saturday when the winning bidder backed out of the sale, leaving the auction company holding the bag for a $700,000 sale.
Craig Jackson, chairman and CEO of Barrett-Jackson, stepped up and bought the car himself, making the Bugatti’s consigner whole and protecting the integrity of the auction.
Barrett-Jackson would not identify the faux buyer, saying only that once the guy said he would not honor the sale, the auction yanked his bidder credentials on the spot and escorted him off the premises.
“First, he said he didn’t bid, then he said he was ‘trying to help,’” Jackson said. “The bottom line is, he said he wouldn’t buy it and we booted him.”
The controversy was announced from the auction podium by Barrett-Jackson president Steve Davis, who said the buyer had reneged on the deal, Jackson had bought the Bugatti himself and that any of the under bidders were welcome to make an offer.
When no one spoke up, Jackson said, “I guess I own a Bugatti.”
A short time later, Davis stood at the podium and dangled the lanyard with the bidder’s pass from the unidentified bad bidder.
“He’s been escorted off the property,” Davis said. “Here’s all that’s left.”
Jackson seemed OK with his pricey acquisition as he eyed the Veyron supercar later in the auction’s holding area, saying it would be a keystone for his own car collection. He also said he was anxious to take the 1,001-horsepower beast for a cruise around Vegas.
But with that, his cell phone rang and he was told that one of the phone bidders still wanted to buy the car.
“Another bidder saw what happened on SPEED and now he wants to buy it,” Jackson said after he hung up. “I guess I don’t own a Bugatti.”
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Not a whole lot of brainpower going on there. I thought it was common sense to know "Don't bid $700,000 on a car, if you don't intend to buy it!"
Craig Jackson did the right thing, that's for sure. I knew there was money made in buying and selling cars at auctions but, he's really got an extra $700K just lying around for a spur-of-the-moment purchase? DAAAMMNNN!
Barrett-Jackson’s marquee sale of an exotic Bugatti Veyron in Las Vegas turned into soap opera Saturday when the winning bidder backed out of the sale, leaving the auction company holding the bag for a $700,000 sale.
Craig Jackson, chairman and CEO of Barrett-Jackson, stepped up and bought the car himself, making the Bugatti’s consigner whole and protecting the integrity of the auction.
Barrett-Jackson would not identify the faux buyer, saying only that once the guy said he would not honor the sale, the auction yanked his bidder credentials on the spot and escorted him off the premises.
“First, he said he didn’t bid, then he said he was ‘trying to help,’” Jackson said. “The bottom line is, he said he wouldn’t buy it and we booted him.”
The controversy was announced from the auction podium by Barrett-Jackson president Steve Davis, who said the buyer had reneged on the deal, Jackson had bought the Bugatti himself and that any of the under bidders were welcome to make an offer.
When no one spoke up, Jackson said, “I guess I own a Bugatti.”
A short time later, Davis stood at the podium and dangled the lanyard with the bidder’s pass from the unidentified bad bidder.
“He’s been escorted off the property,” Davis said. “Here’s all that’s left.”
Jackson seemed OK with his pricey acquisition as he eyed the Veyron supercar later in the auction’s holding area, saying it would be a keystone for his own car collection. He also said he was anxious to take the 1,001-horsepower beast for a cruise around Vegas.
But with that, his cell phone rang and he was told that one of the phone bidders still wanted to buy the car.
“Another bidder saw what happened on SPEED and now he wants to buy it,” Jackson said after he hung up. “I guess I don’t own a Bugatti.”
Video Link
Not a whole lot of brainpower going on there. I thought it was common sense to know "Don't bid $700,000 on a car, if you don't intend to buy it!"
Craig Jackson did the right thing, that's for sure. I knew there was money made in buying and selling cars at auctions but, he's really got an extra $700K just lying around for a spur-of-the-moment purchase? DAAAMMNNN!
09-29-10, 09:52 AM
#5
I suspect he didn't have $700k lying around but he did the smart thing. He knew that if he offerred it to the losing bidders they would have started bidding low, saying they had been driven high by the fake bidder, the whole thing would have turned into a Dutch auction with the price falling not rising. By saying he would buy it he was really saying "make me an offer close to $700k and it's yours, if not, I'm keeping it" and hoping no-one called his bluff. I bet he had his fingers crossed.
09-29-10, 11:19 AM
#6
Many wealthy people do not have 700k lying around unless they are normally big spenders, but a majority of the wealthy are rather conservative in perspective. They usually have to liquidate some of their many assets.
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