The $700,000 Bugatti Veyron
Sep 29, 2010 | 12:42 PM
#1
Thread Starter
| McLaren Fanatic
Joined: Jun 2009
Posts: 1,578
From: California, USA
The $700,000 Bugatti Veyron Bugatti Veyron Buyer Flakes At $700,000 Winning Bid
A 2008 Bugatti Veyron sold on Saturday at a Barrett-Jackson auction for $700,000 — a reasonable price for a 1,001-hp supercar with 12,000 miles. After the hammer fell, the buyer placed a new bid of "just kidding."
The Veyron was the star attraction of the auction, and considering its original $1.4 million asking price, $700,000 seemed like a decent price, despite the outrageous maintenance Veyron ownership demands.
But when Barrett-Jackson went to finalize the sale, the winning bidder pictured below got some expensive cold feet.
"First, he said he didn't bid, then he said he was ‘trying to help,'" auction company chief Craig Jackson said, declining to identify the head faker. "The bottom line is, he said he wouldn't buy it and we booted him." President Steve Davis later held up the buyer's lanyard from the podium, saying "here's all that's left." (That used to mean something else in Vegas.)
Jackson then offered the Veyron back to the underbidders for the same price. When none bit, he bought the car himself for $700,000, and later said he expected one of the phone bidders to step in.
What have we learned? Veyrons may not be holding their value all that well. People in Vegas can exhibit questionable financial judgment. And if you're going to punk a popular car auction, don't do it on live TV.
Lot Detail: 2008 Bugatti Veyron #080
A 2008 Bugatti Veyron sold on Saturday at a Barrett-Jackson auction for $700,000 — a reasonable price for a 1,001-hp supercar with 12,000 miles. After the hammer fell, the buyer placed a new bid of "just kidding."
The Veyron was the star attraction of the auction, and considering its original $1.4 million asking price, $700,000 seemed like a decent price, despite the outrageous maintenance Veyron ownership demands.
But when Barrett-Jackson went to finalize the sale, the winning bidder pictured below got some expensive cold feet.
"First, he said he didn't bid, then he said he was ‘trying to help,'" auction company chief Craig Jackson said, declining to identify the head faker. "The bottom line is, he said he wouldn't buy it and we booted him." President Steve Davis later held up the buyer's lanyard from the podium, saying "here's all that's left." (That used to mean something else in Vegas.)
Jackson then offered the Veyron back to the underbidders for the same price. When none bit, he bought the car himself for $700,000, and later said he expected one of the phone bidders to step in.
What have we learned? Veyrons may not be holding their value all that well. People in Vegas can exhibit questionable financial judgment. And if you're going to punk a popular car auction, don't do it on live TV.
Lot Detail: 2008 Bugatti Veyron #080
YouTube - 2008 Bugatti Veyron sells for cheap-$700,000
I was pretty surprised to hear that values on the Veyron have tanked like this. I don't consider 12,000 miles to be normal, but it's not outrageous either, especially if all the service work has been performed as stated.
>8^)
ER
Last edited by Peloton25; Sep 29, 2010 at 12:46 PM.
what a noob.
Sep 29, 2010 | 01:20 PM
#4
Teamspeed Pro
Joined: Apr 2008
Posts: 31,976
From: Minnesota
Bidder looks like the kind of idiot who would do such a thing. What a shame and that sucks that Mr Jackson is stuck with a car that he probably won't be able to make any money on.
12K miles seems kind of on the high side compared to what's out there but I never would've expected it to go for less than Enzo money.
12K miles seems kind of on the high side compared to what's out there but I never would've expected it to go for less than Enzo money.
Sep 29, 2010 | 01:49 PM
#5
Teamspeed Senior Member
Joined: Oct 2008
Posts: 330
From: Lexington, KY
So does this simply "out" the "fact" that there are shell bidders out there upping the prices of some of these auto's artificially?
I was pretty sure you bid, you win, you buy. I had no idea there was an "oopsie daisy" clause at Barrett.
Wilson
I was pretty sure you bid, you win, you buy. I had no idea there was an "oopsie daisy" clause at Barrett.
Wilson
