'74 L Mecum/Dallas..........

The bid goes on at $60k

Looks like a nice car. For some reason, I would say the majority of Panteras I've followed at Mecum Auctions haven't done all that well. Not sure why. In my opinion it was wise for the seller to pass on removing his reserve.

Removing the reserve... I don't get it, I watch these shows including Gas Monkey Garage, why set a reserve and then remove it? Either you mean it or you don't? Of course the auction guys want you to remove it, that gives them more money.

I also hear that buyers are supposed to bid higher if there's no reserve. Why? You only bid to your own limit and hope the other guy(s) don't have deeper pockets? Why pay more just because there's no reserve?

I'd better stay out of this auction thing, because I don't get it.

I think generally a lot of people get sucked into the bidding frenzy. A car with "no reserve" will sell at to the highest bidder, regardless of whether bidding even reaches market value. They myth is that folks then think they might get it for a steal/deal. That tends to generate more interest and a larger number of people watch the auction and begin bidding, in hopes of getting a great deal, then the bidding frenzy takes over. It's not rational.

It's happened to me on Ebay auctions and I've over paid for items I've won. That's why I now use Esnipe for any Ebay auction - it takes the emotion out of the equation.

Gosh, I've personally always done well @ Dana Mecums' auctions. I listed a super nice red '74 on ebay it barely did 75k. I sold it two weeks later for 117k on stage, Kissimmee. I normally pay a LOT extra for feature spots, prime time. I've rang the bells both buying & selling at Mecum. The Panteras I've bought live, then sold the lot number to another person there that offered me more on the spot. Sometimes they missed the auction, sometimes they 'play me' offering me 5 grand [or more] over ticket. So many cars I never even get home, I can sell them in 2 or 3 phone calls from stage, it's sold. I don't even take delivery. Remember there are guys that get cold feet in live action, numbers swirl quickly, it's dizzying you have to be on top of your game firing on all cylinders, ready to pull the trigger ~just~ when the hammer is dropping. NEVER bid until the reserve is off. If the car don't do the money you buy it from the guy later. Anyway the guys that get cold feet during live action for whatever reason both want the car & have the means to buy it. They don't know how to BOLO for shill bidders. I know who they are, and some auction houses, I won't mention names, shill their OWN auctions. I know who they are too. There are big time collector car dealers that take 15, 20, 30 or more cars to an auction, & the auction house offers them 6 or 4% sellers fee in exchange for shilling a list of lot numbers & how far to carry it up. They work hand in hand. Nobody knows any different, unless you've been around this game as long as I have. Keep in mind I've already researched the car as well as inspected it live, avoiding frame rust. Auctions are a skill for sure, I can understand ones trepidation. Needless to say I'm most times I'm the only Pantera guy there, resulting in very little stage competition once the numbers get into 6 figures. New faces occasionally arise, & when I'm bidding nickels [5 grand] & some guy is knocking me off bidding dimes, I'm out. He's shilling it up for the owner. Watch his eyes signaling the owner.