Welcome to the second installment of our new series, In The CorvSport Ring, where we attempt to answer the age-old question in this feverish auction world: Do no-reserve auctions really matter? Do they bring more money? Will a no-reserve auction generate more hype and bids? Just like our other exclusive market features, In The CorvSport Ring is FREE and not behind a paywall. If/when any pop-ups appear, please click to dismiss them and continue enjoying the article.
This week, we will visit the two big-tent auctions, the king of no-reserve auctions, Barrett-Jackson, and the self-dubbed undisputed champion of collector car auctions, Mecum. During my 17 years as a used-car dealer, some of my more exciting memories are those on the auction block when I was battling another dealer on a no-reserve vehicle. The adrenaline gets pumping with the thought that I was only ONE bid away from winning. And in theory, that psychology is why no-reserve auctions should generate more bidding and a higher sales price? But, do they?
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In our first bout, we ventured over to the most popular online auction platform, Bring a Trailer, and pitted two nearly identical Corvettes against each other for each round in the ring, for a total of six Vettes over three rounds. After the dust settled and the blood was cleaned off the mat, surprisingly, the RESERVE auctions won two out of the three rounds versus the NO-RESERVE Corvettes. We have a running tally below today’s bout if you’d like to revisit the first fight in person. Alright, enthusiasts, let’s get ready to rumble!
