Often, enthusiasts looking to sell classics like the Corvette are persuaded by auction companies to sell their baby without a reserve, meaning the highest bid gets her, regardless of what the seller wanted (or thought it was worth). But, do no-reserve auctions really generate more hype, more bidding, and more money? That was the general dynamic that led me to develop this series in June, and now we are on our sixth bout! Today’s feature, along with most of CorvSport’s digital content, is FREE and not behind a paywall. If/when any pop-ups appear, please click to dismiss them and continue enjoying the article.
During my 17 years as a used-car dealer, when I was on the auction block duking it out with multiple other dealers, the excitement was palpable when we knew the next bid could take the vehicle home. The reserve/floor was off, and it was only going to take ONE more bid. Well, that one bid usually turned into multiple bids, resulting in a price significantly higher than the market dictated. Does that dynamic transfer to collector car auctions? So far, all indications are a resounding NO. After our first five bouts, the reserve auctions have a deciding lead, and you can view the full fight archives below today’s matchups.
In The CorvSport Ring attempts to answer these burning questions:
- Do no-reserve auctions with no bottom dollar floor garner more bids?
- Will a no-reserve auction generate more views and excitement?
- And most importantly, do no-reserve auctions bring more money?!?
Our methodology is simple: Find 3 pairs of near-identical ‘Vettes, one with a reserve, one without, and pit each duo against each other for a three-round bout. Due to their worldwide popularity and transparency with bids, we use Bring a Trailer for our comparisons. Now, let’s get ready to rumble!
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