Cars at Hershey auctioned by RM

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Did anyone attend the RM auction at Hershey. There were three Pierces listed and now RM is slow in posting the results.

I’d like to know how they went.

There was a 1917 Series 4 48HP, and 1931 Model 43 Club Sedan and I can’t remember the third one.

Thanks,

Bill

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The 31 model 43 did over $85,000. The 1917 48 was a most beautiful Peter Fawcett restoration, and did between $350,000 and $385,000. Tony

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The third Pierce was a 1934 Model 1248A V-12 all weather town brougham. It was bid to $255,000. I am not sure if it was sold.

Charlie

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Thanks guys. The RM results listing came up today. The 31 Model 43 went for $93,500 and the 1917 48 went for $385,000. Both prices would be plus buyer premium, which I assume to be 10%. I couldn’t find the ’34 so I assume it was a no sale.

Best regards,

Bill

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Bill,

The prices on the RM results listing include the buyer premium. The 17 was declared sold @ $350K plus $35K premium = $385K. The 31 was sold @ $85K plus $8.5K premium = $93.5K

Charlie

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I am not familiar with the term “buyers premium”. What does that mean, how does it become a part of a sale? Is it for the seller or the auction company?

Thanks, Alan

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The third Pierce was Bob Sands. It did not sell and he still has it for sale.

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Alan,

Buyer’s premiums are almost always paid to the auction house. They are calculated as a percentage of the final hammer price and can range from 5 to 15 percent depending on the auction.

If my winning bid on an item is $100,000 and the buyers premium is 10% I will have to pay the auction house $110,000 plus taxes.

It’s an old trick of the auction game to get the bidders to spend more than they think they are spending.

Bill

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