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Auction Faux Pas Stalls Bidding on $20 Million Porsche

  • August 20, 2019 18:57

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Porsche Type 64
RM Sotheby's

An unusual slip up could be behind an early Porsche not becoming the most expensive car from the luxury maker ever sold at auction.

The Type 64 was created by Ferdinand Porsche in 1930s Nazi Germany. Considered the precursor to the iconic Porsche 911 and other models, the curvaceous car was expected to bring around $20 million at the RM Sotheby's sale in Monterey, Calif.

It ended up going unsold (at the time of sale).

The auctioneer seems to have started bidding at $13 million, with a screen at the auction concurrently posting $30 million. Then, a $14 million bid displayed at $40 million, and so on, until the auctioneer noticed the screen price at $70 million and verbally corrected the amount to $17 million.

A round of boos ensued and the lot fell flat. Still, if the car had sold at $17 million, it would have caught the record for a Porsche.

Post-sale, RM Sotheby's released a statement: "We take pride in conducting our world-class auctions with integrity and we take our responsibility to our clients very seriously. This was in no way a joke or stunt on behalf of anyone at RM Sotheby's, rather an unfortunate misunderstanding amplified by excitement in the room."

Read more at CNN


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