McQueen's Le Mans Racing Suit: "Flipped" for Huge Profit

[OnTheDash]

What if you sold Steve McQueen's Le Mans Racing Suit for $155,000, and then watched your buyer "flip" it, a few months later, for $984,000?

Read the story, here -- http://www.onthedash.com/thoughts/two-r ... -the-table

Jeff

[stooo]

I think the parallel to watches is slim at best. Most watches have a price based on some MSRRP and most have a volume of potential buyers.

All that happened here is one person was better able to find a more lucrative market or buyer for a very unique, and hard to value, item.

[100thmonkey]

Well Barmak sold it at a profit and was content with the sale, the new buyer has marketed it far better and benefited as a result, its will always be a sting but not that naughty. If it had been on a McQueen Le Mans Forum then maybe

[Huertecilla]

The 23% skim by the auction house is appearantly an ´honest profit´ not worth mentioning :mrgreen:

[adrianw]

I'd say well done

[OnTheDash]

I think the parallel to watches is slim at best. Most watches have a price based on some MSRRP and most have a volume of potential buyers.

This is correct for new watches, but things are very different in the world of vintage watches. We see many instances in which someone sells an old watch at one price, then sees someone else sell the very same watch (or a similar piece) for some multiple of the original price. No MSRPs in the world of vintage watches; often a very thin market of buyers and sellers.

Jeff

[WatchScout]

Sort of like those buying cheap on SC and selling for more else where :lol: :wink:

More seriously; seems the second seller was better at marketing.

The silly amount for this item reminds me a bit of the prices for the odd Rolex hang tag, anchors etc etc.

You would have to be fanatical about racing to pay this kind of money for a sweaty racing suit.....or have too much money......or both.

Even if the racing suit does have Steve McQueen DNA on it.

Have to go watch Bullit now! I like Steve McQueen...

[gollUM]

The main question (for me, that is) would be: "Why the heck would someone pay for the suit 150k U$, not to mention 900k?!?".
I think that both of them succeeded fairly well in their intentions... Just the profit margin of the later guy was a little bit higher, but the risk was also higher. So, he made good investment buying 150k suit. Would any of us do this, pay 150k for a racing suit?!?... :mrgreen:

[Huertecilla]

You would have to be fanatical about racing to pay this kind of money for a sweaty racing suit.....or have too much money......or both.

The firts seller tried to peddle it in the racing world.
The one he sold it to had it auctioned as a famous film star memento. Totally different set.

As with luxury goods, the price is detached from the physical obect. The price is paid for the ´look what Í have´ of it with the suit on private display.
With the superrich becoming richerderder hand over fist, the amount is probably of no consequence to the buyer and he/she has thé McQueen outfit.

[WatchScout]

the amount is probably of no consequence to the buyer and he/she has thé McQueen outfit.

Maybe not. That how ever does not change an iota about the sillyness.

The firts seller tried to peddle it in the racing world.
The one he sold it to had it auctioned as a famous film star memento.

Second bloke knew how to market it better, as mentioned.

+ there is another born every minute ...

Money and common sense does not always go hand in hand.

[cmcm3]

richerderder

Real word? :?

[Huertecilla]

richerderder

Real word? :?

Real sense of humour :albino:

[EchoSevenNine]

If i was the second guy i'd ring the first guy up and rub it right in lol! :lol:

[taffytoon]

Sort of like those buying cheap on SC and selling for more else where :lol: :wink:

More seriously; seems the second seller was better at marketing.

The silly amount for this item reminds me a bit of the prices for the odd Rolex hang tag, anchors etc etc.

You would have to be fanatical about racing to pay this kind of money for a sweaty racing suit.....or have too much money......or both.

Even if the racing suit does have Steve McQueen DNA on it.

Have to go watch Bullit now! I like Steve McQueen...

Or even worse getting a heads up on a steal of a watch at a AD and then flipping it to a member on here for a big profit, some community that is :shock:

[WatchScout]

Indeed.

It just was not always like that though :roll:

Seems honesty and integrity is at an all time low some how regardless of post count.

[even neve]

What if you sold Steve McQueen's Le Mans Racing Suit for $155,000, and then watched your buyer "flip" it, a few months later, for $984,000?

Read the story, here -- http://www.onthedash.com/thoughts/two-r ... -the-table

Jeff

And why, just why is this on watch talk ?

[WatchScout]

Because the racing suit has the same theme as the Tag 'Gulf' Monaco ... ? :mrgreen:

(okay, so that was far fetched.....)

[taffytoon]

What if you sold Steve McQueen's Le Mans Racing Suit for $155,000, and then watched your buyer "flip" it, a few months later, for $984,000?

Read the story, here -- http://www.onthedash.com/thoughts/two-r ... -the-table

Jeff

And why, just why is this on watch talk ?

Quick pop over to SC someone has posted a WTB thread :shock:

[cmcm3]

richerderder

Real word? :?

Real sense of humour :albino:

Keep telling yourself that... :)

[OnTheDash]

What if you sold Steve McQueen's Le Mans Racing Suit for $155,000, and then watched your buyer "flip" it, a few months later, for $984,000?

Read the story, here -- http://www.onthedash.com/thoughts/two-r ... -the-table

Jeff

And why, just why is this on watch talk ?

Steve McQueen and the movie Le Mans are closely associated with vintage watches, particularly the Heuer Monaco. The racing suit has the "Heuer" patch.

I assumed that by using the very specific "Subject" line, those who are not interested could avoid the topic.

Jeff

[taz11]

just the second person had a niche buyer

[Saxon007]

What if you sold Steve McQueen's Le Mans Racing Suit for $155,000, and then watched your buyer "flip" it, a few months later, for $984,000?

Read the story, here -- http://www.onthedash.com/thoughts/two-r ... -the-table

Jeff

And why, just why is this on watch talk ?

Because it says Heuer!

"Le Mans", along with "Grand Prix", has the best racing scenes you'll ever find in a movie. Well worth a watch (forgive me, I couldn't control myself).