estate sale

[Guest Lum]

Let me run something by you.

I have three collector cars, in various stages of restoration. My wife is too sick, and I am too old, for us to maintain these as they should be maintained. They are rapidly deteriorating (insect, mouse, water damage), and I must sell them before their value is completely gone. They must be sold before the end of this summer.

I have too much on my plate to handle this matter. Two of the cars are in storage on my property, and one is in my workshop. Here is what needs to be done (my guess);

1) maybe an evaluation by one or more specialists;

2) someone must extract the two from storage and one from the workshop;

3) someone must arrange for transportation (enclosed); there are specialists for this;

4) I suggest an auction - there will be several of them this fall; advice should be taken as to which auction; someone must consign them to the auction; they should probably be detailed before the auction;

5) Value: my guess a) 1951 Bentley Mk VI $30,000 (RROC 2nd at Greenwich);

1960 Armstrong Siddeley Star Sapphire maybe $12,000 (AACA 2nd at Hershey; water damage in storage);

c) 1929 Franklin 4 dr sedan maybe $18,000 (mechanical and paint rest complete; interior to do)

I can produce better guesses than these given a little time. This would be a total of $60,000 according to this estimate. I will probably be lucky to realize half of that after paying all fees and charges, although I will need the money, and would like to maximize the take.

The question: Is there someone (a broker?) who could take charge of this. For how much? I can provide detailed descriptions of the condition of each car, dates etc, as well as complete files of receipts for all parts, work done, etc.

I would prefer not to be taken to the cleaners. Maybe there is some aspect of this that I have overlooked. Picking the right auction will be critical. If a consultant could be found to advise (who would not cost disproportionately) it would be wonderful. Detailing before the auction is probably essential, but should not cost too much.

I do need to take care of this now - it is waking me up at 3:00 AM.

Please advise.

John L. Lumley

743 Snyder Hill Rd

Ithaca, NY 14850

jfl2@cornell.edu

[jackofalltrades70]

John,

My suggestion would be to see if someone from a local chapter would be interested in helping out by assuming this task. Maybe even the chapter itself if you agree to a donation to the chapter for their assistance. Which, by the way, would be tax deductible. They could help clean up the cars and advertise them or possibly someone knows someone that would be interested in your cars. I would think that you could possibly save a lot of money doing things in this form than involving transport, auction fees, etc. just my two cents.

[trimacar]

The Bentley, if clean and complete, might be a candidate for the auction house, but if the other two are "project" cars then a private sale would be best. I don't believe project cars would be accepted nor acceptable at any of the major auctions.

The Franklin will be the toughest to sell. Although great cars, they don't seem to bring much money nor attention unless open cars or custom bodies.

Sounds to me someone, either individual or dealer, just needs to come see you and make an offer to move them all at once. They would need some room to make money, but it would take care of your problem......good luck....

[Guest Rob McDonald]

JOHN, my first urge is to take the summer off and come help you find these cars new homes. I might even learn something about Mechanical and Aerospace Engineering while I'm there. Can't happen, though.

MATT, your suggestion is very good, to find a club that's interested in taking on this redistribution, in exchange for a donation. By "local chapter", do you mean of AACA? Does it actually have charitable status, being able to issue tax receipts?

JOHN, I hate to pry personally on these forums but your stature on Google is pretty hard to ignore. I suggest you contact Cornell's alumni association and ask if any of your former students are able to help you with this. If you were any good as a prof - and the record shows you were/are - the response could be very gratifying. And turbulent. Best of luck.

Edited May 26, 2013 by Rob McDonald
added ads (see edit history)

[jackofalltrades70]

I am not an expert on charitable status. I would imagine that the aaca could accept a donation and that somehow a chapter could/would benefit. Someone with this experience will have to chime in. Matt

[Guest Lum]

Thanks everybody for the suggestions -all good. Don't stop now. Re.: Rob's suggestion - my students are mostly fully occupied (if not dead). And they don't live locally. And none of them knows anything about cars. Aside from that, Mrs. Lincoln...

Nice of Rob to google me. Made me feel not quite so alone.

I am trying to reach our local car club.

I tried a lawyer, but he said he knew nothing in this area, and was too expensive anyhow.