Koenigsegg angry at Bonhams auction for undervaluing car

Should this really upset Koenigsegg?

1y ago

58.9K

In 2016, Geneva Police seized a large collection of exotic hypercars that were all owned by the Vice President - and son of the President and Dictator – of Equatorial Guinea Teodoro Nguema Obiang Mangue. When the cars were seized, the police said the cars were to be sold and the proceeds would go to a social program in the territory of Equatorial Guinea.

The cars are set to be auctioned by famous auction house Bonhams. Among the $13 million worth of car is a Koenigsegg One:1 that seems to have caused some issues for the company. In fact, it has been estimated at around €1.6 million by Bonhams, something that the car’s manufacturer isn’t best pleased about.

In a recent post entitled “Bonhams – should you trust their appraisals?”, Koenigsegg has revealed its anger surrounding the estimate of the One:1. The main issue for Koenigsegg is, what it calls, a low estimate as it has seen examples sell for “in some cases more than twice their [Bonhams’] top end estimate.”

It’s true that last year, a One:1 managed to sell for €6.5 million, or $7.3 million. However, that doesn’t necessarily mean that this car should reach the same figure or that Koenigsegg has a real reason to be upset with Bonhams. In fact, not only is the market constantly changing, but an estimate is never a true indication of the final sale price.

Despite there not being a reserve price, the car will surely attract a whole host of prospective buyers. According to the blog post, Koenigsegg is fully aware of this saying, “we are confident the car will catch a good value there. We know there are buyers, including ourselves, who will seek to put their hands on this car.”

At the end of the post, Koenigsegg’s writer concludes “that you cannot trust ‘appraisals’ coming from Bonhams”. But let me know what you think of the appraisal.

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Comments (20)

  • Maybe they should try to buy it back if its too low a price

      1 year ago
  • Nothing in the article about the condition of the car. I suspect it was not in a condition that would warrant a good appraisal.

      1 year ago
  • Get over it Christian, why did you sell it to a dictator in the first place.

      1 year ago
  • It doesn’t matter what the estimates are. A car is worth exactly what someone is prepared to pay for it.

      1 year ago
  • For all the rants and complaints, Christian seems like a total POS. I wouldn't buy a car from him just for this reason, If I has the money, there's plenty of hypercars to choose from.

      1 year ago
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