Aquarama auction

dustoff135 · Joined: 10 Aug 2006 Posts: 118 Location: Louisville, KY

Does anyone know if that beautiful Aquarama sold this past weekend at auction, and for how much?

My lottery ticket didn't win, so I was not there for bidding.
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Patrick

Previous projects: 1940 17' Barrelback, #71572
1971 XK19, ORCZ19-2016V

New project: Looking???

Al Benton · Joined: 27 Oct 2005 Posts: 2356 Location: St. Louis, MO

Patrick, it's not too late, the auction is tomorrow. It could still be yours.

dustoff135 · Joined: 10 Aug 2006 Posts: 118 Location: Louisville, KY

The next lottery drawing isn't until Saturday evening, guess I'll have to hope it doesn't meet reserve.
_________________
Patrick

Previous projects: 1940 17' Barrelback, #71572
1971 XK19, ORCZ19-2016V

New project: Looking???

Matt Smith

You can read about it on WoodyBoater, or just know that $775,000 bucks is being transported to someones bank account today for a killer 1966 Riva Aquarama... If you scroll down on the page at WoodyBoater you can get a nice ring tone of the engines starting up.
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1941 19' Custom
1958 28' Constellation

www.WoodyBoater.com

mcisaac inc · Joined: 23 Mar 2008 Posts: 242 Location: onekama, mi.

Matt, What about Chris Crafts, or others, or was that the only boat?................markmcisaacinc.com

Matt Smith · Posted: Sat Jan 30, 2010 5:52 pm Post subject:

A correct craft sold for 10k that's all I know about for now... Stay tuned.
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1941 19' Custom
1958 28' Constellation

www.WoodyBoater.com

jbsawdust · Joined: 07 Sep 2008 Posts: 23 Location: Appleton, WI

SOLD! $775,000. (just out of range for me)
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John

Martini II
1964 30' Constellation

Brian Robinson · Posted: Sat Jan 30, 2010 7:51 pm Post subject:

With the 10% non-auto Mecum buyer's premium, Scott's Riva actually sold for $852,500 plus sales tax.
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-Brian Robinson
Director, the Chris-Craft Antique Boat Club, Inc.

drrot · Joined: 14 Nov 2005 Posts: 729 Location: McHenry, IL 60050

Mecum has a 2 tier buyers premium. It is lower if you are there and a few % more for an absentee bid. They also get a % from the seller. Either way the house did good. They are one of the few auction companies that pays the seller fast.
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Jim Staib
www.finewoodboats.com

jfrprops · Posted: Sat Jan 30, 2010 9:47 pm Post subject:

Hey, that's a safer bet than money in the bank these days! EITHER ONE could SINK tomorrow....so I vote for the boat!
John in Va.
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1966 Cavalier Seastrake 33'
1956 Whirlwind runabout 16'
1954 Whirlwind deluxe dual ckpt 16'
1921 Old Town Charles River 17' (founding Captain, James River Batteau Festival)

Brian Robinson · Posted: Sat Jan 30, 2010 10:33 pm Post subject:

Your right Jim, I was looking at the absentee bidder form. In this case the telephone bidder had a guy there in person, so it was a 10% buyer premium, $852,500 plus tax. The house also gets 6% from the seller. I edited the number above.

I know who bought the boat - more later.
_________________
-Brian Robinson
Director, the Chris-Craft Antique Boat Club, Inc.

Scott Ales · Joined: 31 Jan 2010 Posts: 10 Location: Eustis, Fl.

Hello everyone!

#125 will be a tender on the new owner's 160' yacht. The crew are extremely knowledgeable and I have no doubts whatsoever she will be maintained to the level Sandro @ Riva World recently restored her too.

Don Ayers · Posted: Sun Jan 31, 2010 1:02 pm Post subject:

Scott;

Congratulations on the sale of your boat and it was great to see this all play out on live HD TV. The drama with the cell phone bidder battery going dead was an extra bonus!!!

This looks good for our hobby as the exposure is much needed.
_________________
Don Ayers
1959 Riva Ariston
1931 Gar Wood 28-40

Scott Ales · Joined: 31 Jan 2010 Posts: 10 Location: Eustis, Fl.

Don and everyone else in the hobby,

I cannot explain the way I feel about wood boats. They have been a passion of mine since I was 5-6 years old on the Mississippi river in Iowa. Riva #125 was an incredible experience from the beginning till today. What many of you don't know is Dana Mecum and I have been discussing this for years. He is a 23 year friend and we are committed to creating the marketplace to finally bring our hobby to the prominence it so richly deserves!

We will be building on this event very soon and will look forward to sharing the details in the coming months. On that note please allow me to make a constructive comment if I may. For over 2 1/2 years I listened to "Industry Insiders" make claims of what our boat was or wasn't worth. The way to promote this hobby is to be supportive not critical of potentially higher values. Obviously every Riva owner world wide now has the benefit of the event yesterday. Unfortunately , most of these insiders were precisely the persons telling the hobby how wrong we were. This is a delicate matter and I mean no disrespect to anyone! The principle I am trying to emphasize is that with unified support we can hold and increase the values of our investments across the board. This will mean that along the way certain owners WILL gain financially more than others. We must rise above our self interests with regard to this human tendency to be selfish.

While there is a downside to values escalating the upside is critical for our hobby! Yes, some will be upset that boats they dreamed of owning will be priced beyond their grasp. That is true. The benefit is in my opinion more important. With higher or increasing values there is a better justification to restore these works of art for everyone! This is the ultimate mission in my heart and mind. My father's 46' Constellation will likely be cut up and thrown away this year as it has been sitting in Sunset marina (Rock Island, Ill.) for over 2 years now uncovered. No one wants these old boats with the low values of today. We must change this so these treasures can be preserved for ever!

What does this community think?

Oberon01 · Joined: 23 Aug 2007 Posts: 95 Location: Calgary, Alberta

Hi Scott-
Congratulations on your sale, and congratulations on proving the naysayers wrong. I must admit that I was surprised at the value achieved by 125, but most pleasantly so. I have seen your boat each of the past 2 years at Tavares, and of course used the same superlatives as others to describe it, despite my rather limited knowledge of the marque.

On the topic of value, as passionate as many of us are concerning these boats, at the end of the day they are simply an asset, albeit with considerable emotional attachement for many. The price achieved for your boat breathes a breath of fresh air into a currently stagnant market, and could possibly signal a more broad recovery of the market, and thusly values. However, your was, by anyone's admission, the best of the breed and possessed of attributes and provenance sufficient to set it far apart from the rest. I will be interested to see if any of the other AQ's listed start to move.

I think we may first start to see the best of the best of other classes of boats start to move, but there is clearly a glut of very good boats on the market. This further suppresses the values of the more average or everday boats to the point that they hardly sell, or when they do, they sell for low prices. Like any other commodity, when the supply tightens up, prices will rise.

I think it will largely remain a buyers market for some time, but I and other nascent collectors and owners in general would applaud any effort to raise awareness, visibility and exclusivity of the hobby. I am sure that, adjusted for scale, we could expect the boat hobby and the market for the boats to emulate the car hobby. I note that values for the huge majority of cars are significantly lower than they were two - four years ago as well. It will just take time for eveything to return to equilibrium.
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1926 Mullins 16' Outboard Special
1940 CC 19'Custom
1946 Gar Wood 22' 6" Sedan
1946 16' Peterbrough Falcon
1948 CC 25' Sportsman Sedan
1965 Glastron Futura 500 V -164
1965 CC Sea Skiff 24'

Scott Ales · Joined: 31 Jan 2010 Posts: 10 Location: Eustis, Fl.

While I am a firm subscriber in the supply and demand theory I must tell you that over $30 million dollars changed hands this weekend in Kissimmee. And with over 1000 cars there I can assure you the supply was plenty!

There were three bidders on #125, none of which would have bought a boat this weekend if not for the auction. I also met 4 other individuals that are VERY serious about a $100k +/- wooden boat immediately. $775k was just more than they were wishing to spend. It is a matter of marketing AND the auction experience. Dana and I have a lifetime in the auction world and have both succeeded in leveraging them to our benefit. If anyone is interested in this project of ours please feel free to contact me. I am looking for either perfectly restored unique boats or survivor/barn finds. We'll do the promoting. Values of $30k and up. We think it is time for wood boats and are willing to put up the money make it happen, again! Very Happy

Scott Ales · Joined: 31 Jan 2010 Posts: 10 Location: Eustis, Fl.

I should also point out that our 1957 Correct Craft that has been for sale for $10,000 over a year sold. You may remember it parked just behind the Riva at last years show. It also did well selling for $10,000 including the buyer's premium. The folks that bought it have never owned a wood boat, did not come to the auction looking for one, are thrilled to get it, and were bid up aggressively by several other bidders who after the sale wished they had bid more. I told them about the show in March and they are planning to come. Who knows what their next boat will be!

I guess the point is that people go to an auction with the intention of spending money on a toy. Why shouldn't it be a boat instead of a car? Lets bring some new people into the fold!

herbsierraboat · Joined: 16 Dec 2008 Posts: 2

Scott,
Congratulations on the sale of your boat. It is very gratifying to see a top quality boat finally sell for an appropriate price. I agree that for too long, we have seen these boats terribly undervalued. You have set the bar high and have done a world of good for the wooden boat hobby. Now the boats I have for sale look like rear bargains.
I would be very interested to start a dialogue about future auctions with Dana. A high quality wooden boat auction is long overdue.

Herb Hall

Bill Basler · Posted: Mon Feb 01, 2010 3:26 pm Post subject:

I'm in. I'll invest the time in marketing such an activity.
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Bill Basler
Director of Marketing and Membership
Chris-Craft Antique Boat Club

herbsierraboat · Joined: 16 Dec 2008 Posts: 2

Post corrected, thanks Bill

Bill Basler · Posted: Mon Feb 01, 2010 3:44 pm Post subject:

Herb, you can edit your posts at any time by clicking the "Edit Post" button.

_________________
Bill Basler
Director of Marketing and Membership
Chris-Craft Antique Boat Club

Matt Smith · Posted: Mon Feb 01, 2010 4:08 pm Post subject:

Spelling is way over rated
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1941 19' Custom
1958 28' Constellation

www.WoodyBoater.com

mcisaac inc · Joined: 23 Mar 2008 Posts: 242 Location: onekama, mi.

I've been watching the Barret-Jackson auctions for ten years, and always wondered when someone would take the boats to that height. It is about time to set the antique boat hobby at the same level as antique autos............markmcisaacinc.com