At the live, high-end automobile auctions, we often see two crazy, wealthy "car guys" bidding against each other, for the sake of winning / pursuing their passion. And when this happens, our analysis of "fair market value" and "comparables" goes out the window very quickly!

At a Monterey automobile auction around 10 years ago, I watched the sale of an old Ford (maybe an early 1960s Falcon??) that should have sold for $15K. But it was Saturday night . . . there was a great "buzz" / karma in the room . . . and suddenly we saw two guys slugging it out for this old Ford, bid against bid. No doubt, the car was worth around $15,000, and there were plenty of comparables to support this valuation. When the bidding passed $40,000, the auctioneer said, "Come on guys . . . this isn't about the value of the car . . . we passed that five minutes ago . . . this is about WINNING!!" The two gentlemen took a breath and kept bidding, until the car sold for around $50K!!

Maybe we had this testosterone chasing these two Daytonas?

Jeff