Spring Grove's Auto Gallery Complete Inventory Liquidation Auction - ChicagoNow (blog)
The Auto Gallery Car museum in Spring Grove is closing (owner is moving to Colorado), and it gives us Midwest car enthusiasts a unique opportunity to bid on museum quality cars and memorabilia. Now true we get the Mecum auction every fall in Schaumburg but that’s a hot rod auction, what makes the Auto Gallery auction unique is that this is an entire collection up for grabs with no reserve. I had my dad’s auction as a “no reserve auction” (just like this one), what this means is there is no “floor” or expected price and I sold a truck and lots of farm equipment in my dad’s auction and even without the reserve I got more than I expected. Say we are auctioning a 1987 Buick Grand National in great condition (as there are two in the Auto Gallery auction and one is pictured), and I don’t want the car to sell cheap, so I put a “reserve” on it. Let’s say I make the reserve $ 30,000... Often in a collector car auction once the bidding gets close to the reserve the auction house will ask the owner if he wants to take the reserve off early for this usually will get more people bidding on the car knowing it will sell. Source: www.chicagonow.com
