Geddy Lee has a Burst for sale.

AA00475Bassman · Jan 11, 2020

How does a guitar sell for 357500.00 in October then sell for 215000.00 a sum to loose in thee months .

Rich R · Jan 11, 2020

It didn't sell the first time, that's why it was re-listed, along with most of the other high-end pieces from the first auction. The reserves last time were ridiculous, plus all the commissions, etc. on top of the hammer price. It was a complete clusterf*ck. I watched both auctions in real time. This time, I'm sure they figured they'd better adjust things, and move some guitars, or the Mecum association was kaput.

With the charges, etc., it came to around $250K. Didn't realize Nielsen was the buyer. Nice, straight, '59 Plaintop

AA00475Bassman · Jan 11, 2020

Thanks for clearing the Forum hogwash!

duaneflowers · Jan 12, 2020

AtomEve · Jan 12, 2020

Geddy sold it for 250. Not sure Mecum broke even. I won the Geddy 67 V in October. Long story.......

marfen · Jan 12, 2020

condolences to Geddy, Alex and the Peart family for their loss of Neil.

sws1 · Jan 12, 2020

duaneflowers said:

So if his final bid was 215k, and the site says $247,150, then it looks like a buyers premium of 15%.

sws1 · Jan 12, 2020

Rich R said:
It didn't sell the first time, that's why it was re-listed, along with most of the other high-end pieces from the first auction. The reserves last time were ridiculous, plus all the commissions, etc. on top of the hammer price. It was a complete clusterf*ck. I watched both auctions in real time. This time, I'm sure they figured they'd better adjust things, and move some guitars, or the Mecum association was kaput.

With the charges, etc., it came to around $250K. Didn't realize Nielsen was the buyer. Nice, straight, '59 Plaintop

So did people bid at the first auction, win, and then back out?

Rich R · Jan 12, 2020

sws1 said:
So did people bid at the first auction, win, and then back out?

Yes, there was some pre-auction bidding, and live bidding, but it didn't meet reserve, so it went to their "the bid goes on.." dept. Basically, that's Mecum's version of after-auction sales dept, which most auction houses have. I watched it there for a day or two, but there was no further action. Most of Geddy's lots went that route. I actually was very happy to see them come back for a second go-round, and this time they found buyers.

The guy who runs the guitar portion of the auctions is a nice guy, but I think he got over-enthusiastic about reserves, etc the first time. It was the first time Mecum had done something like this. IMO, the only reason to buy a guitar at auction is to get a deal, NOT "pay up". After all, the buyer gets none of the advantages of buying directly from an individual or dealer.

sws1 · Jan 12, 2020

Rich R said:
Yes, there was some pre-auction bidding, and live bidding, but it didn't meet reserve, so it went to their "the bid goes on.." dept. Basically, that's Mecum's version of after-auction sales dept, which most auction houses have. I watched it there for a day or two, but there was no further action. Most of Geddy's lots went that route. I actually was very happy to see them come back for a second go-round, and this time they found buyers.

The guy who runs the guitar portion of the auctions is a nice guy, but I think he got over-enthusiastic about reserves, etc the first time. It was the first time Mecum had done something like this. IMO, the only reason to buy a guitar at auction is to get a deal, NOT "pay up". After all, the buyer gets none of the advantages of buying directly from an individual or dealer.

Strange, however, that the website DID show a price and that it sold.

Rich R · Jan 12, 2020

sws1 said:
Strange, however, that the website DID show a price and that it sold.

Well, there are plenty of additional questions about the whole enterprise, but to each his own.

goldtop0 · Jan 12, 2020

As a buyer I'm generally not a fan of auctions......too many variables along the way..........and at the end:wah
With costly guitars like these vintage LPs I think it's better to sell it yourself or through an honest dealer as a second option..........that's how I'd do it if I was fortunate enough to own one or two.

CatManDoo88 · Jan 14, 2020

Stupid question from a noob, but why did this go for such a seemingly low price? As a celebrity-owned Burst, in all original condition other than a single refret, without any known issues, this seems like a low price. Emerald City and other shops seem to be selling Bursts with issues for the same if not more. Or are those asking prices highly inflated? For those of us who are less knowledge, where is the market right? (What is the high end, what is the low end?).

I genuinely want to learn.

Tom Wittrock · Jan 14, 2020

CatManDoo88 said:
Stupid question from a noob, but why did this go for such a seemingly low price? As a celebrity-owned Burst, in all original condition other than a single refret, without any known issues, this seems like a low price. Emerald City and other shops seem to be selling Bursts with issues for the same if not more. Or are those asking prices highly inflated? For those of us who are less knowledge, where is the market right? (What is the high end, what is the low end?).

I genuinely want to learn.

Did Geddy Lee perform with this on a regular basis in Rush?
If not, I see no reason for any upcharge based on "celebrity owned". :hmm

asapmaz · Jan 14, 2020

Even though it technically sold at $215k, at the end of the day, after the auction fees, etc., the buyer sees a total selling price of around $250k.
That is not a small amount - for a top that's as plain as can be.
And like Tom said, if the guitar is not associated with a celebrity either regarding performance or recording, then the celebrity factor is a non factor.
Finally, yes, I'd say Emerald's prices are always on the high side.

CatManDoo88 · Jan 14, 2020

Tom Wittrock said:
Did Geddy Lee perform with this on a regular basis in Rush?
If not, I see no reason for any upcharge based on "celebrity owned". :hmm

I assume not. I was more curious about the other factors generally - original condition other than refret, minimal wear, etc. Seems like a low price for a Burst in its condition. (or are there known issues with the guitar that Mecum didn't disclose?) Is $200k the average going price for a Burst in good condition these days? I got the impression from other threads around here that $100k-200k is the range for Bursts in rougher condition with issues. The big names seem to be asking $400k to $600k for nice examples. Are those asking prices ridiculously inflated? Where is the market actually right now?

Tom Wittrock · Jan 15, 2020

CatManDoo88 said:
Is $200k the average going price for a Burst in good condition these days?

There is no such thing.
All Bursts are different and the pricing is exceedingly complicated. It has been like that for decades.
Everyone wants a simple answer to Burst pricing. It doesn't exist. :ganz

T.Allen · Jan 15, 2020

Flame is the name of the game. The big tops pull big money. Plain tops, much less.

Tom Wittrock · Jan 15, 2020

T.Allen said:
Flame is the name of the game. The big tops pull big money. Plain tops, much less.

That leaves everything in between. How "attractive" any top is, is in the eye of the beholder. The figure matters a lot. :ganz

Rev.WillieVK · Jan 15, 2020

Tom Wittrock said:
There is no such thing.
All Bursts are different and the pricing is exceedingly complicated. It has been like that for decades.
Everyone wants a simple answer to Burst pricing. It doesn't exist. :ganz

Flame, figure, color, condition, originality, sound/tone, weight, buyer's personal tastes... among other parameters.

:salude

Geddy Lee has a Burst for sale.

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