Jerry Seinfeld Pockets A Cool $22 Million In Two Hours At Car Auction
Jerry Seinfeld sold 17 rare collectible cars at auction this weekend, but don’t let that fool you: the comedian still has at least 32 more back at home, and it looks like he plans to buy more.
By the end of the auction, which took place Friday afternoon in Florida, it looked as though the buyers got the better end of the deal, the Los Angeles Times reported.
The auction house Gooding & Co. estimated before the car auction that Jerry Seinfeld’s fleet would sell for a total of $32.5 million, Jalopnik added. However, when the bidding was over, they raked in $10 million below that amount.
A couple of Seinfeld’s collectibles sold for much less than they were worth, and one of the fanciest didn’t sell at all.
The auction took place under a humid tent where bidders had to stand shoulder to shoulder as Jerry Seinfeld’s most precious collectibles were displayed, Fox News reported. The comedian himself made an appearance at the start of the auction, greeting the assembled crowd with a joke — “Thank you, crazy car people!” — that kicked off the event with a laugh.
Before British auctioneer Charlie Ross got started, Jerry Seinfeld explained why the car auction was taking place.
“I wanted to be with here with you, with the people who enjoy these cars. I want to see joy on the faces of the winning bidders. I’m not a collector to make money.”
And that’s a good thing if he technically lost $10 million. Still, in two brief hours, he lined his pockets with $22 million, which is more than any regular Joe will hope to see in a lifetime. The final tally is surprising, given that each car on auction had a unique pedigree: they were owned by a famous comedian.
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An expert in valuation, Brian Rabold, told Fox News that celebrity multiplies the value of a car. The “Seinfeld Multiple” should’ve increased each of his car’s value by 25 percent. And Seinfeld is known for buying good vehicles, which also helps.
Up for auction were 15 of Jerry Seinfeld’s Porches and two of his Volkswagens. A 550 Spyder netted a huge amount, about $5.3 million; it was the world’s first true sports car and is most famous as the car that killed James Dean, the New York Daily News noted.
In the first hour, they sold above their estimates. A 2011 911 Speedster garnered 10 percent more than its value, and a 1966 Porsche 911 sold $75,000 above its worth. A 1974 911 RSR sold nearly a million over the high estimate, and a 1957 Speedster came in high as well. But not every car fetched a high price, with a handful selling for far below their worth.
The biggest disappointment of the afternoon was a custom GS/GT Carrera Speedster, one of only 56 built that Jerry Seinfeld bought directly from Porsche in 2007. It is a concept car that isn’t even drivable. The comedian expected to fetch at least $1.5 million, but there were no takers.
So why did Jerry Seinfeld put a huge chunk of his fleet up for auction? Some believe that he’s simply making room in his storage yard for more. Despite Friday’s sale, Jerry still has 32 more Porsches, among others.
Seinfeld has previously said that he’d keep every single car he owned if he had the time, space, and attention for each.
“[T]he reason I wanted to bid these cars farewell in this way is really just to see the look of excitement on the faces of the next owners who I know will be out of their minds with joy that they are going to get to experience them … I just love cars. And I still love these cars. But it’s time to send some of them back into the world, for someone else to enjoy, as I have.”
[Photo by Rob Kim/Getty Images]