There were no more bids after $17 million. Since $17 million was below the reserve price -- or minimum required by the seller -- RM Sotheby's pulled the lot.
Attendees view the 1939 Type 64 coupe, designed and driven by Porsche AG automobiles founder Ferdinand Porsche, displayed during the RM Sotheby's auction at the 2019 Pebble Beach Concours d'Elegance in Pebble Beach, California, U.S., on Saturday, Aug. 17, 2019.A Porsche that was expected to sell for over $20 million flopped on the auction block Saturday night, after the sale was thrown into disarray by a technical error.
The crowd was erupting in cheers and shouts as the price on the screen was showing that the Porsche was selling for a record-shattering price. But at $17 million, the auctioneer stopped the bids and announced that the screen showing $70 million was wrong and that the leading bid was $17 million.The crowd in the auction room -- often a boisterous one after a day of parties and events in the area -- immediately started booing and shouting at the error.
Whatever the reason, the sale debacle was an embarrassing and costly mistake for RM Sotheby's, which expected to auction off nearly $200 million worth of cars over the weekend. Experts said the wild swings in the stock market and fears of a global slowdown may have weighed more than expected on the minds of wealthy collectors.
But along with the Porsche, which Porsche AG said was not a genuine Porsche, RM Sotheby's also failed to auction off a 1953 Aston Martin DB3S works race car, which was expected to fetch over $8.75 million and only attracted a high bid of $7.5 million.
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