by Mike –
Yesterday I received an email, shown below, from Chris Routledge of Coys addressing the problem with the Iso Grifo at their auction recently in Essen, Germany.
This message has been published in the Comment section as well by Nik Hannah of Coys.
I am publishing it as a Post so all readers have the opportunity to read it.
Email from Chris Routledge of Coys
Dear Sirs,
Regarding the details of the sale of an Iso Grifo which was described in its documentation and paperwork as being chassis 001, Coys confirm that despite incorrect comments being circulated by parties who were not in attendance at the event, the transaction for this car has not taken place and the matter of the car is now being handled in Germany where the event took place.
The case of historic motorcars due to the nature of their age where some confusion arises about their history is unfortunately commonplace throughout the world and in this particular instance upon the acknowledgement of claims being made of an alternative car with the same chassis number the matter was handled in an entirely appropriate manner and the sale has not proceeded.
This situation, although unfortunate, is simply no more complicated than that.
Thank you.
C.Routledge
COYS
In a follow up email I asked several questions and today Mr. Routledge replied (without answering my questions),
As you will appreciate this is now a private matter amongst the parties in Germany and it would not be reasonable for me to comment on any communications between them as any further comment is not within Coys gift.
However I am pleased to confirm as per my comment of yesterday that no sale has taken place on the car and as such your readers can take comfort in knowing that the matter is being resolved properly.
Ongoing, should there be any information regarding this which would be relevant to your readers, we will of course communicate this to you.
Let us know what you think in the Comments.
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Mike,
You’ve probably gotten more from Coys than you could have reasonably expected.
They got caught and it would seem that contrary to thinking that the car sold, that it did not, that it was immediately contested and that the buyer did not transfer funds to complete the transaction. Do you agree?
Now that law enforcement is involved in Germany, there is a better than even chance that this will be resolved.
Rich,
Yes the buyer did not pay for the car and it is still in police possession.
The concept of involving police and getting a resolution are mutually exclusive.
They managed to dance around the fact they were told prior to the auction by numerous sources that there were concerns regarding the provenance of the car. The fact remains that rather than pull a questionable car from the auction, they chose to let it go through. Obviously this is troubling to more than a few people.
It would seem the prospective buyer is not on the hook. Who is?
The owner is …. or whoever has title. Coys would just be the middleman
Good for you, Mike!
Mike,
I have been following this little farce on your blog without commentary (since I know virtually nothing about Isos), but now that the chickens have finally come home to roost I must remark: good going!
Your tried to warn them, they paid no heed . . . and now the aforementioned chickens have left them with egg on their faces. Bravo!
Jeff
Mike, we all commend you on your dedication to the marquee. Although the reply you received is typical corporate PR BS, I bet a few people in Coys got their hands slapped. I wouldn’t be surprised if the details come to light that someone at Coys would have benefited directly from the sale (read that – was on the take). My gut tells me that this fiasco will bring Coys and other auction houses to their senses and will create a position or a department that will verify legitimacy of historically significant claims for any car going across their block. I really wish that the auction houses start policing themselves rather than getting a government to do so.
The auction description stated:
“This Iso Grifo Lusso comes from an important Italian collection of historic vehicles, where it has resided for many years. ”
Does anyone know who owns this important collection ?
Sources say Genco Pura Olive Oil Company
Fact remains it is an Iso- No point in any of us speculating where it came from. Seems to me that a record search will come up with answers. BUT these record searches can be difficult by anyone other than government agencies. Title records are not open to the general public here where I am. In fact, title records of inactive cars are purged from the system after several years. Even requests for archival records don’t help. So, the Iso, could have fallen off records, but if it did come from a person claimed to have had it for 35 years, there will be some kind of history that attaches him to the car. We can not speculate. And, YES, Given the opportunity to purchase such a car, I would certainly have plenty of questions to ask before sealing the deal.
It would seem to me that the word and issue that is potentially being alluded to here is “compliance.” That is to suggest that if the Auction Houses had correct compliance and governance in place, then possibly this sort of situation might be alleviated…
Than again, and if the Banking sector is any benchmark or barometer by which to test the robustness of compliance, it may seem to have been wanting 5 to 6 years ago.
Perhaps its a case of where there is substantial money at stake, forgery (think art world), or limited facts, then those that are set to gain the most might prefer to turn a blind eye. Don’t forget, it is not only about the money paid on the block, there is reputational PR to be gained and further sales to be nurtured.
Though I have not been watching this particular story / car, it is a good thing that the truth is out there and serve as a potential hindrance to someone else trying a “fast one!”