The Kyodo News Service published the press release. 2020.03.30


2020/03/30 MON

Rare Car Auction “TOKYO|JUNE”

BH Auction implements new Pre-negotiation Service

Commission fees will be reduced to 7% and

Services will start from April 1st

BH AUCTION Co., Ltd. ( Headquarters: 2-11-1, Nagatacho, Chiyoda-ku, Tokyo, CEO: Mr. Shinji Takei) operates an auction management and sales business for collectable cars (classic cars and supercars with high value) and has announced alongside its next upcoming auction "TOKYO | JUNE" which will be held in June, a new “Pre-negotiation Service” that will be implemented starting from April 1st, 2020. Based on the assumption that the auction will be held in June, this "Pre-negotiation service" is a new business negotiation mechanism that allows customers to apply for purchases of targeted cars (lots) to be exhibited prior to the auction.

The "Pre-negotiation Service" will be implemented based on BH AUCTION’s pre-existing auction terms and conditions. In previous auctions, 10% of the successful bid commission was received from both exhibitors and successful bidders as a premium. However, with this new service, BH AUCTION has made it possible to deduct costs such as venue costs and transportation costs required for conventional auctions, and reduce the successful bid fee to 7%. This is a service that can return more desirable profits to both exhibitors and buyers and is only made possible through means of pre-negotiation.

"TOKYO | JUNE" will be an auction targeting rare car collectors and car enthusiasts all over the world. Initially, BH AUCTION was going to hold a “TOKYO | MARCH” auction on March 27th and 28th this year, but as concerns regarding the spread of COVID19 continue to rise, public risk reduction and customer health protection will be prioritized, thus BH Auction has decided to postpone this initial auction in March until June. All lots that were previously scheduled to be exhibited in "TOKYO | MARCH" will be exhibited in "TOKYO | JUNE,” and new lots will be added respectively.

BH AUCTION Co., Ltd. made an appearance in "The Classic Car Auction Yearbook 2018-2019" (*Described below), a yearbook that only the data and results of world-renowned auction houses such as "RM Sotheby's" and "Bonhams" are utilized and featured. BH AUCTION is the first Japanese auction house to make an appearance in this notable yearbook and will proudly continue to publish its data and results futuristically. The auctioning culture here in Japan is not yet as mainstream and well-renowned compared to the culture in Europe and the United States. Yet, the fact that BH AUCTION, an auction house in Japan, was able to meet such advanced standards is a both remarkable and revolutionary achievement.

This was achieved because BH AUCTION Co., Ltd. initiated its business in 2017 as a full-fledged auction house originating in Japan, and since then, was able to obtain many successful bids for both domestic and foreign collectable cars with extremely rare values.

The company has a track record of providing high-quality trading opportunities to leading overseas collectors as well.

Furthermore, BH AUCTION has planned and operated auctions by collaborating with world-renowned automobile exhibition events and motorsport circuits such as the Tokyo Auto Salon and Suzuka Circuit. This, as well as the fact that BH AUCTION possesses a joint development with a financial institution (Sumitomo Mitsui Financial Group, Inc.) contributes to the ability of BH AUCTION to conduct transparent transactions. Offering escrow services such as a megabank being able to offer third-party security when paying for auction transactions is unlike any other in the industry. As a result, BH AUCTION recognizes that the trust of both sellers and bidders who have accumulated successful bids and contracts with extremely secure and transparent assurance has been evaluated and valued by the public and those in the same industry.

BH AUCTION Co., Ltd. will offer the “Pre-Negotiation Service” starting from April 1st to its consignors and buyers so that both parties can buy and sell collectable cars conveniently and at ease during these uncertain times. When the COVID19 situation has cleared up and it is publicly safe again, BH AUCTION will hold "TOKYO | JUNE" instead of the initially planned “TOKYO | MARCH” as mentioned above. In case the situation does not ease down in the near future, the Pre-Negotiation Service will continue to be implemented and stay affective even if the auction is postponed yet again.

Amid difficulties worldwide due to the spread of COVID19, as soon as the convergence of the virus has been confirmed, BH AUCTION Co., Ltd. will strive to continue to raise the awareness of both the artistic and cultural values of collectable cars. Furthermore, BH AUCTION will utilize these high value sales and transactions to help revitalize not only the economy but will also continue to actively promote Japanese culture through various cultural events that are currently in the midst of being planned.

● TOKYO | JUNE Overview

* This event is scheduled to be held if concerns regarding the spread of COVID19 are over.

Date: June 5th (Fri) and 6th (Sat), 2020

* Preview on the 5th, auction on the 6th

Location: Warehouse Terrada (tentative)

Address: 2-6-10 Higashishinagawa, Shinagawa-ku, Tokyo

TOKYO | June

● About the “The Classic Car Auction Yearbook”

Starting with Mr. Patrick Rollet of FIVA, an international accredited organization for classic cars based in Turin, Italy, as well as other major key players in the world of classic cars, Credit Suisse (securities company) as a main sponsor, and 76 other companies all contribute to this annually published auction yearbook.

Published initially in 1994 as "Catalogo Bolaffi delle Automobilli da Collezione,” Historica Selecta took over the publishing in the year of 2006. Ever since, the book has been written in English, and the title of the book was altered to "The Classic Car Auction Yearbook.”

Auctions have been featured for about 25 seasons now. As an annual example of this yearbook, the cover always shows the car that sold for the highest price during that season. The 2017-2018 yearbook features 105 auctions held in 11 countries and lists 5,628 cars manufactured by 308 manufacturers. Advertisers include top-tier auction houses such as RM Sotheby's and Bonhams, luxury car manufacturers such as Ferrari and Bentley, and luxury jewelry and watch manufacturers such as Bvlgari and Richard Mille. This yearbook is supervised and issued by judges of international classic car competitions such as Pebble Beach in the United States and Villa d'Este in Italy, as well as Mr. Adolfo Orsi, a descendant of Italian nobles who have long held the control of Maserati in Italy. BH AUCTION was first published as a Japanese auction company in “The Classic Car Auction Yearbook 2018-2019,” edited, supervised and published in 2019.

The Kyodo News Service PRWire
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