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OFFICIAL Newman’s Newman Auction Guesses
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dx009
·So you guys wanna do a raffle for this ? I can easily cough up 5-10$. So who's buying it for us ? 🍿
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jakeh417
·I was thinking since the most expensive wristwatch ever sold at auction was a Patek Philippe at $11 million and the most expensive Rolex sold was $5,060,427. I'am just going to add them together for my guess at $16.06 million.
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lillatroll
·My bid is around 8million. I think a lot of people from collectors to car fans to film fans will be interested. If I had won the euro lottery last month I was planning on buying it and wearing it down the pub......but I didn't so I will stick to wearing cheapo omega watches instead.😀
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Ninja2789
·$10,650,001
I feel there are a handful of big collectors out there who will drive the price up.
I'm estimating it will be below the record Patek only due to condition.
I feel there are a handful of big collectors out there who will drive the price up.
I'm estimating it will be below the record Patek only due to condition.
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propervinyl
·I think its going much, much higher. At least 25. There is a lot of money chasing assets right now, and in my opinion at least two fantastically wealthy people who "have to have it".
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tyrantlizardrex
·I suspect there’s a wider pool of interested buyers for this, than for a Patek.
Never underestimate the madness when it comes to steel sports watches - throw in Paul Newman.
$12-15million plus fees...
Never underestimate the madness when it comes to steel sports watches - throw in Paul Newman.
$12-15million plus fees...
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trackpad
·Again. That some proceeds are going to charity will provide the necessary cover a lot of buyers will want to simply spend whatever it takes without fear of looking like a fool who overpaid. "It is after all, darling, all for a good cause!".
I promise you they will also try and take the tax deduction.
I promise you they will also try and take the tax deduction.
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jhross98
·Again. That some proceeds are going to charity will provide the necessary cover a lot of buyers will want to simply spend whatever it takes without looking like a fool who overpaid. "It is after all, darling, all for a good cause!".
I promise you they will also try and take the tax deduction.
has anyone actually checked on whether it is deductible
my guess was it was not . . .
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trackpad
·It can and will be argued both ways. Your tax layers (plural) will negotiate it with the IRS and you will settle for a partial deduction.
https://www.irs.gov/charities-non-profits/charitable-organizations/charity-auctions
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TsoloT
·Can I value it in speedys...they appear to be the new high denomination currency
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Spacefruit
··Prolific Speedmaster Hoarder20m incl fees
Not including the tax lawyers fees.
If it is deductible then all bets are off....
Not including the tax lawyers fees.
If it is deductible then all bets are off....
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yinzerniner
·Can't see anything less than $15 mil on this one. There's no more famous single timekeeping device in the world other than maybe Big Ben, and Rolex will bid AT LEAST $10 mil just to keep it for their museum and probably with some sort of in-perpetuity agreement with Nell to help fund her charitable endeavors.
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propervinyl
·So the tax deduction question raised here got me thinking. Under U.S. law, deductability of items bought at charity auctions is complicated.
Buyers can deduct the amount paid above "fair market value" for items purchased at a charity auction. But For an item like this, there is no way to determine fair market value. Similar examples trade in the $120k-$180k range, but they weren't owned by Paul Newman.
So I asked one of my friends who was a tax attorney at the Department of Justice and is now in private practice, and this is a summary of what he said:
The IRS generally determines fair market value through a "facts and circumstances" test, and auctions are generally good indications of what a willing buyer would pay.
However, the buyer could hire an expert to analyze the auction and say that a certain amount of the price realized was due to the fact that the proceeds were going to Charity. IRS might or might not agree with that assessment, and they would go from there. However, a huge ticket price and correspondingly huge deduction would set off flags at the IRS.
So lets say the thing goes for $10m. Could the buyer get away with filing a $920k deduction? doubtful. Could they get some kind of deduction though? Maybe. Also, the buyer would only be able to take a deduction if the proceeds went straight to charity.
Plus I would imagine the tax attorneys who have the kind of experience to go up against the government on something like this are quite expensive.
Buyers can deduct the amount paid above "fair market value" for items purchased at a charity auction. But For an item like this, there is no way to determine fair market value. Similar examples trade in the $120k-$180k range, but they weren't owned by Paul Newman.
So I asked one of my friends who was a tax attorney at the Department of Justice and is now in private practice, and this is a summary of what he said:
The IRS generally determines fair market value through a "facts and circumstances" test, and auctions are generally good indications of what a willing buyer would pay.
However, the buyer could hire an expert to analyze the auction and say that a certain amount of the price realized was due to the fact that the proceeds were going to Charity. IRS might or might not agree with that assessment, and they would go from there. However, a huge ticket price and correspondingly huge deduction would set off flags at the IRS.
So lets say the thing goes for $10m. Could the buyer get away with filing a $920k deduction? doubtful. Could they get some kind of deduction though? Maybe. Also, the buyer would only be able to take a deduction if the proceeds went straight to charity.
Plus I would imagine the tax attorneys who have the kind of experience to go up against the government on something like this are quite expensive.
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trackpad
·Plus I would imagine the tax attorneys who have the kind of experience to go up against the government on something like this are quite expensive.
Expensive but effective. And it's more expensive for the IRS to fight it, and they are already under enormous pressure.
I think an agreement is negotiated quickly and quietly so that all parties feel satisfied. But at the end of the day, if you're bidding on this watch you are not sweating it that much either way.
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BenBagbag
·Buyers can deduct the amount paid above "fair market value" for items purchased at a charity auction. But For an item like this, there is no way to determine fair market value. Similar examples trade in the $120k-$180k range, but they weren't owned by Paul Newman.
Nevertheless, very interesting dilemma.
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propervinyl
·Expensive but effective. And it's more expensive for the IRS to fight it, and they are already under enormous pressure.
I think an agreement is negotiated quickly and quietly so that all parties feel satisfied. But at the end of the day, if you're bidding on this watch you are not sweating it that much either way.
I completely agree with your first and third points, and think you might be right on the second.
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abrod520
·Eh, I'll throw in a guess of 23M after fees. I think bidding alone will top 20
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abrod520
·One thing I'm looking forward to is not seeing all the articles about and IG posts of this watch once the hammer price hysteria has died down. I'm kinda tired of seeing it now
