Auctions real clue to Coast's
troubles
Tanya Westthorp | August 2nd, 2010
LOOK no further than Lloyds Auctions, aka 'the House of Broken Dreams', for a real glimpse into how deep the Gold Coast's financial troubles run.
Lloyds has been booming since the global downturn hit, receiving repossessed and liquidated goods from businesses and individuals that could not keep their heads above water.
But while many expected the worst was over, the flood of goods flowing into Lloyds from companies that can no longer survive tells a very different story.
Lloyds' turnover will jump to more than $30 million this year -- up from the $2 million it recorded in 2004 and $20 million it recorded last year at the supposed height of the crisis.
Up to 1000 people now front up to Lloyds auctions -- up from 600 a year ago -- and the company has had to increase its staff from the four it started out with in 2004 to 33 employees.
Mr Andrew Webber director of Lloyds Auctioneers and
Valuers at Carrara pictured with a 1929 Model A Ford
that is part of their upcoming auction.
Pic: Mike Batterham
Lloyds director Andrew Webber said the auction house was doing 20 to 30 valuations or receiving liquidated stock every week -- often from transport companies.
"A lot of enterprises have been struggling to be profitable, transport is probably the biggest one. They've been shattered," he said.
The Lloyds site at Carrara is bursting at the seams, filled with electrical and white goods, jet-skis, motorbikes, jewellery, furniture and full fitouts from restaurants inside the shed and brimming with repossessed cars, heavy machinery, tractors, excavators, prime movers, boats and caravans outside.
There are repossessed director's cars -- everything from Alfa Romeos, BMWs and Mercedes Benz's to ex-hire fleet cars, a $350,000 Swagman Caravan, and trailer-mounted generators and light towers.
Even a 1929 vintage Model A Ford worth $25,000 is sitting in the auction shed, waiting to go under the hammer today.
Got vroom for a tycoon toy?
Tanya Westthorp | July 10th, 2009
A SLICK black Maserati Gran Turismo is the latest of the Gold Coast high flyers' toys to be ripped from its luxury garage and thrown into an auction shed by receivers.
Carrara-based Lloyds Auctioneers and Valuers has become a 'house of broken dreams' in recent months as receivers move in on the Coast's former rich set, taking prized possessions and flogging them off at a discount.
Lloyds director Bill Freeman said the spoils of crushed livelihoods had flowed to the auction shed with the stock including luxury cars, several boats, 25 motorcycles -- including Kawasaki's top-end VN900 --jet-skis, pool tables, framed and autographed football jerseys, a private collection of Penfolds Grange wine, whitegoods and furniture.
"Everyone's toys are starting to go," he said.
"This is going to be the start of luxury cars coming on to the market, and we've got 25 motorbikes repossessed this month.
Mr Freeman said the recession had been good for the shed in the past months.
"Our sales would probably be up 30 per cent on this time last year," he said.
"In our weekly auctions we're now selling about 1220 items compared with 600 to 700 a year ago."
Bill Freeman from Lloyds Auctions at Carrara with a 2008 Maserati
Manufacturers having trouble selling their goods at retail prices have also dumped their stock at the auction house.
"As money gets tighter and harder for retailers to sell, they ship it here," he said. "And we've had an increase in buyers looking for a bargain."
The fully-optioned 2008 Maserati, said to be worth up to $350,000, is pride of place in the yellow Lloyds warehouse since Indigo Projects (Management) Pty Ltd fell into receivership two weeks ago.
Coast developer Mitch Nielsen was a director of the failed company.
But the fate of the Maserati, which has only clocked 11,000km and will probably sell for less than $200,000, is one of many repossessed goods waiting to be auctioned.
Mr Freeman said the entire Indigo Projects (Management) office was cleaned out and sent to Lloyds when receivers Andrew Fielding and David Whyte of BDO Kendalls stepped in a fortnight ago.
Framed Wallabies and Queensland jerseys were seized too, but it was the Maserati that has caused the most fuss.
"There has been a lot of interest, word seems to get around quickly. We've had a couple of dozen people come through already and we haven't even advertised it yet," said Mr Freeman.
The car will not go to auction 'unreserved' but Mr Freeman said 'they will sell it for whatever we get for it, I'll tell you now'.
Another victim of the global crunch lost his 5.25m, $30,000 Blue Fin boat, which is likely to sell for about $20,000.
Last fortnight, a private collection of Penfolds Grange was sold, with some bottles fetching up to $1100.
See the full article here
