Sometimes prices are negotiated/adjusted down if the car turns out to be less than represented. Also, the auctioneer repeats the next step in the bidding rather than the last bid made. Then when the car sells, they announce the winning bid - but not always. I believe the $25k number was the next expected bid.

I watched a few and I think that once he got a bid the number on the screen only showed the last bid made.  Before he got the first bid though it would show what he was asking.  Maybe all bids are off if the reserve isn't met.  Still, $22,000 is a good number.  Who knows about quality of the car though, I guess you have to be there.

Description of car from Mecum:

 

Color Green

HIGHLIGHTS:

Twin Carburetor 6-cylinder engine

4-speed transmission

Power disc brakes

Factory air conditioning

Factory tachometer and gauges

Factory polished wheels

AM/FM CD stereo

Rust free

Original paint and interior

Detailed undercarriage

 

Car looks nice. Miles not mentioned. No history mentioned.

Nothing special I see. I would say worth 18K.

 

Now the 65 Mustang before that was a STEAL.

Oh yeah, still a good price. Just thought the last bid made it to 25k and thats what it sold at.

Interesting new development..... Another green 72 Z has been added without photos. Description is identical as the prior lot less "factory air". Is this the same car relisted?

FYI there are now 2 240Z's scheduled:

Lot S6 green '72 4 speed scheduled early Saturday Jan 14

Lot F268.1 orange '70 5 speed scheduled later Friday Jan 13

Once the car does not hit the reserve they move it into the bid goes on area.  The price is totally negotiable at that point and time between the owner and the prospective buyer, Mecom acting as an intermediary.  The final bid has nothing to do with anything really.  I negotiated a deal on a 67 Corvette for $50K  it had a reserve of $58 and the final bid was $55.  Best time to negotiate obviously is on or near the end of the auction weekend. 

 

8 hours ago, Jaymanbikes said:

 The final bid has nothing to do with anything really.  I negotiated a deal on a 67 Corvette for $50K  it had a reserve of $58 and the final bid was $55. 

Most auction houses in my experience will go to the "backup bidder" once the seller waives the reserve.  In this case, $55k.   You may have been lucky that they passed on it.   Also, the buyer premium thievery of 6 to 10% is added to the final price.

Ok Mecum no longer shows any lot L150, so lot S6 must be a resisting as the last sale didn't go through.

lot 268.1 Series I was bid up to $30K but didn't meet the reserve.

Watched it on the live feed, looked very nice & my favorite color.   Tasteful mods, air dam & wheels.

Lot S6 (formerly L150) sold this morning with no reserve for $23K. This is a grand more than the first time it went up for sale.

On ‎1‎/‎14‎/‎2017 at 9:38 AM, djwarner said:

Lot S6 (formerly L150) sold this morning with no reserve for $23K. This is a grand more than the first time it went up for sale.

Sounds like something fishy is going on.  Maybe the original buyer backed out?