The auction effect on value when the car doesn't sell

An R model '65 Shelby Gt 350 Mustang has been bouncing from auction to auction and has had bids from 1 million, down to $475,000 and isn't selling. The owner must have wasted a lot of money on auction house fees, and isn't through bleeding money in hopes of selling at a profit. It's going up at auction again this August at Russo and Steele, http://www.russoandsteele.com/press_release.html?prid=97

Car #530.... one of only 35 produced (1 of 25 still remaining) was shipped to Lima Peru on 7/29/66 and raced extensively on the South American circuit. It was the South American Champion in it's class and the Peruvian National Champion in the late 60's.

Raced by purchaser Bratzo Vicich, the car was the South American Class Champion during the late 1960s as well as the Peruvian National Champion as late as 1973. A second South American owned the car and ran it actively until 1980. Returning to the United States in 1984 in the care of George Stauffer, the car has had numerous American owners since and was campaigned with the Sportscar Vintage Racing Association with whom it has a permanent medallion as well as other well-known sanctioning bodies. Restored not long ago by Kurt Vogt of Cobra Automotive and in a museum for a number of years

image from http://vintageperformance-autosales.com/gt350r.html who for an unknown reason is trying to sell the car before the auction