Going, going, not gone: Q2 too pricey for bidders

A man shows the Q2 plate with the starting price of Dh33m at the auction on Saturday

Bidders refused to purchase the Road and Transport Authority's (RTA) coveted Q2 Dubai plate number that started at Dh33 million.

During a live auction on Saturday, the single-digit number plate wasn't bagged because its starting value was considered expensive by most bidders.

Set after the record Indian businessman Balwinder Sahani broke in October when he paid Dh33 million for the D5 number plate for his Rolls Royce, bidders could be heard in a hall at Emirates Towers Hotel requesting for the starting price to be reduced, but as their request went unanswered, the number was announced unsold.

"It is very pricey," Nawaf Al Falasi, founder of Top Service company in Dubai, told Khaleej Times after the auction. "If it was starting at Dh10 million or even Dh20 million, we would have bid."

Echoing similar thoughts was Emirati businessman Rashid, who refused to provide his last name. "This is the first time the RTA offers a number plate with that price." He added that desire for being unique is what drives bidders to purchase short numbers as a status symbol. "But when it exceeds a certain limit, it becomes hard to meet," he said.

According to Ahmed Bahrozyan, CEO of Licensing Agency at the RTA, this gives other future bidders the chance to purchase it as the number plate will be displayed in future auctions. However, it is not yet confirmed whether it will remain at the same starting value. The number I10 bagged the highest of Dh6.7million, followed by Q12 that was sold for Dh5 million. A total of 91 distinguished vehicle plates including 2,3,4 and 5-digit plates were offered at the auction.

Attending the auction was Sahani, who said he felt 'proud' that no one could bid higher than he did in October. "I was shocked when Q2 was not sold, but I feel proud I was able to buy the most expensive plate." According to RTA officials, the number D5 has been the biggest draw in the RTA's auction history, with many VIPs participating. Sahani didn't bid this time as the owner of RSG International, a property management company, already possesses number plates worth Dh90 million. He owns two single-digit plate numbers worth Dh500,000 and eight double-digit numbers among other triple digit plates for around 14 cars.

Just last year at a Shaikha Haya Charity Initiative, he successfully bid on plate number 9, paying Dh24 million for the privilege.

"I love numbers, be it mobile numbers or plate numbers. It is a prestige in this part of the world," he added.

sherouk@khaleejtimes.com

• UAE

Sherouk Zakaria

sherouk@khaleejtimes.com