RM Sotheby’s Sets New Collector Car Auction Benchmark with $172.9 Million Monterey Extravaganza
· RM Sotheby’s generates highest ever total for a collector car auction: $172.9 million in sales at its flagship Monterey, California event
· 1964 Ferrari 250 LM claims top sale of the 2015 Monterey Car Week at a record $17,600,000
· Pinnacle Portfolio sets new auction benchmark for a single-day, single-vendor auction at $75.4 million
· RM Auto Restoration claims sixth Best of Show win at the prestigious Pebble Beach Concours d’Elegance
· Complete results available at www.rmsothebys.com
More than 3,600 auction attendees
Bidders from 31 countries
Nine hours of auction action
129 cars sold
$172.9 million in sales
36 individual million-dollar-plus results; seven lots achieve more than $5 million; four lots exceed $10 million
LOS ANGELES, California (August 19, 2015) – RM Sotheby’s cemented its undisputed leadership position in the global collector car auction industry on the weekend, generating a remarkable $172.9 million* in auction and post-auction private sales during its three-day Monterey event in California. The impressive tally ranks the event as the highest grossing collector car auction of all time, besting the company’s 2014 Monterey performance by more than 20 percent.
In addition to posting the top auction sales of the weekend, the RM team clinched its sixth ‘Best of Show’ win at the Pebble Beach Concours d’Elegance on Sunday, with the spectacular 1924 Isotta Fraschini Tipo 8A F. Ramseier & Cie Worblaufen Cabriolet, owned by The Patterson Collection and freshly restored by RM Auto Restoration, taking top honors at the prestigious event. The win represents RM’s sixth ‘Best of Show’ at Pebble Beach in the new millennium, an unmatched achievement, and was joined by a number of other awards for other RM Auto Restoration prepared cars.
“We’ve certainly reached new heights with this year’s Monterey sale, setting multiple new benchmarks,” says Ian Kelleher, Managing Director, RM Sotheby’s West Coast Division.
“The results truly speak for themselves and reflect our commitment to bringing not only the best to the market, but backing our product by extensive research and documentation. In addition, the Monterey event was truly a fantastic showcase of the RM and Sotheby’s teams working in concert to build a global platform for collector cars. Bidders hailed from 31 countries, 20 percent represented first-time clientele, and we welcomed increased participation from collectors in the 30 – 40 age bracket. It was definitely a weekend for the history books, and to cap it off with a Best of Show win at the Pebble Beach Concours d’Elegance made it all the more thrilling and memorable.”
RM’s Monterey sale was extended to three days in 2015, with the auction room attracting a standing-room-only audience across all sessions. Bidders from 31 countries were drawn to the carefully curated offering, with multiple bidding contests erupting between those in the room and on the telephone, including collectors bidding with Sotheby’s representatives. No less than 36 lots achieved individual million-dollar-plus results, with four lots exceeding $10 million. In total, RM Sotheby’s was responsible for six of the top 10 sales of this year’s Monterey Car Week, including the top sale of the week – a historic 1964 Ferrari 250 LM from the Pinnacle Portfolio, which garnered a terrific $17,600,000 to set a new auction record for the model.
The Pinnacle Portfolio
Offered on Thursday evening, it was the Pinnacle Portfolio – an extraordinary private collection of 25 post-war sports cars – that set the tone for the three-day event, realizing an incredible $75.4 million in auction and post-auction private sales to comfortably set a new record for a single-day, single-vendor automobile auction, along with establishing numerous other auction benchmarks. In addition to the sale-topping Ferrari 250 LM, the group was highlighted by strong results for contemporary supercars, for which strong pre-sale interest led to record-setting values. Headlining this group was the iconic 1998 McLaren F1 ‘LM-Specification’ which spurred lively bidding to sell for a remarkable $13,750,000 to set a new record as the most valuable British car ever sold at auction. One of the sale’s most exciting moments came when the 2005 Ferrari Enzo, originally gifted by the factory to Pope John Paul II, crossed the block, more than tripling the previous record for the model at a final $6,050,000. Additional highlights included a 1994 Ferrari F40 LM for a record $3,300,000; a 2005 Mercedes-Benz SLR McLaren for an incredible $495,000; and the 2005 Saleen Twin Turbo for $682,000 against a pre-sale estimate of $350,000 – $500,000.
Multiple new auction benchmarks were set during the course of RM’s three-day Monterey event. A 1953 Jaguar C-Type Works Lightweight brought $13,200,000 on Friday to become the most valuable Jaguar sold at auction, while on Saturday, a 1956 Ferrari 250 GT Berlinetta Competizione ‘Tour de France’, the first ‘Tour de France-winning’ TdF, also achieved $13,200,000, a record price for the model at auction.
Illustrating the incredible quality of RM’s 2015 catalogue, as well as the company’s strength across all categories, other notable sales included:
· Aston-Martins from all eras achieved strong results, with many examples well-exceeding pre-sale expectations. Stand-out lots included: a 1940 Aston Martin Speed Model Type C for $1,155,000; a 1967 Aston Martin DB6 Mk I Shooting Brake for $682,000; and a 2013 Aston-Martin Centennial DB9 Spyder by Zagato for $693,000 (against a pre-sale estimate of $380,000 – $450,000);
· Representing American marques, a 1910 American Underslung Traveler Toy Tonneau doubled its estimate at a terrific $1,815,000 (a record for the model); and a 1933 Marmon Sixteen Victoria Coupe also well-exceeded expectations at a strong $907,500; and,
· A stunning 1952 Jaguar XK120 Supersonic attracted tremendous pre-sale interest to sell for $2,090,000 – a record for a Jaguar XK120 sold at public auction.
RM Sotheby’s top 10 Monterey sales:
1. Lot 113: 1964 Ferrari 250 LM – $17,600,000 (record for a Ferrari 250 LM at auction)
2. Lot 107: 1998 McLaren F1 ‘LM-Specification’ – $13,750,000 (record for a British car sold at auction)
3. Lot 235: 1953 Jaguar C-Type Works Lightweight – $13,200,000 (record for a Jaguar sold at auction)
4. Lot 332:1956 Ferrari 250 GT Berlinetta Competizione ‘Tour de France’ – $13,200,000 (record for a TdF sold at auction)
5. Lot 118: 1959 Ferrari 250 GT LWB California Spider – $8,500,000 (post-sale transaction)
6. Lot 217: 1950 Ferrari 275S/340 America Barchetta- $7,975,000.00
7. Lot 103: 2005 Ferrari Enzo – $6,050,000 (record for a Ferrrari Enzo sold at auction)
8. Lot 342: 1931 Bentley 4½-Litre Supercharged Two-Seater Sports – $4,015,000
9. Lot 309: 1966 Ferrari 275 GTB/6C Alloy – $3,960,000
10. Lot 116: 1994 Ferrari F40 LM – $3,300,000 (record for a Ferrari F40 LM sold at auction)
Lot 121: 1967 Ferrari 275 GTB/4 – $3,300,000
A full list of RM Sotheby’s million-dollar-plus sales in Monterey is available for viewing here, and a short video highlights reel here.
RM Sotheby’s continues its busy summer calendar of events, September 7 in London, England for its annual sale at Battersea Evolution held in partnership with the UK’s Concours of Elegance.
For further information on the upcoming London sale, or to view full results from RM Sotheby’s Monterey, please visit www.rmsothebys.com.
*Results are listed in USD and are inclusive of 10 percent buyer’s premium. Sales totals include post-auction private sales.