The Market


2024 Florida sales – RM finishes in Miami with ca. $50m over two days

2024 Florida sales – RM finishes in Miami with ca. $50m over two days 3rd March 2024

Having recorded in excess of $27m yesterday – at ca. 78% sold by number – with expected after-sales the two-day gross for RM at its new Miami venue looks to be in the region of $50m, with eight out of 10 cars finding new owners.

It was a solid start for the Canadian firm at a location everyone rated, which bodes well for the future of the new south Florida classic car event. Despite a slightly weaker sell-through on the day, RM's Saturday sale had greater urgency to it, helped by ModaMiami the event now in full swing in the background. Broad Arrow’s Amelia Island auction was happening while Mike Shackleton and Sholto Gilbertson held court for RM Sotheby’s 385 miles away, but the figures suggest neither was really affected by the split locations.

Few gave the chart-topping early Ferrari a chance of selling, but it was cut loose in a pragmatic fashion $600k below low estimate.

At a glance (on the day, provisional):

* Gross, motor cars: $27,224,360
* Percentage sold by number: 78%
* Top-selling car: 1953 Ferrari 250 Europa Coupé $4,295,000 gross, $3,900,000 net (est. $4.5m to $5)
* Well sold? Bidding went into orbit for the last-but-one lot. Estimated without reserve at a reasonable $125k to $175k, the hammer on the 2007 Ferrari 612 Sessanta finally fell at $410,000. That’s $456,000 with premium for the one-of-60 four-seater, generally an unloved Ferrari type. A barnstorming performance that fully did justice to its first owner, Guy Laliberte of Cirque du Soleil.
* Well bought? Most cars that sold weren’t bargains but, buying by the yard, the Verde Bahram 1969 365 GT 2+2 was a lot of Ferrari (in every sense) for $162,400.

Next up by value was the 1930 Duesenberg Model J 'Disappearing Top' Convertible Coupe for $3.855m (est. $3.5 to $4m), proving significant pre-War Americana still has a place in today's environment geared more towards younger collectors.

Notable non-sellers on a day with few casualties included the 1981 Lamborghini Countach LP 400 S and high-quality 1963 Aston Martin DB4 'SS Engine' Series V Convertible.

Other results of note (all prices gross):

* 1929 De Havilland DH60GM Gipsy Moth from 'Out of Africa', $527,500. Sold to benefit the creation of a new rhinoceros sanctuary in Central Kenya. A nice touch in a world often centred on speculation and investment potential, and a beautiful thing in its own right.
* Bugatti Chiron, Not Sold. Bucks the trend of showroom-fresh Bugattis doing well at classic car auctions.
* Lexus LFA Nürburgring Package, Not Sold. One of the three non-selling LFAs out of four offered in Florida.
* 1963 Mercedes-Benz 300 SL Roadster, $2,260,000. Terrific triple-black presentation, and original specification of alloy block and discs with all matching numbers brought in the money for a car born Fire Engine Red.
* 1999 Mercedes-Benz SL 73 AMG, $610,000. Watching this anonymous black car turn into the parking lot at the Biltmore did not feel like admiring the $US equivalent of a good 1973 Porsche  911 Carrera RS 2.7. One of 42 built and with fewer than 35,000km. A case of “if you know, you… pay for it”.
* 2011 Ferrari 599 GTO, $896,000. Sole example delivered to US in Argento Nürburgring.

Full published results with market analysis to follow…

RM Sotheby’s at ModaMiami at the Biltmore Hotel Coral Gables, 1-2 March 2024 – provisional results (2023)

Gross: $49,290,360 ($63,595,911)
Number of cars not sold: 25 (9)
Number of cars withdrawn: 3 (0)
Total number of cars: 117 (88)
Number sold: 92 (79)
Percentage of cars sold by number: 79% (90%)
Percentage by value average low/high estimate: 53% (67%)
Number of cars met or sold below low estimate: 60 (43)
Percentage of cars met or sold below low estimate: 65% (54%)
Percentage of cars sold below avge of estimates: 84% (73%)
Percentage of cars sold met/exceeded top estimate: 10% (13%)
Average price of cars sold: $535,765 ($805,012)
Average year of cars offered: 1978 (1964)
Percentage of cars offered at No Reserve: 51% (40%)

All quoted prices include buyer’s premium.

Photos by K500