€23m+ for RM Sotheby’s in Munich

With nine out of ten motor cars offered finding new owners in the capital of Bavaria on Saturday, it was a solid event for the Canadian firm. Many, though, sold below low estimate, including the top-selling 1923 Mercedes Type 122 Indianapolis Racer.

Two groups of cars formed the bulk of the catalogue. The Munich Masterpieces Collection centred on BMWs, while the Aumann Collection included European standards from Aston Martin, Porsche and Mercedes-Benz with some rare breeds such as Veritas thrown in. To no one's surprise, a few Kuwaiti Astons made the trip to Munich.

Christoph Meysen was at the auction for K500:

“This year’s iteration of RM Sotheby’s Munich auction inside Motorworld featured the very pre- and early post-war heavy Aumann Collection as its centrepiece. The two star lots were a 1955 Porsche 550 Spyder and a 1923 Mercedes Type 122 Indianapolis Racer. As always, auctioneers Will Smith and Sholto Gilbertson guided through the lots in a brisk yet professional manner.

“The Aumann collection attracted a predominantly German crowd of middle-aged-to-elderly gentlemen who maintained the upper hand on most lots. They were accompanied by a never-ending stream of tourists allowed into the saleroom once bidding began. Despite bidders and spectators occupying every last inch of the venue, as ever-greater numbers flocked in, the crowd never seemed overly enthusiastic; exactly half the lots failed to hit their lower estimates. Unusually, there was a marked lack of activity over the telephones.”

At a glance:

* Gross, motor cars: €23,299,950 (2023, €15,629,000)
* Percentage sold by number: 90% (2023, 88%)
* Top-selling car: 1923 Mercedes Type 122 Indianapolis Racer €3,605,000 gross, €3,200,000 net (est. €3.8m to €4.4m)
* Well sold? A rare sight at auction these days, the silver with black vinyl/blue towelling seats 1969 Ferrari Dino 206 GT (est. €450k to €550k) sold for €680,000 all-in was one of the stars of the night.
* Well bought? The 1929 Mercedes-Benz 710 SS Roadster stylishly rebodied by London firm Corsica in period is everyone’s idea of a 1920s Mercedes: long bonnet, low screen and short overhangs, all powered by a screaming supercharged ’six. Sinister black paintwork a plus. Yes, the catalogue description included a few “believed to bes”, but against a pre-sale estimate of €3.5m to €4.5m it was a good purchase at €2,761,250 gross.

A notice was read out before bidding on the 1957 300 SL Roadster commenced. The grey metallic (original) with green leather (non-original, a favourite of the Mittelstand home market) car had had its chassis front crossmember replaced, the chassis number was not in a normal place, traces of another number were visible, and buyers were encouraged to “confirm the identity of car”.

Even worse, the notice had been prompted by a visit to the venue from the police and a specialist appraiser who had inspected the car before the auction started. Alarm bells rang.

With recent memories of the Kienle scandal stirred up again by a documentary on German television, the car’s fate was effectively sealed. Surprisingly, a brave buyer still paid €1,017,500 for it. Perhaps they own the other one, some thought.

When the dust settled, however, it turned out that the car was indeed genuine, had not been restored (or otherwise) by Kienle and RM’s rigorous pre-sale expert inspection was right: it was the real deal. Expect more of this to come.

Other results of note (all prices gross)
 
* 1972 BMW 3.0 CS, €100,625. Right-hand drive but a great colour and in generally good condition that could be improved upon. A ‘driver’ to enjoy, bought at the right price.
* 2022 Ferrari Monza SP1. Not Sold. Maybe the jury is out on these – at €3m to €3.5m. RM sold a car at Villa Erba last year for €2.4m. Of the same genre, the Aston Martin V12 Speedster was another non-seller.
* 1897 Benz Velo, €398,750. Delivered new to Turin, and with good provenance, big money paid for an example of what many consider the world’s first serial production car.
* 1955 Mercedes-Benz 300 SL 'Gullwing', €1,411,250. Everyday car in safe silver with red hide and period Rudge wheels fitted after delivery.
* 1937 BMW 328 Roadster, €477,500. Older restoration with re-stamped block. Nice original colour, fitting for an evergreen model that defies changes in the market.
* 1955 Porsche 550 Spyder, €3,464,375. With matching numbers engine and gearbox, though the catalogue is less illuminating on the rest of the car. In other words, a typical 550 Spyder, and sold accordingly, under estimate but probably at the right level.
* 1979 BMW M1 'Exclusiv by Walter Maurer', €477,500. The classic mid-engined homologation special painted after 200km covered by second-division Art Car artist Walter Maurer, a poor man’s Andy Warhol.
* 1965 Aston Martin DB5, €702,500. Left-hand drive car delivered new to the US in Autumn Gold, now ‘Bond-spec silver’ and unlikely to pass an inspection by a hard-nosed British marque specialist: "Total restoration, total restoration..." Factor in €300k for proper work in the country of its birth but do bear in mind the original colour sounds good but is an acquired taste.

In summary, on the face of it a solid result for RM in a nation not known for an enthusiasm for public auctions. But the underlying trend of younger collectors moving away from what are to them old and unexciting pre- and post-war classics cannot be denied, as the prices achieved today showed.

“Couple that with a prolonged German recession,” commented Christoph Meysen, “as well as a relatively greater risk adversity among German collectors, and it is not hard to see why this auction has not reached quite the heights RM Sotheby’s had anticipated.”

RM Sotheby’s in Munich, 23 November 2024 – results (2023)

Total gross cars: €23,299,950 (€15,629,000)
Number of cars not sold: 6 (8)
Number of cars withdrawn: 1 (4)
Total number of cars: 58 (68)
Number sold: 52 (60)
Percentage cars sold by number: 90% (88%)
Percentage by value average low/high estimate: 60% (53%)
Percentage of cars sold below low estimate: 50% (80%)
Percentage of cars sold not met avge of estimates: 65% (85%)
Percentage of cars sold met/exceeded top estimate: 23% (5%)
Average value of cars sold: €448,076 (€260,483)
Average year of cars offered: 1961 (1987)
Percentage of cars offered at No Reserve: 66% (59%)

Photos by Peter Singhof and Christoph Meysen (above and top)