$41m+ final day of 2019 Monterey sales for RM
A workmanlike performance from the Canadians saw 56 out of 74 cars sold earlier this evening – expect the relentless RM machine to sell more over the next 24 hours. There was no happy ending for the early Porsche, though, as proceedings turned to farce. Neither it, nor the California Spider SWB, sold on the night.
Normally reliable auctioneer Maarten ten Holder conducted events at a frantic pace, inexplicably going off the rails when Lot 362, the 1939 Porsche Type 64, came onto the block. Over to an observer in the saleroom:
“For the star of the night, the much-hyped 40bhp ‘World’s Oldest Porsche’, the ‘RM Way’ proved slightly unconventional. The auctioneer opened the bidding at $30 million, jumping in $10 million increments to $40 million, $50 million and then $70 million, before reversing to $17 million.
“Cheering turned to jeering, the hammer went down quickly and the unsold car shuffled off stage. A Dutch auction?”
The busy saleroom had mostly come to be entertained rather than buy multi-million-dollar cars, so they certainly got their money’s worth this time.
At a glance, Saturday 17 August (provisional):
* Gross: $41,476,880
* Percentage sold by number: 76%
* Top-selling car: 1962 Ferrari 250 GT SWB Berlinetta $8,145,000 gross, $7,400,000 net (est. $8m to $10m)
* Well sold? Everyday Ferraris were hits, the most inexplicable result being $357k for a blinged-up 2013 458 Spider
* Well bought? Pass. The figures might not reflect it but most net figures were close to estimates
* One to take away? Had it sold, the Cal’ Spider, a genuine car with character
The sale was marked by some cars receiving zero interest – the alloy 275 GTB, the ‘Daytona’, the V12 Lagonda Rapide and the pre-War Porsche – while others were bitterly fought over, none more so than the 1967 Porsche 911 S 'Rallye'. Carrying an estimate of $250k to $325k, the winning bidder paid, with premium, $912,500.
The stylish 250 GT SWB (pictured, top) generated much interest at No Reserve and sold in the room.
More analysis to come tomorrow, when the Canadians declare their final results.
RM Sotheby’s at Monterey, 17 August 2019 – Strictly provisional
Number of cars not sold: 18
Number of cars withdrawn: 0
Total number of cars: 74
Number sold: 56
Percentage of cars sold by number: 76%
Percentage of cars met or sold below low estimate: 66%
Percentage of cars sold below avge of estimates: 70%
Percentage of cars sold met/exceeded top estimate: 14%
Average price of cars sold: $560,498
Average year of cars offered: 1972
Percentage of cars offered at No Reserve: 50%
Photos by K500