€4.84m Ferrari F40 LM leads the way at RM’s 2019 Paris sale
Addressing a full and busy saleroom, earlier this evening regular RM auctioneer Maarten ten Holder sold 59 of the company’s 84-car Paris catalogue – that’s a sell-through by number of at least 70%. Top seller was the famous blue Pilot pens-liveried Ferrari F40 LM that went slightly below low estimate at €4,842,500 all-in.
The sell-through was market-average for Europe, the gross slightly up on last year, though so many big-ticket entries failing to sell will create jitters for the other auction houses yet to present their catalogues this week.
The sale was well attended with trade and leading private collectors present both at the show during the day and at the sale on the night. The event had a truly international feel: weather apart, Paris has many attractions not found in Scottsdale.
At a glance from provisional figures:
* Gross: €25,040,713 (2018, €23,745,475)
* Percentage sold by number: 70% (2018, 83%)
* Top-selling car: 1987 Ferrari F40 LM, €4,842,500 gross, €4,300,000 net (est. €4.5m to €5.5m)
* Well sold? Any of the ‘Youngtimer’ Mercedes, a selection sent into orbit by the 1989 560 SEC AMG 6.0 'Wide-Body' (bottom) achieving €297,500 with premium against a guide of €150k to €200k
* Well bought? Take into account the non-matching engine and body of the Porsche 550 (pictured, above), and €3m all-in (say $3.5m) is not exactly a ‘bargain’ but someone now has a pretty, usable car for all the right events. The equivalent of $6.1m for Bonhams’ best-of-the-best 550 at the Revival in 2016 sets the standard for cars that have usually led incredibly hard lives
* One to take away? Maybe the 1954 Alfa Romeo 1900C Super Sprint Coupé by Touring announced sold (a nice touch) a couple of lots after it was passed, for €205k hammer (est. €250k to €350k)
Casualties on the night included the BMW 507 Roadster, three modern Bugattis, the Enzo, the F50 and the long-nose alloy 275 GTB/6C. The latter was bought for €3,416,000 at RM’s Milan Compiano Collection sale in late 2016. Having recently been restored in the UK, and with Ferrari Classiche Certification, getting that investment back might take a while... Ouch.
The attractive Glacier Blue Porsche 2.7 RS Touring was an ex-racer with a replacement crankcase – €511,250 incl. premium was fair all round. As we saw in Scottsdale, the market punishes the less-than-perfect.
The buzz was all about the German Youngtimer cars, a massive collection RM will offer at sales throughout the year. Buyers really would find it tough to ‘find another next week’, hence the strong prices. You can apply the same principle to the €2,030,000 gross Bugatti EB110 Super Sport, at the equivalent of $2.3m, surely a record.
For the rest, it’s a long journey home.
RM Sotheby’s in Paris, 6 February 2019 (2018) – strictly provisional
Total gross cars: €25,040,713 (€23,745,475)
Number of cars not sold: 25 (14)
Number of cars withdrawn: 0 (1)
Total number of cars: 84 (83)
Number sold: 59 (69)
Percentage cars sold by number: 70% (83%)
Percentage by value average low/high estimate: 45% (54%)
Percentage of cars met or sold below low estimate: 61% (65%)
Percentage of cars sold below avge of estimates: 75% (83%)
Percentage of cars sold met/exceeded top estimate: 20% (9%)
Average price of cars sold: €424,419 (€344,137)
Average year of cars offered: 1978 (1976)
Percentage of cars offered at No Reserve: 15% (43%)
Photos by K500