The Market


It’s a wrap! RM grosses €47.7m in Milan

It’s a wrap! RM grosses €47.7m in Milan 27th November 2016

Over €47m – and that’s just for motor cars. Many came expecting a bargain; hardly anybody left with one, and there will be a few faces reflected in the shaving mirror thinking, “What have I done?”

For motor cars alone, the results – 423 lots we list with premium by make and model – totalled €47,671,232.

Key points:

* €47,671,232 gross for the three days of the sale
* 91% of cars sell above upper estimate, 3% sell below low estimate
* Top-selling car the 1966 Ferrari 275 GTB/6C Alloy (€2.4m to €2.8m) hammered at €3.05m, €3.416k with premium. Say $3.6m at today’s rates
* Gross per day: Friday €11,734,800; Saturday €24,508,512; Sunday €11,446,960
* Although transactions were at a lower level on Sunday, ex-GT Championship Porsche GT2 sells for €616,000 gross

Sunday’s sale was less headline-grabbing than the previous two. It would have been hard to keep that momentum up. Nevertheless, almost all lots smashed their upper estimates, none more so than the 1996 Porsche GT2 racing car (pictured above, left) that sold for €550k hammer, €616k with premium. RM had made a mistake with the estimate – by a factor of 10 – and it turned out that the car had international racing history in period, despite its ‘bitza’ appearance. A fact known to several serious bidders who pushed the price ever-higher. In immaculate, ‘as-raced’ livery, it would no doubt fetch more – an expensive project.

To ensure the big-hitters stayed in the saleroom, RM cleverly placed three top lots in succession – the Porsche 959, the Ferrari Daytona and the Ferrari F40 – the definition of ‘collector-grade cars’. All sold well (very, in the case of the Daytona) and are a more reliable indication of the state of the market than the firework display of prices seen earlier. For the record:

1988 Porsche 959 Komfort, €900k hammer, €1.008m gross
1969 Ferrari 365 GTB/4 ‘Daytona’, €780k hammer, €873.6k gross
1992 Ferrari F40, €920k hammer, €1.0304m gross

They were followed by a for-restoration 1961 Lancia Flaminia Sport Zagato 2.5 with 3C conversion that achieved €291,200 all-in. The two Ferrari 308 GTB Vetroresinas sold for €196,000 (c. $208k) and €162,400 (c. $172k).

Most other prices were at least half approaching the realms of sanity.

Attending the sale was a test of endurance, but it was an “I was there” moment. The market will debate the long-term implications of it all, probably concluding that it was a one-off, but it certainly didn’t show a decline in appetite for cars – quite the reverse.

The well-known name of RM Sotheby’s, its superlative marketing campaign and slick organisation made the sale a success where others might have failed, so let’s give the Ontario-based team due credit: well done, guys.

For results of RM Sotheby's in Milan, 25-27 November 2016 with approximate USD conversion (motor cars only) please CLICK HERE.

RM Sotheby’s in Milan, 25-27 November 2016

Total gross cars: €47,671,232
Number of cars not sold: 0
Total number of cars: 423
Number sold: 423
Percentage cars sold by number: 100%
Percentage by value average low/high estimate: 168%
Number of cars sold below low estimate: 12
Percentage of cars sold below low estimate: 3%
Number of cars sold not met avge of estimates: 24    
Percentage of cars sold not met avge of estimates: 6%
Number of cars sold above top estimate: 385
Percentage of cars sold met/exceeded top estimate: 91%
Average value of cars sold: €112,743
Average age of cars offered: 1977

Photos by K500