The Market


Miami Price: RM sells Mercedes 560 SEC AMG 6.0 'Wide-Body' for $720k

Miami Price: RM sells Mercedes 560 SEC AMG 6.0 'Wide-Body' for $720k 11th December 2022

The Canadians' much-anticipated final live auction of the year grossed $39.3m. All but one car sold. It was trailed as an event of appeal to a new generation of collectors and the results proved the strength of that market, though the headlining Ferrari supercars were all bought below lower estimate.

Top-selling car was the $5.395m Ferrari F50. Delivered new to Singapore, the car showed just 625 miles on its odometer. It’s the most expensive F50 sold at auction, though some way off its weighty $5.5m to $6.5m estimate. The F40 (US spec, 2,736 miles with Classiche docs) sold for $3.25m and the Enzo (another US car, with 11,870 miles and Red Book) achieved $3.195m. All were red and sold at broadly market price. Similar cars can be bought fairly easily.

At a glance:
* Gross, motor cars: $39,262,700
* Percentage sold by number: 98%
* Top-selling car: 1995 Ferrari F50 $5,395,000 gross, $4,900,000 net (est. $5.5m to $6.5m)    
* Well sold? Estimated at $225k to $275k, the 1987 Mercedes-Benz 560 SEC AMG 6.0 'Wide-Body' sold for $720,000 all-in. Coming from Kuwait, expect taxes and customs duties on that
* Well bought? A 27,000-mile 2014 BMW M5 with special-order paint sold for $44,800 gross against a $80k to $100k guide. Perhaps the matt-black wrap that “can easily be removed” put some off

After posting strong results for the genre pre-pandemic, RM had given the No Reserve Youngtimers something of a break. They were out in force again in Florida this weekend. All sold well, topped by the mad result for the 560 SEC AMG 6.0 'Wide-Body', pictured, top. The company’s recent European sale in Munich saw similar, super-strong figures for special-edition ’90s Porsches, BMWs and Mercedes.

The only traditional classic of note in Florida was a Ferrari ‘Daytona’ Spider – it would be dereliction of duty if RM had not consigned one for a Miami sale. This one was to the worst possible spec – North American and red from new, but converted to an EU look and with sparkly polished Borranis – that went under its lower estimate of $2.2m to sell for $2m net, $2.205m gross.

Other results of note (all prices gross):

* 1974 Ferrari 365 GT4 BB, $335,000. Italian-delivered car in interesting Rosso Dino (it’s red, Jim, but not as we know it).
* 2007 Mercedes-Benz SLR McLaren 722 Edition, $808,000. More big money for the most-wanted SLR McLaren.
* 1980 BMW M1 ‘AHG Studie’, $648,500. One of a handful of cars modified by BMW dealer AHG to semi-comp spec, “the ultimate Procar-style street machine”.
* 2020 Ford GT Heritage Edition, $1,490,00. Painted in Gulf colours, a modern Ford GT that beat all its pre-sale estimates.
* 1974 Jaguar E-type Series 3 V-12 Roadster, $170,800. A blast from the past makes a strong reappearance at auction, though as a manual US example it must be rare. Another Kuwait car so watch out for extra fees.
* 1995 Ferrari F512 M, $533,000. Interest in the rarer versions of the ubiquitous Testarossa is maintained; the most expensive F512M sold at public auction. One of 75 US cars but coming from Kuwait this time.
* 1988 Porsche 959SC, $2,920,000. A standard 959 Komfort ‘reimagined’ by Canepa Motorsports with many modifications including an 825bhp motor and one-off Emerald Green metallic paintwork.
* 1994 Bugatti EB110 GT, Not Sold. Like other EB110 GTs this year at auction, the model has hit the buffers. At $1.6m to $1.9m, anyway.

So, as an end-of year event that majored on the recent darlings of the collectors’ car market, what can be read into these results? It’s all going pretty well. Any sign of overheating at the top is countered by all three big Ferraris falling – but still selling – below estimate. The march of the small-series fast German saloons continues, and demand is still there for rare 964 and 993 Porsche 911s. How 1950s British and Italian sports cars would have fared is questionable, but Miami was not that sort of event. Scottsdale in January and Rétromobile in February are – and they are not far away.

RM Sotheby’s at Miami Beach, 10 December 2022 – results

Total gross cars: $39,262,700
Number of cars not sold: 1
Number of cars withdrawn: 0
Total number of cars: 58
Number sold: 57
Percentage cars sold by number: 98%
Percentage by value average low/high estimate: 86%
Percentage of cars sold below low estimate: 42%
Percentage of cars sold not met avge of estimates: 63%
Percentage of cars sold met/exceeded top estimate: 25%
Average value of cars sold: $688,819
Average year of cars offered: 1997
Percentage of cars offered at No Reserve: 62%

Photos by RM Sotheby’s