The Market


Monterey 2021: RM’s second day at the Portola grosses $59m+

Monterey 2021: RM’s second day at the Portola grosses $59m+ 14th August 2021

Closing proceedings at almost the same time as arch-rival Gooding, RM finished with only a handful of cars needing post-sale deals over the weekend.

The title of top-selling car was a tie between two racing Ferraris, the 268 SP and 275 GTB/C.

With the spotlight on Gooding’s McLaren F1, RM wisely kept its Porsche 917K for Saturday night, when the two Titans won’t clash.

At a glance (provisional):

* Gross: $59,265,501
* Percentage sold by number: 86%
* Top-selling car:
1962 Ferrari 268 SP $7,705,000 gross, $7,000,000 net (est. $8m to $10m)
1966 Ferrari 275 GTB Competizione SP $7,705,000 gross, $7,000,000 net (est. $8m to $10m)
* Well sold? The 275 GTB/C – its well-publicised garage fire will forever haunt it    
* Well bought? The 268 SP, a car that deserves some TLC in the country of its birth
* One to take away? It’s a replica in all but name, but just over $1.1m all-in for the late Peter Giddings’ bitza Alfa Romeo 8C 2300 Monza means someone has bought a car impossible to recreate for that money. And most events would accept it

Regular RM auctioneer in the US Mike Shackleton kept things moving along at a good pace, playing to a medium-sized crowd at the Portola.

As was the case over at Gooding, an F40 seller hit the jackpot with their car achieving $2,425,000 gross against an estimate of $1.8m to $2.1m. Mileage on this car was 2,896 from new.

Period racing Cobras used to be a familiar sight at Monterey. Latterly, they are less common. RM sold a Works Shelby car dead on low estimate for $4,130,000 incl. premium.

Catalogue entries that did not sell on the night included sporting Porsches such as the IROC Carrera RS 3.0, the 550 Spyder and the 935 K3. An interesting collection of ‘stick’ (manual) recent Ferraris was highlighted by $786,000 gross for a 2005 Superamerica.

While Gooding was selling a collectable McLaren of the past, someone bought what they hope will match the F1’s appreciation in the future. A strange creation – though Simon liked it in the metal – RM’s 396-mile 2020 McLaren Speedtail sold for $3,140,000 all-in, $150k off lower estimate. It’s a start.

RM Sotheby’s in Monterey, 13 August 2021, provisional results

Gross: $59,265,501
Number of cars not sold: 10
Number of cars withdrawn: 0
Total number of cars: 73
Number sold: 63
Percentage cars sold by number: 86%
Percentage of cars met or sold below low estimate: 41%
Percentage of cars sold below avge of estimates: 63%
Percentage of cars sold met/exceeded top estimate: 22%
Average price of cars sold: $940,722
Average year of cars offered: 1974
Percentage of cars offered at No Reserve: 30%

With thanks to Hammer Price

Photos by K500