RM at the Arizona Biltmore 2019: Day one

The Canadians maintained the trend set by Bonhams earlier in the day of cars selling mostly below low estimate. Some bright spots – such as the $2m Ferrari 330 GTS – helped push the likely gross over the $17m mark.

Decamped to a big white marquee from its regular spot in the ballroom, RM led by regular auctioneer Maarten ten Holder held a businesslike auction, addressing a mainly local audience; as earlier, there were few members of the European trade.

At a glance from provisional figures:

* Gross: $17,737,280
* Percentage sold by number: 79%
* Top-selling car: 1985 Ferrari 288 GTO, $3,360,000 gross, $3,050,000 net (est. $3.2m to $3.6m)
* Well sold? As we predicted, it was one of the Vectors, the WX-3R Prototype, hammered at $555k against an estimate of $450k to $550k
* Well bought? Unfashionable, but how about the 1925 Lincoln Model L Coupe by Judkins that went at just over half its low estimate, $95,200 all-in
* One to take away? Interesting colour but not immaculate and very much a ‘driver's’ car, the $467k 1973 Porsche Carrera RS Touring

Unlike Bonhams’ James Knight and Rupert Banner, Maarten ten Holder didn’t have the luxury of so many cars offered at No Reserve, so he did well to sell nearly 80% on the day. Expect a few post-sale deals to boost this, the ‘RM Way’.

There were a few old-stagers in the catalogue. The yellow Ferrari 330 GTC, chassis 11517, has been sold twice at auction in recent years: $374k in 2010 and $946k in 2013. At the Biltmore in 2019, it went for $687k gross, a clear example of the flattening in 1960s Ferrari road car values we revealed in our end-of-2018 market summary.

The black, late-model Daytona coupé (non-matching engine) grossed $577,000. The yellow Daytona Spider (US-spec, converted to Euro) failed to sell, and neither did the LaFerrari Aperta, unsurprisingly given its stratospheric estimate. Both wacky Vectors sold well, proving that the demand is there for the genuinely rare and unusual.

Day two at RM has the headlining special-bodied Ferrari 250 GT and Rolls-Royce and Porsche collections – expect pencils sharpened and reserves trimmed first thing.

RM at the Arizona Biltmore, 17 January 2019 – strictly provisional

Gross: $17,737,280
Number of cars not sold: 16
Number of cars withdrawn: 2
Total number of cars: 78
Number sold: 62
Percentage cars sold by number: 79%
Percentage of cars met or sold below low estimate: 76%
Percentage of cars sold below avge of estimates: 90%
Percentage of cars sold met/exceeded top estimate: 5%

Photos by K500