The Market


RM finishes in Monaco with likely €39m+ for two-day auction

RM finishes in Monaco with likely €39m+ for two-day auction 12th May 2024

The Canadians closed their 2024 Monaco auction in style yesterday evening when the actual car that won three Grands Prix for Jody Scheckter during his Championship-winning year was hammered sold at €6.8m against its €4.5m to €5m estimate. With premium, the buyer paid €7.655m to own the South African’s 1979 Ferrari 312 T4. Pending post-sale deals, we predict a two-day total in excess of €39m for the Canadian firm, its best-ever figure in the Principality.

The disposal of the Scheckter Collection was to streamline the former World Champion's affairs, who’d reached a stage in his life when his assets needed making more liquid. In truth the total (some €12.5m gross) might not have entirely matched the South African’s expectations. The condition of the cars was, on the whole, to ‘storage’ rather than ‘race-prepared’ standards. The Grand Prix star seemed philosophical – and even had time to buy the Ferrari 625 F1 for €2.7m before his cars crossed the block.

The 312 T4 is most likely to travel to a new home in the Far East. Bids came in at €3m when auctioneer Sholto Gilbertson declared the car selling and swiftly broke the six-million-euro barrier. The two McLaren F1 cars were well bought, particularly in the context of eligibility for the Monaco Historics. If you’d spent the morning at the track thinking “I’ve got to do that”, there was instant gratification only 30 minutes away. Around £100k spent in the UK gets these types of DFV-engined 1970s GP cars back on the grid.

At a glance (on the night):

* Gross, motor cars: €14,409,350
* Percentage sold by number: 78%
* Top-selling car: 1979 Ferrari 312 T4 €7,655,000 gross, €6,800,000 net (est. €5.25m to €6.5m)
* Well sold? Given the 312 T4 was always going to go well, it’s worth mentioning the fate of the 1977 Tyrrell P34 (€450k to €650k), a post-period, built-up car that was subject to intense bidding until finally hammered at €920,000, or €1,040,000 with premium
* Well bought? Usual warnings on these (this car’s body appeared repaired/patched-in in places, and came with a non-matching engine, like many), but someone now owns an event-eligible 1960 Alfa Romeo Giulietta SZ for an affordable €224,250

Of the other big-ticket cars, the modern (2022) Lamborghini Countach LPI 800-4 was bought under low estimate for €2,001,875 and the white 1958 Ferrari 250 GT Cabriolet Series I did not sell. The latter, in at €4.5m to €5m, had been snapped up by the UK trade at the Guikas sale in November 2021 for €4.4m. A quick repaint and retrim later and it was back to sell at a profit. We rate this car, but it merits a proper Italian restoration to bring out its best: work done to a high standard that can be admired close up. This one did not pass the ‘20ft test’. Done properly it would be sensational.

Once again, the Gilbertson/Smith pairing turned in a solid performance, though events last night – big Ferrari F1 car notwithstanding – were more subdued. There was a period of four cars not selling in a row and the sold-by number dropped from 83% on Friday to 78% last night.

Other results of note (all prices gross):

* 1994 Lancia Delta HF Integrale Evoluzione II 'Edizione Finale', Not Sold. A car built for the Japanese market – never easy to sell in Europe.
* 2010 Ferrari 458 Italia 'Army', €466,250. Certainly an acquired taste, bidding on this was probably the strongest seen all evening.
* 1959 Ferrari 250 GT Cabriolet Series II by Pinin Farina, Not Sold. Car bought at the Petitjean sale in February 2022 for €1,141,250. Then red, it has been repainted a metallic Bordeaux – not its original colour. And still retains the clumsy faired-in headlamps fitted by serial American customiser Tom Meade. It was never going to sell at €1m to €1.2m. Try €700k to €800k next time.
* 1975 Lancia Stratos HF Stradale, €590,000. A 12,000km, highly original ‘survivor’ in interesting Azzurro Chiaro.
* 1962 Ferrari 250 GT/L Berlinetta Lusso, Not Sold. Thanks to RM’s peerless presentation, this looked good, but in today’s market was probably €250k too much at €1.5m to €1.75m. Artcurial’s car sold for €1,450,000 on Thursday.
* 1955 Porsche 356 Carrera 1500 GS Speedster, Not Sold. Like most of its ilk, with non-original engine. Who really needs a Carrera at $1m+ when a regular car looks the same and is only a little slower?

RM proved once again they are the class of the field, despite some slow sections of play every now and again this weekend. Post-sale dealing might add to the provisional gross of €39.1m, but that’s already a record for the Canadian firm in Monaco. Add that figure to the totals already declared by Artcurial and Bonhams and the combined gross of €74m is the largest ever recorded by classic car auctions in the Principality.

We will be crunching the numbers to give you an overview early next week, with full results and some thoughts from Simon on the state of the market mid-2024 with Pebble Beach week less than 100 days away.

RM Sotheby’s at the Grimaldi Forum, Monaco, 10-11 May 2024 – provisional results (2022)

Total gross cars: €39,127,151 (€30,544,013)
Number of cars not sold: 21 (15)
Number of cars withdrawn: 4 (0)
Total number of cars: 104 (66)
Number sold: 83 (51)
Percentage cars sold by number: 80% (77%)
Percentage by value average low/high estimate: 55% (59%)
Percentage of cars sold below low estimate: 57% (45%)
Percentage of cars sold not met avge of estimates: 77% (67%)
Percentage of cars sold met/exceeded top estimate: 14% (22%)
Average age of cars offered: 1980 (1980)
Average price of cars sold: €471,411 (€598,902)
Percentage of cars offered at No Reserve: 49% (20%)

Photos by K500