RM hits $41m+ on day two of its 2024 Monterey event

Moving on from the No Reserve bonanza of the evening before, RM had some heavy lifting to do on its second night at the Portola. Only four out of 10 entries were in to sell come what may. In the end, at least 74% of the catalogue found new owners, resulting in a likely one-day gross in excess of $41 million.

It was a busy evening in Monterey but at one stage many potential bidders had to return from The Quail, then weigh up going to Gooding at Pebble Beach to watch the Alfa Romeo 2900B Roadster cross the block. In common with events over at Gooding, certain cars and genres presented by the Canadians at the Portola did not do well.

At a glance (provisional):

* Gross, motor cars: $41,873,181
* Percentage sold by number: 74%
* Top-selling car: 1995 Ferrari F50 $5,505,000 gross, $5,000,000 net (est. $4.5m to $5m)    
* Well sold? Big price for the F50, likely a new world record at auction
* Well bought? The usable and patinated 1955 Mercedes-Benz 300 SL ‘Gullwing’ that went for $1,380,000

The F50 was a concours-standard US car with 8,556 miles and was the subject of a fierce battle before finally selling at $5m net.

Other results of note:

* 1911 Rolls-Royce 40/50 HP Silver Ghost Open Drive Limousine ‘The Dreamer’ by Grosvenor, $280,000. Out of fashion but sold – way off its estimate.
* 1953 Bentley R-Type Continental Fastback, $747,500. As above.
* 1960 Ferrari 400 Superamerica SWB Cabriolet by Pinin Farina, Not Sold. Another handbuilt ‘super Ferrari’ that has been seen too often suffering at the hands of today’s market and needing a new approach to pricing.
* 1957 Ferrari 625 TRC, pictured, top, Not Sold. Fabulous machine but too expensive.
* 2020 Ferrari 488 Pista ‘Piloti Ferrari’, $885,000. Another strong result for a modern Ferrari – you could buy a Dino GTS for that…

All prices include buyer’s premium.

RM Sotheby’s at the Monterey Conference Center, 16 August 2024 – on-the-day results

Gross: $41,873,181
Number of cars not sold: 21
Number of cars withdrawn: 0
Total number of cars: 81
Number sold: 60
Percentage of cars sold by number: 74%
Number of cars met or sold below low estimate: 41
Percentage of cars met or sold below low estimate: 68%
Percentage of cars sold below avge of estimates: 82%
Percentage of cars sold met/exceeded top estimate: 10%
Average price of cars sold: $697,886
Average year of cars offered: 1970
Percentage of cars offered at No Reserve: 43%

You can download a complete lotlist of all cars offered by Bonhams, Broad Arrow, Gooding & Co and RM Sotheby’s sorted by make and model HERE.

Monterey Week 2024 auction schedule:

Mecum – sales Thursday 15 August to Saturday 17 August. Hyatt Regency Monterey Hotel and Spa, 1 Old Golf Course Road, Monterey, CA 93940. Gates open at 08:00. See mecum.com

Broad Arrow – sales Wednesday 14 August, Thursday 15 August. Monterey Jet Center, 300 Sky Park Dr, Monterey, CA 93940. Auctions at 17:30 Wednesday, 15:00 Thursday. Preview Wednesday, Thursday, Friday. See broadarrowauctions.com

Bonhams – sale Friday 16 August. Quail Lodge & Golf Club's West Field, 27050 Rancho San Carlos Road, Carmel, CA 93923. Auction at 11:00. Preview Wednesday, Thursday, Friday. See bonhams.com

Gooding & Co – sales Friday 16 August, Saturday 17 August. Pebble Beach Parc du Concours, Corner of Stevenson Drive and Portola Road, Pebble Beach CA 93953. Auctions at 16:00 Friday, 11:00 Saturday. Preview Wednesday, Thursday, Friday and Saturday. See goodingco.com

RM Sotheby’s – sales Thursday 15 August to Saturday 17 August. Portola Hotel & Spa and Monterey Conference Center, 2 Portola Plaza, Monterey, CA 93940. Auctions at 17:30 Thursday, Friday and Saturday. Preview Wednesday, Thursday, Friday and Saturday. See rmsothebys.com

Photos by K500