RM opens at Scottsdale 2018 with $18m gross

A bustling, if not packed saleroom witnessed a fine first day for the Canadians, with top slot taken by the immaculate Cobra 427 S/C that sold way over top estimate for $2.68m net, $2.95m gross.

Any reservations we might have had yesterday were dispelled by healthy bidding on nearly all lots and regular European auctioneer Maarten ten Holder – benefiting from a high percentage of the catalogue at No Reserve – conducted proceedings at a fine clip.

At a glance:

* Gross: $17,895,240
* Percentage sold by number: 87%
* Top-selling car: 1966 Shelby 427 Cobra S/C, $2,947,500 gross, $2,675,000 hammer (est. $2m to $2.4m)
* Well sold? Cobra 427, $1.8m Tucker 48, $769.5k, No Reserve Auburn Eight Supercharged Speedster
* Well bought? 1952 Jaguar XK 120 SE FHC (est. $125k to $175k) snapped up for $84k all-in

Bidding on the big Cobra started at $1m, swiftly went to $1.5m, with just one bid upping it by $500k to hit $2m before ten Holder finally brought the hammer down at $2.675m. Earlier, a 289 Cobra achieved $995k gross – typical market value for a street car.

The Tucker – like the equally successful Auburn – was one of the many entries without reserve. A star of a 1948 promotional film and the personal car of Preston Tucker until 1955, its history had been exhaustively researched and to model aficionados was clearly the one to have. The success of these cars shows there’s life in the market for traditional American classics yet.

Strongly (and broadly) estimated at $750k to $950k, the Bugatti EB110 finally sold for $875k net, or $967.5k with RM’s new split premium of 12% on the first $250k, 10% thereafter. Another good result.

Clearly, RM had done its homework to connect prospective buyers with the cars of their dreams. This, and the positive buzz of one No Reserve car after another hammered away to a new home, meant a lively atmosphere that was maintained to the end.

RM will want to keep this going for its big night tomorrow, when the Works D-type crosses the block.

RM Sotheby’s at Scottsdale, 18 January 2018 – Provisional Results

Gross: $17,895,240
Number of cars not sold: 8
Number of cars withdrawn: 1
Total number of cars: 63
Number sold: 55
Percentage cars sold by number: 87%
Percentage of cars met or sold below low estimate: 56%
Percentage of cars sold below avge of estimates: 76%
Percentage of cars sold met/exceeded top estimate: 15%

With special thanks to Harley E Cluxton IV of Hammer Price

Photos by K500