RM runs into heavy weather on Lake Como

The Canadian giant’s 55-car Villa Erba sale catalogue lived up to its pre-sale promise: a broad selection of generally well-presented, well-estimated entries. However, earlier this evening a succession of no-sales meant an ultimately disappointing sell-through by number of 56% on the night.

Much of the outdoor event was held in light drizzle, though the torrential downpours that were a feature of the Concours up the road at Villa d’Este stayed away. The covered stand was busy, but the logistics of travelling to Cernobbio on Concorso weekend make it hard for RM to really draw in the big-hitters. This, and the unsettled weather, made stand-in auctioneer (regular man Maarten ten Holder had a prior family commitment) Mark Grol’s job that much harder. A confusing style of bidding up to reserve did not help his cause.

The two big cars found new homes, but neither was the subject of any sort of fight and both were bought over the telephone well under guide price. In all, 87% of the cars sold below low estimate. Only one car – the 1959 Ferrari 250 GT Pininfarina Coupé, for €444,875 gross – was sold post-sale.

At a glance:

* Gross: €19,700,825 (2017, €24,460,800)
* Percentage sold by number: 57% (60%)
* Top-selling car: 1954 Ferrari 500 Mondial Spider by Pinin Farina (pictured, top), €3,717,500 gross, €3,300,000 net (est. €4.25m to €4.75m)
* Well sold? The LHD 1965 Aston Martin Short-Chassis Volante. In a mixed market for Astons, €1,805,000 (say $2m) all-in was another positive after Bonhams’ £861k DB5 last weekend. LHD, a factory hard top and a change of colour from original Fiesta Red helped
* Well bought? If a €3.7m car can be something of a bargain, we’ll go for the pretty 500 Mondial. Or the much-admired Bugatti Type 50 at €1.4m gross
* One to take away? The €188.6k 1959 Maserati 3500 GT (pictured, above)

The auction started positively, with No Reserve working its magic. Want to know what a new Aston Martin Vanquish Zagato Shooting Brake is worth? It’s not €650k to €850k. This one sold for €450k net, €511.25k with premium, to which a buyer has to add VAT on the total price at a likely rate of c.20%. The Renault 5 Turbo 1 (THE one to have, pictured below) sold for €86.25k gross.

Others, such as the 1987 Aston Martin V8 Vantage Zagato (€331.25k all-in), €663.125k gross 1961 Maserati 3500 GT Vignale Spyder and 1957 Porsche 356 A 1600 Speedster that achieved €342,500, were simply cut loose by pragmatic vendors.

Significant non-sellers on the night included the McLaren P1, Ghibli Spyder and alloy block/discs 300 SL Roadster.

The 500 Mondial was last sold by RM for $3.85m in August 2017. Intensive ‘open wallet surgery’ (thank you, Simon) at Ferrari Classiche since then has resulted in a spotless car, faithful to its first outings. Tonight’s price comes out at around the $4.2m mark so no massive appreciation in 18 months – but no real loss, which says something about today’s market.

RM Sotheby’s at Villa Erba, 25 May 2019 (2017)

Gross: €19,700,825 (€24,460,800)
Number of cars not sold: 23 (18)
Number of cars withdrawn: 1 (0)
Total number of cars: 54 (45)
Number sold: 31 (27)
Percentage cars sold by number: 57% (60%)
Percentage by value average low/high estimate: 44% (42%)
Percentage of cars met or sold below low estimate: 87% (67%)
Percentage of cars sold below avge of estimates: 97% (89%)
Percentage of cars sold met/exceeded top estimate: 3% (7%)
Average year of cars offered: 1968 (1975)
Average price of cars sold: €635,510 (€905,956)
Percentage of cars offered at No Reserve: 17% (7%)

Photos by K500