RM Sotheby’s in Milan, June 2021

Although most cars went to bidders over the telephone or via the internet, RM’s latest venture in Milan during the week of the Mille Miglia was a success. Working from on-the-day figures, nearly three-quarters of cars found new owners.

The event was another click in the gradually unlocking of the world from pandemic-enforced restrictions. Although not held in quite such an atmosphere of freedom as seen at the Canadians’ $20.7m sale at Amelia Island, it was conducted live to a select, socially distanced audience at the Palazzo Serbelloni in central Milan.

At a glance (on the day):

* Gross: €11,635,000
* Percentage sold by number: 74%
* Top-selling car: 1966 Ferrari 275 GTB €2,255,000 gross, €2,000,000 net (est. €2m to €2.5m, pictured, top)
* Well sold? A big battle for the 1994 Lamborghini LM002 resulted in a bumper payday for the vendor: €393,125 all-in for a car estimated at €225k to €275k. That’s around $475k
* Well bought? There weren’t many bargains, but the second division (not Prodrive-built) Ferrari 550 GT1 car had some interesting history and sold below low estimate for €1.85m (ca. $2.2m) incl. premium

The 275 GTB sold relatively well for regular three-carb, steel body two-cam, aided by its terrific original colours of Azzurro with black leather and in-period history when owned by ‘golden couple’ Roger Vadim and Jane Fonda. A nice restoration, matching numbers and Ferrari Classiche ‘red book’ completed the package. A good buy.

The figures below do not quite reflect it, but if they did not beat guide price most entries at least sold close to them. Cars such as the 1951 Alfa Romeo 6C 2500 SS Villa d'Este Coupé (above, right) are a little ‘old school’ nowadays, but one sold earlier today for €565k net, only €10k under low estimate.

The ‘Rambo Lambo’ big 4x4 was the star of the show, auctioneer Filippo Lotti having his hands full taking bids from the room and over the telephones. A great original colour of dark blue with the desirable early carb’ engine did the trick. Every collector should have one in his or her garage. As long as it’s a large one…

Non-sellers during the auction included the originally North American-spec Ferrari ‘Daytona’ restored by Italian experts Bacchelli & Villa in the 1990s to non-original Giallo Fly (was Marrone), removing the unsightly US side reflector lights at the same time. The 1980 Lancia Rally SE 037 Prototype carried a punchy estimate of €700k to €900k and did not find a new owner.

Mixing it up, the catalogue included a 1931 Bugatti Type 46 Coupé 'Superprofilée', and this also sold just off low estimate for €545,000 gross (say $660k). The 1957 Mercedes-Benz  300 SL Roadster with unusual clear hardtop achieved a reasonable €1,051,250 with premium ($1.275m).

All in all, a good effort and maintains the positive mood we saw in Florida.

RM Sotheby’s in Milan, 15 June 2021 – provisional results

Total gross cars: €11,635,000
Number of cars not sold: 5
Number of cars withdrawn: 0
Total number of cars: 19
Number sold: 14
Percentage cars sold by number: 74%
Percentage by value average low/high estimate: 73%
Percentage of cars sold below low estimate: 57%
Percentage of cars sold met/exceeded top estimate: 7%
Average value of cars sold: €831,071
Average year of cars offered: 1975
Percentage of cars offered at No Reserve: 5%

Photos by Frederico Scatoletti