The Market


RM tops the August 2020 US online events with $30.2m ‘Monterey’ sale

RM tops the August 2020 US online events with $30.2m ‘Monterey’ sale 18th August 2020

It was the Canadian titan that once again won the battle of the three big international auction houses during virtual Monterey Week, grossing over $30m at a sell-through-by-number of 72% after a week-long timed auction.

At just over half the cars offered live in 2019, and lacking any $10m+ lots, the gross fell understandably short of last year’s $107.8m. The sell-through was almost identical, and other metrics were broadly in line, though prices achieved vs. estimates slipped.

At a glance:

* Gross (motor cars): $30,245,400 (2019, $107,818,110)
* Percentage sold by number: 72% (2019, 73%)
* Top-selling car: 2001 Ferrari 550 GT1 Prodrive racing car $4,290,000 gross, $3,900,000 net (est. $3.85m to $4.85m)    
* Well sold? Estimated at $450k to $650k, the 1960 Porsche MOMO 356 RSR Outlaw by Emory, a 400bhp flat-four confection on 964 running gear (pictured, top), sold for a whopping $858k with RM’s across-the-board 10% premium
* Well bought? A hard call but the white, very original Ferrari 250 GT Lusso coming out of long-term ownership should stand its new owner in good stead at a mid-estimate $1,496,000 all-in

The racing Ferrari came straight from its first owner, Care Racing Development, who’d bankrolled the development programme at British race-preparation expert Prodrive. A race-ready, well-prepared car, chassis number two won the 2004 Spa 24 Hours and 2004 FIA GT Championship, and was sold with its Spa-winning engine, currently in rebuild at Prodrive. For those with an eye to the future, this ‘275 GTB/C of the 2000s’ ticked all the boxes. RM also sold a BMW M1 Procar over top estimate for $913k, proving the popularity of driveable, more modern competition cars. The Porsche 962 IMSA GTP racing car did not reach its reserve.

The short-nose 275 GTB realised a market-correct $1,980,000 with premium, spot on low estimate. Classiche-certified, yet non-matching colours, this one lacked the original finish and unusual features of Gooding’s white long-nose, six-carb with outside filler cap. How much did those extras cost in the mid-60s? Certainly not the million-dollar premium they command today. The 275 four-cam (an older restoration in non-original yellow) failed to sell, nor did the privateer ‘Daytona’ competition car. An early, L Series Dino 246 GT went very well for $440k all-in thanks to its European spec, interesting colour of Rosso Dino – though not looking like it in photos – and concours-winning history.

Of the older entries, RM achieved a low-estimate $1.06m for the 1932 Packard Deluxe Eight Individual Convertible Victoria by Dietrich. Wisely, the catalogue mainly steered away from this era, weak so far in online events. The 1937 Bugatti Type 57C Ventoux did not sell.

So, job done for the Ontario-based firm. It was Monterey, but not as we know it – time will tell if this is just a blip, or the way forward when everyone hopes the circus returns to the Peninsula in August 2021.

RM Sotheby’s Shift/Monterey Auction August 2020 – results (2019 Monterey sale)

Gross: $30,245,400 ($107,818,110)
Number of cars not sold: 31 (49)
Number of cars withdrawn: 0 (0)
Total number of cars: 109 (184)
Number sold: 78 (135)
Percentage of cars sold by number: 72% (73%)
Percentage by value average low/high estimate: 52% (47%)
Percentage of cars met or sold below low estimate: 64% (64%)
Percentage of cars sold below avge of estimates: 82% (75%)
Percentage of cars sold met/exceeded top estimate: 10% (11%)
Average price of cars sold: $387,762 ($798,653)
Average year of cars offered: 1967 (1974)
Percentage of cars offered at No Reserve: 25% (43%)

Photo by RM Sotheby’s