RM’s $44.8m bonanza in the Big Apple

Headed by an $18m Ferrari 250 GT California Spider LWB Competizione, despite a catalogue with only two heavy-hitting lots, RM maintained its strong record in New York by selling 25 of the 32 cars offered.

Compared to 2015, the sold-by-number was up – to 78% – although not one car beat its upper estimate.

At a glance:

• Gross: $44,846,500 (2015: $72,534,000)

• Percentage sold by number: 78% (2015: 68%)

• Top-selling car: Ferrari 250 GT California Spider LWB Competizione, $17,990,000 gross, $16.35m hammer (est. $14m to $17m)

The Jaguar C-type sold for $5.285m all-in, knocked down at $4.8m – $700k off lower estimate. It was on sale at $4.75m, with no one on the phones. Perhaps an overheard conversation that it “doesn’t have the excitement of a ‘D’” sums these cars up. The Cal' Spider had two big-hitters duking it out in the saleroom – the “battle of the evening”, Simon reports – and the winning bid meant it will join other two-seaters in an impressive North American Ferrari collection.

RM had guaranteed both cars, so the strong result on the Ferrari would have made up for a little disappointment on the Jaguar.

The Dino GTS carried a mighty estimate and failed to sell, joining the early ‘Daytona’ and a handful of other cars to be trailered home today.

Bidders on the Aston Martin DB5 Convertible woke up when RM’s regular auctioneer Maarten ten Holder uttered the magic words, “Now for sale”. It started at $1.5m, then stalled at $2.25m, before going to a telephone bidder for $2.45m. That’s $2,700,000 with RM’s new 12% / 10% split commission.  

Bargain of the evening? The $500k to $700k, No Reserve 1923 Rolls-Royce Silver Ghost Riviera Town Car by Brewster, sold after just two bids for $275k ($307.5k gross). Once a sure-fire headliner, no one gets excited about these any more. The ‘Steve Jobs’ 2000 BMW Z8 never got beyond the log-in screen, selling just below low estimate at $295k net, $329.5k gross.

Prior to the motor cars, RM sold a variety of rare wine and automobilia and included in this was a racing suit and helmet worn by Steve McQueen in Le Mans that sold for $336,000. Cheers! to the vendor who consigned it – we hope the drinks are on him.

We’re sure RM will be pleased with the results. The sale finishes off a topsy-turvy year for the Canadians that included Villa Erba and London (disappointing), Monterey (very solid) and Maranello (exceptional). Next stop Arizona in January.

RM Sotheby’s in New York, 6 December 2017 (2015)

Total gross cars: $44,846,500 ($72,534,000)
Number of cars not sold: 7 (10)
Total number of cars: 32 (31)
Number sold: 25 (21)
Percentage cars sold by number: 78% (68%)
Percentage by value average low/high estimate: 75% (65%)
Percentage of cars sold below low estimate: 72% (81%)
Percentage of cars sold not met avge of estimates: 92% (90%)
Percentage of cars sold met/exceeded top estimate: 0% (10%)
Average value of cars sold: $1,793,860 ($3,454,000)
Average year of cars offered: 1975 (1964)
Percentage of cars offered at No Reserve: 34% (13%)

With special thanks to Harley E Cluxton IV of Hammer Price
    
Photos by K500