RM’s July 2020 online sale grosses €7.6m
Classic car buyers returned to their keyboards for another session at the computer this week, thanks to RM’s latest ‘virtual European’ auction. At 56% sold by number, though, the Canadians’ most recent internet-only event wasn’t quite the success of its June 2020, €18.9m/91% predecessor.
The alloy-bodied, long-nose 275 GTB came out on top, albeit under low estimate at a seemingly ‘cheap’ €1.43m, including RM’s standard online premium of 10%. Non-original bright red (it was delivered new in more desirable Rosso Rubino), non-matching engine and “a preliminary list of work needed to be done in order to attain Ferrari Classiche certification” are reflected in the price. In days gone by, this Ferrari would have made a good Tour Auto or Le Mans Classic racing car – maybe it still does.
At a glance:
* Gross (motor cars): €7,634,275
* Percentage sold by number: 56%
* Top-selling car: 1966 Ferrari 275 GTB Alloy €1,430,000 gross, €1,300,000 net (est. €1.7m to €1.9m, pictured, top)
* Well sold? Probably the ‘Miami Vice spec’ white, US-market 1987 Ferrari Testarossa that sold €10k over top estimate for €110,000 all-in
* Well bought? Why not? The white TR
* One to take away? In a highly specialised market, at €770k with buyer’s premium, the ex-Martini/Jolly Club 1985 Lancia Delta S4 Rally could prove a wise buy in the long term
Lacking a big section at No Reserve, the catalogue sank or swam on the other entries, which were not as enticing as those in RM’s previous online blockbuster. More (77%) cars were sold below low estimate this time than in June (61%). Standard auction fare – €434.5k, wrong colour, non-original ’box Canadian market ‘Daytona’, and €115.5k RHD 1989 Porsche 911 Speedster – went for market-correct prices for nothing-special cars.
Neither the Classiche-certified 1959 Ferrari 250 GT PF Coupé nor the 1954 Fiat 8V Coupé with factory bodywork found new owners. These are models probably better offered at a physical event.
RM’s first planned physical sale is not until September in the US, when it will run a home-market auction at Auburn, then Hershey in early October, followed by an event of more international appeal later that month, the sale of disgraced bankrupt businessman Najeeb Khan’s cars at Elkhart, Indiana.
Before then, there’s another North American Open Roads online sale and a 200-car, two-day, internet-only Monterey Week offering, which RM promises to be “an online auction unlike any other”. But more like 91% sold than 56% sold, it no doubt hopes.
RM Sotheby’s ‘Open Roads, The European Summer’ online auction, 14 - 22 July 2020 – results
Total gross cars: €7,634,275
Number of cars not sold: 48
Number of cars withdrawn: 1
Total number of cars: 108
Number sold: 60
Percentage cars sold by number: 56%
Percentage by value average low/high estimate: 34%
Percentage of cars sold below low estimate: 77%
Percentage of cars sold not met avge of estimates: 93%
Percentage of cars sold met/exceeded top estimate: 5%
Average value of cars sold: €127,238
Average year of cars offered: 1978
Percentage of cars offered at No Reserve: 30%
Photo by RM Sotheby’s