RM’s No Reserve evening at the Portola in 2024 grosses $17m

The Canadians’ latest auction of cars from a single source, all consigned without reserve, totalled $17,074,300. Tied at $1.35m all-in, top-selling lots were the 1963 Mercedes-Benz 300 SL Roadster and 2005 Porsche Carrera GT.

The cars were very well presented and passed a casual 15ft visual test. However, as static objects in a single collection for many years, all would need work to run properly again. Rare, and desirable in 2024, ‘stick shifts’ were a feature of many entries commonly ordered new with jerky semi-automated gearboxes. This had a bearing on some of the prices paid.

The auction was conducted in an entertaining fashion by regular British pairing of auctioneer Sholto Gilbertson and lot reader Will Smith, who played to a mostly half-filled room. Despite that, bidding on all entries was vigorous from the floor and over the telephones. The British trade was in evidence buying up some of the more esoteric items.

At a glance:

* Gross, motor cars: $17,074,300
* Percentage sold by number: 100%
* Top-selling cars: 1963 Mercedes-Benz 300 SL Roadster and 2005 Porsche Carrera GT, $1,352,500 gross, $1,225,000 net (est. $1.6m to $1.8m, 300 SL; $1.25m to $1.75m, Carrera GT)
* Well sold? $857.5k all-in was an impressive total for a US-specification Ferrari ‘Daytona’ requiring a degree of recommissioning
* Well bought? At $56k, the vast 1963 Rolls-Royce Phantom V Limousine by James Young could be the cheapest car per foot to buy in Monterey this week

The headlining 1963 Mercedes-Benz 300 SL Roadster had its “its numbers-matching chassis, body, gearbox, and rear axle” and, as a very late example, an alloy block and disc brakes. Original Fire Engine Red knocked a few $100k off the eventual price. Plus, the thought of remedial work throwing up a nasty surprise on a notoriously complex model straight out of storage that thrives on regular use.

Other results of note:

* 1954 Alfa Romeo 1900L Coupé by Ghia, $184,800. Lacking wow factor (not helped by non-original bright red with grey leather) but interesting alloy coachbuilt body and worthy of restoration.
* 1971 Maserati Ghibli SS 4.9 Spyder by Ghia, $775,000. The model to have, but with less-fancied North American spec. A strong price today.
* 2005 Ferrari Superamerica, $665,000. Six-speed manual.
* 2007 Ferrari 599 GTB Fiorano, $786,000. Six-speed manual and pleasing metallic blue.
* 1957 Facel Vega FV2B Cabriolet, $235,200. With an estimate of $450k to $550k, how better to demonstrate the downsides of No Reserve?

RM Sotheby’s at the Monterey Conference Center, 15 August 2024 – results

Gross: $17,074,300
Number of cars not sold: 0
Number of cars withdrawn: 1
Total number of cars: 47
Number sold: 47
Percentage of cars sold by number: 100%
Percentage of cars met or sold below low estimate: 68%
Percentage of cars sold below avge of estimates: 83%
Percentage of cars sold met/exceeded top estimate: 6%
Average price of cars sold: $363,283
Average year of cars offered: 1975

You can download a complete lotlist of all cars offered by Bonhams, Broad Arrow, Gooding & Co and RM Sotheby’s sorted by make and model HERE.

Monterey Week 2024 auction schedule:

Mecum – sales Thursday 15 August to Saturday 17 August. Hyatt Regency Monterey Hotel and Spa, 1 Old Golf Course Road, Monterey, CA 93940. Gates open at 08:00. See mecum.com

Broad Arrow – sales Wednesday 14 August, Thursday 15 August. Monterey Jet Center, 300 Sky Park Dr, Monterey, CA 93940. Auctions at 17:30 Wednesday, 15:00 Thursday. Preview Wednesday, Thursday, Friday. See broadarrowauctions.com

Bonhams – sale Friday 16 August. Quail Lodge & Golf Club's West Field, 27050 Rancho San Carlos Road, Carmel, CA 93923. Auction at 11:00. Preview Wednesday, Thursday, Friday. See bonhams.com

Gooding & Co – sales Friday 16 August, Saturday 17 August. Pebble Beach Parc du Concours, Corner of Stevenson Drive and Portola Road, Pebble Beach CA 93953. Auctions at 16:00 Friday, 11:00 Saturday. Preview Wednesday, Thursday, Friday and Saturday. See goodingco.com

RM Sotheby’s – sales Thursday 15 August to Saturday 17 August. Portola Hotel & Spa and Monterey Conference Center, 2 Portola Plaza, Monterey, CA 93940. Auctions at 17:30 Thursday, Friday and Saturday. Preview Wednesday, Thursday, Friday and Saturday. See rmsothebys.com

Photos by K500