Stop press from Paris 2023: RM Sotheby’s

The Canadians kicked off this year’s Rétromobile-week sales with an 86-car catalogue highlighted by a one-of-one €4.2m to €5.5m Bugatti Chiron Profilée. With post-sales deals still being negotiated, the gross has already topped €46m – the best-ever result for the company in the French capital.

However, with many no-sales and most lots selling below low estimate, it looked as if it could have been a disappointing evening for RM. Until Lot 177, the Chiron Profilée came up...

The winning bid came via the telephone from a determined buyer clearly set on getting the car. Up to then, at least three in the room plus action over the internet drove the price ever higher, sometimes in €500k increments. RM claims it to be the most valuable modern car ever sold at auction. To the final figure of €9,792,500 all-in must be added VAT at the relevant rate, possibly up to 20%.

The Profilée refers to its unique tail and spoiler treatment – everyone agreed it looked fabulous. Not only is it a one-off, it will be the last-ever Bugatti to be sold powered by the W-16 quad-turbo motor.

At a glance (provisional):
 
* Gross, motor cars: €46,368,800 (2022, €24,502,151)
* Percentage sold by number: 68% (2022, 86%)
* Top-selling car: 2022 Bugatti Chiron Profilée €9,792,500 gross, €8,700,000 net (est. €4.2m to €5.5m)

Elsewhere, things were not so rosy. Auctioneer Gareth Jones played things slowly and as usual in Paris the local audience maintained a low background chatter throughout. The appetite for some of the bigger lots just was not there on the night. Non-sellers included the Lamborghini 350 GT, Alfa Romeo 1900 CSS, Alfa Romeo 6C 2300B MM, Bugatti Type 43 Roadster, Delahaye 148, Porsche 904, Ghibli Spyder, Alfa Romeo SZ and Bugatti Veyron.

The location was superb and the ‘concert hall’ environment suited the big occasion. As we saw in Scottsdale last week, getting some cars over the line has become harder in early 2023. It worked in Arizona. From tonight’s results, it hasn’t so far in Paris.

Other results of note (all prices gross):

* 1965 Alfa Romeo Giulia TZ, €1,140,000. Looked a good example with patina; sold immediately after the auction.
* 2015 McLaren P1, €1,073,750. These cars have settled at that price. The less-attractive Senna LM went for €1.6m.
* 1965 Aston Martin DB6 Vantage manual, €207,000. Another cheap DB Aston snapped up by the UK marque specialist trade.
* 1969 Lamborghini Miura S 'Jota Specification', €1,017,500. A fantasy ‘Manga Miura’ created in Japan with non-original ex-SV engine that has been for sale on and off for years. Each to their own.
* 1959 Mercedes-Benz 300 SL Roadster, €1,748,750. A lot of lot of money for a US-spec, non-original-colour interior, steel wheels, iron block 300 SL restored by non-specialists in Switzerland.
* 1967 Ferrari 275 GTB/4, €3,098,750. At the equivalent of $3.4m, middle-market price for a safe, but uninteresting example of a four-cam.
* 1990 Ferrari F40, €1,917,500. Just over $2m bought this car. Blame “a repair [that] was carried out to the body panel beneath the passenger side rear quarter window, along with the offside rear corner” in the catalogue description, plus a little of the Bugatti EB110 GT effect – prices are cooling for non-exceptional examples.
* 1969 Lamborghini Miura P400 S, €1,580,000. Straightforward red ‘S’ that needs a complete retrim but probably was a safe buy at the equivalent of $1.7m.

RM Sotheby’s in Paris, 1 February 2023 – provisional results (2022)

Total gross cars: €46,368,800 (€24,502,151)
Number of cars not sold: 27 (5)
Number of cars withdrawn: 2 (2)
Total number of cars: 85 (56)
Number sold: 58 (51)
Percentage cars sold by number: 68% (91%)
Percentage by value average low/high estimate: 68% (86%)
Percentage of cars sold below low estimate: 64% (29%)
Percentage of cars sold not met avge of estimates: 84% (49%)
Percentage of cars sold met/exceeded top estimate: 9% (31%)
Average value of cars sold: € (€480,434)
Average year of cars offered: 1977 (1976)
Percentage of cars offered at No Reserve: 22% (50%)

2023 Paris Rétromobile week auctions overview with all results to follow…

Photos by K500