The 2025 Paris auctions: RM’s closes out two-day event

The Le Mans-winning Ferrari 250 LM deservedly took the headlines last night, but before Lot 262 was bought for €34.9m all-in, 36 other classics came up for sale. In an uncharacteristically subdued event for the Canadian giant, only 23 sold, with several moved on during the evening for undisclosed prices.

Blame optimistic estimates/intransigent vendors of cars in unfashionable sectors, and a handful of super-expensive modern hypercars with complicated tax, customs duties and country-specific issues.

Examples of the former included the 1950 Alfa Romeo 6C 2500 Super Sport Cabriolet by Pinin Farina marked ‘sold after auction’. The insanely expensive (€10m to €15m) 2022 Bugatti Centodieci was catalogued with the following health warning and auctioneer Sholto Gilbertson admitted defeat some way off lower estimate:

Please note that this lot is subject to VAT on the full purchase price (both on the Hammer Price and Buyer's Premium). Please note that due to VAT requirements this lot may only be sold for export and trade, interested private buyers, please contact RMS directly.

Notices notwithstanding, two hypercars in the same category did find owners: the 2015 Ferrari LaFerrari (€3,548,750, two owners and 3,459km) and 2022 Ford GT Carbon Series (€646,250, one owner 262km).

At a glance (Wednesday):

* Gross, motor cars: €52,138,000
* Percentage sold by number: 68%
* Top-selling car: 1964 Ferrari 250 LM €34,880,000 gross, €31,000,000 net (est. “in excess of €25,000,000”)
* Well sold? 1986 Porsche 911 Turbo 'Flat Nose' Coupé at €252,500. Est. €140k to €180k.
* Well bought? The 1954 Alfa Romeo 1900 C Super Sprint Coupé by Zagato for €590,000. Not in its first flush of youth, and coming from a less-fancied era, but nonetheless a terrific events car in unusual green snapped up well below its €800k to €1m guide.

The larger-than-usual space at the Salles du Carrousel by the Louvre was understandably busy, but not bursting at the seams, with bidding coming from the room, over the telephones and the internet.

Other results of note (all prices gross):

* 1989 Jaguar XJR-10, Not Sold. Tricky sector for racers only and very model-dependent.
* 1931 Talbot AV105 Works 'GO51', Not Sold. Bearing as many stickers as the XJR-10, just too expensive for a pre-war car in 2025.
* 1974 Mercedes-Benz 600 'Six-Door' Pullman Landaulet, €1,355,000. Great result for a white example of a model not always easy to sell.
* 1970 Ferrari 512 M, Not Sold. A fabulous piece of Ferrari racing history (above) but estimate way out of line considering faster, easier to drive and far cheaper replicas available for modern historic racing.

* 1951 Ferrari 212/225 Export by Vignale, Not Sold. An interesting and subtle 1950s Ferrari (above) in the metal but of specialised appeal nowadays. A pity – it looked a lovely car.
* 1975 Lamborghini Countach LP400, €820,625. Good figure for a car (below) crying out for proper work in Italy and a return to as-delivered, though not ideal, red with black interior.

At a gross exceeding €66m, this two-day event is the largest we have recorded for any auction house during Rétromobile week. Take out the €34.9m 250 LM and it drops to €31.1m – less than last year, which says something about an inconsistent market in early 2025.  

RM Sotheby’s in Paris, 4-5 February 2025 – results excluding post-sales (2024)

Total gross cars: €65,782,540 (€34,437,101)
Number of cars not sold: 12 (13)
Number of cars withdrawn: 1 (2)
Total number of cars: 110 (73)
Number sold: 98 (60)
Percentage cars sold by number: 89% (82%)
Percentage by value average low/high estimate: 59% (55%)
Percentage of cars sold below low estimate: 60% (38%)
Number of cars sold not met avge of estimates: 75 (44)
Percentage of cars sold not met avge of estimates: 77% (73%)
Percentage of cars sold met/exceeded top estimate: 12% (17%)
Average value of cars sold: €671,250 (€573,952)
Average year of cars offered: 1977 (1982)
Percentage of cars offered at No Reserve: 70% (49%)

Photos by K500