RM Sotheby's Sets New Collector Car Auction Benchmark with $172.9 Million Monterey Extravaganza

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Los Angeles CA, Aug 19 2015 – RM Sotheby’s cemented its undisputed leadership position in the global collector car auction industry on the weekend, generating a remarkable $172.9 million* in auction and post-auction private sales during its three-day Monterey event in California. The impressive tally ranks the event as the highest grossing collector car auction of all time, besting the company’s 2014 Monterey performance by more than 20 percent.

1924 Isotta Fraschini Tipo 8A F

In addition to posting the top auction sales of the weekend, the RM team clinched its sixth ‘Best of Show’ win at the Pebble Beach Concours d’Elegance on Sunday, with the spectacular 1924 Isotta Fraschini Tipo 8A F. Ramseier & Cie Worblaufen Cabriolet, owned by The Patterson Collection and freshly restored by RM Auto Restoration, taking top honors at the prestigious event. The win represents RM’s sixth ‘Best of Show’ at Pebble Beach in the new millennium, an unmatched achievement, and was joined by a number of other awards for other RM Auto Restoration prepared cars.

“We’ve certainly reached new heights with this year’s Monterey sale, setting multiple new benchmarks,” says Ian Kelleher, Managing Director, RM Sotheby’s West Coast Division.

at RM Sotheby’s Auction 2015

“The results truly speak for themselves and reflect our commitment to bringing not only the best to the market, but backing our product by extensive research and documentation. In addition, the Monterey event was truly a fantastic showcase of the RM and Sotheby’s teams working in concert to build a global platform for collector cars. Bidders hailed from 31 countries, 20 percent represented first-time clientele, and we welcomed increased participation from collectors in the 30 – 40 age bracket. It was definitely a weekend for the history books, and to cap it off with a Best of Show win at the Pebble Beach Concours d’Elegance made it all the more thrilling and memorable.”

RM’s Monterey sale was extended to three days in 2015, with the auction room attracting a standing-room-only audience across all sessions. Bidders from 31 countries were drawn to the carefully curated offering, with multiple bidding contests erupting between those in the room and on the telephone, including collectors bidding with Sotheby’s representatives. No less than 36 lots achieved individual million-dollar-plus results, with four lots exceeding $10 million. In total, RM Sotheby’s was responsible for six of the top 10 sales of this year’s Monterey Car Week, including the top sale of the week – a historic 1964 Ferrari 250 LM from the Pinnacle Portfolio, which garnered a terrific $17,600,000 to set a new auction record for the model.

The Pinnacle Portfolio

2015 McLaren P1

Offered on Thursday evening, it was the Pinnacle Portfolio – an extraordinary private collection of 25 post-war sports cars – that set the tone for the three-day event, realizing an incredible $75.4 million in auction and post-auction private sales to comfortably set a new record for a single-day, single-vendor automobile auction, along with establishing numerous other auction benchmarks. In addition to the sale-topping Ferrari 250 LM, the group was highlighted by strong results for contemporary supercars, for which strong pre-sale interest led to record-setting values. Headlining this group was the iconic 1998 McLaren F1 ‘LM-Specification’ which spurred lively bidding to sell for a remarkable $13,750,000 to set a new record as the most valuable British car ever sold at auction. One of the sale’s most exciting moments came when the 2005 Ferrari Enzo, originally gifted by the factory to Pope John Paul II, crossed the block, more than tripling the previous record for the model at a final $6,050,000. Additional highlights included a 1994 Ferrari F40 LM for a record $3,300,000; a 2005 Mercedes-Benz SLR McLaren for an incredible $495,000; and the 2005 Saleen Twin Turbo for $682,000 against a pre-sale estimate of $350,000  - $500,000.

Additional Highlights

1953 Jaguar C-Type Works Lightweight

Multiple new auction benchmarks were set during the course of RM’s three-day Monterey event. A 1953 Jaguar C-Type Works Lightweight brought $13,200,000 on Friday to become the most valuable Jaguar sold at auction, while on Saturday, a 1956 Ferrari 250 GT Berlinetta Competizione ‘Tour de France’, the first ‘Tour de France-winning’ TdF, also achieved $13,200,000, a record price for the model at auction.

Illustrating the incredible quality of RM’s 2015 catalogue, as well as the company’s strength across all categories, other notable sales included:

1940 Aston Martin Speed Model Type C1940 Aston Martin Speed Model Type C

 Aston-Martins from all eras achieved strong results, with many examples well-exceeding pre-sale expectations. Stand-out lots included: a 1940 Aston Martin Speed Model Type C for $1,155,000; a 1967 Aston Martin DB6 Mk I Shooting Brake for $682,000; and a 2013 Aston-Martin Centennial DB9 Spyder by Zagato for $693,000 (against a pre-sale estimate of  $380,000 - $450,000);

1910 American Underslung Traveler Toy Tonneau

Representing American marques, a 1910 American Underslung Traveler Toy Tonneau doubled its estimate at a terrific $1,815,000 (a record for the model); and a 1933 Marmon Sixteen Victoria Coupe also well-exceeded expectations at a strong $907,500; and,

1952 Jaguar XK120 Supersonic by Ghia

A stunning 1952 Jaguar XK120 Supersonic attracted tremendous pre-sale interest to sell for $2,090,000 – a record for a Jaguar XK120 sold at public auction.

1956 Ferrari 250 GT Berlinetta Competizone 'Tour de France' by Scaglietti

1956 Ferrari 250 GT Berlinetta Competizione 'Tour de France' 

RM Sotheby’s top 10 Monterey sales:
1.      1964 Ferrari 250 LM - $17,600,000 (record for a Ferrari 250 LM at auction)
2.      1998 McLaren F1 'LM-Specification' - $13,750,000 (record for a British car sold at auction)
3.      1953 Jaguar C-Type Works Lightweight - $13,200,000 (record for a Jaguar sold at auction)
4.      1956 Ferrari 250 GT Berlinetta Competizione 'Tour de France'  - $13,200,000 (record for a TdF sold at auction)
5.      1959 Ferrari 250 GT LWB California Spider - $8,500,000 (post-sale transaction)
6.      1950 Ferrari 275S/340 America Barchetta- $7,975,000.00
7.      2005 Ferrari Enzo - $6,050,000 (record for a Ferrrari Enzo sold at auction) 
8.      1931 Bentley 4½-Litre Supercharged Two-Seater Sports - $4,015,000
9.      1966 Ferrari 275 GTB/6C Alloy - $3,960,000
10.    1994 Ferrari F40 LM - $3,300,000 (record for a Ferrari F40 LM sold at auction)

at RM Sotheby’s Auction 2015

A full list of RM Sotheby’s million-dollar-plus sales in Monterey is available for viewing here, and a short video highlights reel here.

RM Sotheby’s continues its busy summer calendar of events, September 7 in London, England for its annual sale at Battersea Evolution held in partnership with the UK’s Concours of Elegance.

For further information on the upcoming London sale, or to view full results from RM Sotheby’s Monterey, please visit www.rmsothebys.com

Source: RM Sotheby’s

Photos: Randy Berg

Pictured below: 1976 Bizzarrini P538 for sale; and 1967 Aston Martin DB6 Mk I Shooting Brake by Radford sold $682,000

 1976 Bizzarrini P538 offered at RM Sotheby's Monterey Auction 2015
1967 Aston Martin DB6 Mk I Shooting Brake by Radford sells at RM Sotheby’s Auction 2015

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