RM/Sotheby's Arizona 2018 - betting too high?
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Summary
On January 18 and 19, 2018, RM/Sotheby's in Arizona auctioned 126 cars, a tractor and a boat, in addition to a few children's cars and automobiles. Each vehicle was expected to fetch around half a million USD, but in the end "only" USD 325,311 was realized because some of the most expensive sports cars, including the 1954 Le Mans Jaguar D-Type, which alone was expected to fetch USD 10 to 12 million, were left standing. Even the pre-war vehicles often did not achieve the expected prices. The high proportion of "no reserve" lots nevertheless enabled a high sales rate. This auction article analyzes the results of the auction and shows all vehicles and sales prices.
This article contains the following chapters
- Disappointment?
- Jaguar D-Type not sold
- American high-flyers
- Packard in low demand
- Disappointing Ferrari sports cars
- Solid results for the super classics
- Vehicles offered and sold
Estimated reading time: 5min
Preview (beginning of the article)
On two evenings on January 18 and 19, 2018, RM/Sotheby's invited its wealthy customers to the Arizona Bitmore Resort & Spa to sell 126 cars, a tractor and a boat. The interested parties and bidders came in droves, after all there was an interesting selection of vehicles and automobilia to buy. There was no shortage of money either, as demonstrated by the fact that USD 28,800 was paid for a Ferrari 250 GTO mudguard, well above the estimated value of around USD 15,000. USD 65 million was expected as the total proceeds, so the USD 36 million actually achieved was disappointing at first glance. In fact, however, the sales rate was a good 87%, which was certainly also due to the high proportion of lots without a reserve price, which amounted to around 70%. The fact that the average selling price was USD 325,000 instead of USD 500,000 was due to the fact that some of the 11 unsold cars were among the most expensive.
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