The RM/Sotheby's London auction is one of the European auction highlights every year. On October 24, 2019, 84 cars and a motorcycle (as well as some accessories and automobilia) worth over £22 million went under the hammer in London Olympia.
Expectations not met
Each vehicle (including a motorcycle) was expected to fetch £261,059 in London. However, this could not hide the fact that there were both very expensive and relatively inexpensive cars among the 85 lots. Prices in excess of one million were expected for six cars, and over 20 cars were expected to sell for five figures.
The five most valuable cars, including a 2006 Maserati MC12 GT1 (highest bid £1.6 million), a 2003 Ferrari Enzo (£1.35 million), a 1994 Formula 1 Ferrari 412 T1 (£1.2 million), a 1989 Jaguar XJR-11 (£900,000) and a 1990 Porsche 962C (£825,000), were all left standing, despite the fact that serious sums were offered for the cars. However, the consignors' limits were obviously not reached.
On average, "only" £ 160,254 was paid per vehicle, 39% less than hoped for. Meanwhile, the average highest bid was 79% of the median estimate.
Ferrari, Porsche, Mercedes-Benz and Aston Martin with moderate results
Four brands were particularly well represented, not unexpectedly Ferrari (12 cars, plus 1 Dino), Porsche (14 cars), Aston Martin (10) and Mercedes-Benz (9).
Of the 12 cars with the Ferrari logo, only half were sold, 64% of 14 Porsches found new owners, only three of the 10 Astons were successfully sold and 78% of Mercedes-Benz cars found new owners.
All other 21 brands were represented by a handful of cars at most, including exotics such as Chevron, Meyers, Noble, White and Wiesmann.
Young supply did not improve the average
With an average age of just over 30 years, the range of vehicles on offer was very youthful. Only two vehicles dated from before the war or during the Second World War. They were both sold, albeit at prices well below expectations.
On the other hand, 26 vehicles represented the neoclassic scene, while a further 22 were youngtimers. Here, the prices offered reached the average of the auction, but without standing out positively. 32 of the 48 young vehicles were sold to new owners, which is also in line with the auction average.
The positive surprise - Lamborghini from the barn
Well, it wasn't exactly a barn where a 1969 Lamborghini Miura P400 S had been awaiting its future for the last few years. But it wasn't an air-conditioned garage either. The yellow mid-engined sports car with chassis number 4245 had two owners in its life, the first until 1974, the second since then. It has never been restored and is practically completely original, including the first engine, according to RM/Sotheby's.
However, some work is likely to be needed before the next drive, so the estimated value of £800,000 to £1 million was not really a bargain.
But because the Miura was offered without a reserve price, one or two interested parties were still hoping for a low purchase price. However, this was not to be the case. Enthusiasts bid up to £ 1.105 million, and the sale price (including commission) was finally quoted at £ 1,248,125, equivalent to EUR 1.45 million or CHF 1.6 million. Unrestored cars do have an additional appeal.
Super Classic Festival
There was certainly no shortage of super classics at RM in London. Starting with an extensive Aston Martin range (with DB2, DB4, DB6, etc.), through classic and modern Ferraris, to two of the most attractive Maserati (3500 GT Spyder Vignale and Ghibli 4.7 Spyder), everything was actually there, including a Jaguar E-Type Series 1.
However, many of these cars remained unsold because the bids did not reach the set limits. Others were sold relatively cheaply, such as the Maserati 3500 GT Spider Vignale from 1961, which cost just £ 410,000.
Formula 1 cars at a bargain price?
RM was able to offer two Arrrows A21s from the year 2000, estimated at £ 100,000 to £ 140,000 each, but only had to pay £ 82,500 and £ 71,875 respectively, just over half the estimated value.
Other cars also went cheaply, such as a 1988 Porsche 911 Turbo 3.3 Cabriolet for £41,400, a 1994 Mazda RX-7 for £12,650 and a 1970 Aston Martin DB6 Mk2 for £197,500.
Special features with rashes
There were also a few rare specialties for sale in Olympia, such as a 2007 Wiesmann GT, which came into new hands for £80,500.
A 1970 Meyers Manx Buggy could be purchased for £34,500, while the 1990 Lamborghini LM002 went for £207,000. However, there were also ups and downs in the bids for the rarities ...
Offered and Sold Vehicles
The following table lists all offered and sold vehicles with estimated prices, highest bids, and sale prices. The price conversion was made at the exchange rate valid on the auction day. All information is provided without guarantee.
| Lot | Car | Year | £ Est from | £ Est to | £ HP | £ SP | CHF SP | EUR SP | % Est | S |
|---|---|---|---|---|---|---|---|---|---|---|
| 110 | Harley-Davidson Low Rider S | 2016 | 10'000 | 15'000 | 11'000 | 13'200 | 16'896 | 15'311 | +5.6%
|
V |
| 111 | BMW M3 | 1991 | 45'000 | 65'000 | 50'000 | 57'500 | 73'600 | 66'700 | +4.55%
|
V |
| 112 | Porsche 911 GT3 RS | 2001 | 140'000 | 180'000 | 150'000 | 172'500 | 220'800 | 200'100 | +7.81%
|
V |
| 113 | Mini Cooper | 1998 | 15'000 | 20'000 | 18'000 | 20'700 | 26'496 | 24'012 | +18.29%
|
V |
| 114 | Porsche 911 GT3 | 2000 | 50'000 | 60'000 | 35'000 | 40'250 | 51'520 | 46'690 | -26.82%
|
V |
| 115 | Meyers Manx | 1970 | 35'000 | 45'000 | 30'000 | 34'500 | 44'160 | 40'020 | -13.75%
|
V |
| 116 | Land Rover Defender | 2013 | 40'000 | 60'000 | 35'000 | 40'250 | 51'520 | 46'690 | -19.5%
|
V |
All information is provided without guarantee.
Legend: Column S = Status (V = Sold, N = Not sold, Z = Withdrawn, U = Under reserve)
Est = Estimate, HP = Hammer Price, SP = Sale Price
