RM Sotheby's auctioned 86 automobiles as the official auction house of ModaMiami on February 27 and 28, 2025 at the Biltmore Hotel in Coral Gables. The total value was USD 97.7 million and the average age of the lots was just under 52 years. Four cars were withdrawn before the auction.
In principle, it was a two-part auction, as the remaining nine cars from the Indianapolis Motor Speedway Museum were auctioned on the first day, after the Mercedes-Benz W196R had already passed into new hands in Stuttgart and the Ferrari 250 LM in Paris.
The second day was then dedicated to an extensive potpourri of newer and older classics.
Lots of interest in the cars from the Indianapolis Motor Speedway Museum
Interested parties bid an average of almost 108% of the median estimate. If the Itala 120 HP had not disappointed with 48%, selling for USD 1.325 million (estimate USD 2 to 3 million), the result would have been even better.
But even so, the sale ended with a sum of USD 34.4 million, which, together with the proud sums that could be booked for the Mercedes-Benz Silver Arrow and the Le Mans-winning Ferrari 250 LM, will certainly allow a well-funded conversion of the museum.
Ford GT40 exceeds expectations
The Ford GT 40 (P 1032) from 1966, which once competed in the 24 Hours of Le Mans in 1966 but retired early, performed very well, taking second place at Sebring in the same year.
USD 8 to 11 million had been estimated, the highest bid was then quoted at USD 12 million, with the new owner paying USD 13.205 million (EUR 12.677 million or CHF 11.845 million) for the racing car.
Record-breaking car hotly contested
The Spirit of America Sonic I record-breaking car from 1965 generated a surprising amount of interest.
Instead of between USD 500,000 and 1 million, the highest bid was USD 1.2 million, with the one-off selling for USD 1.325 million.
Valuable Corvette
The 1957 Corvette prototype Chevrolet Corvette SS Project XP-64 also performed above expectations, selling for USD 7.705 million.
The Laurin & Klement S2 from 1911 (USD 179,200), the Bugatti Type 35 B from 1930 (USD 1.38 million) and the Mercedes 150 hp Semmering-REnnwagen from 1908 (USD 8.255 million) as well as the Mercedes 22/40 hp Doppelphaeton from 1911 (USD 268,800) also did well.
Above all Porsche, Ferrari and Mercedes-Benz
In total, almost half of the cars auctioned on the second day came from the three European manufacturers Porsche (18), Ferrari (10) and Mercedes-Benz (9). While Porsche and Ferrari stood out with below-average sales rates (61% and 60%), 78% of the Mercedes-Benz cars found a new owner.
The brands behind them, Ford, Lamborghini and Lotus (with three cars each, including those from the first evening) were able to shine with a sales rate of 100%.
Of all other brands, including rarely traded manufacturers such as Dual-Ghia, Itala, Laurin & Klement, Minerva and Veritas, a maximum of two cars were offered and, with a few exceptions, all were sold.
Shattered expectations with the De Tomaso Pantera
The De Tomaso Pantera 90 Si from 1991 was surprisingly expensive.
USD 150,000 to 280,000 had been expected, but the mid-engine sports car, which was only built 41 times and had been given a modified bodywork by Gandini, was sold for USD 313 (EUR 300,480 or CHF 281,700).
A Lotus Esprit V from 2000 also fetched a much higher price than expected at USD 151,200.
A Lamborghini LM 002 from 1993 also sold well, fetching USD 450,500.
It is not every day that USD 307,500 is paid for a BMW M3 E30 from 1987, although this example was a restomod with various improvements.
Prominent unsuccessful
Among the 18 unsold cars, whose average highest bid was 79% of the average estimate, there are several cars that could not be sold despite high bids.
The USD 4.9 million called for the 1988 Porsche 959 Sport, for example, was not enough to sell it.
The Ferrari 400 Superamerica SWB from 1961 also fell short of the reserve price with a top bid of USD 2.4 million. The 1931 Duesenberg Model J and the 1935 Auburn 851 Speedster fared no better.
A rare Porsche 968 Turbo S from 1994 received a bid of USD 440,000, but this was also not enough to sell, nor was the USD 2.45 million for a Porsche 918 Spyder from 2015.
Favorable opportunities?
Well below expectations, a 1948 Veritas RS was knocked down for just USD 150,000, resulting in a sale price of USD 168,000 (EUR 161,280, CH 151,200).
The Veritas was thus much lower than the estimate of USD 400,000 to 500,000.
A Cadillac Type 57 Roadster from 1918 and an Arnolt-Bristol Bolide from 1954 fared little better, passing into new hands for just USD 179,200 (EUR 172,032, CHF 161,280).
The average highest bid was 83% of the average estimate, and 74 of the 86 lots were sold for less than the average estimate had suggested.
The Miami auction was a success with a sales rate of 80 % and a turnover of USD 67'5 million, even if one or two super classics did not find a new owner.
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 | USD Est from | USD Est to | USD HP | USD SP | CHF SP | EUR SP | % Est | S |
|---|---|---|---|---|---|---|---|---|---|---|
| 101 | Bugatti Type 35B Grand Prix | 1930 | 1'000'000 | 1'800'000 | 1'250'000 | 1'380'000 | 1'242'000 | 1'324'800 | -1.43%
|
V |
| 102 | Ford GT40 Mk II | 1966 | 8'000'000 | 11'000'000 | 12'000'000 | 13'205'000 | 11'884'500 | 12'676'800 | +39%
|
V |
| 103 | Mercedes 150 PS Semmering-Rennwagen | 1908 | 7'000'000 | 9'000'000 | 7'500'000 | 8'255'000 | 7'429'500 | 7'924'800 | +3.19%
|
V |
| 104 | Benetton B191 | 1991 | 600'000 | 1'000'000 | 700'000 | 775'000 | 697'500 | 744'000 | -3.12%
|
V |
| 105 | Itala 120 HP | 1907 | 2'000'000 | 3'000'000 | 1'200'000 | 1'325'000 | 1'192'500 | 1'272'000 | -47%
|
V |
| 106 | Laurin & Klement S2 | 1911 | 100'000 | 150'000 | 160'000 | 179'200 | 161'280 | 172'032 | +43.36%
|
V |
| 107 | Chevrolet Corvette SS Project XP-64 | 1957 | 5'000'000 | 7'000'000 | 7'000'000 | 7'705'000 | 6'934'500 | 7'396'800 | +28.42%
|
V |
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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
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