RM/Sotheby's spoke of a stylish new auction experience in the run-up to the sale on December 10, 2022 in Miami. The venue was a modern building, designed by Swiss architects Herzog & de Meuron, on South Beach in the southern city by the sea.
58 cars (and a few automobilia as well as Ferrari engines and luggage sets) went under the hammer; on average, the cars were just 25 years old. The total value of the vehicles was estimated at USD 41.4 million. Of particular interest to "gamblers" was the fact that 62% of the vehicles went under the hammer without a minimum bid.
This and apparently the good "match" between offers and prospective buyers resulted in a sales rate of 97%, with exactly one car remaining unsold. On average, the average estimate was achieved almost 100 percent. Buyers paid USD 693,535 (EUR 658,858, CHF 651,923) per car including surcharge/commission.
Super bargain
Even before the cars, some "spare parts" and automobilia were auctioned off and this was probably the biggest bargain of the entire auction. Four aluminum wheels for the Ferrari 550 (new old stock) fetched just USD 950. A refurbishment of existing wheels would quickly cost more ...
Luggage sets for the Ferrari F50 and Enzo went for USD 30,000 and USD 26,400 respectively, while a replacement engine for the Ferrari Enzo found a new owner for USD 450,000.
Only 14 brands represented
14 Porsches, nine Ferraris and BMWs and eight Mercedes-Benzes together made up over two thirds of the offer. These were joined by Bentley, Bugatti, Ford, Hummer, Jaguar, Lamborghini, Lotus, RUF and Subaru.
There were no more brands, Maserati or Alfa Romeo were missing, as were Aston Martin or other American manufacturers alongside Ford and Hummer.
Young cars attracted, very young ones less so
There were cars from six decades on offer. The youngest car was built in 2020, the oldest in 1973. Five cars were from the seventies, 15 each from the eighties and nineties, 14 were built between 2000 and 2009. The rest (9) were even younger.
If the deviation between the highest bid and the mean estimate is taken as a yardstick, then the cars from the 1980s were the most successful, with an average bid of 117 percent of the mean estimate. In the seventies and nineties, interested parties bid an average of 96 percent of the median estimate. For cars built between 2000 and 2009, the average bid was 97 percent of the median estimate.
Young classic cars were therefore the most competitive, while cars from the decade were only valued at 80 percent of their median estimate.
Ferrari classics most expensive
The performance of Ferrari sports cars certainly came as no surprise.
The highest price was achieved by a 1995 F50, which found its way into a new garage for USD 5.395 million (EUR 5.126 million, CHF 5.071 million).
An almost new 2019 Bugatti Chiron sold for USD 3.3 million, while the 1990 Ferrari F40, owned by Microsoft co-founder Paul Allen and with just 2736 miles on the clock, changed hands for USD 3.25 million (EUR 3.088 million, CHF 3.003 million).
USD 3.2 million was paid for a 2003 Ferrari Enzo, while the 1988 Porsche 959 SC modified by Canepa was valued at USD 2.92 million (EUR 2.774 million, CHF 2.745 million).
The Ferrari 365 GTS/4 Daytona Spider from 1973, the oldest car in the auction, came sixth in the price ranking. Chassis 16835 is the 89th of 121 open-top factory Daytonas built and the first owner sold the car to the famous motorcycle stuntman Evel Knievel. Later owners included disc jockey Frankie Crocker and baseball legend Reggie Jackson. The car was never fully restored, although the interior, wheels and paint were replaced.
The estimated value for the convertible, which has only been driven 29,431 miles, was set atUSD 2.2 to 2.4 million. With a top bid of USD 2 million, the Daytona, like the other expensive cars, fell slightly short of expectations, but was nevertheless sold for USD 2.205 million (EUR 2.095 million, CHF 2.073 million).
Two other cars reached seven-figure prices, a 2005 Porsche Carrera GT, which was sold for USD 1.655 million (EUR 1.572 million, CHF 1.556 million), and a 2002 Ford GT, which was the only one of the aforementioned cars to exceed its estimated value and was sold for USD 1.49 million.
The 1994 Bugatti EB110 GT should also have appeared in this list, but the bid of USD 1.5 million (estimated value USD 1.6 to 1.9 million) was not enough to sell it. It was the only car that did not sell.
Advertised AMGs
A 1987 Mercedes-Benz 560 SEC AMG 6.0 with a wide body was the star of the auction.
It significantly exceeded its estimated value of USD 225,000 to 275,000 and was sold for USD 720,000 (EUR 684,000, CHF 676,800).
The four-door Mercedes-Benz 560 SEL AMG 6.0 from 1989 was in similar demand, selling to a new owner for USD 257,600 (EUR 244,720, CHF 242,144) instead of the expected USD 90,000 to 120,000.
The AMG trio was completed by a 500 SL AMG 5.0 from 1982 (R107), which was sold for an impressive USD 291,000 (EUR 276,450, CHF 273,540).
A Lotus Esprit V8 from 2002, which sold for just under six figures, and a Porsche 928 GTS, which achieved a very respectable price of USD 263,200 (EUR 250,040, CHF 247,408), did well.
The USD 533,000 paid for a Ferrari 512 M from 1995 and the USD 648,500 paid by the new owner for a BMW M1 as an AHG study from 1980 are also worth mentioning.
Two Evos
Two evolution vehicles from Mercedes-Benz and Lancia were also on offer, namely a Mercedes-Benz 190E 2.5-16 Evo II from 1990 and a Lancia Rally 037 Stradale Evolution II from 1982.
Both were sold. The 190 realized USD 302,000 (EUR 286,900, CHF 283,880), the Lancia USD 555,000 (EUR 475,000, CHF 470,000).
In contrast to the Mercedes, the Lancia was thus somewhat below expectations.
Cheap cars
Not least because of the high proportion of "no reserves", some cars were also sold well below expectations. However, they were not cheap.
For example, USD 912,500 was paid for a 1994 Porsche Turbo S, USD 134,400 for a 1999 Bentley Turbo RT Mulliner, a 1986 Lamborghini Countach LP5000 QV found a new owner for USD 555,000 (EUR 527,250, CHF 521,700) and a Mercedes-Benz 450 SLC 5.0 was sold for USD 39,200 (EUR 37,240, CHF 36,848).
Expensive cars
The high estimates for some of the cars were a cause for surprise. One example of this was a Ferrari 328 GTS from 1989, which was delivered in Switzerland at the time and was estimated at a whopping USD 150,000 to 250,000.
However, the bidders saw even more potential in the Targa, which had only covered 2400 km, and ultimately went as high as USD 210,000, bringing the sale price including commission to USD 235,200 (EUR 223,440, CHF 221,088), which is probably an unusually high price for a 328 GTS to say the least.
In any case, RM/Sotheby's must have been satisfied with the Miami premiere; after all, USD 39 million was raised for the vehicles alone. And with a sales rate of 97%, you can hardly complain.
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 |
|---|---|---|---|---|---|---|---|---|---|---|
| 109 | Porsche 928 GTS | 1995 | 175'000 | 200'000 | 235'000 | 263'200 | 247'408 | 250'040 | +40.37%
|
V |
| 110 | Bentley Turbo RT Mulliner | 1999 | 150'000 | 200'000 | 120'000 | 134'400 | 126'336 | 127'680 | -23.2%
|
V |
| 111 | Mercedes-Benz 560 SEC AMG 6.0 'Wide-Body' | 1987 | 225'000 | 275'000 | 650'000 | 720'000 | 676'800 | 684'000 | +188%
|
V |
| 112 | Porsche 911 Turbo 'Flat-Nose' Coupe | 1987 | 250'000 | 300'000 | 220'000 | 246'400 | 231'616 | 234'080 | -10.4%
|
V |
| 113 | Mercedes-Benz 500 SL AMG 5.0 | 1982 | 150'000 | 200'000 | 260'000 | 291'000 | 273'540 | 276'450 | +66.29%
|
V |
| 114 | Lamborghini LM002 | 1991 | 200'000 | 250'000 | 330'000 | 368'000 | 345'920 | 349'600 | +63.56%
|
V |
| 115 | BMW Alpina B7 Turbo Coupe/1 | 1986 | 90'000 | 110'000 | 95'000 | 106'400 | 100'016 | 101'080 | +6.4%
|
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
