On August 24 and 25, 2018, RM/Sotheby's auctioned 150 automobiles worth almost USD 213 million in Monterey. A superlative auction was expected, and several such auctions were held. With more than 20 cars sold for over a million USD, the high price level was evident. A total of almost USD 180 million was bid over the two evenings. 80 percent of the vehicles were knocked down, resulting in sales proceeds of USD 157.9 million, an average of USD 1.263 million per lot.
The most expensive car ever sold at auction
The Ferrari 250 GTO from 1962 played a key role in the top result. The 36 Ferrari 250 GTOs built are not exactly frequent guests at auctions. They are usually sold privately, with only a few examples ever seeing the hammer. The 1962 GTO offered by RM with chassis number 3413, which was improved in 1964 with the later GTO/64 bodywork and won twice in class at the Targa Florio (1963 and 1964), was estimated at USD 45 to 60 million.
Derek Bell had the pleasure of driving the car onto the stage. Auctioneer Maarten ten Holder opened the bidding at an unprecedented USD 35 million. The battle between three telephone bidders lasted ten minutes, in which they often outbid each other in whole million increments.
In the end, the highest bid was USD 44 million, which meant a sales price including commission of USD 48.405 million and an entry in the "Guinness Book" for the most expensive car ever traded at auction.
An Aston Martin for over 20 million
But it's not just Ferrari sports cars that are in demand; the 1963 Aston Martin DP215 was also expected to fetch a high price, with an estimate of USD 18 to 22 million.
"DP215" was not an off-the-peg Aston Martin. It was built for the 1963 24 Hours of Le Mans in a very short time. And it survived. Back then, Lucien Bianchi and Phil Hill were at the wheel and they managed over 300 km/h on the Hunaudières straight. According to the previous owner, the car was suitable for both city traffic and the racetrack.
In the end, the highest bid was listed at USD 19.4 million, and the sale price including commission was USD 21.455 million, pretty much within the target corridor.
Ford GT40 for almost 10 million
Its paintwork may not be to everyone's taste, but the Ford GT40 Mk II with chassis number P/1016 is one of the most famous examples of its type. Driven by Ronnie Bucknum and Dick Hutcherson, it finished third in the 1966 24 Hours of Le Mans. And it was the fourth of only eight Mk IIs built.
USD 9 to 12 million was the estimated value for this unique racing car, USD 8.9 million was offered, just USD 100,000 less than the lower estimate. This was enough to sell for USD 9.795 million, even though the double-digit million figure was missed
22 cars over one million
A total of 22 vehicles passed into new hands for at least seven-figure sums, including all four Mercedes-Benz 300 SLs with sales prices between USD 1.3 and 1.93 million.
A Lamborghini Miura P400 SV from 1971 also achieved a proud price. The mid-engine sports car was worth USD 2,178 to the buyer.
A Porsche 911 Carrera RS 2.7 from 1973 soared to USD 1.38 million, while a Packard Twelve from 1934 was valued at USD 3.75 million as the most expensive pre-war model.
A selective audience for the Ferrari
Ferrari had the largest brand share in the RM auction with 18 percent. Of the 29 sports cars (including two Dino 206/246), 23 found new owners, some even at prices above the estimate, such as the Ferrari F40 or the 250 GT Coupé Elena from 1958.
Other Ferraris, however, did not find their way into a new garage. The Ferrari 250 GT SWB from 1960 with aluminum bodywork, for example, was left with the highest bid of USD 8.45 million (estimate USD 9.5 to 12.5 million). Its fate was shared by the 250 MM from 1953, for which USD 7.4 million was bid, 100,000 less than the lower estimate.
A Ferrari 288 GTO from 1984 also failed to reach the reserve price despite a bid of USD 2.55 million.
Only one Porsche did not sell
The 16 Porsches on offer fared better, with only one car, the 908 with a short rear end from 1968, falling short of the reserve price at USD 2 million (estimated value USD 2.3 to 2.8 million).
While the three 356s were knocked down below the estimates, the 1957 Porsche 550A Spyder almost reached the median estimate with a sale price of USD 4.9 million.
The best-performing of the Zuffenhausen models compared to the estimated value was a 930 Turbo from 1979, which passed into new hands for USD 151,200 instead of USD 100,000 to 125,000.
Valuable Lotus Esprit
RM had two Lotus Esprits on offer, an early Series 1 from 1977 and a V8 SE from 2000, both of which surprised positively.
The 77 was sold for USD 106,400, the V8 SE for USD 112,000, around 70 percent above the estimated value. It remains to be seen whether these examples will set a precedent.
Expensive Samba bus
There was a surprise almost at the end, when a VW Samba bus with 21 windows from 1966 came under the hammer. Instead of the estimated USD 90,000 to 130,000, the new owner paid USD 179,200, which could well be a record for this type of vehicle.
Overall, those responsible at RM could certainly be satisfied with the results, even if 17 percent of the cars could not be sold and there was certainly still room for improvement in the prices compared to the estimates.
In view of the difficult market environment, the records are all the more surprising, as are the prices achieved for super classics such as the Jaguar E-Type, which traded for an average of USD 334,320, with a 1961 coupé clearly topping the list with a sales price of USD 720,000.
Vehicles offered and sold
The following table lists all vehicles offered and sold with estimated prices, highest bids and sales prices. The conversion was carried out at the daily exchange rate (1 USD = 0.86 EUR, 1 USD = 0.99 CHF). The "NoR" column indicates vehicles offered without a minimum price with "yes". All data without guarantee.
The list can be sorted as desired by clicking on the column headings.
| Lot | Car | Year | USD Est from | USD Est to | USD HP | USD SP | CHF SP | EUR SP | % Est | S |
|---|---|---|---|---|---|---|---|---|---|---|
| 101 | Porsche 944 S | 1987 | 30'000 | 40'000 | 20'000 | 22'400 | 22'176 | 19'264 | -36%
|
V |
| 102 | Volkswagen Deluxe '23-Window' Microbus | 1961 | 140'000 | 160'000 | 90'000 | 100'800 | 99'792 | 86'688 | -32.8%
|
V |
| 103 | Alfa Romeo 2000 Spider by Touring | 1959 | 175'000 | 225'000 | 185'000 | 207'200 | 205'128 | 178'192 | +3.6%
|
V |
| 104 | Aston Martin V8 Vantage 'Molded Fliptail' Coupe | 1978 | 300'000 | 350'000 | 260'000 | N | ||||
| 105 | Mercedes-Benz 190 SL | 1962 | 200'000 | 250'000 | 160'000 | 179'200 | 177'408 | 154'112 | -20.36%
|
V |
| 106 | Lamborghini Diablo | 1991 | 175'000 | 200'000 | 125'000 | 140'000 | 138'600 | 120'400 | -25.33%
|
V |
| 107 | Fiat-Patriarca 750 Berlinetta Sport by Faina | 1949 | 200'000 | 250'000 | 160'000 | N |
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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
