Auction Recap: RM Auctions’ 2014 Monterey
RM Auctions made waves with its 2013 Monterey auction by selling $125M in cars, led by the $27.5M 1967 Ferrari 275 GTB/4*S NART Spyder. The numbers were so gaudy, in fact, that some observers questioned whether they would ever be able to top the event. RM doubled down on Ferrari in 2014 and managed to bring together a broad assortment of examples from the marque, comprising nearly 25% of the sale. The strategy paid off as total sales grew by 15% to $143.3M and the sell-through rate improved to 91% (from 88% in 2013). Eleven more cars were offers, and while the average sale price dipped by a nominal 0.7%, the median price jumped by 27%. All told, the sale was a success by just about every measure.
The top seller of the two-day event was a one-of-three 1964 Ferrari 275 GTB/C Speciale coupe that earned $26.4M, including buyer’s premium, while the ex-Bill Harrah 1964 Ferrari 250 LM street car earned $11.55M. The most impressive achievement, however, was the $10.175M that the ex-Steve McQueen 1967 Ferrari 275 GTB/4 coupe traded for. The calculus for the McQueen multiplier depends on how prominently the King of Cool used a given car (featured in a movie, used extensively in period, quickly passed through his garage, etc.) as well as how interesting the car inherently is (race car, sports car, truck, sedan, etc.), and tends to range from 1.5x to 4x. This particular car ranked on the high end of these variables, and it ended up selling for three times what other well-done four-cams netted in Monterey.
Other interesting sales included a 1972 Nissan Skyline GT-R “Hakosuka” coupe that traded for $242,000 (or $22,000 more than the Shelby GT350H that followed it onto the rostrum); a 1968 Mercedes-Benz 280SL that set a record at $264,000; and a 1911 Mercer Type 35R raceabout coming from long-term ownership that grabbed a strong $2.53M.
Overall Top 10 Sales:
- 1964 Ferrari 275 GTB/C Speciale Coupe sold for $26,400,000
- 1964 Ferrari 250 LM Coupe sold for $11,550,000
- 1967 Ferrari 275 GTB/4 Coupe sold for $10,175,000
- 1965 Ford GT40 Prototype Roadster sold for $6,930,000
- 1965 Ferrari 275 GTB Alloy Coupe sold for $3,382,500
- 1967 Ferrari 275 GTB/4 Coupe sold for $3,750,000
- 1963 Ferrari 400 Superamerica Coupe sold for $2,915,000
- 1953 Ferrari 250 GT Europa Coupe sold for $2,750,000
- 1911 Mercer Type 35R Raceabout sold for $2,530,000
- 1963 Ferrari 250 GT Lusso Coupe sold for $2,117,000
RM’s next auction will be held in London on Sept. 8, 2014. Its next North American event is the annual Hershey sale, Oct. 9-10, 2014.