1. Autos
Send to a Friend via Email

Your suggestion is on its way!

An email with a link to:

http://classiccars.about.com/od/MontereyAuctionResults/a/Rm-Posts-95-Million-At-Monterey-Sale.htm

was emailed to:

Thanks for sharing About.com with others!

RM Posts $95 Million at Monterey Sale

By

RM Posts $95 Million at Monterey Sale

1968 Ford GT40 Gulf/Mirage Lightweight Racing Car

RM Auctions

RM Auctions continued its strong track record in Monterey, California, realizing a spectacular $95.7 million in total sales inclusive of the 10% buyers premium. Twenty vehicles realized million-dollar-plus results, with five lots achieving individual prices exceeding $5 million, and numerous new auction records set. This year’s sale featured an elite, handpicked selection of 120 of the world’s finest automobiles resulting in the the highest individual auction tally in RM’s history, and illustrating the company's expertise in the presentation and marketing of blue-chip automobiles at auction.

The event’s top seller was a 1968 Ford GT40 Gulf/Mirage Lightweight Racing Car, achieving a new world record for an American automobile sold at auction with a remarkable sales price of $11,000,000. The first, by serial number, of several lightweight GT40s built for the J.W.A./Gulf team, this exceptional racing car was completed in 1968 and carries an incredible history from new. Finished in the Gulf team colors of Powder Blue with a Marigold stripe, it raced extensively throughout 1968 from Daytona to Le Mans, as well as the Le Mans trials at the hands of Jacky Ickx, before it was sold to Solar Productions in 1970 and used as a camera car in Steve McQueen’s Le Mans. Providing one of many thrilling auction moments across the two-day sale, the GT40 spurred a lively bidding war in the room; its world record price earning a standing ovation from the crowd.

Additional lots surpassing the $5 million mark included a magnificent trio of Ferraris, including a hugely desirable 1962 Ferrari 250 GT SWB California Spyder for $8,580,000; an exceptional 1955 Ferrari 410 S Berlinetta, which set a new world record for a closed Ferrari at $8,250,000; and a coveted 1956 Ferrari 250 GT LWB Berlinetta ‘Tour de France’, which fetched $6,710,000. Rounding out the group of $5 million-plus sales, the supremely elegant, Pebble Beach ‘Best of Show’ winning 1938 Horch 853A Erdmann & Rossi Special Roadster at $5,017,000 to set a new world record for an Horch sold at auction.

“The results indicate a particularly strong market for 1950s and 1960s sports and racing cars, with many new records achieved within this category across the Monterey weekend,” adds Shelby Myers, Managing Director, RM California. “Whether this reflects a change in existing collector tastes is unknown, however it certainly shows that interest in makes such as Ferrari, Aston Martin and other post-World War II sports cars is at an all-time high. It is important to note the trend was not only evident in the multi-million-dollar bracket, but ‘best of category’ examples across all levels,” Myers adds.

Other notable auction results include:

  • a race bred 1960 Aston Martin DB4GT, the fourth DB4GT produced - $2,035,000
  • a 1953 Bentley Continental R-Type Fastback Sports Saloon set a new world record for its model - $1,622,500
  • a highly original 1965 Shelby 289 Cobra Mk II, just one lady owner from new - $792,000
  • a 1974 Ferrari Dino 246 GTS ‘Chairs and Flares’ realizing a world record price - $467,500
  • 1989 Ferrari Testarossa doubled its pre-sale estimate to enter the history books with a world record price of $264,000

Reflecting RM’s global clientele, the strong results were generated by registered bidders from 25 different countries on the telephone, over the Internet, and assembled in the standing-room-only venue. As of this posting, the cumulative total was $94.6 million for 107 of the 122 cars brought to the block. That equates to a 89% sell-through rate for an average sale price of $884,000. These numbers are an impressive increase over their 2011 results - $79.2 million for 123 cars, a 85% sell-through rate for an average sale price of $643,900.

You can find all the results from RM's Monterey sale at www.rmauctions.com.

Suggested Reading:
Gooding & Company Hits $113 Million With 21 World Record Sales
Mecum's Monterey Auction 2012 Results
Russo and Steele's 12th Annual Sports and Muscle Monterey Results
Bonhams Quail Lodge Sale Exceeds $13 Million

©2014 About.com. All rights reserved.