Market Intelligence
Good wind from the East
This article reports on RM Sotheby's first European auction since February 2020, where it sold 14 of 19 cars in Milan, and 25 out of 25 in Eschen, Liechtenstein. The Milan sale generated an estimated €11,635,000 turnover compared with €12,600,000 estimate, and the Eschen sale reached a total of CHF 10,160,125 against an initial estimate of CHF 6,085,000. The article highlights the success of the sales, despite the risks involved, with average sales prices of €831,071 per car in Milan and a 181.99% result in terms of value in Eschen. The top lots sold include a 1966 Ferrari 275 GTB and a 1933 Rolls Royce Phantom II Brougham by Brewster.
A double bet for RM in its first auction in presence in Europe since February last year.
The first bet was made with a sale held on the Italian market, renowned for not being particularly auction-friendly. The idea was to organize a sale in the magnificent Palazzo Serbelloni in Milan the day before the departure of the Mille Miglia. In truth I will admit that I had more than a few doubts about the potential success because Brescia is not very close to Milan. But boy I was wrong.
