Market Intelligence
Mecum and RM: Two deserts under the same sun
In the desert auctions of Glendale and Dubai, RM and Mecum saw varied success. From hypercars to classics, the market's pulse was felt, with standout sales like the Koenigsegg Agera RSR and Elvis Presley's Cadillac.
Mecum and RM organised two auctions "in the middle of the desert". Although Glendale in Arizona is not comparable to Dubai in the Emirates, one thing is for sure: Deserts do not naturally have an aptitude for cars. Especially the Middle East where there is no tradition of classic cars. It is enough to mention that an Iconic auction in Riyadh in 2019 had placed only 3% of the cars, practically nothing, whereas this year the percentage has risen to 29%. Few units, all still quite unrefined, but the road ahead seems mapped out.
To stay in the Middle East, let's look at RM's numbers: In Dubai it managed to close with a magnificent 72.73%, despite having only 3 lots offered without reserve, a sign that buyers and sellers were in full agreement on the real values of the cars. We have to consider that there were only 8 out of 22 "last century" cars of which 3 were over 30 years old, but then again, you have to give the market what it wants. The average price of $1,049,108 speaks for itself.
