Market Intelligence
RM Miami: Youngtimer Bonanza
RM Sotheby's recent auction held in Miami witnessed the shift of the price hierarchy, with Youngtimer cars surpassing the prices of established models from an older era. Of the 58 lots on offer, only one went unsold (98.27%), and the pre-sale estimate of $37,965,000 (€35,994,615) was pulverized by the final takings of $39,512,700 (€37,461,990): 104.7% of the original offer value. Youngtimer cars gained considerable interest at this event, with three Mercedes-Benz lots being sold in full RADWood style. The 1987 Mercedes-Benz 560SEC AMG 6.0 Wide body was sold for $720,000 (€682,630), and the 1989 Mercedes-Benz 560SEL AMG 6.0 sedan was sold for $257,600 (€244,230).
There are two very interesting things worthy of attention in this very successful auction organized by RM Sotheby’s on 10th December in Miami: the considerable interest in Youngtimer cars and the significant change in the price hierarchy, with Youngtimers surpassing established models from an older past. The numbers generated by this event are of particular interest: of the 58 lots on offer, only one went unsold (98.27%) and the optimistic $37,965,000 (€35,994,615) pre-sale estimate was literally pulverized by the final takings of $39,512,700 (€37,461,990): 104.7% of the original offer value. Was it the considerable amount (62%) of cars without reserve? Perhaps, but an average price of $693,205 (€657,225) isn’t exactly a number you achieve with luck alone…
The change in the price hierarchy comes from a simple historical analysis: even before the final list of the cars entered into the auction was completed, RM published the lots by decreasing value, from the most expensive to the cheapest. Scrolling through the lots for sale in Miami, I couldn’t help but notice an F40 positioned “above” a Ferrari Daytona Spider. Goodness gracious: just a couple of years ago, you could have bought two F40s for the price of a Daytona Spider. An example? In January 2020, a Daytona changed hands for $1.9 million at Amelia Island, while an F40 reached a maximum bid of one million.
