Market Intelligence
RM Open Roads Fall Auction. Match commentary
The RM Open Roads Fall Auction failed to meet expectations with only 47.4% of the 76 cars offered sold for just under $4 million. One of the top lots, a 2009 RUF CTR3, went unsold at $740,000, while a 1969 Ferrari 365 GTC sold for $660,000. The 1931 Mercedes-Benz 370S Mannheim Cabriolet, a pre-war car more suited to traditional RM auctions, was also sold for $286,000. The article notes that reserve prices and excessive numbers of auctions may be affecting the market. Additionally, the article provides insights into the Austin-Healey 100M Le Mans model and its differences between dealer and factory conversions. The auction results are seen as a disappointment compared to the 80-90% sales achieved at traditional auctions.
“Welcome, ladies and gentlemen, to the challenge for the top lot of the RM Open Roads Fall Auction. In the left corner, wearing a silver dress with red leather interior, a 2009 RUF CTR3. Its 3.8 litre engine puts out 682 hp, and with just 1,700 miles on the clock it’s ready for a new owner. Since 2008, just 31 examples have been produced. In the right corner, a 1969 Ferrari 365 GTC in dark red with tobacco interior. A great Maranello classic, number 49 of 150 built, certified by Ferrari Classiche and restored by the best Italian craftsmen just 1,000 km ago. The meeting, that lasts one week online, begins: the RUF immediately reaches $430,000, Ferrari followed it to $420,000 and then, with an athletic leap, takes the lead over its opponent by reaching $440,000. The Ruf reacts and counters with exactly the same offer...” The title for the top lot continues for a further twenty offers. “Ladies and gentlemen, there are now just 30 minutes left till the end of bidding. Plot twist! The Ferrari 365 GTC throws in the towel at $600,000 ($660,000 with commissions). The RUF is now unreachable at $740,000...… but wait! Another twist! The RUF had set a higher reserve price and went unsold. The winner on points, with a correct sale, is the Ferrari 365 GTC!”
2009 Ruf CTR3 went unsold at $740,000
We wanted to spectacularise our account of this auction which, although better than the one in London, confirmed that we need a pause for reflection. Once again the results were disappointing. Just 36 cars sold out of 76 on offer (47.4%) and just under $4 million - $3,967,700 in takings out of a possible $8,843,000 (44.86%), meaning they are in no way comparable to the 80-90% that RM is used to achieving at its more traditional auctions.
