Market Intelligence
RM sets the standard. Bravo!
The article discusses the recent RM Sotheby’s virtual auction, which was a switch from the traditional in-person Pebble Beach event. Despite the switch, the auction was a success with $29,668,650 in turnover, a respectable 62.63% sell-through rate, and a number of cars exceeding their estimated values. The article also highlights some of the most notable cars sold at the auction, including a 2001 Ferrari 550 GT1 Prodrive that sold for a record-breaking $4,290,000, a Duesenberg Model SJ Convertible Sedan, and a 1950s Jaguar XK120 Alloy Roadster.
The RM team could have faced anything: pandemic, switch to virtual, cancellation of certain auctions. But they should never have cancelled Pebble Beach. With over $100,000,000 taken last year (and over 20 million in commissions) it was a devastating blow to give up their crown jewel.
So they decided to switch from real to virtual and, by announcing Shift, they showed all the firepower they were able to muster. They called it “an auction unlike any other” and the marketing division did a superb job, earning full marks for their effort. Spectacular videos, million-dollar cars and the typical knowledge and professionalism that has guaranteed them a place at the very top of the rankings.
The result, therefore, was perfectly aligned with expectations testament to the commitment they put into the event. From the $47,372,000 on offer (more than double Gooding’s) they pulled in a turnover of $29,668,650 (more than Bonhams and Gooding combined) with a very respectable 62.63% and did even better with the sales percentages of the lots: 75 out of 109, or 68.8%.
