Market Intelligence
RM Sotheby’s at Cliveden House: Economic Uncertainty and Ambitious Estimates
RM Sotheby's Cliveden House auction fell short, selling only 40 of 60 lots for £7.7 million against a £19.6 million estimate. Economic uncertainty, lack of related events, and ambitious pricing of top lots contributed to the modest outcome.
Looking at the numbers from the Cliveden House auction in England, selling 40 out of 60 lots might be good for a regular auction. However, for RM Sotheby’s this barely represents a passable outcome. The total turnover fell short of expectations, as the 40 cars sold reached only £7,733,288 against an estimated value of £19,595,000 for all the lots.
What are the possible reasons for such a modest result? One is undoubtedly the uncertainty in Europe during this period: Just three days before, the European elections had a significant impact on Paris, causing a market capitalization loss of 10 billion the day before the auction. Additionally, this was the first edition of this auction, held on a weekday without related events in a location not strongly associated with classic cars.
