Market Intelligence
RM Sotheby’s in London: Tradition Pays Off
RM Sotheby’s London auction saw record-breaking sales, showcasing rare and historic models like the Jaguar XKSS, Ferrari F40, and Mercedes 300SL Gullwing.
The historic RM Sotheby's auction in Europe held steady, improving upon many of last year's numbers. The sales percentage rose from 70.97% to 83.33%, with 50 of 60 cars sold compared to 44 of 62 last year. Revenue surged from £13,469,000 to £17,435,275, one of the best results ever. The estimated value increased significantly from £21,138,000 to £29,945,000, keeping the success rate around 60%. The average price per car also rose from £306,114 to £348,706, with the "no reserve" percentage stable at around 40%.
The auction’s slogan, “Some rules are meant to be broken”, referred to the top lot: the first Jaguar XKSS ever offered at a European auction. This 1957 model was factory-converted from a 3.4L to a 3.8L engine in 1960, with an estimated value of £9-11 million, similar to an XKSS sold by RM in Monterey in August 2023 for $13.2 million (around £10.2 million). Expectations were high, but at £8 million, the bidders stopped; had I been the owner, I would have let it go, knowing the Jaguar D-Type, from which it derives, is facing a turbulent market with no end in sight. Yet, the owner kept it—we’ll see when it resurfaces.
