RM Sotheby’s in Miami Concludes a Record-Breaking February

In February, RM Sotheby’s sold the Mercedes-Benz W196 Streamliner in Stuttgart, setting the record for a Grand Prix car. In Paris, they auctioned the 1965 Le Mans-winning Ferrari 250 LM, achieving a model record, and in Miami, during the last two days of February, a Ferrari F50 set a new model record, as did the auction’s top lot — one of only eight Ford GT40 MkII ever built. I must admit, RM Sotheby’s knows how to excite us, as they keep pulling ever more spectacular cars out of the hat, delivering equally astonishing results. Congratulations!

RM’s auction was not held in its traditional location at Amelia Island but instead took place a week earlier at Moda-Miami. With fewer cars offered (109 in 2024 versus 90 this year) and fewer cars sold (68 compared to 84), it may seem like a step back — especially with the sell-through rate slightly dipping from 77.07% to 75.56% over the past twelve months. However, when looking at the dollar figures, the outcome couldn’t be more different: $87,775,000 worth of cars were offered, a 17% increase from last year’s $74,950,000, while by the end of the day, RM’s accountants had issued invoices totaling $67,459,220, inflating 2024’s value by 40%. The average price skyrocketed from an already high $573,202 to a staggering $992,042 — nearly a million per car — despite a decline in no-reserve cars from 49.5% to 42.2%.