Market Intelligence
RM Sotheby’s London. Credit where credit is due
In the ever-evolving world of luxury car auctions, RM Sotheby's London event marked a shift. With 62 cars on the block, the total value dipped, but context is key. Ferraris dominated, with a 1993 512 TR Spider stealing the spotlight at £2.2m.
Cliff Goodall’s view
There was a time when RM's London auction signalled the season's end, yet the landscape has shifted. Now, five additional auctions are lined up over the final eight weeks of 2023 (8 weeks!), culminating in the highly anticipated New York sale of a 1962 Ferrari GTO at Sotheby's modern and contemporary art auction.
A closer inspection of the numbers reveals a significant caveat, which we will return to later: 62 cars were on offer this year, up from 50 last year, with 44 finding new owners compared to 38 in 2022. While the quantity sold remains relatively stable, the total value tells a different story. This year's takings of £13,469,000 are substantially lower than the previous £27,194,125, yet it's essential to consider the pre-auction estimates, which were £21,138,000 this year versus £37,680,000 last year. If we broaden our view to the last five years, in no edition has the difference ever exceeded £10,000,000 — this is a more accurate context to interpret this event's results.
