Market Intelligence
RM teaches: if the world changes we can easily adapt
The COVID-19 pandemic forced auction houses to cancel or postpone events, but RM took a different approach by offering an "eBay style" sale for 250 cars. The result was better than expected, with a total turnover of over $13.7 million, including three of the four top lots sold. The article highlights some of the most notable sales and suggests that the market price always determines the outcome.
With over a billion people forced to stay home by Covid-19 it was inevitable that even the auctions would be forced to make a pit stop.
Most of them decided to cancel or postpone, but RM attempted a completely different route, offering an “eBay style” sale with all the lots on offer for 7 days and sales made upon expiry of the allocated time. Offering 250 cars under this formula ran the risk of “falling into some holes”. But RM paved its road to perfection and very quickly indeed, and the results were exceedingly encouraging.
It is worth analysing their strategy because it is an excellent example of marketing (and timing):
