Market Intelligence
RM - The old-school approach
The RM auction at Auburn took place from September 3-5, 2020, with 524 cars on sale, of which 445 were sold, resulting in a total income of $16,762,475. The most expensive car sold was a 1935 Auburn 851SC Speedster, which was sold for $770,000. The auction was held with full respect for social distancing norms, and participants had to register on the official website at least 24 hours in advance. Pick-up trucks, especially the 1991 GMC Syclone, are becoming increasingly popular in the United States, with emotional value driving prices up. Finally, a 1970 Porsche 914 and a 1957 Imperial Convertible were sold at the auction, with the former needing a bit more work than expected to be restored, and the latter in dire need of restoration.
If we were to try and define the RM auction at Auburn (3-5 September) it could easily be compared to an American V8 engine. That’s right, because the power output of those thundering V8s isn’t down to the use of special materials or technical innovations but simply due to their enormous displacement; just as in the case of RM, where the considerable turnover was purely the result of the large number of cars on offer.
With 524 cars on sale, of which 445 were successfully sold (a very satisfactory 84.92%) – without considering the 9 sold after the auction for an undeclared figure, the total income from the sale was $16,762,475. With an average selling price of $37,668 it was about one eighty-third of the value reached at the Gooding auction in London which was held on the same days.
But the key element of this auction was not the cars or the results but the atmosphere. Finally, after a forced six-month stoppage, RM held its first non-virtual auction from Amelia Island. Since each auction house takes a different approach I think it is only fair to add RM’s: obviously in full respect for social distancing norms but also subject to registration; it was not possible to participate in the auction (even as a spectator) without registering at least 24 hours earlier on the official website and this, of course, left the merely curious at home.
