Mecum and RM Sotheby's: A long-distance Challenge with Different Techniques

Just as premium brand manufacturers such as Mercedes-Benz, BMW and Audi have entry-level models in their respective ranges, auction houses also have their own “product ranges” and tactically, sometimes, without denying their vocation as organisers of high-end events, they insert niche auctions aimed at lower targets.
Mecum is a master in this sector: coming from the American midwest, it also organises auctions in “rural” areas that are not only useful in attracting customers from the lower end of the market - they too pay commissions - but in creating a connection with customers who may be buying a $30,000 car today and selling it tomorrow. Mecum's sale in Tulsa, Oklahoma on 6 and 7 June falls right into this vein. Its sale was calibrated for this clientele: a cross between an auction of used luxury cars and low-priced historic cars. 526 cars were offered and 419 of them changed hands (a 79.66% better rate than the well-known Kissimmee or Indianapolis auctions), but it was still a small sale for the auctioneer who brought home “only” $13,073,500, which still means over $2 million in commissions, with an average price of $31,202 per car.

RM Sotheby's once again tried the online sales approach: if in April it had called in collectors from Europe and the Middle East, this time it was all stars and stripes. This time, like the last, the results were in the dark: after six days of bidding on 4 June, only 18 cars of the 41 bids went through, less than half. Looking at the numbers, however, these 18 cars reached 55 per cent of the estimated value with an average price per car sold of $213,767, higher than the European sale.
The recent online sales pose a question mark over RM's strategy: on the one hand they compete with SoMo (Sotheby's Motorsport their dedicated platform for online sales), on the other hand they move a long way from the RM tradition and the habits of their customers who like to see the cars they buy. Going online means competing with specialised platforms like Bring a Trailer.

Be that as it may, the person who relaunched the 2015 Ferrari 458 Speciale A didn't need to see the car in person. Here appears the artistry of RM putting out a mouth-watering bait-and-switch with the cabrio version of the last naturally aspirated V8 was also a limited series, just 499 examples produced, and this was probably one of the best. The focal point was the mere 350 miles covered when new, but the various accessories also added value to the car; the titanium exhausts, the carbon fibre interior and the seats in Large size (the most common size and therefore adaptable to a greater number of potential customers). If you'll pardon the pun, it seems that this aspirated car has turbocharged: the coupé version has already broken records twice since the beginning of the year, and the spider version hasn't been seen for at least a year when the price was around $700,000. I expected a rise from this value but for RM to price it at $1,500,000-1,900,000 was eye-popping for me. But collectors thought differently to me and it closed at $1,650,000, over $700,000 above the previous record.