Monaco Auction Madness: RM Sotheby’s Reigns Supreme
25 May 2024 3 min read 8 images
Photo credit: RM Sotheby’s
The best RM auction in Monaco ever. This phrase alone describes how the two-day event went for the Canadians. It's impossible to say otherwise: The transition from one to two days didn't alter the spectacular nature of the sale, as the numbers prove. Selling 82 cars is the highest number since the first edition in 2010. The success rate of 79.61% is one of the best ever, even surpassing the excellent 75% from the previous edition. But it's the value that defines the success: €39,096,650 is a significant leap from the €30,467,213 of 2022. And what about the five (yes, you read that right, five!) cars sold for over two million? Yes, the average price has dropped from €634,734 to €476,787, but this is typical when more lots are offered.
These are the facts. Now let's talk about the cars. Just to give you an idea of the atmosphere: On the first day, the first car offered was already a stunner: A 1988 Lamborghini Countach 5000 QV. Sold new in Germany, it spent a year in England, remaining in the same owner's hands since then. Many love those "vulgar" side skirts typical of the 80s, especially on this red car with a massive spoiler, which was the opposite of understatement. Magnificent! With 40,473 km, it was estimated at €400,000-500,000 and sold perfectly in the middle: €455,000.
The only comparison one can make is with Lapo Elkann's Ferrari 458 Italia. In 2010, the scion of the Agnelli family ordered Ferrari's Tailor Made department to create a 458 in camouflage livery. A car that due to its design and its owner (at the time, the most famous Italian socialite), made the rounds of European magazines for a long time. Two important details: After this car camouflage style became fashionable everywhere, from windbreakers to designer tables. The second detail: This was the first car ever produced by Tailor Made, which is a program that fifteen years later is now almost a must. The estimate seemed high because of the lack of glamour from back then. Purchased in 2017 for €385,250, it was estimated at €250,000-350,000. You can imagine my surprise when a wave of bids came in and the tide rose to €466,250. Probably the world record for a 458 Italia.
On to the next lot: The 1999 Formula 1 Prost AP02 was used in six races of the World Championship, including Monaco and Brazil (where it achieved its best result, finishing sixth). Let's talk about 2021 when the Guikas collection went completely to auction, all without reserve and this Prost was sold for €172,500, far from the €500,000-600,000 estimate. At the time, we wrote "a far-sighted buyer could resell it in a few years for a considerable profit". Perfectly restored, the car returned to the track in Monaco with an ambitious estimate: €700,000-1,000,000. It ultimately sold for €556,250.
Speaking of Formula 1, let's move on to Jody Scheckter's collection. The top lot of the sale was the Ferrari 312 T4 with which "Jody" won the F1 World Championship in 1979, the last one won with Enzo Ferrari when he was still alive. It was purchased in 1982 directly from Ferrari by Scheckter himself and has always remained his. The estimate of €5.25-6.5 million was high, low or correct? With such an exceptional history, it was difficult to comment, but let's consider it correct because the McLaren MP4 with which Ayrton Senna won the 1988 Monaco GP changed hands (also in Monaco) a few years ago for €4.8 million. But the 312T was ready to win again: It was sold for €7,655,000. Congratulations to the buyer who will take it to Japan.
It's hard to judge how Scheckter's collection fared overall. A couple went very well, like the Tyrrell P34, the famous "six-wheeler," estimated at €450,000-650,000 and soared to €1,034,000. Notable because it was reconstructed in the 2000s using an original, never-used chassis.
On the opposite end, but justifiable for the many transformations in its history, the 1973 McLaren M23 was offered with an estimate of €1.75-2.25 million and sold for €1,028,750, almost half the estimate. Even though reassembled by McLaren before Scheckter bought it, it must have retained very little of the original.
In Monaco, even the road cars raced a lot. One of the most fashionable cars at the moment is undoubtedly the Ferrari 365 GTS/4 Daytona Spider. RM had a 1972 model in gray with a red interior. Considering it was born silver with a black interior (one of the few cars that suit silver) and even though certified by Ferrari Classiche, it could have been restored to its original state to be even more attractive. Anyway, we're talking about a new record, the third in a few months: The record was around €3.3 million for a model sold in March. The hammer price was €3,436,250. And it hasn't even been restored to its original condition!
On the other end of the spectrum, a 1965 Citroën 2CV Sahara also set a new record for the model. The Sahara was designed for use by Total engineers for oil exploration in the middle of the desert, thanks to its four-wheel drive and very reliable engines. In fact, it was also a big hit among Swiss doctors who used it to visit patients even in the most remote chalets. Restored between 2021 and 2023 and therefore in impeccable condition, estimated at €100,000-120,000, it went for €143,750.
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