RM Sotheby’s at Cliveden House: Economic Uncertainty and Ambitious Estimates
22 June 2024 3 min read 8 images
Photo credit: RM Sotheby’s
Looking at the numbers from the Cliveden House auction in England, selling 40 out of 60 lots might be good for a regular auction. However, for RM Sotheby’s this barely represents a passable outcome. The total turnover fell short of expectations, as the 40 cars sold reached only £7,733,288 against an estimated value of £19,595,000 for all the lots.
What are the possible reasons for such a modest result? One is undoubtedly the uncertainty in Europe during this period: Just three days before, the European elections had a significant impact on Paris, causing a market capitalization loss of 10 billion the day before the auction. Additionally, this was the first edition of this auction, held on a weekday without related events in a location not strongly associated with classic cars.
Furthermore, auctions can go wrong for no apparent reason: Take, for example, two Ferrari 512 TRs for sale: A blue 1993 model with 29,192 miles, recently serviced for £2,923 and a red 1992 model with just 3,932 miles, having undergone €43,000 worth of work last year. They were priced at £140,000-180,000 and £220,000-260,000, respectively. Surprisingly, the blue one sold for £224,250, while the red one, though bidding reached £190,000, remained unsold. Auctions are unpredictable.
Additionally, markets are driven by supply and demand: This was RM's eighth auction this year, all previous ones being highly successful. A less vibrant result is not surprising in a country where auctions are passionately attended, almost like a game to find what one loves. Therefore, let's move on.
Certainly, the failure of the top lots contributed to the poor revenue, but for different reasons. The 1960 Ferrari 250 GT SWB, despite being beautiful with a silver exterior and red interior, Ferrari Classiche certification and a restoration by Carrozzeria Autosport had flaws. The certification was from 2013 and in a decade you can also make mistakes, not to mention the previous mistakes: Bodied as a 250 GTO between the late '70s and early '90s, then re-bodied again, a myriad of owners and just as many colors. The concept is clear: The market is increasingly strict towards models that represent an investment. Last month, Artcurial had sold a very beautiful SWB for €5.4 million (around £4.55 million), so the estimate of £5,000,000-6,000,000 was very ambitious. And indeed, the hammer fell at £4.5 million and the owner brought it back home.
A completely different story for the 2014 Bugatti Veyron Grand Sport Vitesse. It is a model in great demand and the offered model was perfect: A beautiful color (blue with Tangerine interior) and 4085 km with £27,000 of work done a couple of months ago. So what was wrong with this supercar worth £2-2.5 million? Simply the ambitious estimate: Even though the record was in March at £2,428,000, in the past year, the price remained stable at £1.5-1.7 million, not considering that, being a left-hand drive, export duties would have cut offers at the outset. The offer of £1.8 million was therefore correct. So it remained unsold.
On the other hand, the 1988 Lamborghini LM002 did very well. The legendary “Rambo Lambo” was not overshadowed by the Urus and, on the contrary, has benefited because since 2018 it has never stopped rising. The offered model was also fascinating: Dark blue (Acapulco Blue) with grey leather interior, 17,273 km and it was a rare carburetor version. A carburetor V12! Just start it, and all the electric cars run to hide! The estimate was £225,000-275,000 and it closed at £342,500. Therefore, over £30,000 above the previous record.
Everyone feared for the unsold 1963 Ferrari 250 Berlinetta Lusso by Fantuzzi. You will surely notice that Fantuzzi never bodied the 250 Lusso (it was Scaglietti if you want to win at Trivial Pursuit), but this one had a particular history: Sold new to Pederzani – from Tecno, the company that produced single-seaters in the 60s – it was gradually modified to be more aerodynamic and to look like a 330 LMB. So it looked like a photocopy of the Ferrari 250 GT Drogo from last month: A unique, historically documented model but modified and impossible to certify with Ferrari Classiche. In that case, the sale failed, but, and I already take away the suspense, this time it went differently. The estimate of £1.1-1.3 million was the same as a normal 250 Lusso and the price paid was £1,130,000. Originality helped.
It seems that originality was a bit of an option at this auction. This was demonstrated by the excellent performance of the AC Cobra 427 MkIII S/C Continuation. Even though it had an AC Authenticity Certificate, the car was made in 1996 using the typical 427 V8 with a four-speed gearbox. Until 2013, it remained with the same owner and then changed at least four other owners. It probably covered more miles between garages than on its tires, as it had only 3206 miles. The estimate of £160,000-200,000 was perfect, but after a flurry of bids, the V8 changed garage for £232,813.
The car I would have taken home? Without a doubt the 1965 Sunbeam Tiger MkI. Although equipped with the less powerful 260 ci engine (the MkII had the 289, bigger, wider and “American”), I would have desired it for one characteristic: Only a single owner. And then the color (green with black interior), very nice condition, right-hand drive – which is easy to forgive on this car – the original manuals, tools and more. What more could you ask for £50,000-70,000? The price indeed soared to £66,700.
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