RM Sotheby’s Auction at Monterey Car Week: A Dominating Game-Changer
24 August 2024 12 min read 13 images
Photo credit: RM Sotheby’s
Unbeatable, invincible, impregnable. RM Sotheby’s made a bold statement at Monterey Car Week. Not satisfied with bringing the best lineup of cars (with $212,295,000 in bids, the only auction to surpass $200,000,000), the day before the event, they announced with great fanfare — rightly so — the sale of the Indianapolis Speedway Museum collection, including the 1955 Mercedes-Benz W196 Monza Streamliner, estimated at $50,000,000-70,000,000. Later that evening, a second major announcement followed: RM Sotheby’s would organize the auction of the Rudi Klein collection, a “mythical” assembly of cars, including three Miuras and the famous 1936 Mercedes-Benz 540K Coupé “Caracciola”. All barn finds, all in the same family’s hands since the 1960s, and hidden from the public for at least three decades. With these announcements, RM sent a strong message to the market: the world doesn’t end at Monterey Car Week.
This year, RM offered the same number of cars as last year (201 in both editions), sold one more vehicle (169 compared to 168 in 2023), with a slightly higher sell-through rate: 84.08% versus 83.58%. The estimated value was slightly lower at $212,295,000 (compared to $216,100,000 last year), but at the end of the three-day event, total sales were slightly higher: $154,004,680 compared to $150,758,500 last year, with the average price rising from $897,372 to $911,271. Even the no-reserve cars performed better: 111 this year versus 89 last year.
Now, let’s get straight to the cars. The top lot was the 1960 Ferrari 250GT SWB California Spider. The first example produced, it was showcased at the 1960 Geneva Motor Show, featuring a competition engine, covered headlights, and a hardtop. This time, instead of focusing on the car, I want to have some fun and focus on the owner. While I have no particular interest in soccer, I knew exactly who Michael Ballack was when I read his name: one of the most famous German footballers, considered a top German sports icon on par with Michael Schumacher. Their friendship led Ballack, in 2008 while playing for Chelsea, to purchase this Ferrari. At the time, he probably paid around €5 million for it in a private transaction, but by the time it came to auction this year, the estimate had skyrocketed to $16-18 million, over three times the original amount. It closed at $17,055,000, making it the most expensive car of the week. We usually think of footballers as reckless young people; I’d like to have this one as my financial advisor.
Records at this auction came as frequently as the trophies in Ballack’s career. A noteworthy example is the 1935 Auburn 851SC Speedster. Painted in typical pale yellow with a brown interior, it was one of the best existing examples, having placed second in its class at Pebble Beach (albeit in 2018). The car had undergone a meticulous restoration and had a well-documented history from the day it was first sold. No Auburn had ever sold for more than $1,072,500, and this one, estimated at $850,000-950,000, wasn’t expected to break that record. However, perhaps due to the "Concours d'Elegance" effect, the car soared to $1,270,000.
On the other end of the collector spectrum, a new record was also set for the Ferrari F50. Just a couple of months ago, one example had caused some concern among (fortunate) owners, as its price seemed stuck between $4,000,000 and $4,500,000, which is far from the record of $5,395,000 set in 2022. As I pointed out at the time, however, the cars offered at each auction were worse than the previous one. All it took was for a beautiful F50 to come along, and we’d see some newsworthy numbers. That’s exactly what happened: Ferrari Classiche certified, with 8,556 miles (not too few, by the way), this car was estimated at $4.5-5 million, which aligned with my expectations. It exceeded the maximum estimate, selling for $5,505,000, setting a new record.
You didn’t need to be a millionaire to enjoy setting records. Even a “humble” Mercedes sedan could bring immense satisfaction. Of course, I put “humble” in quotes because it was a 1972 300SEL 6.3 Saloon, once owned by Steve McQueen (whose “multiplier factor” is fading). Black with black interior, equipped with the most powerful engine ever installed in a sedan at the time, it was the perfect car for its owner. Until March 2024, no example had ever ventured beyond the psychological threshold of $100,000 or slightly more. This RM car had a much higher price tag ($125,000-175,000) and did not disappoint, selling for $148,400.
Sticking with the three-pointed star, a couple of “open-air” cars made collectors happy. It was easy to predict that the 2005 Mercedes-Benz CLK DTM AMG Cabriolet would achieve an excellent result; the current record was set just a few months ago at $488,000. The Monterey example was significantly better, with only 3,275 miles from new, just serviced at the Mercedes Classic Center, and one of the few ready for American roads. The estimate was $575,000-750,000, and it sold for $621,000.
The 1957 Mercedes-Benz 300SL Roadster, however, left me puzzled about the estimate. Sure, it was one of the first examples produced with unique specifications: original Rudge wheels (only 30 examples), hardtop, tools, manuals, and a top-tier restoration. The estimate of $2.6-3.2 million seemed extravagant: among non-disc-brake, non-aluminum-engine examples, the record was $2 million. It sold for $2,892,500, almost 45% above the previous record.
And then there’s the Cobra. But not just any Cobra — the 1964 Shelby Cobra 289 nicknamed “Snake Charmer.” Owned by Hank Williams, it was the last Cobra to remain in the hands of the same owner, who had participated in (and won) numerous races during the golden age of American motorsport. Oops, I said numerous? How about 394 races, including SCCA, rally, and slalom? “A true legend”, the catalog stated. The estimate wasn’t known, but I knew it had to exceed $1,650,000 to set a new record for a Cobra 289. It sold for $2,287,500, another true victory.
Even in Sant’Agata Bolognese (Lamborghini), champagne corks were popping. It was expected — I’ll admit that the estimate gave me pause — that a new record would be set for a Murciélago. A “second series” 2008 LP640 Roadster with 6,276 miles from new and a manual transmission. In America, there are only eight equipped with a stick shift and just three in the color Oro Adonis, but the estimate of $1.25-1.75 million was ambitious (in my opinion, I repeat), considering that the current record for any Murciélago Roadster is “only” $650,000. The market, however, didn’t agree with me, and the car sold for $1,352,500.
Even the “Rambo Lambo” rewrote the rules of valuation. The first owner of the LM002 at auction was the founder of a gym chain, the perfect type for such a “muscular” car. A few years ago, the car underwent a complete restoration in Olive Green with a cream interior, costing $90,000. The estimate of $350,000-450,000 was correct, but once again, the market surprised everyone, with the car selling for $703,500, a significant jump from the previous record of $434,000 set just a month ago.
And while we could gloss over the new record for a Delage (a 1932 D8S Roadster sold for $3,305,000, indicating that even this sector is moving), we cannot overlook the “record-setting” Porsches that were sold. Three of these came from the famous White Collection (all white cars with very low mileage). A 1997 Porsche 993 Carrera 4S, with Aerokit and 12,757 miles, went for $291,000, setting a new record for a physical auction (the previous record was $225,000).
As for the 2019 Porsche 991 Speedster, the record stood at $582,500, but with just 151 miles on the clock, the estimate of $600,000-700,000 seemed reasonable. It sold for $775,000.
Finally, the most “unusual” was the 1974 Porsche 911 Carrera RS 3.0, for which a bid of $1,750,000 had been rejected at a December 2023 auction. The RM estimate of $1.6-1.8 million seemed plausible, but it sold for $2,370,000, setting a new record for the model.
Let’s close with a curiosity: a new record was also set for the BMW Isetta 600. The “egg-secutive” version of the small 300 was in spectacular condition, with a $70,000 restoration completed this year, which was not expected to be recouped with an estimate of $25,000-50,000. However, despite being the last lot of the day, it surpassed all predictions, closing at $73,920, surpassing the $67,200 record for the most expensive example ever sold.
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