RM Sotheby’s Auction in Munich: Christmas Gift from Germany
04 November 2023 8 min read 8 images
Photo credit: RM Sotheby’s
Talking about RM Sotheby’s auction in Munich on November 24 is essentially talking about the sale of Dieter Aumann's collection. The German collector's vehicles accounted for over three-quarters of the revenue; however, that wasn’t the only noteworthy aspect. Let’s take a closer look. The 2024 sell-through rate increased impressively from 85.51% in 2023 to 89.66%. It’s worth noting that no-reserve cars rose from 57.97% to 65.51%, so some improvement was expected. Nevertheless, the quality of the cars soared: despite fewer lots being offered, the estimated value jumped by nearly €10 million, from €18,970,000 to €28,705,000. The total sales result surged from €15,629,000 to €23,299,950, and the average price almost doubled from €264,898 to €448,076 (+70%).
Returning to the Aumann Collection and its key role in the auction's success, it’s worth noting that nine of the ten most expensive cars sold that day belonged to him. The star was a 1923 Mercedes Type 122 Indianapolis Racer. This car, one of four built for the 1923 Indianapolis 500, came with a remarkable history. It finished eighth in that race, was later re-bodied for the 1936 Vanderbilt Cup, and passed through the collections of Alec Ulmann, Henry Austin Clark Jr., Charles Addams (creator of the Addams Family), and Bernie Ecclestone before joining Aumann's collection in 1996. Though extensively modified and restored with liberties taken in the 1990s, the car had a reasonable reserve price of €2 million, despite an estimate of €3.8–5 million. It finally sold for €3,605,000.
The 1957 Porsche 356A Carrera GT Speedster had a similar story. While its body was intact, the engine was not original and had been modified from 1600cc to 1750cc in 2013. The 30-year-old restoration meant it needed a complete overhaul for a buyer willing to spend €650,000–800,000. With no reserve, it sold for €713,750—a solid result.
Owners of Porsche 550RS models could breathe a sigh of relief. These 1950s German roadsters had struggled recently: at Pebble Beach, two examples failed to sell despite estimates of €3.4–3.9 million, and another sold at Zoute in October for €2.5 million, a million below the minimum estimate. In Munich, a silver 1955 Spyder from the Aumann Collection, with 13 race entries and only four owners, had a mid-1980s restoration and a 2015 engine overhaul. Estimated at €3.4–4.2 million, it sold for €3,464,375.
Another highlight from the same collection was the 1897 Benz Velo. Produced in 1,200 examples between 1894 and 1902, it holds the title of the "first mass-produced car." Sold new in Italy to the Temperino brothers (who later founded their own car brand), it had only three owners until 2016. Purchased by Aumann in 2017, it was restored at a cost of €35,000. Offered without reserve at €200,000–300,000, it sold for €398,750, nearly double the low estimate. RM Sotheby’s partnership with the London to Brighton Run since 2019 has undoubtedly contributed to such successes.
Interestingly, very old cars performed exceptionally well, while modern ones struggled. Of the six cars produced after 2000, only two sold, both without reserve. Two modern roadsters raised eyebrows: a 2021 Aston Martin V12 Speedster and a 2022 Ferrari Monza SP1. Both were single-owner cars, with the Aston Martin showing just 46 km and the Ferrari 1,903 km. The Aston Martin, originally planned for 499 units but reduced to 88 due to poor demand, was estimated at €780,000–1,080,000. It remained unsold at €610,000.
The Ferrari Monza SP1, popular since its 2018 debut, had its 499-unit production sold out before its public announcement. However, its 1,903 km mileage and €3–3.5 million estimate—well above the €2.4 million of the only other example sold at auction—didn’t help. Bids reached €2,850,000 but fell short.
The auction began with a no-reserve collection of BMWs spanning the 1930s to early 2000s. Surprisingly, older sedans outperformed expectations. A standout was the 1965 BMW 1800 Ti/SA, one of 200 built for racing against Alfa Romeo Giulias and Lotus Cortinas. With a modest Scandinavian racing history, it smashed its €80,000–120,000 estimate, selling for €120,750.
One car I would have taken home was a 2005 BMW M6. With a 5.0L V10 engine producing 500 bhp, its cream leather interior and Sepang Bronze exterior screamed Autobahn Cruiser. Despite 132,000 km, it was well-maintained and estimated at €20,000–30,000. I might have considered it, but the hammer fell at €36,800.
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