RM Sotheby’s Auction in Paris: Bangs, Booms and Backfires

There’s no denying it—it’s an intense period for auctions. In less than a month, three cars have been offered for more than €20,000,000 in three separate sales. It started with the Porsche 917K in Kissimmee, then the Mercedes-Benz W196R Stromlinienwagen in Stuttgart, which set a new world record for a Grand Prix car, and finally the Paris sale featuring the Ferrari 250 LM ex-Le Mans. We’ve already discussed the first two extensively—today, let’s focus on the 1964 Ferrari 250 LM, a particularly interesting case.

For the first time, RM organized a two-day auction on February 4th and 5th, offering 109 cars and selling an impressive 93. Last year, only 59 cars were sold, but the comparison isn’t entirely relevant, as all the cars on the first day were offered without reserve. This auction, held in the prestigious commercial spaces of the Louvre Museum, was the largest ever in Europe. The estimated total value of the cars offered was €88,020,000, nearly double last year’s €49,290,000. The final sales figure reached €65,759,775, setting a new European record for any auction, again almost double the 2024 results. The average price per car also rose from €583,068 last year to €707,094.

Let’s move past comparisons and focus on the key aspects of the auction. The first defining feature was the large number of no-reserve cars — 70 vehicles on the first day, an entire Belgian collection, and 39 spectacular cars on the second day, some of which were also without reserve, leading to multiple sales below their minimum estimates.

The second major characteristic was the top lot: the 1964 Ferrari 250 LM — not just any example, but the very car that won the 1965 Le Mans, the last Ferrari to claim victory at the legendary 24-hour race until the recent 499P. This perfectly original, well-preserved car, sourced from the Indianapolis Museum, was estimated at “over €25,000,000”. Looking at the market, the world record for this model stood at $17,600,000. In the past two years, two other 250 LMs had been offered — one selling for €15,771,200 and another failing to sell at $17,000,000. But could this particular example, with its exceptional history, be worth twice as much? I honestly believed so — in fact, I think it deserved a few more bids. Regardless, €34,880,000 is quite a sum.

1964 Ferrari 250 LM sold for €34,880,000 ($36,213,000).

This shining success, applauded in the auction hall, cannot entirely overshadow some missed opportunities. The dazzling result nearly “hid” the failure to sell two other high-profile cars vying for second place.

2022 Bugatti Centodieci went unsold at €9,000,000 ($9,344,000).

The first was the debut of a Bugatti Centodieci at a public auction (a 2022 model, one owner, and just 437 km). The second was the 1970 Ferrari 512 M ex-Ecurie Francorchamps. Estimated at €10-15,000,000 and €9,000,000-12,000,000 respectively, both remained unsold, with bids stopping at €9,000,000 for the Bugatti and €7,300,000 for the Ferrari.

1970 Ferrari 512 M went unsold at €7,300,000 ($7,579,000).

This suggests that while RM Sotheby’s dominated global headlines with the Ferrari 250 LM, the ultra-high-level collectors remained level-headed. At the top, three ultra-modern hypercars made a strong showing — an indication of current collector tastes.

One standout was a Ferrari LaFerrari in rare yellow with black interior, featuring FXX-K track wheels and the original set. Estimated at €3,500,000-4,000,000 due to its 3,459 km mileage, it sold for €3,548,750.

2015 Ferrari LaFerrari sold for €3,548,750 ($3,684,500).

Right behind it was a track-only 2022 Pagani Huayra R, the fifth of 30 built, entirely in carbon fiber. With just 196 km driven, its original €310,000 worth of accessories helped push its sale price within its estimated range of €2.8-3.2 million, reaching €3,042,500.

2022 Pagani Huayra R sold for €3,042,500 ($3,158,750).

Rounding out the top three was a 2011 Koenigsegg Agera—older, with more miles (20,367 km), but rarer (one of just seven). Estimated at €1.8-2.3 million, it was explicitly stated that full VAT would be applied on the hammer price (typically only applied to fees). With that in mind, the €1,917,500 sale price effectively increased by about 20%.

2011 Koenigsegg Agera sold for €1,917,500 ($1,991,000).

Beyond the million-dollar cars, the rest of the lineup showed mixed results. The standout brand was Porsche: all 38 sports cars from the Belgian collection sold, often exceeding their maximum estimates.

2011 Porsche 911 GT3 RS 4.0 sold for €471,875 ($490,000).

For example, a 2011 Porsche 911/997 GT3 RS 4.0 sold for €471,875, exceeding its €400,000 upper estimate by €70,000. Similarly, a 2011 Porsche 911/997 GT2 RS with just 26,000 km, estimated at €300,000-380,000, performed well, selling for €404,375.

2011 Porsche 911 GT2 RS sold for €404,375 ($420,000).

Even classic 1980s 911s saw strong interest, such as a 1985 Porsche 911 3.2 Carrera Coupé in stunning Moss Green Metallic with Fuchs wheels and a sunroof, which soared to €94,300—nearly double its €50,000-70,000 estimate.

1985 Porsche 911 Carrera 3.2 Coupé sold for €94,300 ($98,000).

Meanwhile, a 1986 Porsche Turbo Flat Nose, originally sold in Qatar in Garnet Red Metallic with custom interiors, shattered expectations, selling for €252,500 — far above its €140,000-180,000 estimate.

1986 Porsche 911 Turbo "Flat Nose" Coupé sold for €252,500 ($262,250).

Interest continues to decline for pre-World War II cars, making them potential bargains. A prime example was a 1934 Citroën Traction Avant 7C Cabriolet, bought in 2013 for €156,432 but struggling with an €80,000-120,000 estimate in this auction. In the end, it sold for just €40,250.

1934 Citroën 7B Traction Avant Cabriolet sold for €40,250 ($41,750).

The car I personally wanted most? A 1954 Alfa Romeo 1900C SS Zagato, a true time capsule, which sold for €590,000 — its lowest price since 2009.

1954 Alfa Romeo 1900 C Super Sprint Coupé by Zagato sold for €590,000 ($612,500).