RM Sotheby's Dare to Dream Collection: A Market Lesson
08 June 2024 3 min read 10 images
Photo credit: RM Sotheby’s
The triumph of the Miura was undeniable at RM Sotheby's Dare to Dream auction. But let's start at the beginning. Miles Nadal, a well-known Canadian entrepreneur, had amassed an enormous collection of items over the years (in addition to cars, he has hundreds of pieces of memorabilia and even a $1 million sneaker collection).
Between May 31 and June 1, he put everything up for sale. Everything was without reserve, explaining the 100% sale of the 78 cars that went under the hammer. Surprisingly, the prices were record-breaking and one figure is enough to understand: The cars alone were estimated to bring in $52,715,000, but the total reached $62,237,800 with an average price of $797,922. No further comments are needed.
Returning to the Miura, which literally ignited the room: A 1972 SV with the typical color combination of red with blue interior (originally natural leather) and gold lower bands. Delivered new to Milan and once owned by Jay Kay, it entered the current collection in 2016, meticulously restored by Cremonini (one of the best). For context let's look at the market: In September 2020, Gooding made waves when it sold Hubert Fabri's Miura SV Speciale for about $4.2 million.
An unthinkable figure considering that at the time a "normal" Miura SV was around $2-2.5 million. The sale drove up the prices of other models by about $500,000, but none broke the $3 million mark until 2023, when two models (in January and August) reached $3,580,000, which is the current record for a Miura SV. Considering the near-perfect condition, RM's estimate for Nadal's Miura was correct at $2.75-3.5 million, but the room went far beyond: $4,900,000. A record that gives further momentum to the model. One to watch.
The rest of the collection consisted of very common cars. No uniquely bodied vehicles, no pre-war models, none produced in very limited quantities. However, all were restored and the more recent ones had very few kilometers. Hence the attention in the room focused on models like the 1959 Mercedes-Benz 300SL Roadster. Among its merits were the beautiful light blue color, disc brakes, a 3.64 rear axle ratio, a Becker Mexico radio and a restoration by Rudi & Co – done about ten years ago in a very good way.
Among its flaws were the age of the restoration and the absence of an aluminum engine block. This is why the estimate of $1.5-1.8 million, about half a million less than an equivalent "alloy block," seemed fair. But no one seemed to notice, as this 300SL closed at $2,095,000. A new record for a 300SL Roadster with a cast iron engine block.
Speaking of records, we come to the 1973 Ferrari Daytona, certified by Ferrari Classiche and restored in 2011. After the trend dubbed "resale red" of turning Ferraris red regardless of their original color, the opposite happened with this one: Born red, it was restored to become blue scotland. The reason is simple: The market no longer wants red Ferraris and different tones demonstrate the "three-dimensionality" and "character" of individual models.
Another interesting aspect is that in recent months we have seen at least three consecutive records for the Ferrari Daytona Spider. It seemed very strange, however, that the Coupés were "flat". So RM aimed for a record by estimating it at $650,000-800,000 with the goal of reaching $870,000, the current record for a normal version like this. Few, however, expected the bidding frenzy that ended at $1,061,000. Out of curiosity: Do you know what color the previous record for a Daytona was? Exactly! Blue.
Among the more "unusual" cars at the auction was the Maserati MC12, the "cousin" of the Ferrari Enzo, designed for competitions but produced in road configuration in 50 models to obtain homologation. White/blue like the other 49, with 6780 km driven, a connection with Phil Hill and owned by the Riverside Museum that sold it to Nadal through RM for $1,430,000.
The buyer immediately commissioned $50,000. It turned out to be a smart move: In recent times, the market has shown interest in the model and the estimate of $3.25-3.75 million was a big jump from the purchase price, aiming for the record of $3.2 million. The offers did not take long and the record materialized at $3,800,000.
Porsche owners were also given the chance to rectify the records of one of their favorites: The 911 Turbo. The 1989 white 911 Turbo Flat Nose Coupé with the short G50 gearbox, limited-slip differential and just 895 miles, was estimated at $250,000-350,000 (the current record was $313,000) but no one would have ever expected it to surge to $500,000. What a record!
Since the collection included many "easy" cars, the "big 5" (the five Ferrari hypercars that defined their periods) couldn't be missing. Perfect for understanding the market's health before Pebble Beach: Let's start with the 288 GTO. This 1985 model, which was sold new to Emilio Gnutti, was Ferrari Classiche certified and had 26,600 km. The price of $3,882,500 represented a slight drop from the $3,910,000 of the last sale and the $3,965,000 of the previous one (March 2023).
Next, we have a look at the F40: Year 1990, 1606 km, Ferrari Classiche and not catalyzed. Sold for $3,740,000, excluding a couple of models sold at Pebble Beach in 2022, this is the most expensive model ever and even higher than the $3,360,000 paid in March this year for a car with 1200 km.
Third, the Ferrari F50. After a period during which records were set at every appearance, prices now seem to have stabilized. The $4,240,000 is far from the $5.4 million of December 2022, but this one had 20,910 km (at Pebble Beach 2023 another F50 went for $4,240,000, also with many kilometers: 11,900).
The new millennium saw the arrival of the Ferrari Enzo, surpassing the 288 and F40 with $4,295,000, rising to the third most expensive Enzo ever sold, after the one donated to Pope John Paul II ($6,050,000) and a black model that changed hands last year for €4.05 million (about $4.4 million).
The next decade was the period of hybrid hypercars and Ferrari was not caught off guard with its LaFerrari. With just 2842 km, this 2015 red model fetched $3,690,000, slightly down from previous sales (between $3.91 and $4.07 million) but probably because it does not yet have the "historic" status.
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