RM Sotheby’s in London: Tradition Pays Off
09 November 2024 12 min read 9 images
Photo credit: RM Sotheby's
The historic RM Sotheby's auction in Europe held steady, improving upon many of last year's numbers. The sales percentage rose from 70.97% to 83.33%, with 50 of 60 cars sold compared to 44 of 62 last year. Revenue surged from £13,469,000 to £17,435,275, one of the best results ever. The estimated value increased significantly from £21,138,000 to £29,945,000, keeping the success rate around 60%. The average price per car also rose from £306,114 to £348,706, with the "no reserve" percentage stable at around 40%.
The auction’s slogan, “Some rules are meant to be broken”, referred to the top lot: the first Jaguar XKSS ever offered at a European auction. This 1957 model was factory-converted from a 3.4L to a 3.8L engine in 1960, with an estimated value of £9-11 million, similar to an XKSS sold by RM in Monterey in August 2023 for $13.2 million (around £10.2 million). Expectations were high, but at £8 million, the bidders stopped; had I been the owner, I would have let it go, knowing the Jaguar D-Type, from which it derives, is facing a turbulent market with no end in sight. Yet, the owner kept it—we’ll see when it resurfaces.
The most expensive car sold was a 1989 Ferrari F40. Interestingly, the second most expensive car last year was also an F40, making year-over-year comparisons easy. Both were red; last year’s model was from 1990 with 20,967 km, Ferrari Classiche-certified, and freshly serviced, while this year’s had 20,921 km, was also certified, and had been serviced in May. The estimate last year was £1.9-2.1 million, while this year’s more cautious estimate was £1.85-2 million, selling for £1,973,500 — showing the market remained unchanged.
The most intriguing Ferrari was perhaps a 1966 330 GTC. The car itself was standard, one of 578 produced, with no unique history. What truly added value was its Ferrari Classiche certification from May 2019, likely in preparation for a sale, although it had since been repainted from silver to blue. Did this change impact the price? In recent months, two similar models sold in Europe for £428,000 and £460,000; with an estimate of £380,000-460,000, it was “penalized” but closed at £376,250. This is a reminder: when buying a Ferrari with a Red Book, check the certification date and period photos carefully, as value can shift over time.
Moving up in price, one of the most fascinating stories was the 1954 Mercedes-Benz 300SL Gullwing. Surprisingly under-publicized, this model ticked many boxes for collectors: built in 1954, it was one of the earliest with chassis number 12, fitted with highly sought-after Rudge wheels, and displayed at Earls Court Motor Show that same year. It remained in Mercedes-Benz’s UK possession until sold in January 1956 to the same family that offered it now. Few Gullwings can boast such uninterrupted provenance. A £1-1.3 million estimate was appropriate for a typical 300SL, but the buyer who recognized its history bid up to £1,445,000.
The only other car with a comparable story was the 1936 Delahaye 135 S. Extensively featured in publications, it was one of two “ex-works” models, raced by drivers like Albert Divo, Prince Bira (and his cousin Prince Chula), and Stirling Moss, competing at top venues of the time: Brooklands, Donington, Goodwood, Pau, Monthlery, and placing eighth at Le Mans in 1939. From 1939 to 1953, it belonged to the famous Rob Walker, who with his victories called it “the fastest car in the UK”. His heirs now entrusted RM with the whiskey king’s collection, and the car fetched £1,096,250 — impressive for a pre-war model.
Some claim early cars are out of fashion, yet the 1902 Haynes-Apperson 4/6 Seater Surrey’s £130,000-150,000 estimate defies this notion. I would have chosen it simply for the option to buy a steering wheel! Yes, you read that right; in 1902, it came standard with handlebars, while the following year, the steering wheel was included as a standard feature (the first car globally to offer it). This 12HP car, now 122 years old, was built primarily to join the London-to-Brighton run, and its £134,550 sale price shows it’s a winning strategy.
After last year’s auction featured only three Aston Martins, enthusiasts were spoiled this year with 14 models ranging from 1950 to 2008. Among the best deals were three versions of the DB2 Coupé. The oldest, a 1950 DB2 with a Vantage engine, was ivory (originally blue with red interior) and required full restoration, selling for £39,100, well below its £70,000-100,000 estimate (no reserve).
Five years younger, the DB2/4 MkI also needed restoration; initially black with beige interior, it came to auction in black with red interior. The estimate of £50,000-70,000 (no reserve) was too high, and it sold for £28,750.
The last, chronologically, was a 1959 DB MkIII by Tickford, with the more powerful SS engine (one of the last 47 produced). Also in need of restoration and offered without reserve, it sold for £40,250, half of the £80,000-120,000 estimate.
Lastly, my favorite car, not only of the auction but perhaps of the year: a 1985 Aston Martin V8 Vantage "Oscar India" with manual transmission, in Warwick Blue with Magnolia interior and blue piping — a beautiful combination. Even the matching blue floor mats were remarkable! Imported from a Middle Eastern collection, it was subject to import duties and needed maintenance. However, with a £100,000-150,000 price range, there was room for repairs, and it sold for £126,500.
CLASSIC CAR MATCHER