RM Sotheby’s in Miami Concludes a Record-Breaking February
08 March 2025 12 min read 10 images
Photo credit: RM Sotheby's
In February, RM Sotheby’s sold the Mercedes-Benz W196 Streamliner in Stuttgart, setting the record for a Grand Prix car. In Paris, they auctioned the 1965 Le Mans-winning Ferrari 250 LM, achieving a model record, and in Miami, during the last two days of February, a Ferrari F50 set a new model record, as did the auction’s top lot — one of only eight Ford GT40 MkII ever built. I must admit, RM Sotheby’s knows how to excite us, as they keep pulling ever more spectacular cars out of the hat, delivering equally astonishing results. Congratulations!
RM’s auction was not held in its traditional location at Amelia Island but instead took place a week earlier at Moda-Miami. With fewer cars offered (109 in 2024 versus 90 this year) and fewer cars sold (68 compared to 84), it may seem like a step back — especially with the sell-through rate slightly dipping from 77.07% to 75.56% over the past twelve months. However, when looking at the dollar figures, the outcome couldn’t be more different: $87,775,000 worth of cars were offered, a 17% increase from last year’s $74,950,000, while by the end of the day, RM’s accountants had issued invoices totaling $67,459,220, inflating 2024’s value by 40%. The average price skyrocketed from an already high $573,202 to a staggering $992,042 — nearly a million per car — despite a decline in no-reserve cars from 49.5% to 42.2%.
Starting with the top lot, the 1966 Ford GT40 MkII, sourced from the Indianapolis Museum’s collection, had an important and well-documented history: originally assigned to the Holman-Moody team, it finished second at the 1966 Sebring 12 Hours before entering the 24 Hours of Le Mans, where it retired after losing its rear bonnet. It was donated to the Indianapolis Museum in 1968 and restored in 2011. It entered the auction with an estimate of $8–11 million, which I found quite high given it had no major victories. However, after intense bidding, it closed at $13,205,000, surpassing the previous GT40 record of $11,000,000 (set in 2012 by another GT40, the Gulf/Mirage version—the first car with a carbon-fiber body). Selling three cars above $10 million in just one month is no small feat.
Now to the 1996 Ferrari F50 in red with black interior. Originally sold to a young and wealthy racing driver, it was rarely driven. In 2012, it was sold again and immediately certified with Ferrari’s prestigious Red Book. With just 2,174 km on the odometer, it had an estimate of $5.5–6.5 million — decidedly high but justified when it sold for $5,532,500, setting a model record. A note for professionals: the previous record, set last August at $5,505,000, was for a car with 8,556 miles (approximately 12,000 km), significantly more than this one. While a record was set, is the model’s value truly increasing?
Back to records — one that will be hard to beat. The 1957 Chevrolet Corvette SS Project XP64, also from the Indianapolis Museum, is a unique prototype based on the 1957 Corvette FI. It was a personal project of the legendary GM engineer Zora Arkus-Duntov — known as the “godfather” of the Corvette — to create a race car capable of challenging European competitors. In 1957, he enlisted Piero Taruffi to race it at the Sebring 12 Hours, but it failed to finish. The disappointing result led to the project’s abandonment, and in 1966, it was donated to the Indianapolis Museum. Pre-auction estimates ranged from $5–7 million, and even at the lower end, it would have set a new Corvette record ($3,850,000). However, given its rarity and historical significance, bids poured in, reaching $7,705,000.
A bold move paid off for the owner of a 1987 BMW M3 “by Redux”. Following the restomod trend of recent years, this E30 M3 was modified by the British tuner with a carbon-fiber body, a tuned engine (300 hp), modernized interiors, and refined suspension. After 4,000 hours of work, the owner paid $567,000 for it. When offered at a UK auction in February 2024 with an estimate of £200–250,000 ($251–314,000), it failed to reach its £180,000 ($226,000) reserve. Instead of reattempting in Europe, he brought it to America, where it was reoffered at a similar estimate ($250,000–300,000). This time, it sold successfully for $307,500.
After a lull, Porsche fever seems to be back. Two standout cars came from Todd Blue’s Lapis Collection (worth watching on YouTube). As his name suggests, both were in shades of blue. The first, a 1996 993 Carrera RS 3.8 in Riviera Blue (a Porsche Exclusive color), had 8,620 miles and entered the auction.
The second was a 2019 991 GT2 RS Weissach in Albert Blue — a darker shade — with a base price of $588,000 plus $232,000 in customizations, including the Sport Chrono package and carbon-fiber elements. A savvy businessman, he managed to turn a profit as the Carrera RS was estimated at $750,000–950,000, and the GT2 at $800,000–1,200,000. Both sold within estimates at $830,000 and $940,000, setting new model records.
Not all cars ignited fireworks — Touring Sport collection models, all from the late 1940s and early 1950s, struggled. These cars, currently less sought after, failed to hit their estimated prices.
The 1954 Arnolt-Bristol Bolide prototype sold for $179,200 (below its $325,000–375,000 estimate), while a 1948 Veritas RS fetched just $168,000 (versus an estimated $400,000–500,000). A 1950 Jaguar XK120 Alloy Roadster went for a mere $89,600 — far below the estimated $140,000–160,000 (already half its early-decade value).
The car I would have taken home? I’m going big! From the Indianapolis Museum, the 1907 Itala 120HP Works Racer stole my heart at the 2022 Chantilly Concours d’Elegance. These massive machines made Bentley Blowers look agile. With a 15-liter engine producing 120 HP—an aircraft-level output at the time—it was a roaring, fire-spitting beast. Unfortunately, opportunities to use these magical monsters are extremely rare, which is why its estimated $2–3 million was not even approached, closing at $1,325,000. A bargain, especially compared to its direct rival: the 1908 Mercedes Rennwagen with a 17.3-liter, 150 HP engine once owned by Camille Jenatzy, creator of Jamais Contente. Certainly more significant than the Itala, but with an estimate of $7–9 million, it sold for $8,255,000 — about six times the Itala.
This Itala had a highly documented history dating back to 1916. Unfortunately, opportunities to use these magical beasts are extremely rare, so the estimated value of $2,000,000-3,000,000 was not even approached, with the auction concluding at $1,325,000. A bargain, especially compared to its direct competitor: the 1908 Mercedes Rennwagen with a 17.3-liter engine and 150 hp, which had belonged to Camille Jenatzy, the creator of the Jamais Contente. Certainly more significant than the Itala, but its estimated value of $7,000,000-9,000,000 was met at $8,255,000. A bit insolent: about six times the price of the Itala.
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