RM Sotheby's in Milan. Bull or Bear?

Bull market or bear market? Those who dabble in finance use these two animals to describe investor sentiment: on one hand, the bull, which “gores” the market upward from below; on the other, the bear “swipes” it down, crushing share prices. RM’s auction in Milan was definitely a bull market — but before jumping to conclusions, let’s take a closer look at the details. After Broad Arrow succeeded in securing Villa d’Este, RM’s experts took a bold step with their current venue: an industrial complex on the outskirts of Milan (just 30 minutes from Villa d’Este) with a very industrial feel, which didn’t satisfy everyone. Perhaps it would be better to return to Palazzo Serbelloni — less convenient by car, but centrally located in Milan and close to all the hotels. Starting at 6 PM on May 22, all 38 cars had gone under the hammer by 8 PM, but only 17 found new homes (44.74%). Slightly better in terms of value: the €31,275,000 initial estimate turned into €16,333,400 in revenue — equivalent to 52%. It’s worth noting that cars offered without reserve were very few (only 3, or 7.89%), and the offering wasn’t exactly budget-friendly, with a final average price of €960,788.
So why, with these numbers, was the auction considered a bull market? Simply because the bull (as in Lamborghini’s emblem) dominated the scene. The top lot, a 1971 Lamborghini Miura SV, featured the best specifications for the model, including split sump and air conditioning. Originally red with blue interior, it underwent a series of interventions and was restored in 2015 by the famous Gary Bobileff, returning it to those same specs. It was the last lot of the auction, estimated at over €3,200,000 and offered without reserve. Those who stayed until the end witnessed the thrilling moment when its price climbed well past that figure, ultimately reaching €3,942,500 — the second most expensive Miura ever sold at auction. Another interesting note: in 2017 (just after the restoration), it was offered in Arizona at $2.3–2.6 million but didn’t meet reserve. That means its price has doubled in eight years.