Unstoppable RM in Munich
06 December 2023 3 min read 8 images
Photo credit: RM Sotheby’s
Cliff Goodall’s view
Sometimes it’s nice to be proven wrong. Before the event, I had a bad feeling about the auction’s potential success, influenced by certain observations. First, the top lot of the sale was withdrawn (a 2003 Ferrari Enzo valued at €3m-€3.5m), then the estimates for two ‘supporting’ cars were lowered: a 1973 Ferrari 365 GTS/4 Daytona Spider from €2.35m-€2.65m to €2.2m-€2.5m, and a 1957 Mercedes-Benz 300SL Roadster “Outlaw” from €1.2m-€1.4m to €1m-€1.3m.
RM Sotheby’s Munich, 25th November 2023
But let’s take a look at the cars and understand even better.
We were talking about the Daytona Spider. It was truly magnificent: a 1973 model, resplendent in Nocciola Metalizzato with Cuoio interior, restored in Maranello, by Zanasi between 2013 and 2014, and in 2016 it obtained the prestigious Ferrari Red Book. Now, the money: initially estimated at €2.2m-€2.5m, slightly lowered. Would it fare poorly? Far from it. Bids kept coming until the hammer fell at €3,098,000, surpassing the lower estimate by over 40% and setting a new world record for this model.
The excitement of the Daytona Spider’s sale paled in comparison to the 2011 Citroen DS3 WRC. Okay, it wasn’t a regular DS3 but the official car driven by Sebastian Loeb in the World Rally Championship. Some numbers: 11 WRC victories, 16 podium finishes, 80 special stage wins, and most notably, the win at the 2012 Rallye de France, when Loeb clinched his historic ninth World Title. Understanding its significance wasn’t easy, hence the broad estimate: €450,000-€750,000 without reserve. Imagine starting at €200,000 and witnessing about fifty consecutive bids: another race won with a final bid of €713,750.
Following the market is incredibly interesting, given its unexpected twists and turns: Another item from Sebastian Loeb’s collection featured at the auction was the 2017 Peugeot 3008 DKR that finished third in the 2019 Paris-Dakar with the French driver at the wheel. Not to mention its numerous other Dakar participations and a win in the Abu Dhabi Desert Challenge. Here too, the estimate was broad, ranging from €350,000-€650,000, and again without reserve. However, unlike the DS3, the 3008 DKR’s performance was underwhelming, selling for just €195,500, roughly half its minimum estimate.
Among the most intriguing cars at the auction was certainly the 1989 Boschert B300 Gullwing. The 1980s were known for their automotive excesses – “wide body” designs, large spoilers, and massive air intakes, as seen in creations by AMG, Koenig, Duchatelet, and Boschert. The one-off from RM was a mix of cars, a Mercedes-Benz 300CE with the front of a Mercedes SL series R129, but its standout feature was the gullwing doors, echoing its famous predecessor. Acquired by its current owner in 2005, it underwent nearly €29,000 worth of work in 2023. With the 1980s style currently back in fashion, its estimated value of €250,000-€300,000 seemed correct for me, yet it changed hands for €455,000, surprising even the most ardent enthusiasts.
From a market standpoint, however, two cars in particular caught my attention.
Firstly, the 2016 Nissan GT-R Nismo. Brand new, this car had a list price of €186,000 and, with hardly any accessories available, we know exactly what it cost. Question: but isn’t a seven-year-old car with two owners and 25,000 km on the clock essentially a used car? Typically, its value might have halved over seven years. Instead, it was estimated at €125,000-€175,000 and sold right within that range for €126,500. Could this be an emerging instant classic? It’s certainly a car worth keeping an eye on.
Another interesting car to follow was the 1992 BMW M3 Sport Evolution. The car came from a French collection of BMWs, but it must be admitted that the choice was quite risky: in addition to that, there were four other BMW “M” models, all post-2016. These seemed more fitting for a dealership than a collector’s auction, and perhaps that’s what ... frustrated ... the bidders. None of them reached their minimum estimates (only one did when including commissions), and not even the Sport Evo made it. Estimated at €180,000-€200,000, it sold for €143,750. Is this indicative of a market slowdown or simply an unfavourable auction environment? For now, my thinking leans towards the latter, but I’ll keep an eye on it and will provide updates.
But the car I would have taken home was something (much) older. It was a 1963 Mercedes-Benz 230SL Roadster, the prototype of the famous “Pagoda”. Chassis number 9, it was originally sold to the head of research and development at Mercedes-Benz, Professor Fritz Nallinger, and is probably the first example equipped with both automatic transmission and power steering. The colour (still the original) is fantastic: Orange Metallic over Leder Türkis upholstery, a combination I’ve never seen but incredibly ambitious and fitting. Estimated at €220,000-€300,000, its new owner took it home for the minimum figure (€220,000), but I’d like to reflect for a moment: in a world where a perfectly restored “Pagoda” with no history costs €250,000-€300,000 (as seen at Pebble Beach), surely this historically rich prototype deserved to reach, if not exceed, its maximum estimate?
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