RM Sotheby's Sets Pace in Monterey with More Than $120 Million in Sales During First Two Nights...
August 17, 2015 by RM Sotheby's
• RM Sotheby's sets numerous auction benchmarks during first two sale sessions in Monterey, California
• Pinnacle Portfolio achieves more than $75.4 million, comfortably exceeding the record for a single-day, single-vendor auction
• Twenty-six individual lots achieve million-dollar-plus results during first two days
• Top sellers to date: 1964 Ferrari 250 LM achieves $17,600,000; 1998 McLaren F1 'LM-specification' realizes $13,750,000; 1953 Jaguar C-Type Works Lightweight brings $13,200,000
• RM Sotheby's flagship Monterey sale concludes tonight (August 15) at the Portola Hotel & Spa; full event details available at www.rmsothebys.com
MONTEREY, California (August 15, 2015)
- RM Sotheby's has continued its strong sales run in Monterey, California, generating in excess of $120 million in auction and post-auction private sales during the first two nights of its flagship event.
Setting the tone for the weekend, the Pinnacle Portfolio - an extraordinary single-vendor collection of post-war sports cars - generated a record $75.4 million on Thursday evening. The outstanding result represents a new record for a private automobile collection sold during a single-day sale.
Comprising a superlative group of iconic sports and racing cars of the 1950s and 60s joined by a superb roster of contemporary supercars, the two-hour Pinnacle Portfolio auction saw 25 vehicles cross the auction podium before a standing-room only crowd, with active bidding throughout the evening both in the room and on the phones, including collectors bidding with Sotheby's representatives.
Road-going race cars topped the bill at the Thursday sale, with the historic 1964 Ferrari 250 LM and the 1998 McLaren F1 'LM Specification' leading a string of 14 individual million-dollar-plus sales. Boasting a rich racing history, the 1964 Ferrari 250 LM roared onto the auction stage to applause from the crowd before selling for a final $17.6 million – a new record for the model at auction. Likewise, the 1998 McLaren F1 'LM-Specification', one of the most iconic supercars of the modern era, also set an auction benchmark. Extraordinarily rare – it is one of only two examples upgraded by McLaren Special Operations to feature an LM-spec engine and the 'Extra High Downforce Package' – it realized a remarkable $13.75 million.
As a group, the roster of contemporary supercars included in the Pinnacle Portfolio attracted tremendous pre-sale attention, which translated into spirited bidding and numerous lots exceeding expectations. Rounding out the top three sales of the evening, the 2005 Ferrari Enzo, gifted by the factory to Pope John Paul II and later sold to benefit tsunami victims, achieved a terrific $6,050,000, shattering the previous auction record for the model.
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The momentum continued Friday evening with an additional 12 vehicles achieving million-dollar-plus results. Top honors went to the legendary 1953 Jaguar C-Type Works Lightweight, chassis XKC 052, one of just three examples built, which raced to an outstanding $13.2 million to enter the history books as the most expensive Jaguar ever sold at auction. Other highlights of Friday's auction included a landmark 1950 Ferrari 275S/340 America for $7,975,000; and, a stunning 1952 Jaguar XK120 Supersonic for $2,062,500. A 1910 American Underslung Traveler Toy Tonneau soared past high estimate to achieve a record $1,815,000.
RM Sotheby's Unofficial Top 10 sales (August 13 & 14)
1. Lot 113 – 1964 Ferrari 250 LM - $17,600,000
2. Lot 107 – 1998 McLaren F1 'LM-Specification' - $13,750,000
3. Lot 235 – 1953 Jaguar C-Type Works Lightweight - $13,200,000
4. Lot 118 – 1959 Ferrari 250 GT LWB California Spider - $8,500,000 (post-sale transaction)
5. Lot 217 – 1950 Ferrari 275S/340 America Barchetta - $7,975,000
6. Lot 103 – 2005 Ferrari Enzo - $6,050,000
7. Lot 116 – 1994 Ferrari F40 LM - $3,300,000
8. Lot 121 – 1967 Ferrari 275 GTB/4 - $3,300,000
9. Lot 120 – 1972 Ferrari 365 GTB/4 Daytona Spider - $2,750,000
10. Lot 105 – 1971 Lamborghini Miura P400 SV - $2,475,000
RM Sotheby's concludes its flagship Monterey, California sale this evening (August 15). Headlining tonight's sale is the historic 1956 Ferrari 250 GT Competizione Berlinetta 'Tour de France' – the actual car that instituted the TdF nomenclature following its overall victory at that race in 1956.
Tonight's sale commences at 6pm PT and will stream live at www.rmsothebys.com providing real-time coverage of the event. Full results from RM's Monterey sale will be available online early next week.
*Results are listed in USD and are inclusive of 10 percent buyer's premium. Sales totals include post-auction private sales.
Within hours of the sale's conclusion on Thursday, the 1959 Ferrari 250 GT LWB California Spider of the Pinnacle Portfolio sold privately for $8,500,000, which has been added to the impressive sale tally.
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RM Sotheby's (formerly RM Auctions) is the world's largest auction house for investment-quality automobiles. With 35 years' experience in the collector car industry, RM's vertically integrated range of services, from private treaty sales and auctions to estate planning, and financial services, coupled with an expert team of car specialists and an international footprint, provide an unsurpassed level of service to the global collector car market. RM proudly holds four of the top ten all-time records for the most valuable motor cars sold at auction. In February 2015, RM formed a strategic partnership with Sotheby's, uniting the two companies for the full calendar of future automobile auctions. For further information, visit www.rmsothebys.com.
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