RM Sotheby's Posts Global Public Sales In Excess Of $800 Million In 2023

February 6, 2024 by RM Sothebys

• RM Sotheby's has achieved global transaction sales in excess of $811,795,835 USD during 2023

• 96% sell-through rate across all lots

• Top-selling lot was the 1962 Ferrari 330 LM / 250 GTO by Scaglietti, which sold for $51,705,000 USD

• Further information can be found at rmsothebys.com

RM Sotheby's has achieved global transaction sales in excess of $811,795,835 USD during 2023 across live and online auctions, Sotheby's Sealed auctions, and private sales, making it one of the most successful years in the company's history.

There are some impressive statistics relating to the company's performance in 2023, not least the 96% sell-through rate across the three primary sales components of the business, in a year which saw RM Sotheby's conduct 16 live auctions, five online timed auctions, and 11 Sotheby's Sealed auctions. Once again, RM Sotheby's has succeeded in attracting a high percentage of new clients to the business, with 49% of bidders having transacted for the first time this year.

Continuing the company's reputation for offering the world's most important cars, the undoubted highlight of 2023 was the sale of the 1962 Ferrari 330 LM / 250 GTO by Scaglietti, which sold for $51,705,000 USD in November at Sotheby's New York during its Marquee Week Sales of Modern and Contemporary Art. The price achieved for this historically significant car makes it the most valuable Ferrari ever sold at auction and places it as the second most valuable car ever sold at auction, following the 1955 Mercedes-Benz 300 SLR 'Uhlenhaut Coupé' sold by RM Sotheby's in 2022. Also worthy of note is the remarkable sale of the 2013 Mercedes-AMG Petronas F1 W04, the first Mercedes-AMG Petronas team car driven to victory by Formula One champion Sir Lewis Hamilton and the only car to be sold outside of the Mercedes organization. Sold during RM Sotheby's official Las Vegas Grand Prix auction at Wynn Las Vegas, the Mercedes-AMG F1 car achieved an outstanding $18,815,000, making it the most valuable modern Formula One car ever sold at auction and RM Sotheby's second most valuable lot of 2023.

Another Stunning Monterey Sale

RM Sotheby's flagship sale in Monterey, a three-day auction in 2023, achieved an impressive $164 million in sales with an 86% sell-through rate, making it the third most successful Monterey result in the company's history. A highlight of the sale was the barn-find Lost & Found Collection, a remarkable single-marque Ferrari collection with a unique backstory, which grossed $16,750,560 in total sales. The top-selling lot over the entire Monterey auction was the stunning 1957 Jaguar XKSS, which sold for $13,205,000.

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Sotheby's Sealed and Private Treaty

In 2022, RM Sotheby's launched its Private Sales platform, Sotheby's Sealed, which quickly established itself as a highly successful and entirely new concept by which exceptional cars can be offered to market with complete confidentiality. 2023 saw further integration of the platform with Sotheby's Luxury division and the development of a new integrated website. Sealed has once again delivered remarkable results for clients, and 2023 was notable for offering two exceptional ex-Michael Schumacher F1 Ferraris.

Single-Owner and Estate Collections

RM Sotheby's offered a remarkable number of single-owner and single-segment collections during 2023 with a total sales revenue of $161,114,970. The top three overall collections sold during 2023 were The White Collection, which grossed $30,505,620 in total sales; The Aurora Collection, which grossed $27,291,349; and The Lost & Found Collection, which grossed $16,750,560.

RM Restoration

Following an exhaustive 11-month restoration that took the entirety of 2022, RM Auto Restoration unveiled the stunning 1937 Mercedes-Benz 540 K Special Roadster at the Pebble Beach Concours d'Elegance in 2023. The result was an unprecedented second consecutive Best of Show win, bringing RM Restoration's victorious tally to a total of eight.

New for 2024

Middle East Expansion: 2023 saw RM Sotheby's expand into the Middle East and North Africa region, with a new team based in Dubai. The region is recognized as having huge potential and boasts a vibrant automotive scene unlike anywhere in the world, and RM Sotheby's is looking forward to conducting its first live sale in Dubai on 9 March. The launch of RM Sotheby's in the Middle East is a significant development for the region's automotive scene, and the company is excited to bring its expertise, professionalism, and passion for classic and collector cars to this discerning market. RM Sotheby's is working closely with Sotheby's established team of specialists based in Dubai.

New Sales:

USA: Launching in association with ModaMiami, 2024 will see RM Sotheby's launch an all-new annual sale in Miami. The event is designed to appeal to connoisseurs of cars, luxury, cuisine, and all things culture; the event and auction will take place at the historic Biltmore Hotel in Coral Gables. The two-day auction will feature many desirable blue-chip motor cars, with particular focus on the 'Youngtimer' genre, and takes place on 1 & 2 March 2024.

EMEA: In addition to the new Dubai auction, 2024 will see the expansion of the European calendar with two new annual sales. Adding a second UK sale, June will see the launch of the Cliveden House auction a short drive from London, which promises to offer a wide cross-section of motor cars. A second annual sale in Germany is also launching in 2024. Taking place in partnership with the exciting new Concours of Elegance Germany at Gut Kaltenbrunn on Lake Tegernsee, a place known for its beauty, the Concours will provide the perfect backdrop to RM Sotheby's further expansion in Germany, unquestionably one of Europe's most important collector car markets.

MANAGEMENT INSIGHTS

Gord Duff, Global Head of Auctions: '2023 delivered remarkable results, and we have once again proved that we are the go-to auction house for the world's most significant cars and have further built on our unrivalled reputation for Collection sales. We are confident that 2024 will prove to be another strong year for the business.'

Peter Wallman, Chairman, UK and EMEA: 'It's been another fantastic year for our EMEA operation. Many of our European sales have achieved record-breaking results, with our €49,802,080 Paris auction being a particular highlight. Our collaboration with the Automobile Club de l'Ouest, which saw us conduct a unique auction at the Centenary running of the 24 Hours of Le Mans, not only achieved some incredible individual results, but also reinforced our reputation and ability to conduct outstanding and memorable auctions with world-leading partnerships. I'm particularly excited by our growing presence in the Middle East, which has gone from strength to strength through partnerships and new relationships within a burgeoning classic car scene, and we are excited to conduct our first live auction in Dubai on 9 March 2024.'

Shelby Myers, Global Head of Private Sales: '2023 was another hugely successful year for the Private Sales division. We have concluded numerous private treaty sales on many of the world's most significant cars, and our private sales operations continue to grow and be a fundamental component in RM Sotheby's client offering and profitability. We are delighted that Sotheby's Sealed has seen greater collaboration with Sotheby's Luxury Division, and Sealed is fast moving towards being a multi-category platform offering exceptional and unique items beyond cars.'

2023 IN NUMBERS

• 32 Total Auctions

• Total Number of Lots Offered across All Auctions: 3,120

• $161,114,970 Sold in Collection Totals

• $54,002,795 Sold in Private Collections

• $107,112,175 Sold in Single-Segment Collections

Top Three Collections Sold during 2023:

• The White Collection ($30,505,620 in Total Sales)

• The Aurora Collection from Villa Erba ($27,291,349 in Total Sales)

• Lost & Found Collection from Monterey ($16,750,560 in Total Sales)

51 Countries from Which Cars Were Purchased

Bidders from 79 Countries

49% of First-Time Bidders

62% of First-Time Buyers

96% Sell-Through Rate

149 Cars Sold over $1 Million

Over 16,400,000 Website Pageviews

Top 10 Live Auction Results for the Year

1962 Ferrari 330 LM / 250 GTO by Scaglietti sold for $51,705,000 USD in New York in 2023

2013 Mercedes-AMG Petronas F1 W04 sold for $18,815,000 USD at Las Vegas 2023

1957 Jaguar XKSS sold for $13,205,000 USD at Monterey 2023

1972 Ferrari 312 PB sold for $12,996,266 USD at Villa Erba 2023

2022 Bugatti Chiron Profilée sold for $10,622,806 USD at Paris 2023

2002 Mercedes-Benz CLK GTR Roadster sold for $10,235,000 USD at Las Vegas 2023

1961 Ferrari 250 GT SWB Berlinetta by Scaglietti sold for $7,107,881 USD at Villa Erba 2023

1959 Ferrari 410 Superamerica Coupe Series III by Pinin Farina sold for $6,605,000 USD at Monterey 2023

1955 Ferrari 121 LM Spider by Scaglietti sold for $6,169,857 USD at Le Mans 2023

1967 Ferrari 275 GTB/4 by Scaglietti sold for $5,395,000 USD at Monterey 2023