RM Auctions Posts a Spectacular $95 Million in Monterey

August 22, 2012 by RM Auction

RM Auctions Posts a Spectacular $95 Million in Monterey  • RM Auctions generates more than $95.7* million in sales, with a strong 89 percent of all lots sold, at its celebrated Monterey, California sale

• 20 cars achieve over $1 million, five of which exceed the $5 million mark

• Two-day sale establishes numerous new auction records, including a new world record for the most expensive American automobile ever sold at auction

• Top-sellers: 1968 Ford GT40 Gulf/Mirage Lightweight Racing Car achieves $11,000,000; 1962 Ferrari 250 GT SWB California Spyder brings $8,580,000

Full results and exclusive highlights video now available online at rmauctions.com

RM Auctions, the world's largest collector car auction house for investment-quality automobiles, continued its strong track record in Monterey, California, on the weekend, realizing a spectacular $95.7 million in total sales*, with a strong 89 percent of all lots sold.

RM Auctions Posts a Spectacular $95 Million in Monterey  

The impressive results represent the highest individual auction tally in RM's history and, significantly, an almost 20 percent increase on last year's record $80 million Monterey sale, albeit generated by a smaller offering; this year's sale featured an elite, handpicked selection of 120 of the world's finest automobiles compared to 144 motor cars offered at the 2011 sale. Illustrating RM's expertise in the presentation and marketing of blue-chip automobiles at auction, as many as 20 vehicles realized million-dollar-plus results, with five lots achieving individual prices exceeding $5 million, and numerous new auction records set.

'We are absolutely delighted with the results from our Monterey sale, which not only reflect our best performance to date but demonstrate the continued strength of the collector car market and high global demand for investment-quality automobiles,' says Rob Myers, Chairman and Founder, RM Auctions. 'The sale truly captured the attention of the world's elite collectors, and the results once again prove that RM continues to set the standard for collector car auctions with its high-caliber consignments, impeccable presentation, unparalleled client service, and accurate estimates provided by our expert team of car specialists. We look forward to continuing the momentum with our upcoming fall auctions in Hershey, Dallas, and London.'

The event's top seller was a 1968 Ford GT40 Gulf/Mirage Lightweight Racing Car, P/1074, achieving a new world record for an American automobile sold at auction with a remarkable sales price of $11,000,000 (pictured above). The first, by serial number, of several lightweight GT40s built for the J.W.A./Gulf team, this exceptional racing car was completed in 1968 and carries an incredible history from new. Finished in the Gulf team colors of Powder Blue with a Marigold stripe, it raced extensively throughout 1968 from Daytona to Le Mans, as well as the Le Mans trials at the hands of Jacky Ickx, before it was sold to Solar Productions in 1970 and used as a camera car in Steve McQueen's Le Mans. Providing one of many thrilling auction moments across the two-day sale, the GT40 spurred a lively bidding war in the room; its world record price earning a standing ovation from the crowd.

Additional lots surpassing the $5 million mark included a magnificent trio of Ferraris, including a hugely desirable 1962 Ferrari 250 GT SWB California Spyder, chassis 3319 GT (pictured), for $8,580,000; an exceptional 1955 Ferrari 410 S Berlinetta, chassis 0594 CM, which set a new world record for a closed Ferrari at $8,250,000; and a coveted 1956 Ferrari 250 GT LWB Berlinetta 'Tour de France', chassis 0585 GT, which fetched $6,710,000. Rounding out the group of $5 million-plus sales, the supremely elegant, Pebble Beach 'Best of Show' winning 1938 Horch 853A Erdmann & Rossi Special Roadster achieved a strong $5,017,000, to set a new world record for an Horch sold at auction.

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    'The results indicate a particularly strong market for 1950s and 1960s sports and racing cars, with many new records achieved within this category across the Monterey weekend,' adds Shelby Myers, Managing Director, RM California. 'Whether this reflects a change in existing collector tastes is unknown, however it certainly shows that interest in makes such as Ferrari, Aston Martin and other post-World War II sports cars is at an all-time high. It is important to note the trend was not only evident in the multi-million-dollar bracket, but 'best of category' examples across all levels,' Myers adds.

    Other notable auction results include:

    • a race bred 1960 Aston Martin DB4GT, the fourth DB4GT produced, exceeded its pre-sale estimate, selling for a strong $2,035,000;

    • a 1953 Bentley Continental R-Type Fastback Sports Saloon set a new world record for its model, achieving a superb $1,622,500;

    • a highly original 1965 Shelby 289 Cobra Mk II, just one lady owner from new, well-surpassed its pre-sale estimate, selling for $792,000;

    • a 1974 Ferrari Dino 246 GTS 'Chairs and Flares' attracted fierce bidding, realizing a world record price of $467,500; and

    • a perfectly preserved, delivery-mileage 1989 Ferrari Testarossa doubled its pre-sale estimate to enter the history books with a world record price of $264,000.

    Reflecting RM's global clientele, the strong results were generated by registered bidders from 25 different countries on the telephone, over the Internet, and assembled in the standing-room-only venue.

    RM Auctions' 2012 Monterey Million-Dollar-Plus Sales:

    Lot 139 1968 Ford GT40 Gulf/Mirage Lightweight Racing Car $11,000,000

    Lot 240A 1962 Ferrari 250 GT SWB California Spyder $8,580,000

    Lot 117 1955 Ferrari 410 S Berlinetta $8,250,000

    Lot 231 1956 Ferrari 250 GT LWB Berlinetta 'Tour de France' $6,710,000

    Lot 133 1938 Horch 853A Special Roadster $5,170,000

    Lot 214 1955 Aston Martin DB3S Sports Racing Car $3,685,000

    Lot 226 1967 Ford GT40 Mark I $2,860,000

    Lot 121 1938 Talbot-Lago T23 Teardrop Coupe $2,640,000

    Lot 233 2001 Bentley Speed 8 Le Mans Prototype Racing Car $2,530,000

    Lot 228 1960 Aston Martin DB4GT $2,035,000

    Lot 229 1929 Duesenberg Model J Disappearing Top Convertible Coupe $1,897,500

    Lot 212 1953 Bentley Continental R-Type Fastback Sports Saloon $1,622,500

    Lot 239 1967 Ferrari 275 GTB/4 Berlinetta $1,485,000

    Lot 249 1967 Ferrari 275 GTB/4 'Competizione Speciale' $1,485,000

    Lot 114 1965 Shelby 427 Competition Cobra $1,485,000

    Lot 240 1964 Shelby 289 Competition Cobra $1,320,000

    Lot 221 1965 Ferrari 275 GTB $1,182,500

    Lot 250 1955 Mercedes-Benz 300SL 'Gullwing' Coupe $1,171,500

    Lot 140 1998 Mercedes-Benz CLK GTR $1,100,000

    Lot 137 2001 Audi R8 Le Mans Prototype Racing Car $1,034,000

    In addition to RM's strong auction performance, the company's restoration division, RM Auto Restoration, continued its track record for excellence on the show field at the Pebble Beach Concours on Sunday, with the 1931 Duesenberg J Derham Tourster owned by Joseph and Margie Cassini, of West Orange, New Jersey, judged 'Best in Class' and a 'Best of Show Nominee', and the 1937 Talbot-Lago T150C Figoni & Falaschi Cabriolet, owned by The Patterson Collection in Louisville, Kentucky, also receiving 'Best in Class' honors. In addition, a 1930 Cadillac 452 Fleetwood Roadster, owned by Bob and Brigette Thayer of Atlanta, Georgia, and also restored by RM Auto Restoration, was judged second in its class.

    RM Auctions continues its 2012 calendar in Hershey, Pennsylvania, October 11–12, 2012, closely followed by the presentation of The Charlie Thomas Collection, October 20, near Dallas, Texas, and its annual London sale at Battersea Evolution, October 31. For further information on upcoming events, along with complete official results from RM's 2012 Monterey sale, please visit www.rmauctions.com.

    About RM Auctions

    RM Auctions is the world's largest auction house for quality automobiles. With over three decades of experience in the collector car industry, RM's vertically integrated range of services, from restoration to private treaty sales, auctions, estate planning and financial services, coupled with an expert team of car specialists and international footprint, provides an unsurpassed level of service to the global collector car market. RM proudly holds five of the top 10 all-time records for the most expensive motor cars sold at auction. RM's restoration division has achieved unprecedented accolades earning 'Best of Show' honors at the world's top concours events, including four 'Best of Show' awards at the prestigious Pebble Beach Concours d'Elegance. For further information, visit www.rmauctions.com, find us on Facebook or follow us on Twitter @rmauctions

    *All figures are reported in U.S. dollars and include the 10 percent buyer's premium

    Photo captions:

    Top – The record setting 1968 Ford GT40 Gulf/Mirage Lightweight Racing Car sells for $11,000,000 (including buyer's premium) during RM's Friday sales session in Monterey (credit: courtesy RM Auctions)

    Second – This superb 1962 Ferrari 250 GT SWB California Spyder leads a host of million-dollar-plus Ferraris at the RM sale in Monterey (credit: Stephen Goodal © 2012 courtesy RM Auctions)

  • Photo credit: RM Auction
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