Mon, Feb 23, 2015

Art & Auctions
1960 Ferrari to drive RM Sotheby’s debut sale

RM Sotheby’s will hold its first auction under its new name in the US next month, with a 1960 Ferrari leading the sale with a price tag of $7 million.

This follows Sotheby’s taking a 25 per cent stake in Canada-based RM Auctions, the world's foremost collector car auctioneer, now known as RM Sotheby's.

This long-term investment comes as the more than $2 billion market for the finest automobiles continues to grow, presenting increasing opportunities for both companies, says Sotheby’s. 

Sotheby’s and RM previously collaborated on a number of sales in the US and Europe, most notably the November 2013 Art of the Automobile auction in New York, which achieved nearly $63 million in just two hours and saw a new auction record set for a Ferrari 250 LM at $14.3 million.

The first RM Sotheby’s sale will take place in Amelia Island, Florida, on March 14, where one of the highlights will be a 1960 Ferrari 400 Superamerica SWB Cabriolet by Pininfarina, expected to fetch between $6-7 million.

Additional auctions in Fort Worth, Texas, Lake Como, Italy, Monterey, California, London, England and New York among others are scheduled for later this year.

“Sotheby's is thrilled to join the clear market leader in this field,” says Bill Ruprecht, Sotheby’s President, Chairman, and CEO. “RM has established a formidable position that will only be strengthened by this new phase in our relationship. Just last year, RM set a new benchmark for a collector car auction with its flagship Monterey sale totaling more than $140 million, eclipsing the previous record it had established in 2013. The incredible synergy between our businesses, including significant overlap of top collectors and a focus on new markets, will be further strengthened as we work together to expand the classic car collector base.”

Rob Myers, Chairman and Founder, RM Auctions, adds: “The partnership that has been formed between RM Auctions and Sotheby’s is undoubtedly the most effective way for us to reach the ever-growing worldwide audience of collectors who take a keen interest in the collector car asset class. No other organisation in the world has a client base as far-reaching as Sotheby’s and since we have worked so closely and successfully with them in the past, it makes perfect sense that we form a strategic partnership that creates a truly worldwide platform for collector cars. It’s an exciting time in our company history, and for the hobby at large.”

Initially Sotheby’s will have a 25 per cent ownership position in RM, governance participation and a comprehensive partnership agreement to work together to drive growth in the business. 

Over time, Sotheby’s will have opportunities to increase the ownership stake as the partnership evolves and grows.

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