Auction Report

Modern Collectible Cars a Hit in London

RM Sotheby’s London Sales Total $29 Million

Posted: September 16, 2016 5:00 pm
by Andy Reid
Photo courtesy of RM Sotheby's.

A recent trend within the collectible car market has officially started rising on the back of the results from the 10th annual RM Sotheby’s London sale, on Wed., Sept. 7 at Battersea Evolution, in conjunction with Concours d’Elegance. 

RM Sotheby’s single-evening sale saw good results in a more stable market, selling a total of US$ 29 million in sales with 76 percent sell thru and setting several new auction records.

Some of these records include:

One thing that RM has been excellent at is setting estimates that are in line with the current collector car market. This auction offered, in most cases, cars with realistic estimates and reserves. The no-sale cars were, for the most part, simply priced too high, such as the 2005 Porsche Carrera GT, which should have sold for the unofficial high bid of £551,758 (US $737,000), or the 1985 BMW M5 Superproduction, which should have sold for the unofficial high bid of £75,239 (US $100,500).

A surprise that well exceeded the high estimates was the collection of modern Porsche road cars. The sale of the 1967 Iso Grifo GL Series 1 was also unexpected. I would honestly call it a great restoration candidate, but it somehow sold for an astronomical £128,800 (US $172,592.)

My favorite car in London was the 1960 Aston Martin DB4GT. Sadly, I do not have the £2,408,000 (US $3,226,720) that it took to buy it.

At auction end, RM Sotheby’s sold 66 of the total 87 lots on offer for a very good final tally over £21,650,000 (US $29,023,529). This auction demonstrated that tastes are continuing to move toward modern collectible cars, but significant cars with great history are still commanding very strong prices. I look forward to the other auctions this year and think that this upward trend in truly special modern cars will continue.

RM Sotheby’s next auction will take place in Hershey, Penn. on Oct. 6-7.

Photo courtesy of RM Sotheby's.

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