RM Sotheby's
TypePrivately held company
IndustryAuctioneering
FoundedOntario, Canada
(1991)
FounderRob Myers
HeadquartersBlenheim, Ontario
Area served
Worldwide
Key people
ProductsClassic cars and memorabilia
ServicesAuctions, private sales, financial services, valuations, estate planning, and restoration
SubsidiariesRM Auctions
WebsiteRMSothebys.com

RM Sotheby's is a collector car auction company headquartered in Blenheim, Ontario, Canada, with offices across the United States, Europe, and the Middle East. The company specializes in the sale of classic, vintage, sports, and exotic cars, and is responsible for the sale of seven of the top ten most expensive cars ever sold at auction.[1] Included in this is the sale of the 1955 Mercedes-Benz 300 SLR 'Uhlenhaut Coupé', sold for 135 million Euros in May 2022, the most expensive car ever sold and one of the most valuable objects ever sold at auction.[2] The previous record for the most expensive car at auction, a 1962 Ferrari 250 GTO, had also been sold by RM Sotheby’s, at their 2018 Monterey auction.[3] RM Sotheby’s services include auctions (online and in-person), private treaty sales, financial services, valuations, and estate planning, and they have been partly owned by Sotheby's, a global auction house dealing in fine art, since 2015.[4]

History

Company

RM Sotheby’s, formerly RM Auctions, began as RM Auto Restoration in 1976, founded by Rob Myers as a small restoration shop with a focus on pre-war classics in Chatham, Ontario.[5] In 1991, RM Auctions was formed, later hosting its first auction in Toronto, Ontario, in 1992. RM went on to host its first Monterey auction in 1997—which remains its biggest yearly event—its first Amelia Island auction in 1999, and its first Arizona auction in 2000, all of which became annual events.

In 2006, RM Auctions took its first international step, establishing operations in London, England; its new-formed European division later hosted its first sale in 2007 at the Ferrari factory in Maranello, Italy. Later in the same year, RM Auctions hosted its second European sale in London in association with Sotheby’s—the London sale would go on to become an annual event.[6] In 2023, RM Sotheby’s expanded its global reach further with an official launch of its presence in Dubai.[7]

Notable sales

In 2018, RM Sotheby’s set the then world record for most expensive car sold at auction when a 1962 Ferrari 250 GTO sold for a record-breaking 48 million USD at their Monterey auction.

In 2022, RM Sotheby’s sold the world’s most expensive automobile and one of the most expensive items ever sold at auction: a 1955 Mercedes-Benz 300 SLR 'Uhlenhaut Coupé' for 135 million euros at a private auction in the Mercedes-Benz Museum in Stuttgart.

In 2022, RM Sotheby’s set the record for highest-grossing collector car auction ever with their Monterey sale grossing $239,258,340. During their Monterey sale, RM Sotheby’s sold the world’s most expensive new Porsche: a 2022 Porsche 911 Carrera known as “Sally” for 3.6 million USD. Created by Porsche in collaboration with Pixar, “Sally” is based on the character of the same name: a 2002 Porsche 911 Carrera GTS from the movie Cars.[8]

In 2022, RM Sotheby’s set a world record for the world’s most expensive Formula One car sold at auction at Sotheby’s Luxury Week in Geneva with the sale of Michael Schumacher’s 2003 Ferrari F2003-GA for CHF14,630,000.[9]

In 2023, RM Sotheby’s Paris auction saw a one-of-a-kind version of the Bugatti Chiron—the 2022 Bugatti Chiron Profilée—sell for 9,792,500 euros to become the most expensive new car ever sold at auction.[10]

In November 2023, another 1962 Ferrari 330 LM / 250 GTO by Scaglietti sold for $51.705 mln.[11] A special website was created.

Description

Today, founder Rob Myers remains the Chief Executive Officer. The company keeps a yearly auction calendar, hosting events all over the world in a variety of locales, such as Monterey, Phoenix, Lake Como, Paris, London, and Monaco, where collector cars can sell for upwards of millions. The company specializes in cars of particular high-quality or uniqueness, as well as the selling of notable collections, large or small.[12] Comprehensive in its scope, RM Sotheby’s performs much of the multi-faceted work that goes into selling collector cars in-house: from appraisals, research and documentation, photography, videography, and marketing, to utilizing the skill and expertise of its in-house restoration shop.

Auctions

RM Sotheby’s is most known for its mainstay auction events in both the United States and Europe. In the US, of particular note is its flagship Monterey auction held during Monterey Car Week, an annual automotive enthusiast event in the peninsular Californian town. Their three-day 2022 Monterey auction broke the record for the highest-grossing automotive auction of all time at $239,258,340.[13] Other prominent annual American auctions include their Arizona event in Phoenix and their Hershey auction in the titular Pennsylvanian town.

In Europe, RM Sotheby’s longest-running annual auction event is their London auction, which takes place every fall. Their Paris event is another annual auction that takes places during the later winter months, typically opening RM’s Europe calendar. Also of note are their Monaco auction—taking place alongside the Grand Prix track—and Villa Erba—occurring during the Concorso d’Eleganza Villa d’Este—events, which swap on a biennial cycle.

In addition to RM Sotheby’s annual sales, they have facilitated the sales of both large- and small-volume collections in a range of locations, such as various American states, Liechtenstein, and Portugal. They have also hosted various one-off sales in unique locations, such as a famous parking garage in Miami[14] or on the Abu Dhabi Yas Marina Circuit prior to the 2019 season-ending Formula One race.[15]

References

  1. ↑ Hood, Bryan (2022-11-15). "From Ferraris to Jaguars: The 20 Most Expensive Cars Ever Sold at Auction". Robb Report. Retrieved 2023-06-21.
  2. ↑ "RM SOTHEBY'S ANNOUNCES THE SALE OF THE MOST VALUABLE CAR IN THE WORLD: THE 1955 MERCEDES-BENZ 300 SLR UHLENHAUT COUPÉ IS SOLD FOR €135,000,000". RM Sotheby's. Retrieved 2023-06-21.
  3. ↑ Pascus, Brian. "A 1962 Ferrari 250 GTO just sold for a record-breaking price of $48.4 million at auction". Business Insider. Retrieved 2023-06-21.
  4. ↑ "SOTHEBY'S ACQUIRES AN OWNERSHIP INTEREST IN RM AUCTIONS, THE WORLD'S LEADING AUCTIONEER OF PREMIUM COLLECTIBLE AUTOMOBILES". RM Sotheby's. Retrieved 2023-06-21.
  5. ↑ "RM Sotheby's Timeline", RM Sotheby's. Retrieved 2023-06-21.
  6. ↑ "NORTH AMERICA'S LEADING AUCTION HOUSE CONQUERS BRITAIN WITH RECORD $38 MILLION UK SALE". RM Sotheby's. Retrieved 2023-06-21.
  7. ↑ "RM SOTHEBY'S EXPANDS GLOBAL REACH WITH OFFICIAL LAUNCH IN THE MIDDLE EAST AND NORTH AFRICA REGION". RM Sotheby's. Retrieved 2023-06-21.
  8. ↑ "Sally Carrera". www.porsche.com. Retrieved 2023-06-21.
  9. ↑ Ramsay, George (2022-11-10). "This Michael Schumacher Ferrari just smashed auction records". CNN. Retrieved 2023-06-21.
  10. ↑ Max, Josh. "One-Off Bugatti Chiron Profilée Sets A World Record At Auction, Selling For $10.7 Million". Forbes. Retrieved 2023-06-21.
  11. ↑ https://fortune.com/2023/11/13/ferrari-gto-race-car-1962-auction-record-51-7-million-sothebys/
  12. ↑ "Estate Planning for Classic Car Collectors". RM Sotheby's. Retrieved 2023-06-21.
  13. ↑ "$239.2 MILLION IN SALES, "BEST OF SHOW" AT PEBBLE BEACH, AND "SALLY" BECOMES THE MOST EXPENSIVE NEW PORSCHE EVER SOLD; RM SOTHEBY'S DOMINATES MONTEREY 2022". RM Sotheby's. Retrieved 2023-06-21.
  14. ↑ "RM SOTHEBY'S POP-UP MIAMI AUCTION DELIVERS RECORD-BREAKING RESULTS". RM Sotheby's. Retrieved 2023-06-21.
  15. ↑ "RM SOTHEBY'S RACES TO SUCCESS WITH $31.3 MILLION AUCTION AT THE FORMULA 1® ETIHAD AIRWAYS ABU DHABI GRAND PRIX". RM Sotheby's. Retrieved 2023-06-21.
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