RM Sotheby’s nails record $67 million auto sale image

Thanks to a private collection of 25 prized autos that featured models such as Ferraris, Lamborghinis and Bugattis, RM Sotheby’s managed to reach a record auction of $67 million in Monterey, California.

While the auction’s proceeds delivered a new record, the company had initially estimated it would reach $80 million – with a red Ferrari 250 LM race car leading the record breaking private collection sale for a single-day auction. Additionally, just 88 percent of the cars offered were sold. The category had been led by Bonhams since last year with a $66 million auction that also featured a $38.1 million Ferrari 250 GTO Berlinetta, which fetched the highest price ever for a publicly sold car. RM Sotheby’s auction had a 1964 Ferrari 250 LM – just 32 were produced ever – valued at $17.6 million, a record for the model. Ten Ferraris were in the collection, though a yellow 1960 Ferrari 250 GT SWB Berlinetta Competizione previously forecasted to fetch $17 million actually didn’t find a new owner.

A well known orange 1998 McLaren F1 sports car that was on display for the public before the auction also fetched $13.8 million, setting a new record for the model. Also on offer was a 2005 Ferrari Enzo, produced to be delivered as a present for Pope John Paul II, sold for $6.1 million. Over the course of last year, the auctions at traditional yearly classic car events at California’s coastal towns of Carmel and Monterey as well as the Pebble Beach golf course took home a record of around $400 million.

Via Bloomberg