1962 Ferrari 400 Superamerica Cabriolet SWBCall it a sign that the recession is abating, or count it as an indicator that, for the extremely wealthy, the recession hardly ever crossed their minds. But any way you cut it, classic Ferraris continue to fetch record prices at auction. And exceptional though it was, this past weekend's Sporting Classics of Monaco event, held by Canadian firm RM Auctions, was no exception.
The event marked the first time that the venerable auction house – a growing force to be reckoned with on the classic car scene – held an event during the Grand Prix de Monaco Historique. Yet RM still managed to rake in a mind-blowing €33,235,917 ($45 million), matching the all-time record for single-day auction results, which RM itself set in Maranello in May 2007.
The headline results were boosted by the sale of a rare 1962 Ferrari 400 Superamerica Cabriolet Pininfarina SWB, which went for a high bid of €2,800,000 ($3.8 million), exceeding its estimate and fetching the highest price ever paid for such an example. Several other Ferraris went for seven-figure prices as well, including a 1957 250 GT Tour de France ($3.2M), a 1959 250 GT California Spyder ($2.8M), and a pair of mid-60s-era 275 GTBs that each fetched a million and change.
The rare Prancing Horses were joined by such other notable examples as a 1960 Maserati Birdcage ($3.3M), a 1930 Alfa Romeo 6C Zagato Spider ($1.2M), a Le Mans-spec '63 Shelby Cobra 289 ($1M) and a whole slew of Rolls-Royce classics.
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* RM stages one of the most successful collector car auctions in history with Monaco debut
* Top seller: 1962 Ferrari 400 Superamerica Cabriolet Pininfarina SWB for €2.8 million, a new world record
* 1960 Maserati Tipo 61 'Birdcage' also sets world record, selling for €2,464,000
* Seven motor cars achieve over €1 million, five of which exceed the €2 million mark
* Registered bidders represent 33 different countries
* 1937 BMW 328 MM 'Buegelfalte' sells for undisclosed sum in a post-event transaction
MONACO (May 2, 2010) - RM Auctions' inaugural Sporting Classics of Monaco event held at the Grimaldi Forum on 1st May was a resounding success, achieving €33,235,917* ($45,101,139) in total sales and matching the highest dollar single-day collector car auction in history, also produced by RM**. The 86 per cent sell through rate saw 88 of the 105 pre- and post-war motor cars changing hands, with five automobiles fetching prices in excess of €2,000,000, along with setting two new world records.
The event's top seller was a rare 1962 Ferrari 400 Superamerica Cabriolet Pininfarina SWB, s/n 3309 SA, achieving a new world record for a Superamerica when it sold for €2,800,000 ($3,799,600) and well exceeding its high estimate of €2,450,000.
"RM's inaugural Monaco sale has set a new standard for collector car auctions not only for the high quality of cars, but also for its impeccable presentation and client experience. Two world record prices, and seven lots achieving in excess of one million euro, aptly illustrate this achievement," said Max Girardo, Managing Director, RM Europe. "Our Monaco sales results underscore RM's undisputed leadership position in the investment-grade segment of the collector car market."
Additional star lots surpassing the two million euro mark include:
* a hugely desirable 1962 Ferrari 250 GT SWB Berlinetta, s/n 3401 GT, selling for €2,632,000 ($3,571,624);
* a rare 1960 Maserati Tipo 61 'Birdcage', s/n 2470, setting a new world record for a Birdcage at €2,464,000 ($3,343,648);
* the ex-Harrah 1957 Ferrari 250 GT LWB Tour de France, s/n 0925 GT, bringing €2,352,000 ($3,191,664); and,
* a beautiful 1959 Ferrari 250 GT LWB California Spyder, s/n 1253 GT, fetching €2,072,000 ($2,811,704)
The impressive results of RM's Sporting Classics of Monaco event were generated by the registered bidders from 33 different countries on the telephone, over the Internet and assembled in the standing-room-only venue. RM welcomed a number of first-time clients to its Monaco debut with new bidders representing 28 per cent of all registrations. In addition, approximately 3,300 people watched the live streaming video coverage of the sale over the Internet.
Other notable auction results include:
* a stunning 1938 Delahaye 135 MS Competition Cabriolet, s/n 49197, selling for €1,792,000 ($2,431,744)
* a significant 1933 Rolls-Royce Phantom II "Special Town Car" by Brewster, s/n 218 AMS, achieving €1,456,000 ($1,975,792)
* a rare alloy-bodied 1965 Ferrari 275 GTB/6C Berlinetta, s/n 07933 , selling for €784,000 ($1,063,888)
* a fully-restored 1967 Ferrari 275 GTB/4 Berlinetta, s/n 10045, selling for €767,200 ($1,041,090)
* a matching-numbers 1930 Alfa Romeo 6C 1750 Zagato Spider, s/n 8513064 , fetching €879,200 ($1,193,074)
* a historic 1963 Shelby 289 Cobra Roadster Le Mans Racing Car, s/n CSX 2136, bringing €744,800 ($1,010,694)
* the well-known 1934 Rolls-Royce 40/50 hp Phantom II All Weather Cabriolet, s/n 188PY, celebrated as the 'Star of India', reaching €644,000 ($873,908)
* a superb 1950 Aston Martin DB2 Vantage Saloon, s/n LML/50/19, achieving €291,200 ($395,158) in a bidders' war; more than €100,000 over its high estimate of €175,000
The sale's cover car, the 1937 BMW 328 MM 'Buegelfalte', s/n 85032, considered one of the world's most significant pre-war sports racing cars, exchanged hands within less than 24 hours of the sale's conclusion for a confidential sum and is not included in the final sale results. However, the Buegelfalte had reached a high bid of €4,300,000 ($5,835,100) and its addition to the final auction results produce the most successful collector auction in history.
* The figures include the buyer's premium and are rounded to the nearest dollar. The exchange rate used at the time of the sale: 1 EURO = 1.357 USD
** RM set the record for the most successful motor car auction in May 2007 at the Ferrari factory in Maranello, achieving €33 million in total sales.
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, provide an unsurpassed level of service to the global collector car market. RM proudly holds five of the top 10 – and more significantly, four of the top five – 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 concourse events.
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