Michael Satterfield
RM Sotheby’s annual Monterey auction is one of the most anticipated automotive events in the world, attracting some of the rarest cars, biggest buyers, and record-setting sales. This year was no different, with a rare McLaren F1 selling for $19.8 million dollars and a controversial Type 64 which some claim is the oldest car to carry a Porsche badge. The auction for the Type 64 made headlines with a miscommunication saw the price jump to $70 million on the screen, when in fact the bidder had offered $17 million. Other amazing cars on hand included the original 1966 Ford GT40 Roadster prototype which sold for $7.65 million, a 1962 Ferrari 250 GT Short Wheelbase selling for $7.4 million, and a 1965 James Bond Aston Martin DB5 which sold for $6.4 million.
While there was an undertone of measured restraint throughout all the auctions over the weekend, it was encouraging to see record-breaking results for many of the highlight consignments as well as for outstanding collectible, lower value examples in the auction. In particular, seeing the as-new Ming Collection sell with such broad enthusiasm and pre-auction interest, continues to show that client demand for near-perfect late-model examples remains as strong as ever. Coupled with equally impressive results for historically significant cars such as the Ford GT40 Roadster Prototype, the James Bond Aston Martin DB5, and the Ferrari 250 GT SWB, we are confident that as long as the passion for collector cars remains, the market will continue to support it with price-reflective transactions.
Watchmaker, Richard Mille, donated an RM11-03 watch to be auctioned to benefit the RM Children’s Treatment Center of Chatham-Kent Fund. The watch which was estimated to sell for $150,000 ended up selling for $216,000 which will support the mission of providing specialized therapy and recreational programs for children with developmental and medical conditions.
