February 7, 2023

Linkage Mag

Geared for the Automotive Life

RM Sotheby’s Posts $925m in Global Public Sales in 2022

RM Sotheby’s has achieved global sales in excess of $925,000,000 USD during 2022, a record figure in a year that has seen the company achieve some of the most spectacular results in its history.   

Sales revenues have been achieved across the three primary components of the business, including auctions, private sales, and the newly developed Sotheby’s Sealed platform, each part of the business contributing significant revenues to the record-breaking sales total. During 2022, 38% of bidders were new clients to RM Sotheby’s.

Eclipsing all other events, 2022 will predominantly be remembered as the year that the world-record price for an automobile at auction was taken to an astonishing new level with the sale of the 1955 Mercedes-Benz 300 SLR ‘Uhlenhaut Coupé’.This remarkable and historic car was offered directly from the ownership of the Mercedes-Benz Museum, and with proceeds being donated to a charitable foundation, the car achieved an unprecedented €135,000,000 EUR. This figure has completely re-drawn the rule book for the car market, and for the first time an automobile now features in the list of the top ten most valuable items ever sold at auction, placing this car on par with some of the world’s most revered artworks.

A Record-Breaking Monterey Sale

RM Sotheby’s flagship auction grossed a record $239,258,340 USD in total sales during a three-night auction that saw an incredible 95 percent of all lots sold. Featuring a number of staggering single-owner collections, including the Masterworks of Design, Oscar Davis Collection, offerings from the Terence E. Adderley Collection, as well as individual consignments that represented some of the finest cars to be offered this year, the sale highlight was the 1955 Ferrari 410 Sport Spider by Scaglietti, which sold for $22,005,000 USD.

Sotheby’s Sealed and Private Treaty

RM Sotheby’s Private Sales division launched a brand-new platform in 2022, which has provided an entirely new means by which exceptional cars can be offered to market with complete confidentiality. Sotheby’s Sealed has delivered remarkable results for clients, with its focus on offering rare, unique, and storied cars with a focus on client and consigner discretion.

From the only factory-painted Ferrari Enzo in Bianco Avus to the ex-Juan Manuel Fangio 300 SL Roadster and the ultimate 21st-century supercar, a McLaren F1, the platform has been a major success for the business.

Single-Owner and Estate Collections

RM Sotheby’s continues to lead the market in offering significant single-owner and estate collections to market. Aside from the Collections offered at Monterey, notable Collections also include the Gene Ponder Collection; The Gran Turismo Collection, offered in London; The House That Newman/Haas Racing Built collection; The Bavarian Legends Collection, offered in Munich; and the Nigel Mansell Collection, offered in Monaco. RM Sotheby’s has an unrivaled reputation for offering large and complex estates and collections and repeatedly achieves impressive results in this highly specialized area of the market.

RM Sotheby’s and Sotheby’s

In a year that saw Sotheby’s acquire a majority share in RM Sotheby’s, 2022 has been a year of stronger collaboration between the two brands, with each being represented at various events and auctions throughout the calendar year.  Perhaps the most significant representation of this collaborative relationship was the sale of the ex-Michael Schumacher 2003 Ferrari F2003-GA Formula One car, which was offered as a single automotive lot during Sotheby’s flagship Luxury Week sale in Geneva during November. The car achieved CHF14,630,000, a world record price for a modern era Formula One car.

RM Restoration

With decades of expertise, the team at RM Auto Restoration won a record seventh Best of Show award at the 2022 Pebble Beach Concours d’Elegance for their stunning work on the 1932 Duesenberg Model J Figoni Sports Torpedo, owned by Lee R. and Penny Anderson. Work has already begun on the team’s entry for 2023.

2022 IN NUMBERS

26 Total Auctions

Total Number of Lots Offered across All Auctions: 2,682

Over $925,000,000 USD in global transaction sales

$222,667,547 Sold in Collection Totals

$30,412,217 Sold in Private Collections

$192,255,330 Sold in Single-Segment Collections

Top Three Collections Sold during 2022

  1. The Masterworks of Design Collection ($41,015,900 in total sales)
  2. The Oscar Davis Collection ($34,365,300 in total sales)
  3. The Gene Ponder Collection ($24,315,417 in total sales)

48 countries from which cars were purchased

Bidders from 70 countries

38% of first-time bidders

50% of first-time buyers

92% sell-through rate

132 cars sold over $1 million

Over 14,500,000 website pageviews

Top 10 Live Auction Results for the Year

  1. 1955 Mercedes-Benz 300 SLR ‘Uhlenhaut Coupé’ (€135,000,000 EUR)
  2. 1955 Ferrari 410 Sport Spider by Scaglietti ($22,005,000 USD) at Monterey 2022
  3. 2003 Ferrari F2003-GA ($14,873,327 USD) at Sotheby’s Luxury Week | Geneva
  4. 1937 Mercedes-Benz 540 K Special Roadster by Sindelfingen ($9,905,000 USD) at Monterey 2022
  5. 1924 Hispano-Suiza H6C “Tulipwood” Torpedo by Nieuport-Astra ($9,245,000 USD) at Monterey 2022
  6. 1957 Ferrari 500 TRC Spider by Scaglietti ($7,815,000 USD) at Monterey 2022
  7. 1966 Ferrari 275 GTB/C by Scaglietti ($7,595,000 USD) at Monterey 2022
  8. 1954 Ferrari 375 America Vignale Cabriolet ($7,595,000 USD) at Monterey 2022
  9. 1953 Ferrari 375 MM Spider by Scaglietti ($7,485,000 USD) at Monterey 2022
  10. 1938 Talbot-Lago T150-C SS Teardrop Coupe by Figoni et Falaschi ($7,265,000 USD) at Monterey 2022

MANAGEMENT INSIGHTS

Gord Duff, Global Head of Auctions: “Our outlook for 2023 is strong. As ever, our clients are looking for the best and rarest collector-grade automobiles across all segments of the market. As we work to push the boundaries of what a collector car auction house can be, watch for additional events and experiences that showcase offerings of the diversity and quality our team is known for.”

Peter Wallman, Chairman, UK and EMEA: “What a year it’s been for the EMEA operation. With the stunning achievement of having sold the Mercedes-Benz 300 SLR ‘Uhlenhaut Coupé’ for an unprecedented €135,000,000 EUR, our European sales have enjoyed record-breaking results. We are already looking forward to next year with an all-new collaboration with the Automobile Club de l’Ouest, which will bring a selection of coveted, race-used examples to auction at the 24 Hours of Le Mans race on 9 June. Our Villa Erba event will return in 2023, and our tenth annual Paris sale on 1 February is fast approaching. We are equally delighted to now have representation in the UAE, a market which presents the business with huge opportunity in the years to come.”

Shelby Myers, Global Head of Private Sales: “2022 was an unbelievable year for the Private Sales division. We are proud to have facilitated the private treaty sale of several of the world’s most interesting and important cars. The launch of our proprietary auction system, Sotheby’s Sealed, has added a new avenue by which clients can offer the rarest, most significant cars to buyers who value discretion. Collection centerpieces can now be offered with complete privacy for both buyer and seller. Next year will bring even more one-of-a-kind sales via Sotheby’s Sealed and private treaty.”

For further information on RM Sotheby’s, please visit rmsothebys.com.

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