Home Motor Shows Monterey Car Week RM Sotheby’s Sets Blistering Auction Record of $170+ Million at Monterey!

RM Sotheby’s Sets Blistering Auction Record of $170+ Million at Monterey!

McLaren F1 LM

McLaren F1 LM

Throughout Monterey Car Week, RM Sotheby’s managed to record in excess of $170 million in sales, a record for a collector car auction. Making up that final figure are auction and post-auction private sales.

The Pinnacle Portfolio managed to fetch over $75.4 million therefore representing a new record for a private automobile collection sold during a single day sale. The most expensive car from that auction was a 1964 Ferrari 250 LM which sold for $17.6 million. It was followed closely by a 1998 McLaren F1 ‘LM-specification’ which traded hands for a cool $13.75 million.

During the auction, an impressive 1959 Ferrari 250 GT LWB California Spider was passed in after failing to meet its reserve. Just hours after the auction concluded however, it was sold privately for $8.5 million. Another impressive car sold from The Pinnacle Portfolio was the final Ferrari Enzo ever produced which sold for $6.05 million.

The following night, RM sold a plethora of other high-priced cars. The highlight of the second night of sales was a 1953 Jaguar C-Type Works Lightweight which sold for $13.2 million. Another noteworthy car sold was a 1950 Ferrari 275S/340 America ($7.975 million).

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“- Unofficial tally exceeds $170M in sales – a record for a collector car auction!

RM Sotheby’s sets numerous auction benchmarks during first two sale sessions in Monterey, California
· Pinnacle Portfolio achieves more than $75.4 million, comfortably exceeding the record for a single-day, single-vendor auction
· Twenty-six individual lots achieve million-dollar-plus results during first two days
· Top sellers to date: 1964 Ferrari 250 LM achieves $17,600,000; 1998 McLaren F1 ‘LM-specification’ realizes $13,750,000; 1953 Jaguar C-Type Works Lightweight brings $13,200,000

RM Sotheby’s has continued its strong sales run in Monterey, California, generating in excess of $120 million in auction and post-auction private sales during the first two nights of its flagship event.

Setting the tone for the weekend, the Pinnacle Portfolio – an extraordinary single-vendor collection of post-war sports cars – generated a record $75.4 million on Thursday evening. The outstanding result represents a new record for a private automobile collection sold during a single-day sale.

Comprising a superlative group of iconic sports and racing cars of the 1950s and 60s joined by a superb roster of contemporary supercars, the two-hour Pinnacle Portfolio auction saw 25 vehicles cross the auction podium before a standing-room only crowd, with active bidding throughout the evening both in the room and on the phones, including collectors bidding with Sotheby’s representatives.

Road-going race cars topped the bill at the Thursday sale, with the historic 1964 Ferrari 250 LM and the 1998 McLaren F1 ‘LM Specification’ leading a string of 14 individual million-dollar-plus sales. Boasting a rich racing history, the 1964 Ferrari 250 LM roared onto the auction stage to applause from the crowd before selling for a final $17.6 million – a new record for the model at auction. Likewise, the 1998 McLaren F1 ‘LM-Specification’, one of the most iconic supercars of the modern era, also set an auction benchmark. Extraordinarily rare – it is one of only two examples upgraded by McLaren Special Operations to feature an LM-spec engine and the ‘Extra High Downforce Package’ – it realized a remarkable $13.75 million.

As a group, the roster of contemporary supercars included in the Pinnacle Portfolio attracted tremendous pre-sale attention, which translated into spirited bidding and numerous lots exceeding expectations. Rounding out the top three sales of the evening, the 2005 Ferrari Enzo, gifted by the factory to Pope John Paul II and later sold to benefit tsunami victims, achieved a terrific $6,050,000, shattering the previous auction record for the model.

Within hours of the sale’s conclusion on Thursday, the 1959 Ferrari 250 GT LWB California Spider of the Pinnacle Portfolio sold privately for $8,500,000, which has been added to the impressive sale tally.

The momentum continued Friday evening with an additional 12 vehicles achieving million-dollar-plus results. Top honors went to the legendary 1953 Jaguar C-Type Works Lightweight, chassis XKC 052, one of just three examples built, which raced to an outstanding $13.2 million to enter the history books as the most expensive Jaguar ever sold at auction. Other highlights of Friday’s auction included a landmark 1950 Ferrari 275S/340 America for $7,975,000; and, a stunning 1952 Jaguar XK120 Supersonic for $2,062,500. A 1910 American Underslung Traveler Toy Tonneau soared past high estimate to achieve a record $1,815,000.

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