Report by Rick Carey, Auction Editor
RM Auctions presented its first auction at the Concorso d’Eleganza Villa d’Este in the Spazio Villa Erba at Cernobbio on the shores of Lake Como on May 21, 2011. The effort featured a concentrated consignment of elegant and racy cars suited to the elegance of the concours. There were just 32 in total, but they carried a total low estimate of some $44,698,488 (€31,540,000.) Only one car, the Lancia Stratos-based ‘Sibilo’ concept from the Bertone Collection, carried an estimate below €100,000.
Three-quarters (24) of the 32 cars offered were sold, bringing a total of $33,207,122, an average of $1,383,630. The median transaction was a whopping $888,868 (64.2% of the average.) 13 lots hammered sold under their pre-sale low estimates (54.2%) while 5 brought more than their high estimates (20.8%) and the $29,649,216 total of the successful bids exceeded by ½ of 1% their total low estimates.
RM will hold its next Villa d’Este auction in two years, alternating with Monaco where RM’s auction will coincide with the semi-annual Monaco Grand Prix Historique. The settings are different in character and probably in the makeup of the consignments. Both are important dates on the annual auction calendar and Villa d’Este represents a particularly significant milestone in the development of RM Auctions’ European presence.
Who (except perhaps Rob Myers and Mike Fairbairn) would have thought in 2007 when RM first ventured into the European collector car auction marketplace with its first sale at Ferrari in Maranello that just four years later they would be regularly offering premier consignments in London and Villa d’Este/Monaco? Well, they are, bringing both quality cars from North America and capturing some of the finest cars from European collections.
Established European collector car auction houses are playing catch-up with consignors and bidders.
RM Auctions Concorso Villa d’Este 2011 – Auction Report