RM Sotheby’s, Retromobile Week, Place Vauban, Paris, February 8, 2017
RM Sotheby’s kicked off the auctions in Paris during Rétromobile this year with a Wednesday evening sale of 77 lots. Pre-sale highlights included a Ferrari 275 GTB and 365 GTB/4 Daytona with period performance modifications, an Alfa Romeo Tipo B P3 Monoposto, the first Porsche 917/10 and a Porsche 959 Sport.
Also scattered under the tents in Place Vauban were sixteen Ferraris (seven of them built since 2000) and nineteen Porsches from the 911-era ranging from a 901 Cabriolet Prototype to a 2016 911R. Eight of the Porsches had been built since 2000 showing clearly that the fascination with high performance, limited edition Porsches of the 993 and 996 eras has not worn off at all.
2017 was RM Sotheby’s strongest sale in its four-year Paris history. It is a noticeably consistent sale: never under $20 million, sale rate never under 76%, nor over 80%. It is a valuable presence for RM in Europe fitting neatly between London in the fall and Villa Erba/Monaco in late spring.
The effect of exchange rates became evident here, and continued to be evident in the other two auctions this week, with a strong dollar skewing the apparent prices lower when expressed, as here, in dollars. Experience indicates that swings in exchange rates take a while to be reflected in on-site prices. It produces some potential for currency arbitrage which translates these days into buying in Euros or Pounds and selling in dollars. Even with transport costs, the arbitrage on expensive lots can be meaningful. But it makes comparing prior transactions to current ones a bit more complicated, as some of these results indicate.
Here are the numbers:
RM Sotheby’s Paris 2017 – Auction Report