Report by Rick Carey, Auction Editor
RM Auctions held its inaugural Sporting Classics of Monaco event on 1st May, 2010 at the Grimaldi Forum in Monaco. RM’s beachhead in Monte Carlo was, like all good military campaigns, conducted with overwhelming force and superiority of numbers and logistics.
Taking a year off from Maranello where RM had demonstrated its ability to put on a show, assemble a crowd and the cars that made them get excited in the last three years, the transition to Monaco was more than seamless, it was extensive. The sale, at $50.25 million (assuming a modest undisclosed post-block result for the BMW 328 MM “Bügelfalte”) was 10% more than the previous best one-day sale, RM’s 2007 Maranello auction at $45.1 million.
I have a little inside experience with RM from writing a few catalog descriptions for them and watching most of their auctions firsthand. Their secret isn’t secret. It’s preparation, accuracy and assiduous cultivation of sellers and bidders. RM has a competent, intelligent, caring, involved organization that goes deep into the depths behind the scenes and involves every single person in the organization to listen, respond and facilitate. Problems never provoke anger, just solutions. Responsibility is delegated, but so is authority to deal with it.
It’s a model for efficient, intelligent management. From Rob Myers, Mike Fairbairn and Dan Warrener through Ian Kelleher there are dozens of others I could – and should – name … but it would make this intro too long.
Read the list of contacts in the RM Monaco catalog, then multiply it by three and apply it equally to everyone you encounter at an RM auction. It is a competent, dedicated, proud, efficient, effective group of bright, smart, hard working individuals.
Monaco 2010 won’t be RM’s last one-day record sale, but for the moment it’s a pretty important accomplishment.
RM has one last bogey to beat, the highest average transaction.
Monaco’s $558,654 was a big number. RM’s Maranello sales in 2007, 2008 and 2008 came perilously close to the record at $1.4, 1.3 and 1.0 million respectively, but it was set by Christies’ (under Robert Brooks’ hammer) at Royal Albert Hall in 1987 where the Bugatti Royale Kellner Coupe (s/n 41141) at $9.8 million among just six sold cars among ten offered totaling $10.8 million drove the average to $1,802,957.
Whether that record is beaten or not, it’s something special to watch RM’s success.
Sporting Classics of Monaco Detailed Auction Report – RM Auctions
Lot # 202 1928 Amilcar CG SS; S/N C455; Blue/Black; Estimate $39,906 - $53,208; Older restoration, 2- condition; Hammered Sold at $56,534 plus commission of 12.00%; Final Price $63,318 – RHD. Dual sidemounts, chrome wire wheels, Marchal headlights, wide bodywork, cycle fenders. Good paint, brightwork and upholstery. Attractively restored and maintained. No Reserve. A legitimate contender in voiturette class racing with a high cute quotient and a restoration that is reassuring, this Amilcar brought a healthy price well over its high estimate.
Lot # 210 1956 Austin-Healey 100/M Le Mans Roadster; S/N BN2L231785; Engine # IB231785M; Healey Blue/Black; Estimate $126,370 - $152,974; Recent restoration, 2- condition; Hammered Sold at $126,370 plus commission of 12.00%; Final Price $141,535 – Silver wire wheels. A factory-built Le Mans spec car, freshly restored and complete with 200kph speedometer, side curtains, tonneau cover, tool roll, jack, BMIHT Certificate, owner's manual and service manual. Spotless and way better than it was when new. No Reserve. The real deal, the genuine article, and thrilling to drive or show, this is the price of excellence.
Lot # 212 1958 Porsche 356A Speedster; S/N 84473; Engine # 80342; Aquamarine Blue/Beige leather; White top; Estimate $159,625 - $212,834; Recent restoration, 2- condition; Hammered Sold at $139,672 plus commission of 12.00%; Final Price $156,433 – This must be 1958 Aquamarine Blue. It is a distinctly different color from earlier Porsche hues with the same name. I'd call it 'Blue' and leave the adjective off. Nardi-style woodrim steering wheel, chrome wheels, replacement engine. Puffy doors and fenders suggest plentiful filler and a mediocre body shop in the restoration. As recent sales have shown, this many US$ are more than sufficient to buy a 356A Speedster with a quality restoration, flat panels and an original Super engine. The Euro price would be right in dollars. This result is like Greece's GDP: vastly overstated.
Lot # 216 1954 Ferrari 250 Europa Coupe, Body by Pinin Farina; S/N 0349EU; Engine # 0349EU; Silver, Amaranth Purple roof/Red leather, Grey inserts; Estimate $598,595 - $931,148; Visually maintained, largely original, 3+ condition; Post-block sale at $534,460 plus commission of 12.00%; Final Price $598,595 – Chrome spoke Borrani wire wheels, blackwall tires, Marchal headlights and fog lights, radio, heater, woodrim steering wheel. Good repaint, very nice original leather. Known history from new, never restored and attractively maintained by a succession of owners who sympathetically preserved its originality while keeping it attractively presentable and usable. Said to be just 43,000 km from new. One of 21 built in this first series. Offered by Paul Forbes at Barrett-Jackson in 1999 where it no-saled at $200,000 (back in the days when cars no-saled at B-J) and sold by RM in Arizona in 2002 for $330,000. A genuinely attractive and well-preserved Ferrari that has always been recognized as something special. Its price here is a reasonable expression of its value and quality.
Lot # 219 1930 Alfa Romeo 6C 1750 GS Cabriolet, Body by Castagna; S/N 121215033; Engine # 121215033; Black, Blue accent/Dark Red leather, Beige cloth top; Estimate $731,616 - $864,638; Older restoration, 2- condition; Hammered Sold at $665,106 plus commission of 12.00%; Final Price $744,919 – RHD. Black wire wheels, dual rear-mounted spares partially recessed into rear deck, 85hp supercharged GS. Attractive and practical coachwork representative of Castagna but not as attractive as contemporaries from Zagato or Touring. Believed to have spent WWII in Berlin where it was bought by industrial designer Ken Koupal who owned it until the 1990's as an unfinished and disassembled but largely compete personal restoration project. Completed by the next owner to like new condition with very attractive cosmetics. No Reserve. Considering this car has no interesting history and somewhat pedestrian coachwork by Castagna the seller should be very satisfied with this result even if it is somewhat under the low estimate.
Lot # 221 1962 Ferrari 400 Superamerica SWB Cabriolet, Body by Pininfarina; S/N 3309 SA; Engine # 3309; Black/Red leather; Estimate $2,593,913 - $3,259,019; Recent restoration, 1 condition; Hammered Sold at $3,325,529 plus commission of 12.00%; Final Price $3,724,593 – Covered headlights, chrome rocker panels, chrome spoke Borrani wire wheels, blackwall tires, factory hardtop and soft top. One of six bodied by Pininfarina, the only one with covered headlights from new. Displayed at Geneva and New York shows, then taken to Bonneville by J.A. Stallings and clocked at 145 mph (photos and original time sheets included). Later owned by Bob Grossman, restored by Fantuzzi for Charles Robert, then re-restored by Patrick Ottis in the U.S. in the current colors. Winner of Platinum at Cavallino and featured in Cavallino magazine in 2009, then displayed at Pebble Beach (3rd in class). Full tool roll. Beyond perfect (including a deduction at Pebble Beach for 'too shiny paint'.) Apparently the shine worked to this Ferrari's advantage in Monaco, bringing an exceptional price 20-25% above expectations. Still, compared to a 250 GT California Spider it is a lot of car and more unusual, to say nothing of being exquisitely presented and beyond perfect ... but still accurate.
Lot # 250 1934 Rolls-Royce Phantom II All Weather Cabriolet, Body by Thrupp & Maberly; S/N 188PY; Engine # ZN15; Saffron Ochre, Polished Aluminum/Ochre leather; Estimate $598,595 - $798,127; Older restoration, 2 condition; Hammered Sold at $764,872 plus commission of 12.00%; Final Price $856,656 – RHD. Dual enclosed sidemounts, Pilot-Rays, windshield post spotlights, polished wheel discs. 'The Star of India' built for Thakore Shri Dharmendrasinhji Lakhajiraj, ruler of Rajkot. Lavishly decorated and restored in 2001 to show ready condition with many subsequent displays. A wonderful history, but not particularly attractive, just imposing. Hans-Gunter Zachs collection. The star (no pun intended) of the 25 Rolls-Royces from the collection of Hans-Gunter Zachs offered at RM's first Monaco auction and far and away the most desirable of them. Even at nearly $900K it will grace any collection or concours lawn with its imposing presence, exactly as the Thakore Sahib intended when he ordered it in 1934.
Lot # 251 1970 Ferrari 365 GTB/4 Daytona Competition Gr IV Berlinetta; S/N 13715; Engine # B590; Black/Black cloth; Estimate $558,689 - $638,502; Competition car, original as-raced, 3+ condition; Hammered Sold at $638,502 plus commission of 12.00%; Final Price $715,122 – Wide gold 5-spoke alloy wheels, outside fuel filler, air dam, fixed covered headlights, fixed Plexi side windows with sliding panel, side outlet exhaust, full street car instrumentation, number roundel lights and heaven knows what other tricks under its skin. Converted to Group IV in 1974 and raced in Italy throughout its life. Restored in 2008 to historic racing car standards with some events since. Perhaps best described with the hot rodder's term, 'sanitary.' While this is twice the price of a street Daytona it is right in line with competition cars and will surely be an instrument of excitement and diversion to its new owner.
About Rick Carey
Solid report on Monaco. Love the reference to previous sales and the condition of the various cars. All adds much to the depth and quality of the reporting. Nicely done.