- RM SOTHEBY’S EXTENDS GLOBAL MARKET LEADERSHIP IN COLLECTOR CAR AUCTIONS WITH $406,570,428 IN TOTAL AUCTION SALES IN 2021
- ADDITIONALLY, IN EXCESS OF $150,000,000 GROSSED IN PRIVATE SALES
- COMPANY LOOKS FORWARD TO FURTHER GROWTH AND EXPANSION IN 2022 UNDER GUIDANCE OF NEWLY STRUCTURED LEADERSHIP TEAM
BLENHEIM, ONTARIO (17 December 2021) – As the year comes to a close, RM Sotheby’s celebrates strong results for 2021. We are pleased to announce that 2021 saw total gross sales in excess of $550,000,000 across its auction and private sales transactions, where our private sales more than doubled from the previous year.
Our focus is unchanged: delivering the best possible trading environment for both buyers and sellers within the global collector car market, supported by unparalleled knowledge and research which helps our clients make fully informed purchase decisions. With over 46 years of experience in assisting clients with buying and selling, RM Sotheby’s has always coupled its base with a world-class restoration shop located at its headquarters in Blenheim, Ontario. With further dedicated investment, RM Auto Restoration has added a complete machine shop making it possible for a car to be restored end-to-end, all in-house. RM’s world-class restoration expertise, located next to the offices of our employees, helps keep us grounded in the details of what we need to bring to our clients. These client relationships are the foundation of everything we do, and their development and maintenance are why we continue to invest in a truly global presence and the best possible personnel. All of this is what empowers us to provide the utmost exposure and experience for our clients, their cars and collections.
“RM Sotheby’s global footprint and extensive client base helped lead us to a phenomenally successful year, thanks to a diverse lineup of automobiles and events that captured the hearts and minds of customers and enthusiasts across the globe,” said Gord Duff, Global Head of Auctions, RM Sotheby’s. “This is a testament to the ongoing commitment of our team and valued clients as we navigated the continued challenges of the pandemic together, and it positions us for a thrilling 2022.”
2021 Sales Highlights
2021 opened with a strong performance in Arizona, where our first live event of the year resulted in sales of over $35 million and a 90% sell-through. Strong results in North America continued through Amelia Island and onto RM Sotheby’s flagship auction in Monterey, which grossed an astonishing $148,528,300 in total sales with 90 percent of all lots sold. The Paul Andrews Estate Collection was a highlight led by the stunning 1962 Aston Martin DB4GT Zagato, which sold for $9,520,000, while the whole collection totaled $34,439,000, further cementing RM Sotheby’s as the global leader in the sale of estates.
In Europe, we elevated our status as the trusted leader in boutique, estate, and private collection sales around the world. These events showcased the diversity of offerings our clients bring forth. Our A Passion For Elegance sale in Liechtenstein featured a remarkable single-owner collection of important Rolls-Royce and Bentley motor cars that grossed CHF11.1 million, vastly exceeding pre-sale estimates. Our St. Moritz boutique event—the first RM Sotheby’s auction ever held in Switzerland—was another tremendous success, grossing an outstanding CHF16.5 million, with eight lots that exceeded CHF1 million each. RM Sotheby’s executed another fantastic collaboration sale with Formula 1®, a thrilling auction to sell the race-winning 2010 McLaren MP4-25A, chassis no. 01, driven by Sir Lewis Hamilton. The car was auctioned at the 2021 FORMULA 1 PIRELLI BRITISH GRAND PRIX before a live audience of nearly 140,000 spectators immediately after running demonstration laps on the circuit. It secured £4,836,000, making it the most valuable McLaren Formula 1 car ever sold at auction and the fourth most valuable Formula 1 car ever sold publicly. The live sale auction calendar was rounded off with The Guikas Collection sale, unquestionably one of the most anticipated European sales of recent years, which was concluded in spectacular style with all 87 lots including cars, parts, and memorabilia finding new homes at a total sales figure of €39,532,700.
Our Open Roads series of online auctions throughout 2021 truly broadened RM Sotheby’s geographic reach, expanding the list of countries in which buyers purchased our cars and becoming an important gateway for new customers who are building or expanding their collections. In total, $33,283,091 was grossed in our online sales.
Our Private Sales business expanded its global footprint substantially in 2021, conducting a number of significant discreet transactions which more than doubled our total sales year-over-year, grossing in excess of $150,000,000. With several exciting new additions to the team in 2021, RM Private Sales will continue to offer an unparalleled client experience in 2022 with our deep product knowledge and market-leading flexible financial solutions.
RM Sotheby’s Top 10 Sales of 2021
- 1962 Aston Martin DB4GT Zagato | Sold for $9,520,000 | Monterey
- 1962 Ferrari 268 SP by Fantuzzi | Sold for $7,705,000 | Monterey
- 1966 Ferrari 275 GTB Competizione by Scaglietti | Sold for $7,705,000 | Monterey
- 1955 Ferrari 250 GT Berlinetta Competizione by Pinin Farina | Sold for $7,024,370 | The Guikas Collection
- 2010 McLaren-Mercedes MP4-25A Formula 1 | Sold for $6,528,470 | The Lewis Hamilton GP Winning McLaren
- 1955 Jaguar D-Type | Sold for $6,000,000 | Arizona
- 1958 Ferrari 250 GT LWB Berlinetta ‘Tour de France’ by Scaglietti | Sold for $6,000,000 | Monterey
- 1929 Duesenberg Model J ‘Disappearing Top’ Torpedo by Murphy | Sold for $5,725,000 | Amelia Island
- 1958 Ferrari 250 GT Cabriolet Series I by Pinin Farina | Sold for $5,014,470 | The Guikas Collection
- 1937 Bugatti Type 57SC Tourer by Corsica | Sold for $4,735,000 | Arizona
2021 By the Numbers
- 25 total auctions
- 13 live auctions
- 12 online auctions
- 3,446 total lots offered
- Over $550,000,000 in global sales transactions
- $134,540,214 sold in Private Collections
- 46 countries from which cars were purchased
- Bidders from 70 countries
- 2 million website page views
- Over 51% first-time purchasers with RM Sotheby’s
Reconfigured Management Team Looks Ahead to 2022
RM Sotheby’s is excited to work with some innovative new talent to bring creative and dynamic ideas that will help keep us current and innovative in the ever-changing car market. As a part of this, RM Sotheby’s has introduced a reconfigured and expanded management team that is ready to build on this year’s momentum. Starting with a firm foundation, Gord Duff, one of the most respected car specialists in the industry and with nearly 25 years within the business, has assumed the position of Global Head of Auctions and will continue to provide inspirational leadership in the coming years. Bryon Madsen joins RM Sotheby’s as Chief Strategy Officer, having begun his career at KPMG and many years with a global publicly traded manufacturing and sales company. With four years as the VP of International Finance and over 18 years as Chief Operating Officer, then President of a high-net-worth family office, he has extensive experience in specialized finance, tax, forecasting, and corporate structure. Stephanie Jacklin is appointed Head of Business Operations for RM Sotheby’s. With 18 years of experience within the organization, Stephanie has unparalleled relationships within the world’s collector community and extensive experience across all areas of the business. She will work alongside Gord Duff to manage overall business operations.
In Europe, Jack Little has taken on the Senior position of Private Sales and Market Development, and we have added Mark Donaldson as Director of Private Sales, EMEA. Together they have more than twenty years of private sales experience, with Mark coming off more than a decade’s experience as a private dealer and even more time spent at Christie’s in both North America and the UK. Michael Squire has returned to the fold after a brief sabbatical. Michael’s extensive car knowledge and broad experience in all aspects of the collector car market make him eminently qualified for the position of Director of Research/Car Specialist. Duccio Lopresto, the well-known Concours judge with previous employment at Hagerty, Lamborghini, and The Classic Car Trust joins as Director of Business Development, Europe, and Peter Haynes has joined as Director of Public Relations and Marketing, Europe. Peter has 30 years of experience in the automotive industry and was an integral part of the team that launched RM into the European market in 2007.
The company has also expanded and developed its financial services offering, including the recent buyout of its partner in the UK-based finance company, Twin Spark, allowing a better foundation to bring more innovative and flexible finance solutions to the market. Announced earlier this fall, RM Sotheby’s began a partnership with BitPay, the world’s largest provider of Bitcoin and cryptocurrency payment services, which saw RMS begin accepting cryptocurrency payments in November 2021. Additionally, we have partnered with NFT PRO, a world leader in NFT and Blockchain service provision, and which will see us enter into a number of new collaborations to mint NFTs for clients. The first announcement will come in January 2022 regarding an exciting project for the Arizona 2022 auction.
“Throughout the course of 2021, we continued to see a strengthening market for collector cars in both auctions and private sales, and we will look to utilize RM’s core strengths to position ourselves for more success in 2022,” said Shelby Myers, Global Head of Private Sales, RM Sotheby’s. “We offer unparalleled industry expertise, expanded financial services, and a commitment to developing meaningful, global partnerships with the very best brands. I’m so thankful for everyone who contributed to the success of 2021 and look forward to collaborating on the new and exciting programs we have planned for the year ahead.
Charles F. Stewart, Sotheby’s CEO commented: “It’s incredibly exciting to see the changes and subsequent successes that have taken place at RM in 2021. As leaders in digital innovation and fine art and luxury auctions, we see great value at Sotheby’s in partnering with RM to provide outstanding service and new experiences to our clients. From Formula 1 and boutique events to auctions, pop-ups and marketing, finance solutions, and NFT collaborations, we look forward to working closely together in 2022.”
Rob Myers, Chairman and Chief Executive Officer said: “Over the years, I’ve experienced many changes in the collector car market with regards to pricing and the levels of interest. I can say that I’ve never seen more excitement than what is currently taking place worldwide in the collector car space and this current market. This excitement, along with the challenges of COVID-19, has driven our company to successfully make changes that allow us to lead the market and continuously innovate. We have the most dynamic team in the business, and I’m proud to be a part of RM Sotheby’s as we head into an incredibly exciting future.”