R M Sotheby’s spent the entirety of 2023 finding more ways to surpass the already-established benchmarks of sales prior, transforming the sales experience while continuing to provide the best auction experience for clients.
And it was a truly phenomenal year. Of all the notable moments we’ve had in the last twelve months, we’ve two events that really stand out. One was, well, The One – an auction wherein a 1962 Ferrari 330 LM / GTO 250 achieved the second-highest price for a car at auction when it sold for $51.7 million.
Another unalloyed high point of the year came with the official auction of the F1 Las Vegas Grand Prix, where we had the privilege of selling Lewis Hamilton’s first Mercedes-winning car, the 2013 Mercedes-AMG Petronas F1 W04 car, for $18,815,000, making it the most valuable Formula 1 car of the modern era ever sold. It truly set the stage for an outstanding sale, and our efforts in Las Vegas provided a glimpse at an avenue of transformation for the future of traditional car auctions.
2024 is positioned to be just as exciting, as RM Sotheby’s welcomes a new auction in Miami, part of the ModaMiami weekend, as well as the celebration of the further expansion of the auction house’s global footprint, now in the Middle East and Africa, with its Dubai sale in March.
2023 Trends and Predictions for 2024
“After a record-breaking 2022, which saw RM Sotheby’s sell the most valuable car ever at auction and huge results achieved at our Monterey sale, it was always going to be a big ask to meet or exceed those heights again in 2023. But in the end, we can reflect on another remarkable year of sales, having broken multiple world-record prices for individual cars, overseen several important collections at auction and set some of our biggest annual sales in our history. Not all areas of the market have seen a rise in values, but in general terms, collector car prices continue to prove to be resilient and stable, and crucially, underpinned by a strong client base of enthusiasts wishing to buy cars to participate in the myriad of events that take place all over the world.” —Gord Duff, Global Head of Auctions
Banner image: 1962 Ferrari 330 LM_250 GTO by Scaglietti (Photograph: Jeremy Cliff)