RM Sotheby’s, Arizona 2019
WORDS AND PHOTOGRAPHY BY JEFF KOCH AND TERRY SHEA
Three cars sold at RM’s Scottsdale, Arizona, auction in January were among the 10 highest earners at any of the events held during auction week. A 1985 Ferrari 288 GTO (discussed in this article) sold for $3.36 million, a 1958 BMW 507 sold for $2.175 million, and a 1967 Ferrari 330 GTS Spider sold for $2,012,500, inclusive of fees. Three additional cars made it into the seven-figure arena after their time on RM’s auction block (after the buyers’ premium), including a 1948 Tucker, a coachbuilt 1956 Bentley S1 Continental Drophead, and a 2017 Ferrari F512tdf.
Total sales were down slightly, year-to-year: $36 million versus $36.8 million in 2018. The average sale price, $285,448, was down from 2018’s $327,641 average, and the sell-through rate (85 percent in 2019, versus 87 percent in 2018) was down slightly as well. Last year, nine cars made it into million-dollar territory.
This is still well north of average sales across the weekend in Scottsdale, at $94,318, and median sales jumping to more than $47,000. On lots bid to between $500,000 and $1 million, the overall Scottsdale sell-through rate was 60 percent; the sell-through for vehicles bid to north of $1 million dropped to 48 percent across all auctions this year. Keeping this in mind, RM’s total sales, percentages, and averages were well north of the Scottsdale week’s average in all respects.
The auction was held in a tent outside of the usual Arizona Biltmore ballroom facility January 17-18 and required credentials to get in. The cars for sale were parked around the legendary Art Deco-era property, moving only when it was their turn to roll over the block, making this the best free car show in town. RM does not publish the top bids of unsold items, instead publishing the house estimate of the vehicles’ sales range on its website.
FERRARI
Year: 1985
Model: 288 GTO
Condition: Original/#1
Reserve: None
Selling Price: $3.36 million
Avg. Selling Price: $2.6 million
When the house estimate on any car is
