RM Sotheby's wrapped up its 26th annual Monterey auction,
achieving an impressive $164 million in sales with an 86%
sell-through rate. Bidders hailed from over 40 countries for the
three-day event, with a notable 20% being first-time registrants, a
strong indicator of continued growth and interest in the collector
car marketplace. The final sales total ranks as the third most
successful result RM Sotheby's has achieved at its Monterey
venue. As a cap to an incredible weekend, the company’s
restoration wing, RM Auto Restoration, achieved its second
consecutive Best of Show win at the Pebble Beach Concours
d'Elegance with the stunning, impeccably restored 1937
Mercedes-Benz 540 K Special Roadster.
Of particular interest throughout the weekend was the performance
of late model cars from the late 80s and beyond, demonstrating a
marked desire for these highly optioned cars, with many models
achieving final results well above estimate.
Buyers could not get enough of the iconic German marque Porsche, and reimagined models such as the
1997 Porsche 911 Remastered by Gunther Werks commanded $1.5M and the 1991 Porsche 911
Reimagined by Singer – Classic Study sold at $1.4M—both over their estimates. The highly original 1988
Porsche 959 Komfort sold for $1.7M, a staggering more than half million over its high estimate.
Porsches aside, a stunning white 2012 Lexus LFA broke a world record, selling over estimate at $1.1M. Not
surprisingly, the Italian marque of Ferrari saw high demand, with a 2011 Ferrari 599 GTO selling for $1M, and
a 2005 Ferrari Superamerica selling for $978K—both over high estimates. Overall, these figures highlight
the insatiable demand for younger and later model sports cars. The rise of nostalgia for the late '80s and '90s
era, coupled with the scarcity of well-maintained examples, also contributes to their appeal, which was
evident throughout Monterey Car Week.
Certainly the talk of the weekend was the presentation of the barn-find Lost & Found Collection, with results
that reaffirm the allure of rare, significant Ferraris remains undiminished. Notably, the 1954 Ferrari 500
Mondial Spider Series I by Pinin Farina, a battle-scarred gem, fetched an astonishing $1,875,000, while
the legendary 1965 Ferrari 275 GTB/6C Alloy by Scaglietti commanded an eye-popping $3,305,000.
Additionally, the 1956 Ferrari 410 Superamerica Coupe Series I by Pinin Farina, showcasing its
timeless beauty beneath the wear and tear, changed hands for a substantial $2,810,000.
Pebble Beach Concours d'Elegance Best of Show Win
Following an exhaustive 11-month restoration that took the entirety of 2022, RM Auto Restoration unveiled the
stunning 1937 Mercedes-Benz 540 K Special Roadster on the concours field this past Sunday. The result
was an unprecedented win with Best of Show honors, marking the team's second consecutive Best of Show
win at the Pebble Beach Concours d’Elegance for a total of eight.
"Following last year’s incredible success in Monterey, we are quite pleased with our team’s ability to source
an incredible group of cars, ranging from pre-war classics through to modern day hypercars. The results
speak for themselves, with final sales totals ranking this year’s auction as the third most successful in our
company’s history. It was great to see the reaction to the presentation of the Lost & Found Collection, and
even greater to see incredible prices realized for these important Ferraris. The feather in the cap this weekend
was certainly winning Best of Show at Pebble Beach for the second consecutive year. The team at RM Auto
Restoration continues to prove their incredible craftsmanship, with eight Best in Show wins and victories back
to back—a true testament to the entire team's efforts. I truly feel our team at RM Sotheby's is shaping the
future of car collecting, and we're having fun doing it. We have so much more to offer this fall, so stay tuned.”
–Gord Duff, Global Head of Auctions.
“This 540 K balances strength with sweeping lines and style, and its history is unique. In talking with Jim
about this car, I was impressed by the time and thought invested in this restoration. Every piece of this
beautiful Mercedes-Benz was researched so carefully to honor its history.” – Concours Chairwoman
Sandra Button.
