RM takes Monaco by storm

88 cars sell in excess of $45 million at inaugural event
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RM Auctions is noted for attracting outstanding automobiles and phenomenal prices. They did not disappoint last weekend in Monaco when just 88 cars brought over $45 million (€33,235,917) in total sales. Five automobiles fetched prices in excess of $2.7 million each.

RM is reporting that the auction set a new record for the highest dollar single-day collector car auction in history, breaking their own record set in May 2007 at the Ferrari factory in Maranello.

The May 1 auction was RM's inaugural Sporting Classics of Monaco event. Held at the Grimaldi Forum, it realized an 86 per cent sell-through rate with 88 of 105 pre- and post-war motor cars changing hands.

The 1962 Ferrari 400 Superamerica was the top seller.

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The top seller was a rare 1962 Ferrari 400 Superamerica Cabriolet Pininfarina SWB, s/n 3309 SA, achieving a new world record for a Superamerica when it sold for $3,799,600 (€2,800,000) and well exceeding its high estimate of $3,324,650 (€2,450,000).

Additional star lots include:
-a 1962 Ferrari 250 GT SWB Berlinetta, s/n 3401 GT, selling for $3,571,624 (€2,632,000);
-a rare 1960 Maserati Tipo 61 ‘Birdcage’, s/n 2470, setting a new world record for a Birdcage at $3,343,648 (€2,464,000);
-the ex-Harrah 1957 Ferrari 250 GT LWB Tour de France, s/n 0925 GT, bringing $3,191,664 (€2,352,000); and,
-a 1959 Ferrari 250 GT LWB California Spyder, s/n 1253 GT, fetching $2,811,704 (€2,072,000).

The impressive results of RM’s Sporting Classics of Monaco event were generated by registered bidders from 33 different countries on the telephone, over the Internet and assembled in the standing-room-only venue. RM welcomed a number of first-time clients to its Monaco debut with new bidders representing 28 per cent of all registrations. In addition, approximately 3,300 people watched the live streaming video coverage of the sale over the Internet.

Other notable auction results include:
-a 1938 Delahaye 135 MS Competition Cabriolet, s/n 49197, selling for €1,792,000 ($2,431,744)
a significant 1933 Rolls-Royce Phantom II “Special Town Car” by Brewster, s/n 218 AMS, achieving €1,456,000 ($1,975,792)
-a rare alloy-bodied 1965 Ferrari 275 GTB/6C Berlinetta, s/n 07933 , selling for €784,000 ($1,063,888)
-a fully-restored 1967 Ferrari 275 GTB/4 Berlinetta, s/n 10045, selling for €767,200 ($1,041,090)
-a matching-numbers 1930 Alfa Romeo 6C 1750 Zagato Spider, s/n 8513064 , fetching €879,200 ($1,193,074)
-a historic 1963 Shelby 289 Cobra Roadster Le Mans Racing Car, s/n CSX 2136, bringing €744,800 ($1,010,694)
-the well-known 1934 Rolls-Royce 40/50 hp Phantom II All Weather Cabriolet, s/n 188PY, celebrated as the ‘Star of India’, reaching €644,000 ($873,908)
-a 1950 Aston Martin DB2 Vantage Saloon, s/n LML/50/19, achieving €291,200 ($395,158) in a bidders’ war; more than €100,000 over its high estimate of €175,000

The sale’s cover car, the 1937 BMW 328 MM ‘Buegelfalte’, s/n 85032, considered one of the world’s most significant pre-war sports racing cars, exchanged hands less than 24 hours after the sale’s conclusion for a confidential sum and is not included in the final sale results. However, the Buegelfalte had reached a high bid of €4,300,000 ($5,835,100).

The Monaco event followed on the heels of another successful, albeit more modest sale, here in the States. RM Auctions hosted its annual Classic Car Auction of Michigan, April 24 – 25 at the Rock Financial Showplace in Novi.

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A Canadian-built 1958 Pontiac Parisienne Convertible
for $104,500.

As the gavel fell for the final time of the weekend, total sales exceeded $2.5 million, with the top sale claimed by a Canadian-built 1958 Pontiac Parisienne Convertible for $104,500, closely followed by a stunning 1960 Cadillac Eldorado Biarritz Convertible for $82,500.

“We were very pleased with the attendance and results from the weekend’s sale. Bidder registrations were up substantially on 2009 – over 45% - with interest received from across the continent and as far away as Ireland, Norway and the UK,” says Ken Wallace, Car Specialist and Manager of RM’s Ypsilanti office.

“Strong interest and enthusiastic bidding led to some great results, with prices realized consistent with current market values,” Wallace adds.

A featured highlight of the weekend’s sale was the offering of 25 vehicles from the Walter P. Chrysler Museum, including several rare models dating back to the Brass Era. Headlining the offering was an early 1904 Rambler Model L Tonneau, which sold for an impressive $71,500. Additional highlights included a 1904 Overland Runabout for $41,250, and a 1918 Nash Quad Truck for $24,200. Prices include buyer's premium.

Funds raised from the sale of the collection will support the museum’s exhibitions, education programs, vehicle preservation and special enthusiast and community programs and events and help secure the Museum’s financial future as a newly-independent nonprofit public charity.

RM Auctions will return to Michigan, July 24, 2010 for its 16th annual Vintage Motor Cars of Meadow Brook event. Held on the grounds of America’s famous Meadow Brook Hall estate and presented in conjunction with the Concours d’Elegance of America at Meadow Brook.

For further information and early highlights, visit www.rmauctions.com

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