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Sotheby’s jumps back into the classic car market

The upward trajectory of the classic car auction market looks set to soar now that one of the world’s leading auction houses has added a premium car auction house to its inventory. 

Sotheby’s announced on 18 February that it had bought a 25% ownership interest in the Canadian company. The new company will be known as RM Sotheby’s and its first auction will be Amelia Island, Florida on 14 March 2015. A further five sales are scheduled for later this year. See our RM Auctions page for details.

This isn't the first time the two companies have worked together. One of their most successful recent collaborations was the Art of the Automobile auction in New York in November 2013. The sale achieved around £40.7 million in just two hours and saw a Ferrari 250 LM sell for £7.4 million, a record auction price.  The Canadian car auction specialist beat this record at its Monterey sale in August 2014, selling more than £90 million worth of cars.

Sotheby’s used to be involved in the classic car auction market in the 1990s, but pulled out and around a decade ago. One of the world’s oldest auction houses, it is the premier business for art.

‘Sotheby's is thrilled to join the clear market leader in this field,’ commented Bill Ruprecht, Sotheby’s President, Chairman, and CEO. ‘RM has established a formidable position that will only be strengthened by this new phase in our relationship.’

Rob Myers, Chairman and founder of RM Auctions added, ‘The partnership that has been formed between RM Auctions and Sotheby’s is undoubtedly the most effective way for us to reach the ever-growing worldwide audience of collectors who take a keen interest in the collector car asset class. It makes perfect sense that we form a strategic partnership that creates a truly worldwide platform for collector cars. It’s an exciting time in our company history, and for the hobby at large.’

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By Claire Evans

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