RMSotheby’s Makes $67m on Pinnacle Portfolio Despite Major Ferraris Failing to Meet Reserve Price

The consignor at last night’s Pinnacle Portfolio sale in Monterey held by RMSotheby’s left more than $16m on the table as he held back two Ferraris that had reached $8m in bidding but failed to meet the reserve. The whole sale made a $67m record, slightly exceeding a previous sale from Bonhams at $66m, but could easily have gone much higher had the reserves on those two Ferraris been lower.

Given the state of the Ferrari market, the holding on to the two cars probably makes more sense than letting them go cheaply(!)

At RM Sotheby’s, the 1964 Ferrari 250 LM — one of 32 of its kind — sold for $17.6 million, a record for the car. It was among 10 Ferraris in the collection. A yellow 1960 Ferrari 250 GT SWB Berlinetta Competizione estimated at $17 million failed to find a buyer.

An orange 1998 McLaren F1 sports car sold for $13.8 million, a record for the car. It had been estimated at more than $12 million. A 2005 Ferrari Enzo, built as a gift for Pope John Paul II, fetched $6.1 million, which was at the high end of its estimate.

Red Ferrari Race Car Leads RM Sotheby’s Record $67 Million Sale  (Bloomberg Business)