20/02/2003 17th January 2003 RM Auctions in Arizona Review
Bidders from around the world were eager to spend top dollars for quality vehicles at RM Auctions’ 2003 Vintage Motor Cars in Arizona collector car auction, January 17th. The single-day annual event, held at the Biltmore Resort & Spa in Phoenix, produced $9 million in sales and posted an impressive 77 percent sales rate as 102 of the 125 vehicle lots offered were sold.
Collectors’ highest bids were reserved for the very earliest automotive examples, as four of the five top sales were pre-1910 vehicles. The auction’s Top Five sales included:
An important and rare 1904 Mercedes 40/50 HP Sport Touring car ($770,000)·
A 1907 Rolls-Royce Silver Ghost, formerly owned by Arthur Briggs, founding director of Rolls-Royce and the earliest surviving Silver Ghost example ($440,000)A 1966 Ferrari 275 GTB/4, designed by Pininfarina and built by Scaglietti ($297,000)A 1902 Mors Model J Entrance Tonneau, another early, pristine example ($275,000)A 1904 CGV Side Entrance Tonneau ($275,000)Another early car, a 1907 Panhard et Levassor Type U3 Toy Tonneau was hammered down for $231,000.
As for the auction’s headliner, RM Auctions’ CEO, David Gooding, confirmed that the spectacular 1961 Ferrari 250GT Competition SWB Berlinetta “SEFAC Hot Rod,” originally owned by Italy’s legendary racer Count Giovanni Volpi, was sold for an undisclosed amount by private treaty immediately following the auction. The pre-auction estimate for the Ferrari was $1.5 – $2.0 million, and according to Gooding, both client and vendor were satisfied with the sale.
Two more modern marques also dominated the bidding as 18 cars from the famed Mike Yager Corvette Collection and a number of important Ferraris also changed hands. The Yager Collection, which included some of the world’s most important and noteworthy Corvettes brought $584,100. The Top Three Yager cars included:
1966 Corvette 427/425HP Coupe ($79,200)1968 Corvette 427/435HP Coupe ($59,400)1962 Corvette Convertible ($50,600)
“Collector interest in very early, important vehicles was strong, as all but one of the six pre-1910 cars sold, and the other five represented some of the highest sales of the day,” says Mike Fairbairn, co-founder of RM Auctions. “Even the replica 1886 Benz 3/4HP two-seat Tricycle topped its auction estimate of $40,000 to $50,000, with a winning bid of $51,700.”
RM's next sale will be featuring the world’s largest Lincoln car collection, which goes under the hammer on February 20 – 23, 2003 in Pampa, Texas. RM has been appointed by the Estate of eccentric oilman J.C. Daniels, to auction entirely without reserve, a collection of approximately 400 Lincolns, many of which appear to be in excellent and usable condition
On March 08, 2003 some of the world's most important and influential automobiles will be offered for sale at this year's Amelia Island RM Classic Car Auction