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Sotheby’s Purchases Ownership Interest in RM Auctions
Sotheby's has acquired a 25 per cent ownership interest in Canadian classic car auction giants RM Auctions, the two companies have announced.
The long-term investment, which will see RM Auctions renamed as RM Sotheby’s comes as the $2 billion-plus market for the finest and most sought after classic automobiles continues to grow
Sotheby’s and RM have previously collaborated on a number of successful sales in both the United States and Europe, most notably the November 2013 Art of the Automobile auction in New York, which achieved nearly $63 million and saw a new auction record set for a Ferrari 250 LM at $14.3 million.
Today’s announcement expands those previous partnerships and unites the two businesses for the what promises to be another busy year for automobile auctions and beyond.
“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. The incredible synergy between our businesses, including significant overlap of top collectors and a focus on new markets, will be further strengthened as we work together to expand the classic car collector base.
“RM’s ownership of the high end of the market coupled with our global client network positions us for great success at a time when the market for investment-quality motor cars has never been stronger.”
The first RM Sotheby's sale will take place in Amelia Island, Florida next March, with additional auctions in Fort Worth, Texas; Lake Como, Italy; Monterey, California; London, England and New York among others scheduled for later this year.