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RM Sotheby’s auction sales topped $400 million in 2019

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RM Sotheby’s auction sales in 2019 topped $400 million – with a 1994 McLaren FI, LM Specification, selling for $19.8 million at the Blenheim-based company’s Monterey auction last year.

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According to a news release from RM Sotheby’s, the company’s activities commanded 40 per cent of all cars sold at auction in the $1-million US and more range, as well as in the $250,000 to $1-million range.

Kenneth Ahn, president of RM Sotheby’s, said in 2019 the company worked with more than 8,000 clients on collector cars as their advisors.

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“We successfully sold more than 5,000 cars and memorabilia for nearly $500 million in transaction value through both auctions and private sales as market leaders, and our loan book, now greater than $80 million, continues to grow at a rapid pace as we act as financiers for clients,” sad Ahn.

RM was established by Rob Myers in 1979 in Chatham and last summer celebrated its 40th anniversary.

RM initially established itself as an premier restoration facility for antique and classic cars but in recent years became more involved in the auction business. It teamed up with Sotheby’s several years ago.

Outside of the 1994 McLaren, RM Sotheby’s top 10 auction sales of 2019 ranged from the second-place 1962 Ferrari 250 GT SWB Berlinetta ($8.1 million) to the 10th-place 1954 Ferrari 500 Mondial Spider ($4.1 million).

The company notes that RM Sotheby’s remains responsible for six of the top 10 most valuable cars ever sold at auction.

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