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RM Auctions Makes History on the Block with Record Breaking $46 Million Sale of Important Ferraris at Legendary Maranello Birthplace


May 2007
 Filed under: MASERATI AND FERRARI Car News | MASERATI AND FERRARI Headlines
LONDON, May 23 /PRNewswire/ -- The much anticipated auction of important Ferrari sports and racing cars hosted by RM Auctions in association with Sotheby's, made history of its own this weekend recording $46 million in sales. The one-day auction held at the famous Pista di Fiorano race track in Maranello, Italy, featured 33 factory certified road and racing Ferraris along with treasured memorabilia spanning six decades of the famed marque. The unprecedented event itself attracted an international audience from every continent who purchased 32 of the 33 cars offered for an unparalleled sell through of 97% and an average selling price of over one million dollars.

Setting several world records "FERRARI: Leggenda e Passione" sale was highlighted by the exceptional $9.4 million sale of the incredible Le Mans winning 1962 Ferrari 330 TRI/LM Testa Rossa (Chassis 0808) that was piloted to victory by world champion Phil Hill and Oliver Gendebien -- one of the most valuable and important Ferraris ever offered at auction. One of most recent offerings was Felipe Massa's first Grand Prix winning 2006 Formula 1 car that changed hands at $2.2 million. Top sellers of the memorabilia collection from Ferrari's archives was a 1:24 scale model of a F2004 race car used for wind tunnel testing that drew a bid of $66,800 and an original Formula 1 steering wheel used by world champion Michael Schumacher during the 2005 racing season which brought $85,387.
Other world auction records set at the Maranello sale included the following Ferrari cars:

-- 1953 Ferrari 340/375 MM Berlinetta Competizione ($5.8 million)
-- 1970 Ferrari 512 S Sports Car ($3.6 million)
-- 1966 Ferrari Dino 206 SP ($3.3 million)
-- 1953 Ferrari 340 MM Competition Spyder ($3.1 million)
-- 1971 Ferrari Daytona Spyder ($1.4 million)
-- 1966 Ferrari 275 GTS ($532,000)
-- 1985 Ferrari 288 GTO Prototype ($693,000)

Filippo Lotti, Managing Director, Sotheby's Italy, commented: "We are delighted with the results of today's sale at Maranello, which are testimony to Sotheby's unique association with RM Auctions and its relationship with Ferrari, which was established two years ago at Maranello. Each company's global expertise and knowledge has contributed to the tremendous prices and overall results achieved, and we very much look forward to working with RM Auctions and Ferrari in the future."

"The success of this event was made possible through the collaboration of a great team from RM, Ferrari and Sotheby's," remarked RM founder Rob Myers. According to Mike Fairbairn, cofounder of RM Auctions, "This sale was important on many levels. Aside from some new world records, we accomplished our mission of introducing Europe to the RM style of doing business with excitement, professionalism and commitment. According to Fairbairn, "an important factor was (European Managing Director) Max Girardo's experience in the European market that helped to adapt RM's North American style to this new arena."

Attendees of the auction preview were treated to an exclusive demonstration by Ferrari's top F1 test driver Luca Badoer who delighted the audience and international journalists with a few laps around the famous Pista di Fiorano race track in Maranello driving the 1962 Ferrari 330 TRI/LM. Other historic laps were made by other auction cars including the 1953 Ferrari 340 MM, the 1987 F40 Prototype.

Complete sales results and images are available online at: www.rmauctions.com

About RM Auctions, Inc.

Celebrating nearly 30 years in the collector car industry, RM Auctions Inc. and its associated companies are responsible for acquisitions, restorations and sales of the world's rarest and most valuable vintage automobiles. In 2006, RM Restorations achieved unprecedented accolades, when its restorations earned "Best of Show" honors at the world's top three collector car events in a single year. www.rmauctions.com

About Sotheby's

Sotheby's is the parent company of Sotheby's worldwide auction, private sales and art-related financing activities. The Company operates in 34 countries, with principal salerooms located in New York and London. The Company also regularly conducts auctions in 14 other salerooms around the world, including Australia, Hong Kong, France, Italy, the Netherlands, Switzerland and Singapore. Sotheby's Holdings, Inc. is listed on the New York Stock Exchange under the symbol BID.

About Ferrari S.p.A.

Exclusivity, technological excellence, precision engineering and outstanding performance are the hallmarks of Ferrari S.p.A. a unique sports car manufacturer. Based in Maranello, Italy, Ferrari delivers to its clients about 5,700 individually crafted cars annually, each a work of art. Since the car first appeared in 1947, the famous Prancing Horse on a yellow shield has represented the motoring and racing ideal among Ferrari fans around the world.

Source: RM Auctions

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