Well-known auctioneer of rare and collectible automobiles RM Auctions announced Feb. 18 in a press release that Sotheby’s has acquired ownership interest in the company. The stake that Sotheby’s now holds in RM Auctions is 25 percent, but the company will have a chance in the future to increase their ownership stake.
The immediate result of this partnership is the creation of the RM Sotheby’s auction, with the first one taking place in Amelia Island, Florida, March 14.
“Sotheby’s is thrilled to join the clear market leader in this field,” said Bill Ruprecht, Sotheby’s President, Chairman and CEO, in the press release. “RM has established a formidable position that will only be strengthened by this new phase in our relationship. Just last year, RM set a new benchmark for a collector car auction with their flagship Monterey sale totaling more than $140 million, eclipsing the previous record they had established in 2013.”
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Rob Myers, Chairman and Founder of RM Auctions, added, “The partnership that has been formed between RM Auctions and Sotheby’s is undoubtedly the most effective way for us to reach the ever-growing worldwide audience of collectors who take a keen interest in the collector car asset class.”
Be sure to stay with us for news on the upcoming RM Sotheby’s events and their eventual results.
(Source: RM Auctions)