Rm Sothebys Monterey

Origin and history

RM Sotheby's Monterey is an annual collector car auction event held in the United States. The event originated in the late 20th century, with its first iteration held in the 1990s. It was created as a partnership between the auction house RM Sotheby's and the organizers of the Monterey Car Week in California. The auction is strategically scheduled to coincide with the Pebble Beach Concours d'Elegance and other major automotive events on the Monterey Peninsula. Its location and timing were deliberately chosen to attract a global audience of high-net-worth collectors and enthusiasts. The event has established itself as one of the most significant and financially substantial collector car auctions in the world.

What it is designed for

The auction is designed to facilitate the high-value sale of exceptional vintage, classic, and special-interest automobiles. It serves as a primary marketplace for blue-chip collector cars, where provenance and condition are paramount. The event is structured to create a competitive bidding environment among serious collectors, often leading to record-setting prices. It is also designed to function as a key social and networking hub within the international collector car community during Monterey Car Week. The auction provides a platform for consignors to achieve maximum exposure and market value for their vehicles. Furthermore, it acts as a public barometer for the health and trends of the high-end collector car market.

Development and versions

The auction has developed from a single-session sale into a multi-day event featuring several distinct auction sessions. Early versions of the sale were more modest in scale, but it has consistently grown in the number of lots offered and total sales volume. A significant development was the formalization of the partnership with Sotheby's, which added further institutional prestige and global reach to the RM auction house. The event now typically includes a preview period for detailed inspection, a main auction for the most valuable lots, and often a separate session for more accessible collector cars. The cataloging and presentation of cars have become increasingly sophisticated, with extensive historical research and photography. The auction has also developed a strong online and telephone bidding component to complement the live floor bidding.

Pros and cons

The event's prestige and timing provide a seller with optimal market conditions and global attention. For buyers, it offers a curated selection of vetted, high-quality vehicles assembled in one location. A significant con is the high cost of entry, with seller commissions and buyer premiums being substantial, which affects the net results for both parties. The competitive atmosphere can lead buyers to overpay in the heat of the moment, a common regret known as "auction fever," particularly for novice participants. Another con is that the market-centric environment can sometimes prioritize financial speculation over historical preservation, potentially distorting values for certain models.

Who it suits

This auction suits experienced collectors and institutions seeking to buy or sell vehicles at the very peak of the market, where absolute quality commands a premium. It is suited for consignors with cars of exceptional provenance, rarity, or restoration quality who require an international stage to achieve a world-record price. The event suits buyers with significant financial resources who are prepared for competitive, public bidding and who value the convenience of a pre-assembled, vetted collection. It is less suited to first-time buyers or those with limited budgets, as the financial stakes and pace can be overwhelming. The auction also suits market analysts and historians who use the public results to gauge trends and values within the collector car hobby. Finally, it suits vendors and service providers within the collector car industry who rely on the event for annual networking and business development.