Sotheby’s and RM Auctions have announced the formation of a new strategic partnership, RM Sotheby’s, in which Sotheby’s will acquire a 25 percent ownership interest in the car-auction company, with the opportunity to increase its stake. (The market for collector cars, it’s perhaps worth noting here, is $2 billion.)
Sotheby’s has collaborated with RM on sales in the past, in both Europe and the United States, such as the November 2013 Art of the Automobile auction in New York, which drew nearly $63 million in two hours and set a new auction record for a Ferrari 250 LM at $14.3 million. The two companies say they also have a significant overlap in top collectors.
The first RM Sotheby’s sale will take place in Amelia Island, Florida, on March 14, with additional auctions in Fort Worth, Texas; Lake Como, Italy; Monterey, California; London; and New York, among others, scheduled for later this year.