Sotheby’s has acquired a 25 percent ownership interest in RM Auctions, which has been re-names RM Sotheby's.
Sotheby’s, the international auction house founded in 1744, has taken a 25 per cent ownership interest in Canadian-based RM auctions, citing a strong market for investment-quality cars as the main reason for the move.
Sotheby’s has previously worked with RM Auctions, now called RM Sotheby’s, on various sales including the $62.8 million 2013 Art of the Automobile auction in New York. Initially, Sotheby’s will work with RM to grow the business, but in time will be offered further opportunities to increase its ownership stake.
‘Sotheby's is thrilled to join the clear market leader in this field,’ commented Bill Ruprecht, Sotheby’s President, Chairman, and CEO. ‘RM has established a formidable position that will only be strengthened by this new phase in our relationship… RM’s ownership of the high end of the market coupled with our global client network positions us for great success at a time when the market for investment-quality motor cars has never been stronger.’
Rob Myers, Chairman and Founder, 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. No other organization in the world has a client base as far-reaching as Sotheby’s and since we have worked so closely and successfully with them in the past, it makes perfect sense that we form a strategic partnership that creates a truly worldwide platform for collector cars. It’s an exciting time in our company history, and for the hobby at large.’
The first RM Sotheby’s sale will take place in Amelia Island on 14 March, where a number of high-value and exceptional vehicles will be sold.