Sotheby's acquire 25% stake in RM Auctions
Sotheby's have announced a new partnership with car specialists RM Auctions, one of the world's leading auctioneers of classic and vintage automobiles.
Sotheby's have acquired a 25 percent ownership of the company, which will now be renamed RM Sotheby's, after their previous successful partnership on the record-breaking 2013 Art of the Automobile sale in New York.
“Sotheby's is thrilled to join the clear market leader in this field,” said 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. The incredible synergy between our businesses, including significant overlap of top collectors and a focus on new markets, will be further strengthened as we work together to expand the classic car collector base.
"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.”
"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," added Rob Myers, Chairman and Founder, RM Auctions.
"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 new company will now host its first sale in Florida on March 14, as part of the annual Amelia Island Concours d'Elegance event.
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