Photo by Darin Schnabel, courtesy RM Auctions.
After years of working together in limited capacities, RM Auctions and Sotheby’s have made their partnership formal, with the latter buying a 25 percent stake in the former.
Announced Wednesday, the partnership will give Sotheby’s an established presence in the global collector car market, which RM estimates at $2 billion, to go along with its fortes in the art, jewelry, and wine auction markets. The two companies have conducted joint auctions for at least the last several years, staging events in Maranello, London, and most recently – in November 2013 – in New York City. Sotheby’s has also dabbled in the collector car market in Australia.
Both Rob Myers, founder and chairman of RM Auctions, and Bill Ruprecht, chairman and CEO of Sotheby’s, mentioned the overlap in the two companies’ client bases as a significant factor in the tie-up. As noted in the press release, the terms of the deal allow Sotheby’s to take a larger ownership interest in the future. Neither RM nor Sotheby’s disclosed the purchase price for the 25 percent stake.
Myers, who started with a car restoration business in 1976 and pivoted that into buying and selling classic cars, founded RM Auctions in 1991. For 2014, the company reported $470 million in auction sales between RM Auctions and its subsidiary, Auctions America.
Sotheby’s, a publicly traded company which dates back to London bookseller Samuel Baker’s first auction in 1744, conducts 250 auctions per year in 90 locations. Annual revenue for the company in 2013 totaled $853 million.
For more information on the deal, visit RMAuctions.com.
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