HERSHEY, Pennsylvania (October 14, 2008) –- Strong sales results from RM Auctions’ Vintage Motor Cars of Hershey event last week are evidence the collector car market remains healthy.
The single-day event, held October 10th at the famous Hershey Lodge, captured the attention of the collector car market as enthusiasts were eager to see the impact of the current economic climate on the global hobby. Whilst the October 10th event followed a shaky week on Wall Street, results revealed a positive outlook with total sales surpassing $6.9 million for 84 cars offered, some of which exceeded expectations.
“Despite recent fluctuations in the financial markets, collectors and enthusiasts remain positive about the classic car market,” said Ian Kelleher, Managing Director of RM Auctions following the auction. “RM continues to be the barometer for the industry and strong sales results coupled with an increase in international interest – namely European bidders – at our Hershey event are a good indication that the market for alternative investments remains strong,” he added.
Headlining the single-day sale was a stunning 1933 Duesenberg La Grande Phaeton, considered one of the rarest and most desirable of the open bodied Duesenbergs. A factory supercharged model with just a handful of owners and a continuous history from new, this magnificent example brought an impressive $1,688,500. Other notable sales highlights included a rare and highly desirable 1917 Pierce-Arrow Model 48 Touring Car for $385,000, and an iconic, beautifully restored 1913 Locomobile Model M-48-3 Four Passenger Baby Tonneau for $357,500.
Also stealing the spotlight were a unique series of pedal cars customized by some of today’s leading automotive restorers and designers. Proceeds from the pedal car sales supported the esteemed Antique Automobile Club of America (AACA) association, headquartered in Hershey. Highlights included Josie’s `56, a miniature pink Cadillac complete with actual stock fabric from a 1956 Cadillac, real chrome and 24 karat gold plating for $34,500 and Fifth of Fiesta, so named as is exactly one-fifth the size of an actual 1953 Oldsmobile Fiesta for $23,000.
In addition to the auction event, RM Auctions’ participated in a number of special community activities during the week, including the AACA’s annual Night at the Museum fundraising benefit at Hershey’s AACA Museum, as well as facilitating a special tour for automotive students from the Milton Hershey School.
RM Auction’s next event – the Classic Car Auction of Toronto – Fall Event, will be held October 24th – 26th, 2008 at the International Centre, Mississauga. Regarded as Canada’s largest collector car auction, this event will present approximately 400 rare and desirable collector vehicles for auction. The Toronto sale will be closely followed by RM Auctions’ highly anticipated Automobiles of London event at Battersea Park, London, UK on October 29th, 2008. Held in association with Sotheby’s, this exciting event will feature 100 magnificent motor cars including some of the world’s greatest British, German and Italian luxury marques.