News September 5 2006

Ferrari set for big auction next year

Ferrari, Sotheby’s and RM Auctions will hold auction of significant Ferrari sports and racing cars spanning the company’s 60 years of legendary history. The auction is planned for May 2007.

The sale will be held at Ferrari’s Maranello headquarters and is expected to feature 30 significant Ferrari automobiles including some from Ferrari’s factory, along with more than 50 lots of original Ferrari memorabilia.

In 2005 Ferrari and Sotheby’s conducted a similar auction at Maranello which included Formula One cars and the last Ferrari FXX. A new record was set for a Formula One car sold at auction, with an F1/F-2004 selling for US$3.3 million.

“After last year’s success, we will be having another auction in Maranello in 2007 which will give everyone present the thrill of seeing much sought-after Ferraris, both recent and historic, lined up here inside the factory complex. It gives and will continue to give me genuine satisfaction to see this auction develop and become a tradition here”, stated Jean Todt, Ferrari General Manager and Formula One Team Director.

The 2007 auction will mark the first involvement of RM Auctions, Inc, the leading North American auction house that is renowned for its automotive auctions such as Monterey Sports & Classic Car auction, where a rare 1958 Ferrari 412 S sold for US$5.6 million on Saturday 19 August 2006. This announcement confirms RM’s move into the U.K. and European vintage automobile auction markets with the opening of operations in London. This expansion supports the development of RM’s global initiatives and the extension of sales, acquisitions and restoration services to clients across the Americas and Europe.

“RM’s growth into the European markets in association with Sotheby’s allows us to provide our current and future customers with a more global reach in our services,” says Mike Fairbairn, co-founder of RM Auctions. “Our services are not limited by geographical boundaries, and a more expansive international presence ensures we are answering the specific needs of our overseas clientele.”

Commenting, Sotheby's Chief Executive Officer for Sotheby's International, Robin Woodhead, said: “Sotheby’s is delighted to be working with RM Auctions to develop its classic and sports car auction business in Europe. The Company is established at the very highest level of this international market and is now expanding its auction base. It will host car auctions in the UK and on the Continent, in association with Sotheby’s, and we anticipate the combination of Sotheby’s and Ferrari’s international profile and RM Auctions record of success will produce a unique auction experience.”