The announcement was made yesterday (18th February 2015) and RM auctions will now be known as RM Sotheby’s. It’s hard to quantify the benefits to both businesses, but clearly this will give RM Auctions an even wider global reach and profile. It will be interesting to see how this effects the way RM do business as they are doing a great job as it is. More interesting will be the effect this could have on collector car values as RM Sotheby’s reaches a larger global audience which are less car oriented than RM’s current customer base. Could this be the catalyst that really sees the far eastern markets explode? We will have to wait and see.
Selected quotes from RM Sotheby’s.
Rob Myers, Chairman and Founder, RM Auctions
“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.”
Initially Sotheby’s will have a 25 percent ownership position in RM, governance participation and a comprehensive partnership agreement to work together to drive growth in the business. Over time, Sotheby’s will have opportunities to increase the ownership stake as the partnership evolves and grows.