RM Sotheby’s and Motorsport Network have launched a new online vehicle auction marketplace called Sotheby’s Motorsport, the companies announced. The platform will be focused on 21st century sports, exotic, and luxury vehicles priced between $100,000 – approximately $1,000,000.
“The high-end segment of the automotive market, which accounts for $20 billion in annual sales in the United States, deserves a superior level of service, confidence, and client satisfaction than what is currently offered by many online auction sites,” said Chip Perry, CEO of Sotheby’s Motorsport and former founding CEO of AutoTrader.com. “Sotheby’s Motorsport is a true luxury experience that is designed to serve this untapped market. With this new experience, both buyers and sellers can have confidence knowing that we have vetted the vehicles, bids, and will deliver a white-glove service from start to finish.”
“Sotheby’s Motorsport is a perfect complement to our industry-leading auctions and live events and a turnkey solution to anyone who wants to sell or purchase a high-end modern vehicle,” said Gord Duff, RM Sotheby’s global head of auctions. “Today’s announcement illustrates our commitment to give both buyers and sellers diversified offerings that best meet the needs of collectors and enthusiasts who are selling or are in the market for timeless vehicles.”
Each listing will include unedited high-res images of the interior, exterior, engine bay, and undercarriage, driving videos, and a third-party inspection report or detailed seller disclosure. Buyers can also use the Proxy Bidding feature, which enables bidders to set a maximum bid and win without being present at the auction’s close, the company said.
For sellers, Sotheby’s Motorsport will create the online listing, which includes the arrangement of photography, videography and inspections, and following completion of sale, manages transferring title or ownership documents, paying off liens as necessary, and transferring funds, the company said. All bidders will also be securely vetted in advance.
Twelve vehicles are being offered as the inaugural auctions—which are being held in tandem with Monterey Car Week—including a 2022 Ferrari SF90 Spider with 300 miles on the odometer. This low production twin turbo gas/electric V8 is AWD and will be open for bidding on August 15 without reserve. The vehicle will be on display at the Portola Hotel & Spa in Monterey during the Monterey Car Week and the auction will conclude on Aug. 22.