Sotheby’s Motorsport: Your New Home for 21st-Century Luxury Cars
Now live in preview before its 15 August launch, Sotheby’s Motorsport is a new auction platform for high-end vehicles, brought to you by RM Sotheby’s and Motorsport Network – two of the most trusted names in the automotive industry.
ars are, infamously, among the most stressful purchases you can make. Buying a car online is even harder: vehicle inspections, transferring ownership documents, wiring thousands of dollars for an item site-unseen – all of these factors help explain why only 5 percent of the estimated $20 billion spent annually on luxury cars each year is spent online. On 1 August 2023, RM Sotheby’s and Motorsport Network aim to fix this by launching Sotheby’s Motorsport, a platform that offers white-glove service for 21st-century sports, exotic and luxury cars priced between $100,000 and approximately $1 million.
The joint venture seeks to alleviate the biggest pain points for both buyers and sellers. Buyers bemoan their lack of confidence in online transactions for high-end vehicles. Sotheby’s Motorsport addresses this by offering a premium shopping experience catered by a brand that’s spent centuries building trust in luxury markets. Each listing on the platform includes driving videos as well as unedited high-resolution images of the interior, exterior, engine bay, undercarriage and more, providing potential buyers with comprehensive information about the vehicle’s condition. To further instill confidence, the platform also requires detailed seller disclosures, facilitates third-party pre-purchase inspections conducted by qualified inspectors and supports a suite of high-touch offerings, such as proxy bidding and remediation.
For sellers, the platform provides exceptional support, handling everything from creating listings with high-quality photos and videos to vetting registered bids and securely managing the transfer of title and funds between both parties. This streamlined process alleviates the burden on sellers, allowing them to focus on getting the highest price for their vehicles without the hassle of administrative tasks.
“With the launch of Sotheby’s Motorsport, we’re aiming to bring a truly luxury experience to the online automotive auction world,” says Chip Perry, Sotheby’s Motorsport’s chief executive officer. “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 throughout the entire process.”
What sets Sotheby’s Motorsport apart from other online automotive auction platforms is the sense of confidence, trustworthiness and authority that only the two brands can provide. Every vehicle, buyer and seller is vetted with its stamp of approval, which bears the dual authority of RM Sotheby’s, the leading collector car auction house with over $925 million in sales last year, and Motorsport Network, renowned as the world’s largest motorsport racing and automotive digital platform, and the voice of the automotive industry. The new platform enhances RM Sotheby’s own auctions, which generally feature a mix of classics and one-of-a-kind cars, with a rich suite of luxury vehicles.
“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 luxury vehicle,” says Gord Duff, RM Sotheby’s global head of auctions. “Today’s announcement illustrates our commitment to give both buyers and sellers diversified offerings to best meet the needs of our customers who are selling or are in the market for timeless vehicles.”
Sotheby’s Motorsport is now live in preview with limited inventory. The inaugural auction will commemorate the prestigious Monterey Car Week, the storied California car show that runs 11-20 August this year. Bidding will open 15 August on a 2022 Ferrari SF90 Spider with only 300 miles on the odometer. Offered with no reserve, this twin turbo gas/electric V8 will be on display at the Portola Hotel and Spa in Monterey before the auction closes on 22 August.
Following that, Sotheby’s Motorsport will open for bidding on all vehicles, including a 2011 Ferrari 599 – GTB Fiorano 50 F1 Alonso Final Edition HGTE and a 2019 Chevrolet Corvette ZRI. In its first phase, the platform will accept international bids on cars from US sellers.