Arizona Auction Report: RM Sotheby's Sells the First Production 289 Cobra and Sets a Record for an Audi

Conducting its 26th auction in the Phoenix area, Ontario-based RM Sotheby’s headlined it’s event at the Arizona Biltmore on January 25 with the successful sale of a 2020 McLaren Speedtail, the limited-production, 250-mph, high-tech hybrid sports car that is allowed in the U.S. as a “show and display” vehicle only. At $2,012,500 (including the buyer’s premium), the Speedtail was among the most expensive collector cars sold during the annual Arizona auction week in 2024. The Speedtail seemed typical fare for RM, which offered its usual a mix of modern and postwar European and American sports and GT cars, along with its share of prewar Classics and a smattering of muscle cars, trucks and other favorites.

RM Sotheby’s reported that the auction generated $22,937,660 in total sales With 84 lots offered, and 62 sold on bid, the auction house reported a 76% sell-through rate. An additional two cars were noted as “sold after auction” and not included with the other reported results. Both the dollar volume and sell-through rate are the lowest numbers reported by RM in at least seven years, though in previous Arizona events, the company has conducted two-day sales with significantly more lots.

2020 McLaren Speedtail front quarter

Following the McLaren, RM’s top three were rounded out by a supercharged 1938 Mercedes-Benz 540K Special Roadster that started life as a Cabriolet B but was rebodied relatively recently as a Special Roadster. The high quality of that coachwork was evident and bidders responded, with the big Benz selling for $1,545,000. Next on the list was a 1963 Ferrari 250 GT/L Berlinetta Lusso with Scaglietti coachwork that RM noted in the catalog as a “highly original example emerging from nearly 40 years of ownership.” Bidders responded to that originality and long ownership with a $1,352,500 net sale price, which exceeded RM’s pre-auction high estimate of $1,300,000. The Lusso was one of nine Ferraris offered, with four successfully finding new owners during the event.

1938 Mercedes-Benz 540K Special Roadster, front quarter

The sale did include a fair number of other headline makers, such as the $1,215,000 realized for the first Shelby Cobra to have a 289-cu.in. V8 installed that RM also indicated was “likely the most obsessively documented Cobra on the planet.” Though there have been a few other small-block, leaf-spring examples that have sold for more, this first-of-its-kind 289 Cobra exceeded the recent market average for such cars.

RM also reported a record $665,000 for the net sale price of a 1984 Audi Sport Quattro, calling the 8,806-kilometer example a “rare gem” among the 214 built. A rally-bred homologation special, this short-wheelbase Sport Quattro presented as a very well preserved vehicle and included the provenance of original delivery to Japan along with its most recent tenure under the consignor, “a former North American Rally Championship driver.” The Audi sale included tools, a jack, owner’s manual, import documentation and more.

1984 Audi Sport Quattro, front quarter

In the prewar Classics segment, RM successfully found a new home for a 1934 Packard Twelve 1107 Coupe Roadster. Eleventh Series Packards are renowned for their design and engineering prowess and remain highly collectible as production numbers during the Great Depression were significantly lower than prior years. This Convertible Victoria changed hands for $417,500. A 1931 Marmon Sixteen Convertible Sedan with LeBaron coachwork, touted as having its original body and engine as well as being a “very well-sorted example for driving enjoyment,” sold for $335,000. A very well known 1929 Auburn 8-90 Eight Speedster, with ownership history including the Harrah Collection and later the daughter of E.L. Cord, earned a net sale price of $379,000.

1931 Marmon Sixteen Convertible Sedan with LeBaron coachwork, front quarter

Among the surprises at the Arizona Biltmore was a 1970 Jaguar E-type Series 2 Roadster which had been restored to what appeared to be an extremely high caliber, details of which were shared by the consignor who was on site with the sports car. The execution of such a restoration on an E-type is more commonly seen on Series 1 models, which command higher prices at auction. In fact, two earlier Series 1 and 1.5 E-types at RM’s sale failed to achieve the $145,600 this Series 2 Roadster sold for, a figure very near the high end of the already ambitious pre-auction estimate of $125,000 to $150,000.

1963 Shelby Cobra 289, front quarter

Several Corvettes changed hands, including a 1969 Chevrolet Corvette Stingray Convertible with a matching-numbers, aluminum-head L89 427-cu.in. V8 and a very interesting history that saw the L89 removed for an LS6 454 to allow its original owner to go drag racing. RM noted that the 361 miles on the odometer were accurate, due to the car being driven only a quarter-mile at a time. An eight-year restoration to original specifications included the refitting of the factory-installed L89 engine. At $313,000, this L89 was among the most expensive sold, though Barrett-Jackson achieved a $319,000 sale just two days later.

1983 Toyota Land Cruiser FJ45 pickup, front quarter

Closer to the entry-level spectrum of the hobby, RM sold a charming 1939 American Bantam, restored with a red and white color scheme, for $49,280, which handily bested the high-end estimate of $35,000. A 1983 Toyota Land Cruiser FJ45 pickup, said to have been “treated to a masterful, frame-off restoration” along with some upgrades, surprised with an $84,000 sale price; like the Bantam, it also exceeded its pre-auction high estimate of $70.000.

1969 Chevrolet Corvette Stingray Convertible with optional hard top installed, front quarter

RM Sotheby’s next auction will be held in Miami on March 1 and March 2 in association with the inaugural ModaMiami car show.

1939 American Bantam, side view