RM Auctions and Sotheby’s launch historic Ferrari event in Maranello

North American based RM Auctions, Inc., international auction house Sotheby’s, and Ferrari S.p.A. recently concluded negotiations to conduct an exclusive auction of significant Ferrari sports and racing cars spanning the company’s 60 years of legendary history.

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

“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.

This announcement marks RM’s foray 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.”

RM Auctions is expected to release additional details regarding this announcement at their Monterey Sports & Classic Car auction at the Portola Plaza Hotel in Monterey, California on August 18 & 19, 2006. RM’s annual Monterey sale will feature a significant a number of Ferraris including the most valuable ever offered at auction in North America – the 1958 Ferrari 412 S race car valued at over $8 million.