RM Auctions is selling 25% of the company to New York City based Sotheby's, and will now be known as RM Sotheby's.
Chatham-Kent native Rob Myers founded RM Auctions in 1976. The Blenheim-based company consigns and auctions off classic cars around the globe, with offices in California, Florida, Indiana, the United Kingdom and Germany.
Sotheby's is based in New York City, but according to the company's website, was originally founded in Britain in 1744. The auctioneers mainly deal with collectible art and real estate, but the two companies have partnered together for automobile sales in the past.
Most recently, Sotheby's worked with RM Auctions at the Art of the Automobile auction in New York, which saw $63-million in sales in two hours and set a new auction record for a Ferrari 250 LM with a hammer price of $14.3-million.
“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," says Myers in a news release. "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.”
The companies publicly announced the merger late Wednesday afternoon.
A news release reads "initially Sotheby's will have a 25% ownership position in RM, governance in participation and comprehensive partnership agreement to work together and drive growth in the business. Over time, Sotheby's will have opportunities to increase the ownership stake as the partnership evolves and grows."
The first RM Sotheby's sale will take place in Amelia Island on March 14.