After a number of event collaborations, Sotheby's and RM Auctions have come together for an official partnership that gives the former a 25 percent stake in RM, which will be renamed RM Sotheby's.
The two prestigious auction houses put together the Art of the Automobile auction in New York on Nov. 21, 2013, bringing in $63 million in sales, according to Autoblog. A Ferrari 250 LM sold for an impressive $14.3 million.
Sotheby's will start with a 25 percent stake in RM Auctions and may increase its stake as the two auction houses continue to grow the partnership.
RM, which zeros in on collectible cars, holds four of the top 10 records for most valuable autos ever to hit the auction block, Autoblog reported. For its part, Sotheby's boasts eight salesrooms and 90 offices worldwide, working with a diverse range of works of art.
In a few weeks, the newly dubbed RM Sotheby's house will hold an auction on Amelia Island in Florida. Other auctions planned for this year will take place in Texas, Lake Como, Monterey, London and New York.
"RM has established a formidable position that will only be strengthened by this new phase in our relationship," Sotheby's President and CEO Bill Ruprecht said in a statement. "The incredible synergy between our businesses, including significant overlap of top collectors and a focus on new markets, will be further strengthened as we work together to expand the classic car collector base."
The auction houses view the partnership as a long-term investment in a thriving collectible auto market, which is valued at more than $2 billion.
"RM's ownership of the high end of the market coupled with our global client network positions us for great success at a time when the market for investment-quality motor cars has never been stronger," Ruprecht said.