A new online automotive auction destination called Sotheby’s Motorsport has been launched, focused on 21st century sports, exotic, and luxury vehicles priced over $100,000 to approximately $1,000,000.
The new platform is a joint venture between RM Sotheby’s and Motorsport Network. Its goal is to provide a high-touch experience for users in the growing online car auction sector.
RM Sotheby’s is the world’s largest auction house by total sales, responsible for the sale of seven of the top 10 cars sold at auction, selling through a combination of live auctions and bespoke online sales of rare, desirable and highly-collectable cars. Motorsport Network is the globally recognized voice for motorsport and automotive industries and their fans, with expansive holdings that include, inside its Driven Lifestyle division, duPont REGISTRY, FerrariChat, Canossa Events and Cavallino.
By partnering together on this new venture, the two industry-leading firms believe that Sotheby’s Motorsport combines the best aspects of live in-person and online auctions and provides both buyers and sellers with a trusted, high-touch experience to ensure a successful transaction.
“The high-end segment of the automotive market, which accounts for $20 billion in annual sales in the United States, deserves a superior level of service, confidence, and client satisfaction than what is currently offered by many online auction sites,” said Chip Perry, Chief Executive Officer of Sotheby’s Motorsport and former founding CEO of AutoTrader.com. “Sotheby’s Motorsport is a true luxury experience that is designed to serve this untapped market. 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 from start to finish.”
“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 high-end modern vehicle,” said Gord Duff, RM Sotheby’s global head of auctions. “Today’s announcement illustrates our commitment to give both buyers and sellers diversified offerings that best meet the needs of collectors and enthusiasts who are selling or are in the market for timeless vehicles.”
Each listing includes unedited high-res images of the interior, exterior, engine bay, and undercarriage, driving videos, and a comprehensive third-party inspection report or detailed seller disclosure. Buyers can also use the Proxy Bidding feature, which enables bidders to set a maximum bid and win without being present at the endauction’s close.
For sellers, Sotheby’s Motorsport is the only online platform in the industry to provide a white-glove service from beginning to end. Sotheby’s Motorsport takes care of creating the online listing, which includes the arrangement of photography, videography and inspections, and following completion of sale, manages transferring title or ownership documents, paying off liens as necessary, and transferring funds. All bidders are securely vetted in advance for peace of mind following a winning bid.
Registrations opened this week for the inaugural auctions taking place during Monterey Car Week. Vehicles are being offered and the bidding will open on Tuesday, 15 August without reserve. The vehicles will be on display at the Portola Hotel & Spa in Monterey during the Monterey Car Week and the auction will conclude on Tuesday, 22 August.
Sotheby’s Motorsport is currently available for buyers globally and sellers with vehicles registered in the United States with international expansion planned for next year.
