Lux Enters the New Generation: Interview With RM Sotheby’s

by Sophie She

Lux Enters the New Generation: Interview With RM Sotheby’s

12 Dec 2024

Photo: Ken Saito; Courtesy of RM Sotheby's

When it comes to high-end automobiles, RM Sotheby’s is probably the first name that pops in one’s mind. Known for hosting some of the world’s most prestigious car auctions, RM Sotheby’s continues to attract enthusiasts, collectors, and investors alike. From rare classics to modern supercars, their events set benchmarks in the industry.

As highlighted in our article “The Most Expensive Cars at RM Sotheby’s,” the allure of these auctions lies not only in the breathtaking vehicles on display but also in the rich stories and vibrant communities they foster. The recent auction in Dubai was no exception, breaking four (!) world records and showcasing rare models like the 2014 Pagani Zonda LM Roadster, which sold for an astonishing $11,086,250. Other standout sales included the 2017 Pagani Huayra BC Coupé and the 2022 Aston Martin Valkyrie Coupé, cementing Dubai’s position as a thriving hub for luxury car enthusiasts. With a total of $27.9 million changing hands and a 71% sell-through rate, the event underscored RM Sotheby’s growing commitment to the Middle Eastern market.

Behind the scenes, Peter Wallman, Chairman, UK & EMEA, and Peter Haynes, RM Sotheby’s Marketing & Communications Director, EMEA, are shaping a vision for the future, focusing on inclusivity, evolving demographics, and new markets like the Middle East. In this exclusive interview, the two Peters discuss their strategies for engaging women collectors, attracting younger audiences, and establishing a lasting presence in dynamic regions like Dubai. Their insights reveal how RM Sotheby’s is reinventing the car collecting experience for a new era while staying true to its legacy of excellence.

— Could you share your strategy for engaging more women in the automobile segment?

Peter Wallman: Up until now, the community of women involved in cars has been niche, with events like Rallye de Princesse in France or the Arabian Gazelles, which has a few hundred members. However, in auctions and private sales, we have seen very few women. Recognising this, we are exploring the barriers for women in car collecting. We have held focus groups and organised women-centric social evenings with guest speakers like racing drivers and car enthusiasts. These events create a comfortable environment for women to engage without competing with men’s egos. Our findings show that women are more likely to open up and participate in majority-women settings.

Peter Haynes: RM has spent the last 40 years catering primarily to male audiences because they made up the majority of buyers. This is a learning phase for us — we are discovering what media women consume and how our traditional tone of voice might not resonate with them. The change won’t happen overnight, but we are committed to this gradual process.

Photo: Ken Saito; Courtesy of RM Sotheby's

— How is Sotheby’s attracting a younger, more diverse audience?

Peter Wallman: Events like the Concours of Elegance, which is a beauty parade for cars, are amusing but have traditionally appealed to older, affluent male audiences. We have shifted gears with initiatives like Moda Miami, which we host in the city’s design district. This event intentionally targets a younger, trendier audience. When women and younger people see car collecting as more inclusive and stylish, they will engage more. This means changing how we present the industry — less technical jargon and more focus on the emotional and aesthetic appeal.

Women tend to buy with their hearts and eyes, and they also value education. Creating an environment that is welcoming, informative, and visually appealing is key to attracting them.

— What do you think about Dubai’s openness and car culture?

Peter Wallman: Dubai is an incredibly dynamic and proactive region. The expat community here is eager to build connections and do business. Traditionally, auctions were fly-in, fly-out affairs, but now we understand the importance of maintaining a local presence. By hiring a team on the ground, we have built stronger relationships. The region has a huge appetite for cars, from modern supercars on Sheikh Zayed Road to community-driven groups like Flat 12, which welcomes owners of cars worth $10,000 or $10 million.

— What are your plans for the region in the coming years?

Peter Haynes: We will be expanding further. For example, we are moving a team member from Europe to Dubai to bring their expertise and ensure continuity. Additionally, Sotheby’s investment from Abu Dhabi energizes our efforts. We are here to stay and grow.

Source: jaguar.com

— Do you have a favourite auction destination?

Both Peters [unanimously]: Monaco!

Peter Haynes: Our biannual auction there coincides with the Historic Grand Prix, which attracts a passionate community of car enthusiasts. Partnerships with events like Mille Miglia or Retromobile in Paris also allow us to engage with vibrant audiences. These collaborations are crucial because classic car auctions are unique. Unlike watches or art, cars need to be showcased dynamically. Buyers want to touch, sit in, and experience them. Events like these allow for deeper, more tactile engagement. Goodwood Revival in the UK is another favourite. It is not just a car event — it is a lifestyle experience where attendees dress in 1950s attire.

Peter Wallman: The diverse attractions draw younger audiences who might not initially be interested in cars but become enchanted by the culture. And also, at least 40% of attendees at Goodwood are women, drawn by the fun and immersive environment.

— Peter [Wallman], your Jaguar E-Type Coupé has been with you for over 35 years. What is its story?

Peter Wallman: There is a sentimental connection to it. My father always wanted an E-Type, but he never managed to get one. After making enough money, I bought this one when I was 21, with my father guaranteeing a loan. We worked on it together and drove it extensively, including trips to the south of France. It is cost a fortune over the years, but it holds so many memories. Cars engage all the senses — the smell, the feel, the memories they evoke. Despite being around the world’s most beautiful and valuable cars daily, the Jaguar E-Type Coupe remains one of the most stunning to me.

— How do cars compare to other collectibles as investments?

Peter Wallman: Cars are unique because they combine beauty with functionality and social engagement. Unlike art or jewelry, which are often static investments, cars can be driven, shown, and shared. Since the 2008 financial crisis, there has been a growing appreciation for tangible assets that bring joy and experiences. While their value may fluctuate, the pleasure they provide is priceless.

Peter Haynes: It is a lifestyle investment. Whether it is a leisurely drive or participating in events, cars create a sense of community and adventure that few other investments can match.

by Sophie She