Market Signals from Milan: Insights from the 2025 RM Sotheby’s Auction
Jamie Ong
In the world of classic and collectible automobiles, auctions are not just marketplaces - they’re barometers of sentiment. And this past season, RM Sotheby’s Milan offered a timely snapshot of where the market currently stands, what’s rising, and what’s quietly retracting.
We were invited through a relationship forged in Singapore, and eager to assess the mood, momentum, and money moving through the room.
Observing the Pulse: What’s Hot, What’s Not
Walking the floor, our team wasn’t just taking in the shine and provenance. We were reading the room, the bids, and the silences - key indicators of collector appetite.
One of the more intriguing lots was a Ferrari 365 GTB/4 Daytona - red, pop-up headlights, left-hand drive. A classic configuration for this model, yet the car failed to sell. The takeaway? Even icons need an angle. In today’s climate, "common spec" cars - unless pristine or storied - are struggling to outperform expectations.
In contrast, two Lamborghinis demonstrated the opposite effect.
Countach: Pagani’s Early Hand, a New High
A Lamborghini Countach 25th Anniversary Edition achieved a record-breaking €1 million - a number many collectors would have deemed aggressive for this model even six months ago. But context is everything: this particular Countach was co-designed by Horacio Pagani, who would later find his namesake hypercar marque. The car wasn’t just a wedge-shaped rocket - it was a prototype of a design philosophy that would come to define 21st-century hypercars.
A milestone car. A record price. A strong signal.
Miura: 1960s Icons Show Strength Again
The final lot of the evening fittingly was a Lamborghini Miura. For years, we’ve seen 1960s European classics begin to taper off, with exceptions made only for the strongest Ferraris. Maseratis, Lamborghinis, and lesser-known coachbuilders from that era have seen softer demand of late.
So, when this Miura pushed past €4 million, it defied trend lines and reminded everyone in the room that true artistry doesn’t depreciate. While the market has been cooling, this was a reminder that select pieces still spark competition.
The F40: Forever Ascending
The Ferrari F40, arguably the most iconic modern Ferrari, remained a heavyweight performer. Values continue to rise, and deservedly so. As the last model personally overseen by Enzo Ferrari, it carries emotional weight that the market respects.
The takeaway for collectors: The F40 isn’t just valuable, it’s resilient. It’s a pillar car for long-term portfolios.
Muted Mood, Mixed Momentum
That said, the overall atmosphere at RM Milan was subdued. Compared to previous auctions we’ve attended, there was a noticeable quietness - less energy, fewer fireworks, and more restraint among bidders. The consensus? The market is slowing, but not retreating. The very top end - rare provenance, limited production, high historical value - is still moving. But the middle tier? Cautious.
Mercedes-Benz 300SL Gullwing: A Surprise Dip
One category that caught our attention: Mercedes-Benz 300SL Gullwings. Long regarded as essential blue-chip collectibles, they’ve been trading for well below historical highs. Once €2 million mainstays, they’re now struggling at €1–1.2 million, with some failing to sell at all. For savvy collectors, this could represent opportunity, but with a caveat.
Final Thoughts: Timing, Trust, and the Top End
Milan reminded us of a fundamental market truth: not all slowdowns are equal. Quality, rarity, and reputation continue to drive action, while anything less than exceptional gets filtered out.
For our clients and collectors, the message is clear:
- Now is the time to be selective.
- Now is the time to look beyond the catalog, and into the story.
- And now, perhaps more than ever, is the time to buy with guidance, not just instinct.
At Auto Icons, we monitor these movements not just to admire the past, but to help our clients invest in the future, wisely, confidently, and with the long view always in mind. Looking to acquire a legacy vehicle in today’s nuanced market? Let’s talk on Whatsapp, email, or get in touch with us on the contact form.