After a pretty thrilling Formula 1 racing season, we have crowned a new World Champion in Abu Dhabi. The title-deciding race was the dominant event in automotive circles for this past weekend, but there was another exciting battle taking place in the United Arab Emirates, and that was RM Sotheby’s 2025 Abu Dhabi Auction. In today’s Market Monday I’ll review the details of the sale and provide some high-level analysis on what these results might signal for the market in 2026.

Held at the St. Regis Saadiyat Island Resort on the same day as Free Practice for the Abu Dhabi Grand Prix, RM Sotheby’s auction coincided with the title-clinching Formula 1 final race of the season. Abu Dhabi is automobile obsessed year-round, but this was an excellent opportunity for the auction house to capitalize on the excitement — and attendance — the event brought to the city.

RM Sotheby’s rolled 30 cars in total across the block, with one really exciting car for this Aston Martin fan — a 2010 Aston Martin One-77 — unfortunately withdrawn prior to the auction.

Of the 30 cars, 25 were reserve listings, though 5 cars in total had no reserves attached and would sell regardless of the high bid price. 25 cars in total hammered sold during the auction for a sell-through rate of 83%, however the seller and high bidder of the 1995 Porsche 911 Carrera RS coupe were able to agree on a price, leading to a reported STR of 86.7%. Total dollar volume was $84.7M with an average price of $3.4M. Obviously, this was a high-end auction of very exclusive automobiles.

Interestingly, there were no classics or cars built prior to 1980 at this sale, with the majority of cars being exotics from 2001 to present. 6 lots represented cars from the RAD-era.

Timed perfectly with the crowning of a new Formula 1 World Champion, Lando Norris of McLaren, the sale included a pretty bold collection of future McLaren race cars dubbed the “Triple Crown” — referring to the coveted trio of dream race wins: Le Mans, Monaco F1, and the Indianapolis 500. This was an opportunity to acquire 3 McLaren race cars that will participate in each of these competitions before they ever hit the grid, with delivery occuring post-season. All three cars were offered with reserves and sold for impressive sums.

The six cars below don’t necessarily represent the most expensive cars sold in Abu Dhabi, rather the lots that sold for a price considerably higher than the top estimate from the auction house. You could rightly argue that some of the estimates were a bit low compared to market averages, but a conservative approach in the current market was probably prudent.

The 14th of only 64 road cars built, this Ibis White F1 was rebuilt by McLaren to suit the taste of the owner at the time. This upgraded F1 sold for $25,317,500 including buyer’s premium against a high estimate of $21,000,000.

Marking the first time a T.50 has ever been sold at auction, this Gordon Murray T.50 sold for $5,630,000 against a high estimate of $5,000,000. Designed by the same man who penned the McLaren F1, the T.50 stands alone in its design and engineering sophistication. The initial buy-in was $3M per car, making this a good investment for the original purchaser.

Buying a race car before it’s ever been raced is an interesting proposition. This particular car will run in the 2026 NTT INDYCAR series next year piloted by Pato O’Ward, Christian Lundgaard and Nolan Siegel. For your $850K you get the car but also VIP tickets and special experiences at the 2026 Indy 500. The high estimate was $700,000.

Offered at no reserve, this first-gen manual Murcielago Roadster hammered for a stunning $651,875 dollars against a high estimate of $600,000. The market value of a Murci Roadster is $400,000, but this is said to be the only 2006 car finished in white over black leather.

For much of 2025, I’d wondered if the shine of the F40 was dimming a bit in the eye of collectors. Apparently not for the buyers in Abu Dhabi, who fought over this example until it reached a selling price of $3,886,350 against a high estimate of $3.7M. The market price of a typical F40 is $2,600,000, but this one has an ownership history with Ferrari F1 driver Alain Prost, kicking its value up significantly.

Originally delivered in Texas, this car has a — wait for it — Kuwaiti registration but is garaged in the UAE. With average prices hovering around $430,000, you might wonder why this one sold for an impressive $612,000 against a high estimate of $500,000. My guess? The odometer indicates the car has traveled just 111 miles since new.

There were some no-sales at this auction and the results are…curious. Listed below are the 5 cars that failed to meet their reserve prices. Each one of them failed to not only meet their low estimates, but also failed to get anywhere near their market value.

• 2010 Bugatti Veyron 16.4 — Bid to $1,900,000
• 2015 Mercedes-Benz G63 AMG Brabus — Bid to $625,000
• 2022 SF90 Stradale — Bid to $250,000
• 2024 Ferrari SF90 XX — Bid to $1,200,000
• 1995 Porsche 911 Carrera RS — Bid to $320,000 (Sold After)

One clear take away here: The Ferrari SF90 is just absolutely cratering in value. At one time this car was trading for almost $900,000 and has a market average of around $540,000 as of this writing. It will be interesting to see where the bottom is on these cars.

The results for RM Sotheby’s 2025 Abu Dhabi Auction were generally strong, with a high sell-through-rate considering the vast majority of the cars had reserves. While it’s just one auction, looking at these results against the rest of 2025’s sales, I think we can find some key takeaways.

In my opinion, we’re now in a stable market more akin to what we saw prior to the pandemic. Seller’s expectations have gotten much more reasonable on the whole, with a recognition that the market has cooled significantly. There are pockets of continued decline (British cars) as well as bright spots (90s-era cars), but things feel more “normal.”

That said, prices remain much higher than they were in 2018 and I don’t see that changing anytime soon. Inflation of 20% over 4 years has definitely had an effect on prices that buyers have not yet come to terms with, in my opinion.

The market is variable, influenced by many factors outside shifting demographics, so things can definitely change. Heading into 2025, however, I expect the Q1 auction season to feel a lot like we’ve seen over the last 6 months in terms of results. It’s neither a buyer’s nor a seller’s market, so plan your acquisitions and sales accordingly. Keep an eye on those 90s and early 2000s cars, though, as I think they’re poised to do well over the coming years.

Have a great week, everyone.

Wolf and Mare provides car finding, appraisals, and auction services for buyers and sellers of collector European cars. If you’re interested in acquiring an overseas car, give us a call or drop a line!