BMW Z8 at the RM Sotheby’s ICONS Sale
The collector world has long embraced the BMW Z8. It was introduced 20 years ago and stickered for the lofty price of $129,000. Car and Driver closed its May 2000 review with the challenge: “…name another car that is both fabulous to drive today and likely to be found on the 18th green at Pebble Beach in 2025.” A near “wrapper” 2003 Z8 with 61 miles on the odometer sold for $440,000 at the Gooding & Company auction at Monterey in August. October of this year saw another sell at auction for $370,234.
Legendary design maverick Henrik Fisker penned the proportions of the Z8: “My inspiration was the (late 1950’s) BMW 507 …how would that car have looked if it evolved like the Porsche 911 evolved.” Chassis, body, struts, control arms and axles were fashioned from aluminum. Its dual overhead cam 32 valve V-8 produced 400 horsepower and 369 lb-ft of torque at 3800 rpm. A tuned suspension, 6 speed transmission, and wide, sticky Bridgestones gave it racetrack worthy performance though the Z8 was docile on the street. 5703 were produced with the aforementioned configuration.
BMW gave the Z8 a special blessing, promising parts availability for fifty years. In its final year, the Alpina version was offered. It was a bit more luxurious with a more supple leather interior, a softer suspension and a lower horsepower engine mated to an automatic transmission. 555 of these were built. Most went to the US.
The early BMW Z8 sold at RM Sotheby’s glitzy ICONS auction was owned by one of our lifetime’s greatest innovators, Steve Jobs. As a youth he regularly accompanied his adoptive dad to the garage where Paul Jobs would refurbish distressed and damaged vehicles and try to pass along his love of cars, and their design and mechanics to his son. Steve became a fan of German cars and was notorious for driving an “unplated” Mercedes SL55 AMG around Silicon Valley. He owned BMW motorcycles and of course this Z8.
Bidders and auction aficionados had a one week window to view the Z8 and 31 other high end auction vehicles on the artfully lit penthouse floor of the Sotheby’s building on Manhattan’s Upper East Side. Inspection rated the Jobs BMW as a condition 2- (on a 1–5 scale), not a concours car but better than a daily driver. Two commonly used guides suggest a valuation near $210,000. Seven other auction sales in the past twelve months auctions averaged $196,000 including auction commission.
All were left to ponder what premium celebrity ownership would confer. There are only a few movie stars (Steve McQueen among the most prominent) whose previous possession equals auction gold. And far fewer non-automotive designers or industrialists. RM Sotheby’s listed the pre-auction estimate as $300,000 to $400,000.
The Z8 was displayed beneath a projection of a contemplative Steve Jobs. It was flanked by a touch pad sans logo and featuring a well-researched auction write-up. On the other side was a glass case containing the BMW-branded Motorola flip-phone, obviously not a Jobs’ favorite Z8 accessory.
A well-dressed crowd arrived early for the Wednesday night event. They were greeted by champagne and offerings of recognizable art by legends Twombly, Oldenburg, Warhol, Pissarro and others. Vintage watches could be purchased on impulse.
There seemed to be no shortage of buyers in the room and auction house representatives often stood four at a time signaling active bidding by those off-site. A concours quality Mercedes-Benz 300 SL roadster was bid to $1,275,000 and sold. A similarly conditioned early Gullwing coupe received $50,000 less. A new Bugatti Chiron lists for approximately $2.7 million. The first one sent to the US sold for a high bid of $3,425,000. A 1952 C-Type Jaguar, a Southern California club racer previously chauffeured by a young Phil Hill, who nine years later would become America’s first F1 World Champion, sold for $4.8 million. And loud cheers were heard when a 1959 Ferrari 250 GT LWB California Spider Competizione sold for $16,350,000! To all of the sales were added a buyer’s premium that ranged from 10–12%.
The Steve Jobs BMW Z8 was offered at no reserve. It was the fifth car presented and sold at the RM Sotheby’s sale. The hammer price was $295,000, modestly higher than many previous sales but below auction estimates and well below auction highs. The buyer has a modern classic and some great conversations ahead. Well bought with a little bit of polish left on the apple for a future sale!
Congratulations to our winner and winner of some My Classic Garage swag, Ted Smith of Illinois. His guess of $297,000 was closest to the $295,000 bid that captured the Steve Jobs BMW Z8.
View all BMW Z8s for sale on My Classic Garage.
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