New York-headquartered Sotheby's has entered into a strategic partnership with collectible car auction house RM Auctions.

Sotheby's has acquired a 25 per cent stake in collectible car auctioneer RM Auctions.

The global auction house has previously worked with Canada-headquartered RM Auctions, which will now be known as RM Sotheby's, on various events such as the 2013 Art of the Automobile auction in New York, which fetched almost $63 million in just two hours.

“The incredible synergy between our businesses, including significant overlap of top collectors and a focus on new markets, will be further strengthened as we work together to expand the classic car collector base. RM's ownership of the high end of the market coupled with our global client network positions us for great success at a time when the market for investment-quality motor cars has never been stronger,” said Sotheby's chief executive, Bill Ruprecht, in a statement.

Sotheby's said it would have the opportunity to increase its ownership interest in the company as the strategic partnership grows over time.

The deal comes at a time of handsome returns from classic car investment. Click here to read more by WealthBriefing on the growing market and its apparent reliability amid stock market volatilities.

“No other organisation in the world has a client base as far-reaching as Sotheby's and since we have worked so closely and successfully with them in the past, it makes perfect sense that we form a strategic partnership that creates a truly worldwide platform for collector cars. It's an exciting time in our company history, and for the hobby at large,” said RM Auctions founder, Rob Myers.

RM Sotheby's automobile auction calendar will kick off in Florida next month before further planned events in Texas, Italy, London and New York this year.