Russo and Steele was scheduled to hold its 10th annual Sports & Muscle in Scottsdale auction January 20-24, 2010 in Scottsdale, Arizona, offering more than 600 cars over five days. That is, until a 100-year storm hit the region on Thursday, January 21st, inflicting serious damage on the tent city where they stage their auction.
While other auctions were also compromised, the Russo and Steele compound saw the most destruction, as tents collapsed and the accompanying poles, cables and tents ran roughshod over the collector cars they were protecting. Fortunately no one was seriously injured, although damage to the cars is estimated over $1 million dollars. To see pictures of the carnage, click here.
Following the storm, Russo was forced to shut down their operations for two days until the Fire Marshall deemed the site safe and secure. The company and its supporters rallied together to open its doors to the public Sunday and Monday, Jan. 24-25, 2010 and resuming its collector car auction.
Drew Alcazar, co-owner and president & CEO of Russo and Steele, described the re-opening of the auction as symbolic not profit driven. “It was important to us to show our clients and the community that we were still standing. That Russo and Steele was not going to bury its head in the sand and leave our clients to fend for themselves. We’ve built our reputation on service and being the true enthusiasts’ auction and we needed to show everyone who has supported Russo and Steele that we will continue that level of professionalism over the next ten years and beyond.”
After the Sunday and Monday auction the high sale for the event was a 1960 Ferrari 250 GT Pininfarinia Series II that sold for $797,500. The cabriolet is the fourteenth Series II Cabriolet built in the first run of 100 cars of the 200 produced.
Additional results were not released, but another headline car – 1948 Tucker 48 Convertible – failed to sell at a high bid of $1,400,000.
Alcazar added that the positive response from clients, vendors and supporters has been overwhelming. In fact, several Russo and Steele consignors stepped up and donated auction proceeds from the sale of their collector cars to local Scottsdale charities; such as, the Scottsdale Fire Fighters Charities, the Boys and Girls Club, and Big Brothers Big Sisters of Central Arizona.
For additional information, visit www.russoandsteele.com.
[Source: Russo and Steele]