Russo and Steele’s 9th annual auction, concurrent with the Monterey Car Week, offered a diverse set of 150 cars, ranging from European sports cars to American muscle and hot rods.
The two evening sale resulted in a preliminary total of over $5 million in sales and a 55%+ sales rate. Auction highlights included the ex-Dr. Porsche 1961 Porsche 356 Carrera 2/2000 GS that hammered sold for $330,000 and the 1964 Shelby Cobra CSX 2492 selling for $475,000.
Friday night’s auction, August 14th, 2009 set record numbers in attendance. As the automobiles drove across the auction block, the crowds filled the room to capacity. As expected, standing room only resulted in an exceptional outcome.
Russo and Steele owner Drew Alcazar commented, “The marketplace in Monterey performed as we anticipated. We intentionally selected automobiles within the range of $100,000 to $500,000 to better serve the projected market place. Without a doubt, the market continues to show strength for extremely desirable and well-documented examples; Dr. Porsche’s 1961 356 Carrera 2/2000 GS, the 1939 Alvis Speed 25 Tourer, and the 1964 Shelby Cobra CSX 2492 among many others are clear evidence of this.”
“The quality and caliber of consignments this year far surpassed any to date. I believe that this selection of automobiles proves our ALL RESERVE format is working. This platform benefits everyone. The consignors get a measure of control over the sale of their automobile, the auction house has the opportunity to increase the quality of its selection offered at the sale, and bidders have the opportunity to buy some of these stellar automobiles that might not otherwise be available. Russo and Steele is merely the first auction to realize this, but I am sure we won’t be the last,” Alcazar continued.
For complete sales results, visit www.russoandsteele.com.
2009 Russo and Steele Monterey Top-10 Results
1. 1964 Shelby Cobra CSX 2492 – Sold for $475,000
2. 1965 Shelby GT350 R-Model – Sold for $396,000.
3. 1961 Porsche 356 Carrera 2/2000 GS Cabriolet – Sold for $330,000.
4. 1939 Alvis Speed 25 Tourer Cross & Ellis Coachworks – Sold for $231,000.
5. 1965 Shelby GT350 – Sold for $173,250.
6. 1959 BMW 503 – Sold for $156,750.
7. 1956 Porsche 356 Speedster – Sold for $154,000.
8. 1961 Bentley S2 Continental DHC Convertible By Park Ward – Sold for $145,200.
9. 1966 Shelby GT350 – Sold for $143,000.
10. 1957 Porsche 356 Speedster – Sold for $137,500.
[Source: Russo and Steele]