Russo and Steele Monterey 2012 – Auction Report

Lot # F420 1956 Austin-Healey 100/R Custom Rally Car; S/N 225005; Silver/Orange; Modified restoration, 1- condition; Not sold at Hammer bid of $80,000 – Heavily-modified four cylinder engine, hardtop, alloy body, custom offset centerlock Dunlop wheels, 100S seats, fuel tank, and hood hold downs. An over the top restoration of a 100 into “what-could-have-been” car of impeccable condition. Orange interior is striking but not necessarily beautiful. A high-end restoration of an otherwise standard 100. While the workmanship and detail of this 100 exceeds all expectations, it’s still a normal 100/4 with a strange color combination. More money is possible given the current popularity and prices of 100s, but finding the buyer looking for just this car will be difficult, as this result demonstrates.

Lot # F423 1990 Ferrari Testarossa; S/N ZFFSG17A6L0083903; Red/Tan leather; Unrestored original, 2 condition; Hammered Sold at $56,000 plus commission of 10.00%; Final Price $61,600 – Alloy wheels, A/C, P/W. Excellent original condition. Paint, interior, chassis and engine compartment as new. Only visible flaw is a faint wrinkle in the side bolster of the driver’s seat. Barely used and carefully stored showing 6,782 miles on its odometer. With nearly 10,000 made Testarossas are best bought at reasonable prices and with low miles. This was a good car at a fair price, unlike the $264,000 paid for RM’s 136 mile original garage queen.

Lot # F426 1959 Autobianchi Bianchina; S/N 110B012510; Light Blue, White/Blue, White vinyl; Cosmetic restoration, 3+ condition; Hammered Sold at $32,000 plus commission of 10.00%; Final Price $35,200 – White steel wheels, chrome hubcaps, white cloth folding sunroof. Solid paint and chrome. Decent interior. Mechanical and chassis soiled. Driver’s door gap off and panels make contact opening and closing. Just like in the real world, sometimes being cute is enough. Cute cars at auction can do some crazy things. This isn’t unreasonable money for a solid car, but a patient buyer could find comparable and better cars for less money.

Lot # F427 1962 Chevrolet Corvette FI Roadster; S/N 20867S103689; Black, Black vinyl top/Gold vinyl; Older restoration, 3+ condition; Not sold at Hammer bid of $77,500 – 327/360hp V-8, fuel injection, 4-speed, spinner wheel covers, whitewalls. Nice chrome and paint. Painted headlight bezels rubbed through, engine bay decent but not show car clean. An older restoration starting to show its age and ready for local shows and driving. Consignment # 2020. Though low, this bid should have given the seller pause, or at least the motivation to continue negotiating off the block. This car was clearly well restored at some point but its best days were behind it and it showed.

Lot # F429 1970 Chevrolet Chevelle 2-Dr. Hardtop; S/N 136370K158281; Black, White/Black vinyl; Enthusiast restoration, 3- condition; Hammered Sold at $60,000 plus commission of 10.00%; Final Price $66,000 – Non-matching 454ci V8 and M-22 4-speed, cowl induction, wide oval tires, SS trim. Solid paint and interior. Chassis and mechanicals decent. Well-restored by a private individual but not up to the level of a professional shop. A Chevelle with stripes and paperwork. A no sale at Mecum Indy 2011 for $65,000, the owner endured shipping, storage, insurance cost and consignment fees for a year to sell at Russo Monterey for $5,000 less. As in most cases, the first bid was the best, but even at that the price here was all the hot rodded Chevelle deserved.

Lot # F431 1965 Pontiac LeMans GTO Convertible; S/N 237675B131714; Red/Silver vinyl; White vinyl top; Recent restoration, 3+ condition; Hammered Sold at $37,000 plus commission of 10.00%; Final Price $40,700 – 1966 Tri-power carbs and manifold on engine, reproduction Hurst wheels, redline radials, rally gauges, center console, P/S, P/B, power top, included GTO go kart. Color change from original gold. Solid restoration with paint, interior and mechanicals almost as good as new in appearance. A cruise-in king. This wasn’t a binder-full-of-documents restoration and the car proudly advertised as much. Instead it was a muscle car one could actually drive and enjoy, and more than a few Russo bidders responded positively. Today the color change is a mistake, but it probably wasn’t when it was done. This is a fair price for both buyer and seller.

Lot # F433 1966 Chevrolet Corvette 427/425 Roadster; S/N 194676S124877; Red/Black leather; Black vinyl top; Recent restoration, 2 condition; Reported sold at a hammer bid of $68,000 – 427/425hp, Muncie 4-speed, posi, side exhaust, AM/FM, alloy wheels, Gold Line tires. As new with excellent paint, interior and mechanicals. Fresh restoration of a desirable ‘Vette. Consignment # 2106. This car was reported sold on the block at $68,000 hammer but is not shown in Russo and Steele’s official results. Given the car’s condition and desirable option list the buyer should have been pleased with the purchase price, but who knows?

Lot # F434 1964 Apollo GT 5000 Coupe; S/N 1043; Red/Black leather; Recent restoration, 2+ condition; Not sold at Hammer bid of $87,500 – 327ci Chevrolet V8 with three 2-barrel intake, 4-speed, wood rimmed steering wheel, hidden A/C, egg crate grill. Outstanding paint, interior, trim, and mechanicals. Found unbuilt in a storage shed after sitting for decades. Assembled with a period correct Chevy (though not an Apollo-correct Buick) drivetrain and driven little. Fast, beautiful and largely unknown. Consignment # 1043. Apollos are as beautiful as they are unknown and few people want to spend huge sums on cars that require explanation. This particular car has appeared throughout the web with a price well over six figures and a seller doggedly determined to get it. And while it has all the physical elements of a six figure car, it just doesn’t have the name or history.

Lot # F442 1983 Ferrari 512 BBi Berlinetta, Body by Pininfarina; S/N ZFFJA09B000046545; Red, Black sills/Black leather; Cosmetic restoration, 3+ condition; Hammered Sold at $87,500 plus commission of 10.00%; Final Price $96,250 – Alpine cassette with Pioneer equalizer, A/C, TRX tires, Very good new interior including trim. Good repaint. Clean underbody. Serviced in Holland three years ago, 12,626 km from new. Not California emissions compliant. Consignment #2177. With the low kilometers and generally good condition that should give some confidence to the new owner, this BBi brought an appropriate price.

Lot # F445 1966 Shelby Mustang GT350 Fastback; S/N SFM6S1759; Blue metallic, White stripes/Black vinyl; Older restoration, 3 condition; Not sold at Hammer bid of $120,000 – 4-speed, 10-spoke aluminum wheels, side outlet exhaust. Decent paint with touch ups on driver’s door and side scoop. Chassis and interior solid with fine patina everywhere. A great driver with the ‘original 4-speed’ but no mention of original engine. As the muscle car market continues to reach some homeostasis after the explosive prices of the early 2000s, cars like this second year Shelby Mustang have been left in the lurch. It’s a Shelby in decent condition, but it’s also one of the much more mass produced ’66s. This bid is low, but not by much.