Russo and Steele Monterey 2012 – Auction Report

Lot # F448 1980 Ferrari 308 GT2 Race Car; S/N 32029; Red/Red cloth; Modified for competition during restoration 3- condition; Hammered Sold at $25,000 plus commission of 10.00%; Final Price $27,500 – Fire system, roll cage, 5-point belts, centerlock modular wheels, Hoosier tires, 288 GTO bodywork, dry sump engine, tubing suspension arms, Koni shocks, JKZ brake calipers, 12 inch Wilwood discs, ATL 22 gallon fuel cell. Decent paint, two seat interior, flared fenders. Not very attractive but might go like heck; described on the car card as, ‘This car is still competitive, if you can drive it to its potential,’ an ominous reference that may hedge its handling characteristics. No Reserve. This is a reasonable price for a visually distinctive Ferrari 308-based track day toy.

Lot # F451 1966 Shelby Mustang GT350H Fastback; S/N SFM6S1571; Black, Gold/Black; Recent restoration, 2- condition; Not sold at Hammer bid of $130,000 – Automatic, 5-spoke rally wheels. As new in almost every regard save poor trunk panel fit. Paint, interior and chassis well detailed and fresh. An excellent rent-a-racer represented to have its original engine. Like the blue ’66 GT350 that failed to sell, this car reached a low but fair bid, but one only slightly more than it brought when it was sold by RM here in 2007 for $137,500 with commission. Throw in shipping, insurance, and storage costs until the seller can find a buyer with more money and this could be the better offer.

Lot # F467 1962 Allard L-390 (M-type) Roadster; S/N DMV39971CA; Red/Black; Black tonneau cover; Competition restoration, 3+ condition; Hammered Sold at $60,000 plus commission of 10.00%; Final Price $66,000 – Flathead V-8, Edelbrock heads and dual Stromberg 97 intake, Isky cam, cycle front fenders, finned drum brakes, chrome side exhausts, transverse leaf spring live axles, hood scoop, braced roll bar, side and rear nerf bars. Very good paint on the body, good new interior and chrome. Frame and suspension paint is badly applied over old, flaking paint. Interesting piece but very questionable. Consignment #2012. The car card description of this beast is no little bit confusing. It appears to be an M-type tourer (s/n 405) extensively modified over the years and now barely recognizable in a vaguely sprint car configuration. It would be nice to know more about it, especially at this price.

Lot # F475 1960 Fiat 1200 Spider; S/N 118G004052; Black/Black vinyl, Red inserts; Black vinyl top; Recent restoration, 2- condition; Hammered Sold at $30,000 plus commission of 10.00%; Final Price $33,000 – Hubcaps, trim rings, blackwall tires. Black plate California car. Good new paint, chrome and interior. Clean and nearly like new underhood. Old undercoat in fenderwells. A surprisingly sound and attractive Fiat. Consignment #2217. Usable and attractively presented cosmetically and under the hood, the restoration is less than comprehensive, a factor that limits its value to something like ten or fifteen thousand less than what it brought here. Even perfectly restored this would be a curve-setting price for a Fiat 1200.

Lot # F480 1971 Lamborghini Jarama GT Coupe; S/N 10200; Red/Black leather; Cosmetic restoration, 3+ condition; Hammered Sold at $50,000 plus commission of 10.00%; Final Price $55,000 – Pioneer cassette stereo, centerlock Lambo alloy wheels. Decent repaint with one or two minor scratches. Good new seats but original interior panels, old undercoat in wheelwells. Orderly engine compartment. Solid body. Unusually attractive for a Jarama, includes tools, service records from new and the original bill of sale and title. Consignment # 2037. Generously priced even for its generally sound, well-maintained condition and extensive documentation. A complicated automobile with none of the panache of other Lambos of the era.

Lot # F483 1969 Chevrolet Camaro Z/28 2-Dr. Hardtop; S/N 124379N566465; Cortez Silver, Black stripes/Black vinyl; Visually maintained, largely original, 2- condition; Hammered Sold at $42,000 plus commission of 10.00%; Final Price $46,200 – 302/290hp, 4-speed, console gauges, pushbutton radio, Rally wheels with trim rings, Radial T/A tires, 3.73 Positraction, chambered exhaust, cowl induction, chambered exhaust, P/B, F41 suspension, owner’s manual, Protect-o-plate. Very good paint, chrome and interior. Chassis and underbody are nearly like new but too shiny. Consignment # 2124. Sold at Barrett-Jackson in West Palm in 2008 for $63,800, at B-J Las Vegas in 2009 for $60,500, B-J Scottsdale in 2011 for $51,700, Russo and Steele here in 2011 for $55,000 and Gooding in Scottsdale in January of this year for $60,200. This result marks the car’s low point in an extensive auction history and is, by any standard, a lot of Z/28 for the money.

Lot # F484 1974 Maserati Merak Coupe; S/N AM122US1390; Red/Black leather; Estimate $35,000 – $45,000; Visually maintained, largely original, 3 condition; Hammered Sold at $30,000 plus commission of 10.00%; Final Price $33,000 – Motorola cassette stereo, A/C. Quick repaint, repainted wheels, good original interior. Door bottoms hang out. Old undercoat in wheelwells. Citroen hydraulics. 35, 525 miles. Unusually well preserved. Orderly engine compartment. Consignment # 2197. Sold by Auctions America at Carlisle in April 2011 for $26,950, then a no-sale there earlier this year at a bid of $21,250. It’s gotten some needed attention in the last four months to clean it up and generally make it more presentable, an effort which produced the desired result: a sale at a modest profit.

Lot # S602 1959 Fiat 600 Jolly, Body by Ghia; S/N 574826; Pink/Wicker; White surrey top; Recent restoration, 2 condition; Hammered Sold at $70,000 plus commission of 10.00%; Final Price $77,000 – Canvas top, wicker seats, whitewalls, contrasting cream steel wheels, mid-80s GM seatbelts, fender mirrors. Shiny new paint, soiled wicker. Four-wheeled sunshine. Said to be 4,729 km from new. This is a breathtaking price for a vintage econo car with wicker and fringe. Cute cars at auction do strange things, but this Jolly price is even beyond justification by cuteness. Jollys bring big money, but not this big even in this beautifully restored and low mileage condition.

Lot # S604 1958 BMW-Isetta 600 Sedan; S/N 150261; Orange metallic/Tan vinyl; Older restoration, 3+ condition; Hammered Sold at $27,500 plus commission of 10.00%; Final Price $30,250 – Whitewalls, hubcaps, silver steel wheels. Decent paint and interior. Good major chrome but scuffed trim. Clean engine like new. A no-sale at RM Florida 2011 for $30,000, and sold at Gooding Amelia 2012 for $38,500, the Isetta’s current price shows the car to be worth the $30k it didn’t sell for the first time around.

Lot # S605 1948 Packard Standard Eight Station Sedan; S/N 22934414; Maroon/Brown leather; Older restoration, 3 condition; Not sold at Hammer bid of $52,500 – Electromatic clutch with overdrive, whitewalls, painted steel wheels with chrome trim rings and hubcaps. Excellent wood in and out. Solid bodywork, interior and chrome. Chassis and mechanicals show dirt and wear. Utterly massive car with miles of chrome. A driver. Though woody prices increased dramatically for years, that market has become increasingly selective and only the best examples of desirable models are earning big dollars. This was a nice car in mediocre condition and the bid was fair.

Lot # S607 1959 Fiat Bianchina Transformable; S/N 18663; Red/Red, White vinyl; black cloth folding top; Estimate $70,000 – $80,000; Recent restoration, 2- condition; Hammered Sold at $37,000 plus commission of 10.00%; Final Price $40,700 – 479cc rear mounted two cylinder, 4-speed, white steel wheels, chrome hubcaps, two-tone interior. Recently restored with paint, interior and mechanicals as they left the factory. Which is another way of saying they’re between OK and good. Car card estimate ranged from $70,000 to $80,000. Cute car. Crazy numbers. No Reserve. Consignment # 2189. Sold at Russo Scottsdale 2012 for $31,900, this car sold at Monterey for far less than the estimate but far beyond good sense. Too much money.