Russo and Steele held its 2009 Sports & Muscle in Scottsdale auction January 15-18 in Scottsdale, Arizona. Their 9th Annual Scottsdale Auction achieved total results of $17.5 million and a 48% sale rate.
Drew Alcazar, co-owner and CEO of Russo and Steele commented, “I knew that our all reserve platform would affect the total sales and sales rate percentage when I choose to implement this change. However, Russo and Steele is now the one true representation of the current market by eliminating owner buybacks. In addition, I believe that the platform was worth a few percentage points in the sales rate to provide our clients with a fair, level playing field. Clearly our platform benefited our marketplace by producing the highest level of quality inventory and the lowest level of change in total sales, by half, when compared to other auctions.”
Russo and Steele offered 597 automobiles for sale, with 286 finding a new owner, reflecting a 48% sales rate. Total sales volume was $17,527,120, inclusive of buyer’s premiums. The average price per car sold was $61,283.
In 2008, Russo and Steele offered 490 automobiles for sale, with 298 finding a new owner, reflecting a 61% sales rate. Total sales volume was $19,144,455, inclusive of buyer’s premiums. The average price per car sold was $64,243.
For the full sales results, visit www.russoandsteele.com.
2009 Russo and Steele Sports and Muscle in Scottsdale Top Sales:
1955 Mercedes-Benz 300SL Gullwing – Sold for $660,000.
1964 Shelby Cobra CSX 2519 – Sold for $495,000.
1970 Plymouth Hemi ‘Cuda – ‘Nicolas Cage’ – Sold for $440,000.
1962 Pontiac Catalina – Sold for $412,500.
1937 Cord 812 Supercharged Phaeton – Sold for $401,500.
[Source: Russo and Steele]