3 February 2012

Russo and Steele's Scottsdale results

Russo and Steele’s flagship Scottsdale auction returned for its 12th year to good overall results. When all was said and done, the company reported $20.3 million in overall sales following $19 million in on-the-block activity. Nearly 71% of all lots sold. By way of comparison, Russo and Steele reported 2011 numbers at $21 million and 70%.

There was no $1.7 million Hemi ’Cuda as there was last year, but the 2012 event still had some eye-popping numbers. In particular, a well-documented 1968 Chevrolet Corvette L88 roadster sold for $687,500, which Russo and Steele reported exceeded the previous world record for an L88 Corvette by $100,000. This was one of several high-dollar L88 Corvette sales that transpired during the past month, and it signifies an upward shift in the market.

The second spot went to a restored 1967 Ferrari 330 GTC that sold for $429,000 (more than $100,000 above Hagerty Price Guide’s top value. These cars have experienced a run-up in value during the past year as other Enzo-era V-12 Ferraris approach seven-figure price tags, and this result suggests that there is still room for growth. Rounding out the top three was a one-off Bill Mitchell styling exercise: the famous 1967 Chevrolet Camaro “Cherokee” convertible that traded for $357,500, including commission.

One of the better buys of the auction was on a 1954 Jaguar XK120 SE roadster that sold for $66,000, including commission. The car was in far better condition than the sale price would suggest and the new owner should be happy with the result.

Russo and Steele’s next scheduled event is in downtown Monterey, California, August 16-18. The auction house will be holding court in a new venue on the waterfront after more than a decade in the Marriott, which should add a new twist to Drew Alcazar’s always entertaining event.

Brian Rabold is the editor of Hagerty Price Guide.

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