31 August 2012

Russo and Steele 2012 Monterey Recap

Russo and Steele changed venues for its 11th annual collector car auction in Monterey. Instead of conducting business from the Monterey Marriott ballrooms as in years past, Russo set up shop on Fisherman’s Wharf. Overall, viewing was much easier, with cars staged in an open-air parking lot rather than a dark parking garage, and the new location allowed for a more intimate showroom.

If the proof is in the numbers, Russo bettered last year by nearly 20%, and posted its highest tally since 2007’s $10.0 million. Leading the way was a 1965 Shelby Cobra 289 at $781,000, followed by a 1972 Ferrari 365 GTB/4 Daytona coupe at $379,500 and a 1972 Ferrari Dino 246 GTS that sold for $363,000. Two other Dinos made the top 10, with another 1972 selling for $258,500 and a ’74 moving at $247,500. Dino prices were strong across the peninsula, as they have been for the entire summer, so expect to see more on the auction circuit over the next few months. The question remains whether the market can hold as supply increases.

Russo and Steele’s top 10 sales at Monterey:

  1. 1965 Shelby Cobra 289 Roadster sold for $781,000
  2. 1972 Ferrari 365 GTB/4 Daytona Coupe sold for $379,500
  3. 1972 Ferrari Dino 246 GTS Targa sold for $363,000
  4. 1956 Alfa Romeo Sprint Veloce Ultra Light Coupe sold for $302,500
  5. 1972 Ferrari Dino 246 GTS Targa sold for $258,500
  6. 1974 Ferrari Dino 246 GTS Targa sold for $247,500
  7. 2006 Mercedes-Benz SLR McLaren Roadster sold for $237,600
  8. 1966 Shelby GT350 Fastback sold for $236,500
  9. 1953 Chevrolet Corvette Roadster sold for $170,500
  10. 1959 Devin SS Roadster sold for $165,000

Drew Alcazar and company will now turn their attention to Scottsdale for the company’s January 16-20, 2013 event.

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