Russo and Steele Auction in Monterey

December 2006
Russo and Steele Exceeds $13 Million in Monterey
Two-Night Auction Sells 155 Collector Automobiles at No Reserve

Russo and Steele's sixth annual 'Sports and Muscle in Monterey' collector automobile auction soared into record figures as two evenings of spirited bidding exceeded $13 million in sales for a resounding $13,153,000.00 in total. The August 18th and 19th auction marks the first time that the Scottsdale-based company has held a two-night sale in Monterey, where all 155 cars were sold at NO RESERVE. Amongst their success on the auction block Russo & Steele had great success with their Thursday, August 17th 2006, charity preview event that benefited a local non-profit organization called 'My Museum.'

Three different television programs captured the action and excitement at Russo & Steele Monterey. Voom's Treasure HD, the high-definition program on collecting (found on dish network channel 9473), covered both nights of the entire auction live. Voom also aired two 1-hour preview shows that had interviews with Drew Alcazar, president of Russo & Steele, and John Bemiss, Consignment Director. Additionally, The Learning Channel filmed a segment of their 'Rags to Riches' show that featured the Mercury Cougar prepared by Barry's Speed Shop. Finally, The Discovery Channel filmed a segment featuring the 1953 Studebaker.

Some of the lofty numbers realized at the sale were $291,500.00 for a 1969 Chevrolet Camaro Yenko, $167,200.00 for a 1970 Oldsmobile 442 convertible, $206,800.00 for a 1969 Lamborghini Miura and $412,500.00 for a 2005 Porsche Carrera GT. Russo and Steele continues to sell American muscle cars for strong numbers, as a 1970 Pontiac GTO Judge convertible brought $162,800.00, and several Shelby American automobiles hammered for some very solid figures. Additionally, the Ferrari market shows strength as a 1970 Ferrari 365 GT 2+2 brought $149,600.00.

'This sale illustrates that Russo and Steele has become one of the preeminent events on the Monterey Peninsula during ‘car week,'' comments Drew Alcazar, president of Russo and Steele. The rapidly growing company has not only expanded their Monterey sale to two nights, but also has plans to expand their January 18-21, 2007 Scottsdale event to four nights.
-Russo & Steele