29 August 2016

Auction Recap: Russo and Steele Monterey 2016

Russo and Steele’s Monterey sale was a refreshing break from the ultra-expensive and unobtainable cars found elsewhere during Car Week, with sub-$50,000 muscle cars, 1950s and ‘60s Mercedes-Benzes and even a Citroen DS to choose from. There were still several expensive lots, but Russo and Steele’s median sale price was just over $50,000.

They finished their 2016 Monterey sale with $10.9 million in total sales, an average price of over $90,000 and a sell-through rate of 51 percent. This is well ahead of last year when Russo achieved $10.2 million in total sales, and only Russo, Mecum and Gooding saw higher sales totals in Monterey this year compared to 2015. 

A largely original 1955 Mercedes-Benz 300SL at $1,155,000 was their top sale. Not too far behind was the last pre-production Ford GT prototype at $836,000. The rest of the high-dollar cars were a mixture of classic and modern, including a relatively rare 2009 Ferrari F430 Scuderia 16M (built to commemorate Ferrari’s 16th Formula One World Championship) for the huge price of $355,000.

Other prices exceeding Hagerty’s Price Guide included a 1974 BMW 2002 Turbo at $115,500 (Hagerty Price Guide value of $29,700 - $98,700) and a 1980 Pontiac Trans Am Indy Pace Car at $59,950 (Hagerty Price Guide value of $11,700 - $51,100). Less expensive bargains meanwhile, included a cosmetically restored 1980 Fiat 2000 Spider at $14,850, a 2006 BMW 750Li for $8,250 and a 2004 Porsche Cayenne that, while probably fraught with problems, sold for just $7,150.And although it’s not cheap, a 1988 Lamborghini Countach LP5000 QV sold for a relatively low $321,750.

Overall top 10:

1. 1955 Mercedes-Benz 300SL Gullwing Coupe sold for $1,155,000
2. 2004 Ford GT Prototype sold for $836,000
3. 1993 Jaguar XJ220 sold for $435,000
4. 2014 Mercedes-Benz SLS Black Series sold for $418,000
5. 2009 Ferrari F430 16M Spider sold for $355,000
6. 1970 Ferrari 365 GT 2+2 Coupe sold for $346,500
7. 1988 Lamborghini Countach LP5000 Quattrovalvole solde for $321,750
8. 2000 Ferrari 550 Maranello sold for $194,700
9. 1955 Facel-Vega FV1 Coupe sold for $181,500
10. 1970 Chevrolet Corvette ZR1 Convertible sold for $159,500

Monterey rounds out Russo and Steele’s 2016 auction calendar, and their next sale takes place in Scottsdale on January 18-22, 2017.


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