Russo and Steele, Fisherman’s Wharf, Monterey, California, August 17-19, 2012
Report and photos by Rick Carey, Auction Editor
Russo and Steele finally completed its long-awaited move from the Marriott’s dark, low ceiling, loud, sweaty upstairs ballroom to a new location in a series of tents on Monterey’s Fisherman’s Wharf parking lot this year.
The cars got previewed in a parking lot where it didn’t requiring Braille to read the car cards and a pure white flashlight to figure out the colors as it did in prior years’ dank and cramped parking garages. The auction arena tent highlighted Russo and Steele’s ‘auction in the round’ format.
Crowds milling around, ringmen pointing skyward, left and right and the constant cacophony of the Russo and Steele arena set the sale’s signature frenzied atmosphere. It’s showmanship squared but the results, even without closing on Russo and Steele’s perennial headline Ferrari 250 GT PF Cabriolet Series II (Drew seems to have an endless supply of them,) bumped up by enough to make this Russo and Steele’s best Monterey auction since 2006.
There was room for bidders to mill around the lineup cars without undertaking a multi-story climb from Calle Principal outside the Marriott to the ballroom to bid. Vendors lined the lineup corral.
But it’s inside the arena where the frenzy is in full throat. Steeply raked bleachers line the block. The lowest seats are above the roofs of the cars and the action, from disinterest to major league cajoling for the next bid, is clearly on view. It’s Auction Action 101, worth the attention of anyone new to the environment to see how it’s done by consummate professionals.
The block crew from Mecum was even spotted in the pit on Saturday evening after they’d finished their turn during the day. They’re auction junkies, too.
Results? Well, several of the headline cars fell short – probably a reflection of unreasonable expectations and a Monterey auction schedule long on lot numbers and short on cars that brought them to Russo and Steele with unrealistic sellers’ expectations – but many mediocre cars brought serious, sometimes even nonsensical, money.
Russo and Steele is an essential element in the Monterey experience. There is nothing else like it: theater in the round with cars and emotions at center stage.
And no small amount of money, too.
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Ed Lenahan contributed not only time, effort and knowledge to these reports but also a fresh, young perspective, a new set of eyes, as it were, and a welcome point of view. Some cars reported here – the BMWs, for instance – are at Ed’s initiation.
Russo and Steele Monterey 2012 – Auction Report
Lot # TH201 1976 Triumph Spitfire Convertible; S/N FM45532U0; White/Tan leather; Cosmetic restoration, 3 condition; Hammered Sold at $4,250 plus commission of 10.00%; Final Price $4,675 – Chrome wire wheels. New paint and interior. Solid chrome. Engine and mechanicals clean and orderly. Orange peel along passenger side. Solid Triumph. No reserve. This Triumph slipped through the cracks and sold for a bargain basement price. Flip it, store it, drive it. It’s hard to lose at this price.Lot # TH205 1976 Volkswagen Beetle Convertible; S/N 1562109462; White, White vinyl top/Grey velour; Visually maintained, largely original, 3- condition; Hammered Sold at $6,500 plus commission of 10.00%; Final Price $7,150 – Chrome steel wheels and hubcaps, chrome rear fender guards. Heavy orange peel on passenger rear fender and door. Driver’s side door dented and chipped. Car card estimates between $15,000 and $20,000. A used car. No Reserve. Last sold at Russo & Steele Scottsdale 2012 for $8,525, this Bug was expensive then and it’s still expensive now. True, the miles are low. But the condition is questionable and the internet is crawling with earlier, nicer Bugs for similar money.Lot # TH208 1967 Ford Mustang Notchback; S/N 7R01S113555; Lime Gold, White vinyl roof/White vinyl; Visually maintained, largely original, 3- condition; Not sold at Hammer bid of $24,500 – 390ci V8, auto, GTA trim, A/C, tilt, wood grain steering wheel, grill-mounted driving lights. Decent repaint on an otherwise original car. Good chrome. Decent interior. Chassis dirty and largely untouched. Represented as numbers-matching engine. Not spectacular or rare, but a usable driver. Consignment # 2074. 1967 GTA S-code convertible Mustangs can earn more money than this high bid, but only after they’ve been restored. This bid is in line with a car of this condition and specification.Lot # TH218 1965 Ford Mustang GT Convertible; S/N 5F08A316806; Forest Green/Palomino vinyl; Palomino vinyl top; Recent restoration, 3 condition; Hammered Sold at $24,250 plus commission of 10.00%; Final Price $26,675 – 298/225hp, automatic, console, styled wheels, narrow whitewalls, A/C, JVC cassette stereo, fog lights, woodgrain steering wheel. Superficially restored with fair paint, scuffed bright trim and wheels, good interior, cracked steering wheel rim. Consignment #2179. A marginal Mustang convertible bought for a price that over-values its condition despite the car card’s claim of ‘a COMPLETE concourse restoration.’Lot # TH235 1970 Rover Mini Cooper 2-Dr. Sedan; S/N MA2S65664805A; Dark Blue, White roof/Black vinyl; Estimate $20,000 – $30,000; Modified restoration, 2- condition; Hammered Sold at $13,000 plus commission of 10.00%; Final Price $14,300 – Mountney woodrim steering wheel, billet interior handles, Panasonic CD stereo, wood dashboard, 8-spoke Performance alloy wheels, Yokohama A533 radials, halogen headlights, four halogen driving lights. Good paint and interior. No Reserve. Consignment #2212. A sound and usable boy racer Mini bought for a modest but not bargain price. A good value.Lot # TH238 1955 Dodge C-3-BB Pickup; S/N 84272880; Banner Green/Grey leatherette; Estimate $25,000 – $35,000; Truck restoration, 2- condition; Hammered Sold at $10,500 plus commission of 10.00%; Final Price $11,550 – 259/169hp V-8, heater, bed-mounted sidemount, black wheels, cream hubcaps, oak bed floor, wraparound rear window, high side, long bed body. Modified with VDO gauges and a 12 volt alternator. Restored nearly like new with very good paint and interior. Chassis isn’t to the same standard, but is better than most pickups. An unusual driver-quality pickup. No Reserve. Consignment #2155. Even with the V-8 this isn’t a particularly desirable pickup, a judgment reflected in the price it brought, it is a good value for someone looking for a distinctive weekend errand runner.Lot # TH243 1969 Chevrolet Camaro Z/28 RS Coupe; S/N 124379L507141; Cortez Silver/Black vinyl; Unrestored original, 4 condition; Not sold at Hammer bid of $28,500 – M-21 4-speed, Positraction, chambered exhaust, stripe delete, console, Endura front bumper. Underhood grimy but complete, paint cracked and chipped down to primer throughout, dent on passenger door, driver’s door scuffed and dented. Some rust on lower edges of front fenders and doors. A survivor from a distance, a solid project car up close. Consignment # 2041. “Survivor” is quickly replacing “barn find” as the most overused phrase in the automotive lexicon. This car was billed as a survivor and had, in fact, survived the last 43 years. It just hadn’t survived them well and won’t live to see many more unless someone restores it. Considering the restoration costs, the high bid should have been enough to move it on to someone who cares and has the resources to see the project through.Lot # TH247 1994 Chevrolet Corvette Convertible; S/N 1G1YY32P4R5118939; Red/Red leather; Black cloth top; Estimate $40,000 – $50,000; Original, with non-original appearance items, 2- condition; Hammered Sold at $22,500 plus commission of 10.00%; Final Price $24,750 – Two tops, Ronal 18, 19 inch modular wheels, 6-speed, new Michelin Pilot Sport tires, Callaway Aerobody, Lingenfelter 383 engine, two tops, sport seats, FX-3 suspension, A/C, SSBC brakes. A well-maintained, low mileage driver’s car. Not like new but nearly so and represented as having only 13,500 miles from new with four owners. No Reserve Consignment #2046. This is really more of a Lingenfelter Corvette with an Aerobody. This price is less than the cost of the Lingenfelter 383 or the Aerobody individually. The car’s mixed origins severely hamper its collectibility, but do nothing to detract from it as a great driver’s car. The new owner paid a market price, but after a few miles is going to appreciate its performance, handling and style.Lot # TH249 1971 Mercedes-Benz 280SL Roadster; S/N 11304412015396; Dark Purple/Brown Vinyl; Recent restoration, 3+ condition; Hammered Sold at $40,000 plus commission of 10.00%; Final Price $44,000 – Auto, chrome steel wheels with color matched hubcaps, hardtop., modern stereo. Well maintained from new with complete records and excellent condition throughout. Seating surfaces show strange grain pattern but are original. Nice car. With “Pagoda” Mercedes gaining in value, this clean and well appointed 280SL is a good value at this price.
Russo and Steele Monterey 2012 – Auction Report Page Two
Lot # TH250 1987 Porsche 930 Turbo Coupe; S/N WP0JB093XHS050206; Cassis Red/Dark Purple leather; Unrestored original, 2 condition; Not sold at Hammer bid of $53,000 – 3-liter, 5-speed, whale tail, Fuchs alloy wheels, sunroof, A/C. Low mileage and as new. Discotheque color combination just odd enough to be charming or at least nostalgic. 20,885 miles from new. A good, clean but aged Porsche. Consignment # 2170. Clean, low mileage and wearing an interesting color combination, this 930 looked set to sell. Then bidders realized the reserve sat somewhere far enough beyond the high bid that the seller wouldn’t pull the reserve. 930s are loved but they’re not rare and this number will buy great, low mileage examples all day long.Lot # TH252 1966 Ford Mustang GT Fastback; S/N 6F09A100587; Lime Green/Gold vinyl; Cosmetic restoration, 3 condition; Hammered Sold at $24,500 plus commission of 10.00%; Final Price $26,950 – 289/225hp, 4-speed, GT, Rally Pac gauges, fog lights. Solid interior, paint and bodywork. Chassis and mechanicals very well detailed. Cheesy fake knock-off spinners on Magnum 500 wheels. Sold at Barrett-Jackson Scottsdale in January for $34,100, then at B-J’s Orange County sale in June for $32,275, the trend continues, but now the price matches the car. No show car. No trailer queen. Just a nice, presentable Mustang at lower than expected price.Lot # TH274 1969 Mercury Cougar Eliminator 2-Dr. Hardtop; S/N 9F91R573612; Bright Blue/Blue vinyl; Recent restoration, 2- condition; Hammered Sold at $38,500 plus commission of 10.00%; Final Price $42,350 – 428/335hp, automatic, buckets and console, Magnum wheels, Radial T/A blackwalls, P/S, P/B, Ram Air hood, 8-track stereo. Restored in 1997 to like new condition with very good paint, chrome and interior. Underbody is like new. California car from new, three owners. Factory replacement block. If this were a similarly equipped and presented Mustang it’d bring another ten or even twenty thousand dollars. Even though Cougar Eliminators haven’t hit with collectors yet and this is a representative result for this car it has some appreciation potential when the Eliminator’s performance and rarity get more appreciated.Lot # TH279 1999 Acura NSX Coupe; S/N JH4NA2128XT000155; Red/Black leather, suede; Unrestored original, 2- condition; Hammered Sold at $59,000 plus commission of 10.00%; Final Price $64,900 – Number 28 of 50 Alex Zanardi edition NSXs built in 1999. Lightened 149 pounds, red with red-stitched upholstery, BBS wheels, titanium shift knob, manual steering, revised suspension. Very good original paint and interior, 33,834 miles. Consignment #2235. This is top of market even for this special limited production NSX, but all NSX prices have been growing faster than the middle market in general. The NSX offers supercar performance, exceptional comfort and drivability and Honda-like reliability. They’re hard to beat, especially in their present value level.Lot # TH282 1988 BMW M3; S/N WBSAK0306J2195045; Silver/Red leather; Unrestored original, 2 condition; Hammered Sold at $37,000 plus commission of 10.00%; Final Price $40,700 – 2.3 liter inline four, 5-speed, factory basket-weave alloys, fender flares, front and rear spoiler. As new and thoroughly detailed with all surfaces as new. E30 M3 are quietly rising in prices and more than one vintage car dealer have quietly set about buying up documented, low mile cars. This car didn’t have documents, but it did have outstanding condition and a beautiful color combination. Its price was fair and is only getting more attractive by the day.Lot # TH290 1964 Ford Falcon Futura Convertible; S/N 4H22F140048; Black/Red vinyl; White vinyl top; Estimate $20,000 – $25,000; Visually maintained, largely original, 3- condition; Hammered Sold at $8,250 plus commission of 10.00%; Final Price $9,075 – 260/164hp, automatic, add-on A/C, pushbutton radio, power top. $29.95 Earl Scheib paint over a solid body. Scuffed major chrome, badly pitted trim chrome. Sound upholstery, poorly fit top. A scruffy example, treated to a scruffy repaint. No Reserve. Even in this unattractive condition the new owner of this Falcon Futura has a presentable (from 20 feet) weekend driver and a top that goes down. The seller may be disappointed at the price, but shouldn’t be too disappointed. This was all the car deserved.Lot # F406 1974 BMW 2002 Turbo Coupe; S/N 4291365; Polaris Silver/Black vinyl; Unrestored original, 4 condition; Not sold at Hammer bid of $30,000 – 2 liter fuel injected and turbocharged inline four, 5-speed, carpeted dashboard, sheepskin seat covers, modern stereo, cold A/C. Used up with no preparation for auction. Interior looks like a 1970s finished-basement with animal hides and carpeting everywhere. Filthy alloy wheels in keeping with everything else. The kind of car that makes one feel like taking a shower. Consignment # 2102. 2002 Turbos have a loyal following, particularly in the States where the powerful little coupes were not sold originally. At this high bid there would be no room left to completely restore the car as is necessary and wind up above water. More money will be hard to come by.Lot # F411 1968 BMW 1600 Cabriolet; S/N 1557107; Purple Metallic, black cloth top/Black Vinyl; Modified restoration, 3 condition; Not sold at Hammer bid of $36,000 – Replacement 2 liter four cylinder and 5-speed, later 13 inch alloy wheels, aftermarket stereo. BMW-built, not a Baur basket handle convertible. Good paint and interior, decent trim. Driver’s side door handle scuffed. A stylish and fun driver. Consignment # 2100. Nice, but in no way original or historic, this 1600 Cab is overpriced at the failed high bid. Equally nice and far more correct cars are available for this money.Lot # F416 1961 Jaguar Mark IX 4-Dr. Sedan; S/N 792405BW; Blue/Red leather; Cosmetic restoration, 3 condition; Hammered Sold at $20,000 plus commission of 10.00%; Final Price $22,000 – Driving lights, fender mounted rear view mirrors, whitewalls, painted steel wheels with chrome trim rings and hubcaps, wood-rimmed steering wheel, rear picnic tables. Paint showing age and not as shiny as new, interior soiled, trim pitted and scratched. Enough patina here to actually use the picnic tables without guilt. Sold at RM Meadowbrook 2006 for 20,900 and again at RM Arizona 2011 for $30,250, this car can’t be reproduced for anywhere near this money and the new owner can enjoy a stylish Jaguar without obsessing over money or the car’s condition.
Russo and Steele Monterey 2012 – Auction Report Page Three
Lot # F420 1956 Austin-Healey 100/R Custom Rally Car; S/N 225005; Silver/Orange; Modified restoration, 1- condition; Not sold at Hammer bid of $80,000 – Heavily-modified four cylinder engine, hardtop, alloy body, custom offset centerlock Dunlop wheels, 100S seats, fuel tank, and hood hold downs. An over the top restoration of a 100 into “what-could-have-been” car of impeccable condition. Orange interior is striking but not necessarily beautiful. A high-end restoration of an otherwise standard 100. While the workmanship and detail of this 100 exceeds all expectations, it’s still a normal 100/4 with a strange color combination. More money is possible given the current popularity and prices of 100s, but finding the buyer looking for just this car will be difficult, as this result demonstrates.Lot # F423 1990 Ferrari Testarossa; S/N ZFFSG17A6L0083903; Red/Tan leather; Unrestored original, 2 condition; Hammered Sold at $56,000 plus commission of 10.00%; Final Price $61,600 – Alloy wheels, A/C, P/W. Excellent original condition. Paint, interior, chassis and engine compartment as new. Only visible flaw is a faint wrinkle in the side bolster of the driver’s seat. Barely used and carefully stored showing 6,782 miles on its odometer. With nearly 10,000 made Testarossas are best bought at reasonable prices and with low miles. This was a good car at a fair price, unlike the $264,000 paid for RM’s 136 mile original garage queen.Lot # F426 1959 Autobianchi Bianchina; S/N 110B012510; Light Blue, White/Blue, White vinyl; Cosmetic restoration, 3+ condition; Hammered Sold at $32,000 plus commission of 10.00%; Final Price $35,200 – White steel wheels, chrome hubcaps, white cloth folding sunroof. Solid paint and chrome. Decent interior. Mechanical and chassis soiled. Driver’s door gap off and panels make contact opening and closing. Just like in the real world, sometimes being cute is enough. Cute cars at auction can do some crazy things. This isn’t unreasonable money for a solid car, but a patient buyer could find comparable and better cars for less money.Lot # F427 1962 Chevrolet Corvette FI Roadster; S/N 20867S103689; Black, Black vinyl top/Gold vinyl; Older restoration, 3+ condition; Not sold at Hammer bid of $77,500 – 327/360hp V-8, fuel injection, 4-speed, spinner wheel covers, whitewalls. Nice chrome and paint. Painted headlight bezels rubbed through, engine bay decent but not show car clean. An older restoration starting to show its age and ready for local shows and driving. Consignment # 2020. Though low, this bid should have given the seller pause, or at least the motivation to continue negotiating off the block. This car was clearly well restored at some point but its best days were behind it and it showed.Lot # F429 1970 Chevrolet Chevelle 2-Dr. Hardtop; S/N 136370K158281; Black, White/Black vinyl; Enthusiast restoration, 3- condition; Hammered Sold at $60,000 plus commission of 10.00%; Final Price $66,000 – Non-matching 454ci V8 and M-22 4-speed, cowl induction, wide oval tires, SS trim. Solid paint and interior. Chassis and mechanicals decent. Well-restored by a private individual but not up to the level of a professional shop. A Chevelle with stripes and paperwork. A no sale at Mecum Indy 2011 for $65,000, the owner endured shipping, storage, insurance cost and consignment fees for a year to sell at Russo Monterey for $5,000 less. As in most cases, the first bid was the best, but even at that the price here was all the hot rodded Chevelle deserved.Lot # F431 1965 Pontiac LeMans GTO Convertible; S/N 237675B131714; Red/Silver vinyl; White vinyl top; Recent restoration, 3+ condition; Hammered Sold at $37,000 plus commission of 10.00%; Final Price $40,700 – 1966 Tri-power carbs and manifold on engine, reproduction Hurst wheels, redline radials, rally gauges, center console, P/S, P/B, power top, included GTO go kart. Color change from original gold. Solid restoration with paint, interior and mechanicals almost as good as new in appearance. A cruise-in king. This wasn’t a binder-full-of-documents restoration and the car proudly advertised as much. Instead it was a muscle car one could actually drive and enjoy, and more than a few Russo bidders responded positively. Today the color change is a mistake, but it probably wasn’t when it was done. This is a fair price for both buyer and seller.Lot # F433 1966 Chevrolet Corvette 427/425 Roadster; S/N 194676S124877; Red/Black leather; Black vinyl top; Recent restoration, 2 condition; Reported sold at a hammer bid of $68,000 – 427/425hp, Muncie 4-speed, posi, side exhaust, AM/FM, alloy wheels, Gold Line tires. As new with excellent paint, interior and mechanicals. Fresh restoration of a desirable ‘Vette. Consignment # 2106. This car was reported sold on the block at $68,000 hammer but is not shown in Russo and Steele’s official results. Given the car’s condition and desirable option list the buyer should have been pleased with the purchase price, but who knows?Lot # F434 1964 Apollo GT 5000 Coupe; S/N 1043; Red/Black leather; Recent restoration, 2+ condition; Not sold at Hammer bid of $87,500 – 327ci Chevrolet V8 with three 2-barrel intake, 4-speed, wood rimmed steering wheel, hidden A/C, egg crate grill. Outstanding paint, interior, trim, and mechanicals. Found unbuilt in a storage shed after sitting for decades. Assembled with a period correct Chevy (though not an Apollo-correct Buick) drivetrain and driven little. Fast, beautiful and largely unknown. Consignment # 1043. Apollos are as beautiful as they are unknown and few people want to spend huge sums on cars that require explanation. This particular car has appeared throughout the web with a price well over six figures and a seller doggedly determined to get it. And while it has all the physical elements of a six figure car, it just doesn’t have the name or history.Lot # F442 1983 Ferrari 512 BBi Berlinetta, Body by Pininfarina; S/N ZFFJA09B000046545; Red, Black sills/Black leather; Cosmetic restoration, 3+ condition; Hammered Sold at $87,500 plus commission of 10.00%; Final Price $96,250 – Alpine cassette with Pioneer equalizer, A/C, TRX tires, Very good new interior including trim. Good repaint. Clean underbody. Serviced in Holland three years ago, 12,626 km from new. Not California emissions compliant. Consignment #2177. With the low kilometers and generally good condition that should give some confidence to the new owner, this BBi brought an appropriate price.Lot # F445 1966 Shelby Mustang GT350 Fastback; S/N SFM6S1759; Blue metallic, White stripes/Black vinyl; Older restoration, 3 condition; Not sold at Hammer bid of $120,000 – 4-speed, 10-spoke aluminum wheels, side outlet exhaust. Decent paint with touch ups on driver’s door and side scoop. Chassis and interior solid with fine patina everywhere. A great driver with the ‘original 4-speed’ but no mention of original engine. As the muscle car market continues to reach some homeostasis after the explosive prices of the early 2000s, cars like this second year Shelby Mustang have been left in the lurch. It’s a Shelby in decent condition, but it’s also one of the much more mass produced ’66s. This bid is low, but not by much.
Russo and Steele Monterey 2012 – Auction Report Page Four
Lot # F448 1980 Ferrari 308 GT2 Race Car; S/N 32029; Red/Red cloth; Modified for competition during restoration 3- condition; Hammered Sold at $25,000 plus commission of 10.00%; Final Price $27,500 – Fire system, roll cage, 5-point belts, centerlock modular wheels, Hoosier tires, 288 GTO bodywork, dry sump engine, tubing suspension arms, Koni shocks, JKZ brake calipers, 12 inch Wilwood discs, ATL 22 gallon fuel cell. Decent paint, two seat interior, flared fenders. Not very attractive but might go like heck; described on the car card as, ‘This car is still competitive, if you can drive it to its potential,’ an ominous reference that may hedge its handling characteristics. No Reserve. This is a reasonable price for a visually distinctive Ferrari 308-based track day toy.Lot # F451 1966 Shelby Mustang GT350H Fastback; S/N SFM6S1571; Black, Gold/Black; Recent restoration, 2- condition; Not sold at Hammer bid of $130,000 – Automatic, 5-spoke rally wheels. As new in almost every regard save poor trunk panel fit. Paint, interior and chassis well detailed and fresh. An excellent rent-a-racer represented to have its original engine. Like the blue ’66 GT350 that failed to sell, this car reached a low but fair bid, but one only slightly more than it brought when it was sold by RM here in 2007 for $137,500 with commission. Throw in shipping, insurance, and storage costs until the seller can find a buyer with more money and this could be the better offer.Lot # F467 1962 Allard L-390 (M-type) Roadster; S/N DMV39971CA; Red/Black; Black tonneau cover; Competition restoration, 3+ condition; Hammered Sold at $60,000 plus commission of 10.00%; Final Price $66,000 – Flathead V-8, Edelbrock heads and dual Stromberg 97 intake, Isky cam, cycle front fenders, finned drum brakes, chrome side exhausts, transverse leaf spring live axles, hood scoop, braced roll bar, side and rear nerf bars. Very good paint on the body, good new interior and chrome. Frame and suspension paint is badly applied over old, flaking paint. Interesting piece but very questionable. Consignment #2012. The car card description of this beast is no little bit confusing. It appears to be an M-type tourer (s/n 405) extensively modified over the years and now barely recognizable in a vaguely sprint car configuration. It would be nice to know more about it, especially at this price.Lot # F475 1960 Fiat 1200 Spider; S/N 118G004052; Black/Black vinyl, Red inserts; Black vinyl top; Recent restoration, 2- condition; Hammered Sold at $30,000 plus commission of 10.00%; Final Price $33,000 – Hubcaps, trim rings, blackwall tires. Black plate California car. Good new paint, chrome and interior. Clean and nearly like new underhood. Old undercoat in fenderwells. A surprisingly sound and attractive Fiat. Consignment #2217. Usable and attractively presented cosmetically and under the hood, the restoration is less than comprehensive, a factor that limits its value to something like ten or fifteen thousand less than what it brought here. Even perfectly restored this would be a curve-setting price for a Fiat 1200.Lot # F480 1971 Lamborghini Jarama GT Coupe; S/N 10200; Red/Black leather; Cosmetic restoration, 3+ condition; Hammered Sold at $50,000 plus commission of 10.00%; Final Price $55,000 – Pioneer cassette stereo, centerlock Lambo alloy wheels. Decent repaint with one or two minor scratches. Good new seats but original interior panels, old undercoat in wheelwells. Orderly engine compartment. Solid body. Unusually attractive for a Jarama, includes tools, service records from new and the original bill of sale and title. Consignment # 2037. Generously priced even for its generally sound, well-maintained condition and extensive documentation. A complicated automobile with none of the panache of other Lambos of the era.Lot # F483 1969 Chevrolet Camaro Z/28 2-Dr. Hardtop; S/N 124379N566465; Cortez Silver, Black stripes/Black vinyl; Visually maintained, largely original, 2- condition; Hammered Sold at $42,000 plus commission of 10.00%; Final Price $46,200 – 302/290hp, 4-speed, console gauges, pushbutton radio, Rally wheels with trim rings, Radial T/A tires, 3.73 Positraction, chambered exhaust, cowl induction, chambered exhaust, P/B, F41 suspension, owner’s manual, Protect-o-plate. Very good paint, chrome and interior. Chassis and underbody are nearly like new but too shiny. Consignment # 2124. Sold at Barrett-Jackson in West Palm in 2008 for $63,800, at B-J Las Vegas in 2009 for $60,500, B-J Scottsdale in 2011 for $51,700, Russo and Steele here in 2011 for $55,000 and Gooding in Scottsdale in January of this year for $60,200. This result marks the car’s low point in an extensive auction history and is, by any standard, a lot of Z/28 for the money.Lot # F484 1974 Maserati Merak Coupe; S/N AM122US1390; Red/Black leather; Estimate $35,000 – $45,000; Visually maintained, largely original, 3 condition; Hammered Sold at $30,000 plus commission of 10.00%; Final Price $33,000 – Motorola cassette stereo, A/C. Quick repaint, repainted wheels, good original interior. Door bottoms hang out. Old undercoat in wheelwells. Citroen hydraulics. 35, 525 miles. Unusually well preserved. Orderly engine compartment. Consignment # 2197. Sold by Auctions America at Carlisle in April 2011 for $26,950, then a no-sale there earlier this year at a bid of $21,250. It’s gotten some needed attention in the last four months to clean it up and generally make it more presentable, an effort which produced the desired result: a sale at a modest profit.Lot # S602 1959 Fiat 600 Jolly, Body by Ghia; S/N 574826; Pink/Wicker; White surrey top; Recent restoration, 2 condition; Hammered Sold at $70,000 plus commission of 10.00%; Final Price $77,000 – Canvas top, wicker seats, whitewalls, contrasting cream steel wheels, mid-80s GM seatbelts, fender mirrors. Shiny new paint, soiled wicker. Four-wheeled sunshine. Said to be 4,729 km from new. This is a breathtaking price for a vintage econo car with wicker and fringe. Cute cars at auction do strange things, but this Jolly price is even beyond justification by cuteness. Jollys bring big money, but not this big even in this beautifully restored and low mileage condition.Lot # S604 1958 BMW-Isetta 600 Sedan; S/N 150261; Orange metallic/Tan vinyl; Older restoration, 3+ condition; Hammered Sold at $27,500 plus commission of 10.00%; Final Price $30,250 – Whitewalls, hubcaps, silver steel wheels. Decent paint and interior. Good major chrome but scuffed trim. Clean engine like new. A no-sale at RM Florida 2011 for $30,000, and sold at Gooding Amelia 2012 for $38,500, the Isetta’s current price shows the car to be worth the $30k it didn’t sell for the first time around.Lot # S605 1948 Packard Standard Eight Station Sedan; S/N 22934414; Maroon/Brown leather; Older restoration, 3 condition; Not sold at Hammer bid of $52,500 – Electromatic clutch with overdrive, whitewalls, painted steel wheels with chrome trim rings and hubcaps. Excellent wood in and out. Solid bodywork, interior and chrome. Chassis and mechanicals show dirt and wear. Utterly massive car with miles of chrome. A driver. Though woody prices increased dramatically for years, that market has become increasingly selective and only the best examples of desirable models are earning big dollars. This was a nice car in mediocre condition and the bid was fair.Lot # S607 1959 Fiat Bianchina Transformable; S/N 18663; Red/Red, White vinyl; black cloth folding top; Estimate $70,000 – $80,000; Recent restoration, 2- condition; Hammered Sold at $37,000 plus commission of 10.00%; Final Price $40,700 – 479cc rear mounted two cylinder, 4-speed, white steel wheels, chrome hubcaps, two-tone interior. Recently restored with paint, interior and mechanicals as they left the factory. Which is another way of saying they’re between OK and good. Car card estimate ranged from $70,000 to $80,000. Cute car. Crazy numbers. No Reserve. Consignment # 2189. Sold at Russo Scottsdale 2012 for $31,900, this car sold at Monterey for far less than the estimate but far beyond good sense. Too much money.
Russo and Steele Monterey 2012 – Auction Report Page Five
Lot # S610 1966 Alfa Romeo Giulia Sprint; S/N AR615325; Red/Black vinyl; Modified restoration, 2 condition; Hammered Sold at $29,000 plus commission of 10.00%; Final Price $31,900 – 1750cc engine, 5-speed, dual Weber 45 DCOEs, limited slip diff, Panasport wheels, Yokohama Advan tires, aluminum radiator, 4-point harnesses, trunk-mounted fuel cell and sealed battery, wood rimmed steering wheel, braided stainless steel hoses throughout. Outstanding paint, mechanicals and interior. Fun car. No Reserve. Sold at a price much lower than the cost of construction and a good value in a seemingly well built and presented Alfa.Lot # S615 1967 Jaguar XKE SI 4.2 Roadster; S/N 1E15398; Blue metallic/Black leather; Older restoration, 3- condition; Hammered Sold at $65,000 plus commission of 10.00%; Final Price $71,500 – Chrome wire wheels, open headlights. Color change from original and desirable Carmine Red applied poorly. Sanding marks on trunk, wavy passenger rear fender, paint rubbing and chipped at rear edge of trunk, crazing around driver’s door handle, cracking on hood louvers, body rubber poorly installed. Chassis and mechanicals well sorted and clean. A sound car that just needs paint and bodywork. Had the bidders been turned off by the questionable body condition this would have been the car to scoop up at a low price and repaint. At this price, the margins for coming out ahead after repairs are narrow at best and the buyer paid full retail for a car that won’t be very satisfying to own in this condition, but even less after the expense of dealing with its cosmetic issues.Lot # S616 1973 Porsche 911 Targa; S/N 9113310442; Black/Black leather; Recent restoration, 2- condition; Hammered Sold at $76,000 plus commission of 10.00%; Final Price $83,600 – 4-speed, Targa, Fuchs alloy wheels, U.S. spec headlights, sport steering wheel. Color change from original silver. Excellent cosmetics. Paint and interior show extensive restoration. Mechanicals very good but not to the level of car’s cosmetics. Engine rebuilt with modern Carrera tensioners, Turbo valve covers and stainless heat exchangers. Despite huge vinyl decals proclaiming “#s Matching” this was a good, but not original car. The 911S is valuable because it came from the factory with the most possible performance save the potent and very limited production RSs and RSRs. Things altered and added after the car left the factory only hurt its value. So this car had the original engine. It didn’t have its original color combination and it also had the less desirable Targa top. The price was fair.Lot # S641 1966 Ferrari 330 GTC Coupe, Body by Pininfarina; S/N 09125; Ruby Red metallic/Cream leather; Recent restoration, 3+ condition; Not sold at Hammer bid of $365,000 – Borrani wire wheels, modern radial tires, Blaupunkt AM/FM, A/C, P/W. Excellent trim, panel fit and paint. Cream leather is barely used with no staining, dirt, or stretching. Chassis is mostly clean with only slight traces of dirt. The ruby red metallic is an eye-catching shade and compliments the 330’s shape well. A nicely-restored 330 GTC ready for both show field and road. While 330 GTCs can bring more money than this car’s $365,000 final bid, they are cars that have received a comprehensive restoration, which this car plainly lacks. This was a fair offer that the seller will be hard pressed to better.Lot # S643 1972 Ferrari 365 GTB/4 Daytona, Body by Pininfarina; S/N 16565; Black/Tan leather; Recent restoration, 3 condition; Hammered Sold at $345,000 plus commission of 10.00%; Final Price $379,500 – Borrani wire wheels, headrests, P/W. Mouse fur dash covering is overly dark and interior retrim shows some waviness in seams and stitches. Inconsistent bodywork – particularly the wavy driver’s door – is highlighted by the black paint. Current colors are a change from the original sky blue over black. Underside of chassis is clean and free of damage. Engine compartment equipped with MSD ignition boxes covered in Ferrari decals. An inconsistent car. Given the strange choices made in this car’s restoration, its price leaves the new owner with no room to correct its numerous shortcomings. The new owner better enjoy driving it.Lot # S645 1956 Alfa Romeo Giulietta Veloce Sprint, Body by Bertone; S/N 1493E02239; Engine # AR131530135; Blue/Grey, Blue piping; Competition restoration, 2+ condition; Hammered Sold at $275,000 plus commission of 10.00%; Final Price $302,500 – 4-speed, Nardi woodrim steering wheel, chrome spoke Borrani wire wheels, lightweight equipment, no bumpers, sliding side windows. Represented as 1957 Mille Miglia 11th overall, 4th in class, but that result is inconsistent with the race record in Time and Two Seats. Restored better than new with excellent paint, chrome and interior. Freshly done and spotless. Shown at Pebble Beach in 2005. Consignment # 2067. By any standard the best presented Alfa in Monterey, meticulously done throughout and with very desirable equipment. The claimed Mille Miglia history is as noted inconsistent with authoritative sources, however other documents offered with the car – recent letters and e-mails, not historic paperwork – represent it as 4th in class, 29th overall. The price must be heavily influenced by the presumed claim and its attendant effect upon eligibility for the MM re-enactment. The MM organizers won’t be so easily satisfied and this result is a huge gamble without a high probability of success in the absence of period Italian documents.Lot # S646 1960 Porsche 356B Roadster; S/N 88125; Ruby Red/Tan leather; Black cloth top; Recent restoration, 2 condition; Hammered Sold at $92,000 plus commission of 10.00%; Final Price $101,200 – Nardi wood-rimmed steering wheel, chrome wheels and hubcaps. Excellent paint and interior. Very well detailed but later 356C 1600cc engine. Nothing but evidence of an expensive restoration. No Reserve. Even in the increasingly expensive world of Porsche 356s, this is a healthy price for a good Roadster with a replacement engine.Lot # S647 1972 Ferrari 246 GTS Dino; S/N 04996; Rosso Corsa/Tan leather; Recent restoration, 2+ condition; Hammered Sold at $330,000 plus commission of 10.00%; Final Price $363,000 – Michelin XWX blackwall tires, Daytona seats, standard unflared fenders. Very recently restored. Outstanding paint and bodywork, impeccable interior, and as-new engine compartment. Fresh from receiving a platinum award during the weekend’s Concorso Italiano. A new car. As Dinos go this wasn’t the highest “chairs and flares” spec, but it was incredibly well restored and the price reflects the demand for a car without need or flaw. Even more than the crazy money Dino at RM this result equates 246 GTS Dinos with V-12 Daytona coupes. That relationship seems skewed, and not because Daytonas are cheap.Lot # S649 1965 Shelby Cobra 289 Roadster; S/N CSX 2538; Red/Black leather; Recent restoration, 2- condition; Hammered Sold at $710,000 plus commission of 10.00%; Final Price $781,000 – Dual quads, side vents, rack and pinion, chrome wire wheels, wind wings, chrome front and rear bumpers, grill insert. Represented as numbers matching. Excellent paint and bodywork. New seating material is thick, dull and strange. Oversize modern black wall tires bulge out of the front wheel wells. Odd choices displayed on a desirable car. Consignment # 2084. Late production small block Cobras continue to earn significant prices and this car’s few questionable choices are easily corrected for a small fraction of a fair selling price. But this is still a strong price for this car. The new owner paid dearly to buy a few months after Carroll Shelby’s demise and there’s nothing left for future appreciation.
Russo and Steele Monterey 2012 – Auction Report Page Six
Lot # S650 1965 Ferrari 400 Superamerica Coupe, Body by Pininfarina; S/N 4113 SA; Rosso Corsa/Tan leather; Visually maintained, largely original, 3 condition; Not sold at Hammer bid of $770,000 – Overdrive, disc brakes, Borrani wire wheels, power windows. Open headlight bodywork on a long wheelbase chassis. Current red over tan color combination is a change from the original silver over black. Trim is scratched and chipped throughout, particularly on the driver’s door handle. Leather is worn but usable and the paint shows slight patina. Chassis shows numerous chips and road grime. A well-used Superamerica quickly approaching the need for a full restoration. With a final bid of $770,000 there was little question that this Superamerica was going to stay in the seller’s hands. Though it carries the less desirable open headlight bodywork and any future restoration will come with considerable expense, it’s still a Superamerica and a 7-figure car in this market.Lot # S651 1970 Plymouth ‘Cuda Hemi 2-Dr. Hardtop; S/N BS23R0B236321; Limelight/Black vinyl; Recent restoration, 2 condition; Not sold at Hammer bid of $225,000 – 426/425hp Hemi, 4-speed, shaker hood, 4.10 Super Track Pack, billboards, rally gauge center console, painted steel wheels, dog dish hubcaps, Goodyear Polyglas replica tires, broadcast sheet. Represented as numbers-matching. As new with excellent paint, interior and chassis. 426 is particularly well detailed. Eye catching in every possible way. In 2007 a Hemi Cuda at this price would have sparked a riot. That those days are long gone is a fact lost only on consignors. This bid was in line with the market and should have been enough to buy the car even with the High Impact color and desirable specifications.Lot # S652 1960 Ferrari 250 GT Cabriolet Series II, Body by Pinin Farina; S/N 2077GT; Rosso Corsa/Tan leather; Recent restoration, 2 condition; Not sold at Hammer bid of $975,000 – Borrani wire wheels, disc brakes. Excellent paint and chrome, tidy engine bay and chassis. Card claims recent complete restoration and condition bears this out. Still wearing numbers from this year’s California Mille Miglia which the Ferrari completed. A well presented and usable drop top Ferrari. At RM Amelia, a Series II Cabriolet with more desirable covered headlamp bodywork and an older but excellent restoration sold for a final price of $770,000. The final bid of $975,000 for this Series II should have been more than enough.Lot # S657 1962 Alfa Romeo Giulietta Sprint Speciale, Body by Bertone; S/N 177413; White/Blue, Grey leather; Older restoration, 3+ condition; Not sold at Hammer bid of $135,000 – Steel wheels, Vredestein black wall tires, wind deflector, lap belts, tool roll. Well maintained older restoration with paint showing only minor dulling and chassis only slight wear. Interior shows as new. Appealing and unexpected color combination. Great tour and rally car. Pairing the Alfa Romeo name with a car as stylish as the Sprint Speciale is a sure fire recipe for success and buyers are increasingly willing to pay large sums for good examples. This was a good but not concours car that could have brought a little more money without over-paying.Lot # S659 1964 Cooper Monaco Roadster; S/N CM 3-64; White, red, blue/Black, vinyl; Recent restoration, 3- condition; Not sold at Hammer bid of $225,000 – 327ci Chevy V8, fuel injection, Huffaker transmission, disc brakes, Autometer gauges, Jegs valve cover breather, red and blue anodized braided-stainless hoses throughout, painted and polished Panasport wheels. Period photos suggest interesting race history but no other documentation provided. Paint and bodywork solid save waviness in the left rear fender. Very little Cooper Monaco left. What remains was rebuilt with parts from the Nascar section of the local auto parts store. A historic racer drowning in go-fast, boy-racer bits. This project car was the stuff of dreams; a historic race car with intriguing history and in-period photos. Why then, were these considerable attributes ignored during its restoration? Had it resembled the black and white pictures in any way, the Cooper would have attracted more interest and money. Instead it looked like a replica and waited for real Cooper money. It’s going to be a tough sell for anything near what the consignor is signaling will make it move on.Lot # S661 1957 AC Ace Bristol Roadster; S/N AE1016; Engine # 100D21079; Black/Red leather; Black top; Cosmetic restoration, 3 condition; Not sold at Hammer bid of $160,000 – 2 liter Bristol D2 six, 4-speed w/overdrive, silver painted wire wheels, Girling front disc brakes, wind wings. Color change from original Bright Blue Metaline. Decent paint and bodywork. leather on dash damaged, driver’s seat heavily worn, banjo steering wheel chipped. Hood gap needs adjusting. Minor issues on an otherwise great car. With event eligibility, largely original condition and a desirable original color to change back to now or at a later date, this Ace Bristol offers much. It isn’t a concours car, though, and while this bid is low it isn’t far from a number that should bring it home.Lot # S668 1967 Maserati Ghibli Coupe, Body by Ghia; S/N N/A; Red/Black leather; Visually maintained, largely original, 3- condition; Not sold at Hammer bid of $76,000 – Borrani chrome spoke wheels, wood-rimmed steering wheel, modern stereo, modern speakers crudely installed in rear panel. Crusty wheels, mediocre paint, retrimmed seats highlight mediocre original dash. Spit-shined for a quick sale, an auction car. Consignment # 2270. Considering the only thing this car’s terse auction card said was that it is one of five Ghiblis with factory fitted Borrani wheels, someone should have cleaned them. As it sat the Maserati was not impressive and its lackluster performance on the block was little surprise.Lot # S672 1966 Shelby Mustang GT350; S/N SFM6S038; White, Blue stripes/Black leather; Concours restoration, 1 condition; Hammered Sold at $215,000 plus commission of 10.00%; Final Price $236,500 – 4-speed, side exhaust, Cragar wheels, Goodyear Blue Dots. Early, carryover car with the 1966 exterior elements and the racier 1965 mechanicals. Over the top restoration using original and NOS parts of a low mileage (26,424 miles) original GT350 and absolutely stunning in every regard. An outstanding Shelby. This car was so over-the-top in every regard its price offers little comparison for the 99% percent of Shelby Mustangs that are simply nowhere near this level of detail and originality. So this price is high in the current market? Just try finding another one close to this good.Lot # S676 1962 Austin-Healey 3000 Mk II Roadster; S/N HBT7L15705; Ivory/Black leather; Older restoration, 3- condition; Not sold at Hammer bid of $46,000 – Tri-carb induction, hard top, chrome wires, Michelin XZX black wall tires, Lucas driving lights. Interior new and well done. Paint new but shows orange peel on passenger door. Hard top trim heavily gouged, rubber seals cracked, driving lights have different lenses. Odd car. Consignment # 2141. Sold by Bonhams at Quail Lodge in 2007 for $60,840 in freshly restored but not like new condition. There was simply too much wrong with the exterior of this car for anyone to take it seriously or throw real money at it. Bidders took note and fell silent quickly.
Rick thanks once again, for a really interesting and detailed report on an auction. Please keep ’em coming, they actually broaden my knowledge considerably.
Alan