Russo and Steele Calls Ninth Monterey Sale a Success

MONTEREY, CALIFORNIA, August 18, 2009 – Russo and Steele Collector Automobiles, one of the nation’s premier collector car auctions, specializing in European sports cars, American muscle cars, hot rods and customs reports record breaking attendance, LIVE online auction action and a successful ninth annual Monterey auction event.

The Monterey 2009 event was once again held at the downtown Monterey Marriott Hotel August 13-15, 2009. With its traditional “rolling preview,” the new online webcast, and phone bidding audiences everywhere where mesmerized with Russo and Steele’s energetic and interactive auction experience.

An exciting auction that resulted in a two evening sale; the preliminary total for the event is over $5 million in sales and a 55%+ sales rate. Post sales are currently working, with full results posted by the end of next week. Russo and Steele catered to the current conservative market trend by increasing the number of high quality automobiles in the $100,000 to the $500,000 market value. This allowed the auction company to provide its clientele with the exquisite automobiles that they were currently in the market to buy. These results prove the market is still strong when selling impeccable collector automobiles with provenance.

New to Russo and Steele this year was the LIVE online auction webcast: “The overwhelming success of the webcast was shocking! Within 2 minutes of us testing the webcast prior to the auction starting we had over 250 people watching and it increased at amazing speeds as the night progressed” said Brian Quinn, Russo and Steele’s General Manager. The owner, Drew Alcazar said “Our clients and enthusiast’s have proven their passions for this hobby. We have continually stated that “for enthusiasts by enthusiasts” is not just a tag line, but a lifestyle for us and the webcam allowed us to open up our highly unique and exciting auction to fellow enthusiasts that were not able to make it to the event.”

Friday night’s auction, August 14th, 2009 set record numbers in attendance. As the automobiles drove across the auction block, the crowds filled the room to capacity. As expected, standing room only resulted in an exceptional outcome. Dr. Porsche’s 1961 356 Carrera 2/2000 GS sold after a lively battle for $330,000. Saturday night’s auction held the auction’s top sale with the 1964 Shelby Cobra CSX 2492 selling for $475,000.

The quality of collector automobiles in this year’s Monterey auction event continued to earn the praise from both the media and our international clientele that were perusing the inventory all week in Monterey. Drew Alcazar, said, “The marketplace in Monterey performed as we anticipated. We intentionally selected automobiles within the range of $100,000 to $500,000 to better serve the projected market place. Without a doubt, the market continues to show strength for extremely desirable and well-documented examples; Dr. Porsche’s 1961 356 Carrera 2/2000 GS, the 1939 Alvis Speed 25 Tourer, and the 1964 Shelby Cobra CSX 2492 among many others are clear evidence of this.”

“The quality and caliber of consignments this year far surpassed any to date. I believe that this selection of automobiles proves our ALL RESERVE format is working. This platform benefits everyone. The consignors get a measure of control over the sale of their automobile, the auction house has the opportunity to increase the quality of its selection offered at the sale, and bidders have the opportunity to buy some of these stellar automobiles that might not otherwise be available. Russo and Steele is merely the first auction to realize this, but I am sure we won’t be the last” Alcazar continued.

The combination of higher caliber automobiles and the intense excitement found on Russo and Steele’s auction block in Monterey left Russo and Steele’s clients eagerly anticipating the 10th Anniversary this January in Scottsdale.

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