Auction Action Returns to the Beach with Russo and Steele

A very beautiful 1953 Packard 'woody' station wagon ... note that the wood is also on the inside door panels, goes up for a change in ownership at the action held in Newport Beach by Russo and Steele. Image Credit: James Groth (2013)

Auction Action Returns to the Beach
Russo and Steele Newport Beach, CA June 20-22, 2013
By: James Groth

Newport Beach has always been about lifestyle and money so even a car auction must be upscale to measure up in this town. Russo and Steele choose Newport Dunes as the site for its inaugural collector automobile auction. Having the auction on the water and across from the Hyatt Newport Beach Resort was an ideal choice.

 Image Credit: James Groth (2013)

They opened with a preview charity event for perhaps Orange County’s favorite charity, CHOC Children’s. Saturday morning started with a Classic Car Seminar by classic car insurance specialist’s Hagerty entitled, “Valuation and Vehicles Trends,” for serious collectors and those looking to learn. Russo and Steele provided a pocket guide on the cars. It’s ideal for carrying around and gives you all you need unless you require a coffee table book for your home.

The auction was as advertised, something for all types of collectors from hot rods, customs, and muscle cars to a Mercedes SLR McLaren to a Bugatti Veyron. There were some rarities too in particular a 1952 Tojejro Bachetta sports racer.

1952 Tojeiro Barchetta Sports Racer

2008 Bugatti Veyron EB 16.4

1951 Mercury coupe with 'skirts' and a 'chopped' top ... nicely sculpted

Image Credit: James Groth (2013)

The most unusual had to be the 1932 Ford SPCON Phaeton 1000 hp convertible that featured a Rolls Royce V-12. This is the same motor used in the British WW ll Spitfire fighter plane. I had the opportunity to fly a two seat Spitfire over the Pacific out of Santa Monica at the 60 Anniversary of the Battle of Britain. That unforgettable experience of power makes me wonder how you can drive this car, with the addition of a blower, on anything other than the drag strip. However, that may be thrilling enough for the owner along with the uniqueness of the car.

1932 Ford SPCON Phaeton

Rolls Royce V-12

Image Credit: James Groth (2013)

I recall when Rick Cole held auctions here twenty years ago. I sold my recently restored Jaguar Series lll V-12 convertible with them and they worked me harder than the buyers. I like what I saw today compared to my experience; the staff was warm, friendly and professional. I for one enjoyed that the sales staff does not go into hysterics by screaming after each sale. Russo and Steele events are more professional and better suited for Newport.

1954 Jaguar XK120 Roadster

1957 Chrysler Imperial Coupe highlighted by Deep Glossy Red PPG Concept paint

Image Credit: James Groth (2013)

The crowd on Saturday while not massive was good for an opening event given all the options that the Newport Beach area offers. As you can see in the photos the event also drew the non-collectors, families and lovely single ladies. I spoke with many of them and they were either just curious or out for an enjoyable day in a great setting. With General admission at $20, not much more than a movie ticket and certainly more entertaining the event delivered as did the comfortable weather.

1958 coral and white 2-tone Chevrolet Bel Air with 'Continental Kit' spare tire

“The “Bubbletop” a 1961 Chevrolet Impala SS Sport Coupe is one of 453 Super Sports built for the year

1971 Dodge Charger R/T Coupe with 426 Hemi Shaker Hood

1939 Willys Coupe All Steel powered by a blown Chrysler 392 Hemi V-8 with computer-controlled Hilborn fuel injection

Classic 1963 VW Bus featuring 23 windows, cloth sunroof, with vintage factory aluminum and wood roof rack

Image Credit: James Groth (2013)

As of this writing the sale prices have not been posted, they will be available at: russoandsteele.com.

I for one will be curious to see them since some of the bidding was hard to understand. A 1969 Orange 911 S at $110,000 seemed strong to me, while a “one-off” 1953 Packard Woody Station Wagon in top restored condition (featured above) struggled to reach $50,000.

A very classic 1969 911S Porsche ... a mark that is celebrating its 50th year

Image Credit: James Groth (2013)

I say welcome to Newport and hope Russo and Steele returns. Their next auction will be in Monterey, CA August 15-17th.
(posted by The EDJE)

Russo & Steele's Auto Auction Gets Major Air

“There are downed electrical lines in there, wires, cables, propane heaters and canisters, broken glass, etc.,” Drew Alcazar, founder and co-owner of Russo & Steele, said in an interview Friday afternoon. “We hope to be allowed back in the site by Saturday morning. If we can, we’d like to reopen the auction Sunday, and maybe extend to Monday if there are enough interested owners and buyers.” /// About 600 classic automobiles, including the car that has perhaps piqued the most curiosity at this year’s Arizona collector car auctions — a 1948 Tucker 48 convertible — were in the tents at the time, Mr. Alcazar said. Image Credit: azfamily.com

Russo & Steele's Auto Auction Gets Major Air

After a successful and enjoyable breakfast gathering for inside auto-enthusiasts and members of the press, the day began well for the folks over at the Russo and Steele.

Russo and Steele in Scottsdale is a standout against the well publicized "No-Reserve" policy of the other major auction held this week at Barrett-Jackson, in that they hold an auction where all cars are held with a Reserve. This auction operation believes that quality consignments are the result of only two scenarios; either the owner had paid a premium or has endured a costly and laborious restoration. Neither of these two will entice this caliber of automobiles to simply be “sold to the highest bidder – regardless of price” ... hence, "No-Reserve".

These consignors want “top dollar” for their car. The challenge all auction companies face is how to attract quality consignments and consign them with appropriate reserves that will be well received by our knowledgeable bidders. A car does not get sold unless it meets the negotiated minimum price - The Reserve.

Russo and Steele’s Scottsdale sale occupies the middle ground of the collector car market — roughly $100,000 to $500,000 — offering mainly American muscle cars and European sports cars.

But the Russo and Steele auction, which began on Thursday, was interrupted that evening by one of the most severe storms the area has experienced in years. Winds tore at two of the tents the company was using to house cars going to auction, collapsing one of them and sending parts of the other blowing onto the nearby 101 Freeway.

This excerpted and edited from Examiner -

Russo & Steele's Scottsdale tents collapse during auction
January 21, 10:57 PM - Classic Autos Examiner, Jim Cherry

Severe weather punishing the American West struck Scottsdale, Arizona with full fury this afternoon during Russo & Steele's auction of ultra rare, blue chip classic cars. See details of Russo & Steele's offerings this year by clicking here.

The tents that collapsed were side structures. Thankfully, no one was injured as most attendees were busy watching the action in the main tent. Between 5,000 and 10,000 people were in attendance at Russo & Steele when disaster struck at 6 P.M., according to AZFamily.com.

Russo & Steele Auction was immediately evacuated. Even car owners had to leave without knowing the fates of their valuable classic rides. It is believed that several cars were damaged.

Arizona state governor Jan Brewer declared a state of emergency due to the extensive impact the severe storm has had all over the state.
Reference Here>>

In Scottsdale strong winds have blown over two tents at the Russo-Steele Auto Auction. The auction had to be evacuated and there is major damage to the tents. There were no injuries reported. Most people at the auction at the time were inside the main tent, which is still intact but two other tents were destroyed along with a lot of expensive cars. What was left of the massive tents at the annual auction in north Scottsdale continued to flap violently in the wind leaving the auction cars exposed to the harsh elements. A lot of the collectors' cars have spent years in garages and have barely seen any kind of weather, let alone a fierce storm. Image Credit: azfamily.com

And this excerpted and edited from the New York Times -

Storm-Damaged Auction Site Remains Closed
By JERRY GARRETT - January 22, 2010, 7:59 pm

McKeel Hagerty, president of Hagerty Insurance, which specializes in coverage for vintage cars, said he had surveyed the auction site from a distance. He said he estimated that perhaps as many as half of the 600 cars had suffered at least some damage. “You can see that some of them have been extensively damaged,” he added.

Was this the worst disaster the classic car industry has suffered?

“Hurricane Katrina was worse,” Mr. Hagerty said. “We lost 500 to 600 classic cars in that one. But, other than that, this is the worst I can remember.
Reference Here>>

For more background on Russo & Steele see: Russo and Steele Scottsdale 2010

... notes from The EDJE

(HT: originally published and re-posted with permission from The EDJE)