Scottsdale's Success

The 9th Annual Scottsdale Auction Event reported a total results of $17.1 million and a 48% sale rate. Due to Russo and Steele's ALL RESERVE platform owner buybacks are eliminated and not are obviously not reported the total sales. This allowed Russo and Steele to generate the most accurate representation of the current collector hobby.

Scottsdale’s outcome exemplifies Russo and Steele’s status as a leading collector automobile auction event. Prepared for a slight wane in its total numbers from last year, this was a direct result of its decision to convert to an ALL RESERVE platform. The co-owner and CEO of Russo and Steele reflected on the success of Scottsdale 2009 by saying: “I knew that our ALL RESERVE platform would affect the total sales and sales rate percentage when I choose to implement this change. However, Russo and Steele is now the one true representation of the current market by eliminating owner buybacks. In addition, I believe that the platform was worth a few percentage points in the sales rate to provide our clients with a fair, level playing field when participating in our auction event. It clearly benefited our marketplace by producing the highest level of quality inventory and the lowest level of change in total sales (by half) when compared to other auctions.”

The top sales of the 2009 Scottsdale auction were a 1955 Mercedes Benz 300 SL Gullwing $660,000, a 1964 Shelby Cobra CSX 2519 $495,000, a 1970 Plymouth Hemi 'Cuda - 'Nicolas Cage' $440,000, a 1962 Pontiac Catalina $412,525, and the 1937 Cord 812 Supercharged Phaeton $401,500.

In addition to the top sales Russo and Steele broke a few world records through the sale of the 1962 Pontiac Catalina Super Duty and the 1971 Dodge Hemi Challenger R/T.