The expertise of Russo and Steele goes beyond simply having the singular focus and objective of a collector car auction; the fact is, we are fellow enthusiasts as well. We actively participate in Concours d'Elegance shows, road rallies, auctions, vintage racing and other collector car events.Look for our staff at various events around the country and you will see a dedicated effort to perpetuate the enjoyment of our hobby and also be keenly in tune with current values in the marketplace.As we travel across the country participating in collector car events we are scheduling appointments for hobbyists that would like to have an expert personally discuss their collector automobile or collection.
Lifestyle Event Schedule For Russo and Steele
September 12-13, 2009: Racing at Uncorked Mazda Raceway Laguna Seca
September 13, 2009: Palos Verdes Concours d’Elegance
September 25-27, 2009: Phoenix International Raceway
September 26-27, 2009: Coronado Speed Festival
October 4-9, 2009: Muscle Car 1000
October 8-11, 2009: Hershey
October 23-24, 2009: 4th Annual Mustang Monsoon Madness
November 3-5, 2009: SEMA
November 7-8, 2009: Firebird Racing
December 5-6, 2009: SCCA 3rd Annual December Vintage Classic
December 10, 2009: Russo and Steele Catalog Party
January 20-24, 2010: Russo and Steele’s 10th Anniversary auction event
Thursday, September 10, 2009
Wednesday, April 15, 2009
FCNA Platinum Award Winning 1970 FERRARI 365GT 2+2 OFFERED AT THE 9TH ANNUAL RUSSO AND STEELE MONTEREY EVENT
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| Award Winning 1970 FERRARI 365GT 2+2 |
The 9th Annual Russo and Steele ‘Sports & Muscle at the Marriott’ auction event will presents a range of the most luxurious and collectable European sports, American muscle, Hot rods and custom automobiles. Superior customer service, unparalleled quality automobiles, a unique and memorable event for every enthusiast’s has earned it the reputation as one of the Big Three auctions to watch. The auction event will be held August 13th-15th at the Marriott Hotel in historic downtown Monterey. It will present a diverse range of highly collectable marquees and models suitable to satisfy any automotive desires.
Designed by Pininfarina and debuted at the 1967 Paris Auto Salon the Ferrari 265 GT 2+2 resembled the Princess Lilian 330 Speciale shown earlier in the year, but with a longer wheelbase and different rear roofline and tail treatment.
It was the first Ferrari 2+2 with independent rear suspension and another first was that its rear wishbones, coil springs, Koni shocks, and antiroll bar were supplemented by a hydro-pneumatic self-leveling system. The Koni-developed setup was developed to balance the weight of rear passengers.
As the 1960s drew to a close, the Ferrari 365 GT 2+2 was the only Ferrari sold in America; due to new U.S. emissions and safety laws. In the end, Ferrari’s 2+2 models ended up their best-selling cars throughout the 1960s.
A fully sorted and mechanically-fresh example, this particular Ferrari comes complete with extensive service history, documented with receipts and recently benefited from a full engine rebuild and blueprinting by noted Italian supercar authority Bob Wallace. Following this mechanical rejuvenation, the already-strong cosmetics were treated to over 130 hours of cosmetic detailing under a year ago inside and out to include a comprehensive interior restoration. Today, this vehicle sports a fresh full-leather interior and contains all the period correct items including the vintage Blaupunkt radio, owner’s manual with pouch and warranty card and a completely-correct and authentic tool kit acquired during the past year to round out the exceptional array of Concours-correct perfection every Ferrari owner hopes to attain. Even the period-correct Michelin XWX tires on the gorgeous Borrani wire wheels this car wears stand to ensure the new owner a complete package representing the very best of the best.
This particular numbers matching 1970 Ferrari 365 GT 2 + 2 has been shown extensively over the past 20 years garnering many FCNA awards including a Gold Class award at the 2006 FCNA Cavallino event in Indianapolis. Subsequent to that event this already impressive car was treated to a beautiful interior restoration, a complete engine re-build by Mr. Bob Wallace in Phoenix with further engine bay detailing and a complete and accurate trunk re-outfitting to the highest possible standards with no expense spared (Tools, Jacks, Books and Spare). Subsequent to this work the car scored the coveted Platinum award at the FCNA event at the Concorso Italiano in Monterey 2008, as well as scoring the "Best in Class" award, Ferrari division, at Oregon's official state auto concours in Forest Grove 2008.
Monday, February 23, 2009
So, Why Russo and Steele?
It is pretty simple. As a Buyer, you want to access the very best selection of the type of cars you enjoy and purchase the highest quality and caliber additions to your collection. As a Seller, you want to maximize your sales results and know that your car is marketed to a worldwide audience with professionals dedicated to achieving your goal. Finally, everyone wants to enjoy our great hobby in an atmosphere focused on the camaraderie of like-minded enthusiasts. These elements are exactly what Russo and Steele is all about. Almost ten years later, our special brand of close personal relationships binding a rabidly loyal group of enthusiasts has solidified our event as a "must attend" for genuine aficionados.
YOUR HOBBY, YOUR MARKET!
The expertise of Russo and Steele goes beyond simply having the singular focus and objective of a collector car auction; the fact is, we are fellow enthusiasts as well. We actively participate in Concours d'Elgance shows, road rallies, auctions, vintage racing and other collector car events. This hooks us directly into the heart of our mutual passion. Look for our staff at various events around the country and you will see a dedicated effort to perpetuate the enjoyment of our hobby and also be keenly in tune with current values in the marketplace. Counseling our clients to enjoy the very best of the hobby is our duty. Read about our exclusive "ALL RESERVE" format on our website and you will soon understand the value of presenting consignments with realistic reserves. This policy translates directly to the extremely high quality cars current buyers expect and demand. It is exactly what we are best at. An honest, level playing field with "arms length" transactions consummated with strict attention to detail and integrity perpetuates the relationships we work diligently to foster and maintain.
THIS IS WHY RUSSO AND STEELE!
Sure, we have the best amenities in the hobby; full gourmet food buffets, hosted bars and cocktail service, only credentialed clients inside, complementary full coverage insurance, transportation services, our "patented" Auction in the Round format, dully disclosed VIN numbers and (new this year) the Authenticity Certificate Program offering the most clearly represented descriptions anywhere, on and on... Most important factor at Russo and Steele is the PEOPLE. From our expert staff to the many volunteers that join our family each event, the mood, vibe, feel and atmosphere is clearly evident. "For enthusiasts by enthusiasts" is not just a tag line; for us, it's a lifestyle. The many lifelong friendships we enjoy and the hobby that brings us together is why we extend the invitation for all to join us this January in our beautiful home of Scottsdale for the Russo and Steele Sports and Muscle Collector Automobile Auction!
YOUR HOBBY, YOUR MARKET!
The expertise of Russo and Steele goes beyond simply having the singular focus and objective of a collector car auction; the fact is, we are fellow enthusiasts as well. We actively participate in Concours d'Elgance shows, road rallies, auctions, vintage racing and other collector car events. This hooks us directly into the heart of our mutual passion. Look for our staff at various events around the country and you will see a dedicated effort to perpetuate the enjoyment of our hobby and also be keenly in tune with current values in the marketplace. Counseling our clients to enjoy the very best of the hobby is our duty. Read about our exclusive "ALL RESERVE" format on our website and you will soon understand the value of presenting consignments with realistic reserves. This policy translates directly to the extremely high quality cars current buyers expect and demand. It is exactly what we are best at. An honest, level playing field with "arms length" transactions consummated with strict attention to detail and integrity perpetuates the relationships we work diligently to foster and maintain.
THIS IS WHY RUSSO AND STEELE!
Sure, we have the best amenities in the hobby; full gourmet food buffets, hosted bars and cocktail service, only credentialed clients inside, complementary full coverage insurance, transportation services, our "patented" Auction in the Round format, dully disclosed VIN numbers and (new this year) the Authenticity Certificate Program offering the most clearly represented descriptions anywhere, on and on... Most important factor at Russo and Steele is the PEOPLE. From our expert staff to the many volunteers that join our family each event, the mood, vibe, feel and atmosphere is clearly evident. "For enthusiasts by enthusiasts" is not just a tag line; for us, it's a lifestyle. The many lifelong friendships we enjoy and the hobby that brings us together is why we extend the invitation for all to join us this January in our beautiful home of Scottsdale for the Russo and Steele Sports and Muscle Collector Automobile Auction!
Monday, February 16, 2009
Show-quality 1960 Ferrari 250GT PF Series II Cabriolet Offered in Monterey
Russo and Steele’s 9th Annual ‘Sports & Muscle at the Marriott’ auction event has earned its name as one of the Big Three auctions to watch by providing superior customer service and unparalleled quality automobiles. It presents a range of the most luxurious and collectable European sports, American muscle, Hot rods and custom automobiles, but will also provide every enthusiast a unique and memorable event. The auction event will be held August 13th-15th at the Marriott Hotel in historic downtown Monterey. It will present a diverse range of highly collectable marquees and models suitable to satisfy any automotive desires.
The Ferrari 250 was the company's most successful early line of vehicles and the 1960 Ferrari 250GT Series II Cabriolet on offer here is believed to have been imported by Vilem B. Haan when new and kept as his personal car for several years. Haan was one of the pioneers of the American sports car aftermarket and known to readers of period automotive magazines for his catchy advertising and unique offerings. The car was later restored by renowned craftsman Steve Tillack of Redondo Beach, CA and is now finished in a deep maroon over tan hides and a black cloth convertible top. The quality and comprehensiveness of the restoration work performed speaks for itself as the car remains in show-quality condition, most recently on display just this past fall at the Palos Verdes Concours d’Elegance. From the exquisitely chromed bumpers and Borranis on the outside to the instrument panel and Nardi steering wheel inside, the richness of its appearance and tactile elements is second-to-none. Under the hood, the Colombo V-12 is just as thoroughly restored and well-detailed as the exterior cosmetics. All of this was recently attended to by the car’s current vendor, a meticulous top-flight collector, to ensure that the new owner will be able to enjoy the pleasure of open-top motoring in a front-engined Ferrari V12.
Friday, February 13, 2009
What? You gotta be kidding me! You mean you never…
“I’ve never been to Monterey!” I am still amazed when I hear this proclamation from many lifelong automotive enthusiasts. If you are a member of these ranks, you simply owe it to yourself (and those you love) to attend the euphoric odyssey of what is properly billed as the ultimate collector automobile experience in the northern continent. Your only regrets will be “why have I not done this before?”
After your initial experience in Monterey you will be “hooked” and a full week each August will forever dominate your calendar; all other scheduling efforts will revolve around making darn sure ancillary obligations do not interfere with your annual trip to Monterey. Four world class Concours shows, almost a week of vintage races, five auctions (grossing over $134 million last year) driving events, product introductions, marquee club functions, more cocktail receptions than you can possibly attend, window shopping, great dining, fabulous wine, and building lifelong friendships with fellow enthusiasts stricken by the same sickness, all create the preeminent collector automotive event in the known universe.
On a recent flight, I did the math and realized this year will by my 22nd consecutive pilgrimage to the Monterey peninsula for what is now just called “Pebble” or “Monterey” describing the (almost) week long emersion into the ultimate collector automobile nirvana. It seems like only yesterday this week consisted of just the Vintage Races at Laguna Seca, dinners in quaint Carmel By the Sea restaurants with a fantastic bottle of local wine; while the rising anticipation toward Sunday’s ‘crack of dawn’ (almost reverent- viewing of the fabulous works of art while they drove across the 18th green of the Pebble Beach Golf Course at 6:30 AM) mounted. These memories combined with thoughts of the exhaust condensation mixed with the still lingering mist rolling across the damp grass and the pure joy of being “in the moment” – sometimes makes me lament that I have turned this ethereal ‘weekend’ into ‘work’ with our production of Russo and Steele’s “Sports and Muscle in Monterey” auction event. Regardless, I leave each year knowing I had more fun than the law allows!
I realize that so many things have changed from those early days when we rode our motorcycles up the coast and coming ‘over the hill’ looking down on the vision of Ferrari GTO’s and Shelby Cobras dancing around the racetrack. It was like entering a gear-head Shangri-La. Now, one must actually ‘schedule’ their (almost) weeklong activities simply because there is no way to participate in everything that comprises this ultimate collector car Mecca.
So, you can see why I am often shocked when one of my clients tells me they have “Never been to Monterey” (for the August festivities). For the many new enthusiasts to this wonderful extravaganza, please allow me to invite you to join us ‘veterans’ with some possible suggestions on how to make “Monterey” or “Pebble” (or what ever you choose to call it) a part of your yearly collector automobile landscape. We welcome you, your friends and your enthusiasm!
Plan Ahead
Regardless of your social or economic status, unless you are planning to bring your sleeping bag and tent to Salinas, make your hotel reservations early. “Don’t you know who I am” falls on deaf ears when it comes to getting premium reservations on the Peninsula during this week. This is due to the brutal reality that there are loads of folks in line right behind you with gobs more money than you have – no matter how much you have. Many veterans have long standing reservations that have been built over many years at the same properties. Monterey and Carmel are not very well equipped to handle the deluge of human beings that descend on this tiny patch of real estate. With the exception of the Pebble Beach Golf Tournament, major race events at Laguna Seca (both automotive and motorcycle), not much of this area is built to withstand the massive influx that pushes the local hospitality recourses to their limits. Imagine the anti-Vegas, where quaint hotels and restaurants that seat 50 people abound. Suffice it to say, hotels and restaurants are about the ‘quality of the experience’ and not about the quantity. On the positive side, there are many wonderful little hotels, places and restaurants there to choose from. The trick is – PLAN AHEAD.
Hotels and Restaurants
You are making last minute hotel reservations, get what you can and then “scout” the really cool places you want to stay at next year and get your name on “the list” for either reservations for next year or at least get on a “waiting list.”
Read up on the best restaurants in Monterey and Carmel and book reservations ahead of time. Even then, you will probably get to wait a while – so coming ravenously hungry or impatient is not recommended. Try the local wines that you have never heard of and always ask if the house has a recommendation. Make sure to enjoy it though, because chances are it will be great and you’ll never see or hear of it again.
The ‘evolution’ of where you will stay and where you will eat will take years to master. A mix of the restaurants you really like with new ones that crop up will make for a wonderful mix. As for hotels, I love the quaint town of Carmel By The Sea – the only draw back is the traffic ‘over the hill’ to Monterey.
Traffic – Traffic – Traffic
Traffic sucks, but that is part of the experience. The great thing is you are not alone. This area is just not conducive to moving as much traffic as descends on this week, and there is only “one way in – and one way out” of most places. Carmel Valley Road – Pacific Coast Highway – and the highway to the track (toward Salinas) are the only way in or out to Downtown Monterey and Carmel by the Sea. Revel in the fact that everyone is also dealing with it, but the ‘silver lining’ to this cloud is that traffic can be a wonderful rolling showcase of great cars, which are rarely seen on the road. Event parking lots transform themselves into ‘mini-car shows’ and the streets of Carmel and Monterey look like a parade of automotive art. Relax, and enjoy the sights, sounds, and pack some refreshments in your car.
Insiders Tip – Traffic “Come early = Leave early OR Come late = Leave Late
As everyone is at some event during the day (and most venues are in remote locations) many times there is only “one way in – one way out”. Laguna Seca Race Track and The Quail suffer from this syndrome the most. Typically, if you can be one of the first ones “in”, which translates to between 7:00 AM and 9:00 AM then also leave early – before 3:30 – you will have a much better chance to avoid the “crunch”.
PRIME TIME AT MOST EVENTS IS FROM 10:00 AM – 4:00 PM!
Conversely, you can also do just the opposite, which works great for Pebble Beach, which is to come late – then find a place to hang out for cocktails and munchies – then leave AFTER the traffic crunch.
Make sure you are back to Downtown Monterey on Friday and Saturday evenings BEFORE 5:00 PM! Any later and parking is just nuts!
Tickets – Parking
If and when you can, get your tickets in advance! Some events are now limiting the number of attendees. The Quail is most notable for selling out – but any place that will allow you to purchase admission tickets in advance will shorten your wait time in lines and get you to the fun right away.
Insiders Tip – Many times it is not the admission ticket which is most valuable. The PARKING PASS is where the veterans and the ‘newbies’ can get separated. Any venue that offers a “Premium Package” that includes VIP Parking (usually at an additional cost) take advantage of it! Also, if there is a Valet Service – use it! Remember to tip well so you can shorten the waiting lines that occur even at Valet stands.
Pick and Choose
Do NOT try to “do everything! Much like going to Disney Land for the first time, thinking you can ride ALL the rides is simply impossible.
Insiders Tip – Plan each day with a “day event” and a “night event”. Go for the QUALITY of the experience, NOT the QUANTITY.
A suggested itinerary might be:
Arrive Tuesday – settle in, get a nice meal at one of the many small restaurants in Carmel By The Sea and bask in the wonderful weather and enjoy a bit of tranquility before the “games begin”!
If you want to see some cars right away, the Ocean Avenue Motoring Club presents their annual Carmel by the Sea Concours on the Avenue (which actually begins on Monday featuring exclusively Porsche and Ferrari) then continues on Tuesday with a field of multiple marques through 1971.
For information go to: http://motorclubevents.com/
Wednesday -
Day: Sleep in – catch a brunch and then take a drive without worry of traffic or time. If you flew in - go for a couple of miles south on Pacific Coast Hiway or go up 17 mile drive past Pebble Beach. Maybe catch the Monterey Bay Aquarium or stroll Fisherman’s Warf or the beach.
Monterey Bay Aquarium
Monterey Chamber of Commerce
Old Monterey Business Association
Carmel CA Chamber of Commerce
Night: Gordon and Molly McCall’s fabulous party that started as small gathering at his shop at the Airport has now grow to a showcase of all the fabulous toys you could ever dream of in a thousand lifetimes. Located at the Monterey Jet Center – this serves as a great “official” kick off to the weekend!
Tickets are now available for purchase in advance.
McCall Events, LLC.
http://www.mccallmotorsports.com
See Events - Tickets are $200.00 and sell out fast.
Thursday –
Day: Another good day to “prowl around” and “get the lay of the land”. Mostly a “load in” day for many of the events, but it is also fun to see all the action as the various events get set up. Cool cars will be running everywhere, so street side mini car shows abound.
One great attraction is the Pebble Beach Tour. Throughout the day, mostly in Carmel by the Sea, many of the cars you will see on display at Sunday’s Concours will take a driving tour through the Peninsula. A great way to see these rolling works of art – well, rolling! Grab lunch on Ocean Avenue in Carmel and watch the parade. Then, maybe catch a quick nap to prepare for the evening festivities.
Pebble Beach Tour: August 16
7 – 8 a.m. Cars line up near Collins Field in Pebble Beach
8:30 a.m. Tour departs, portions of 17-Mile Drive and Highway One
11:30 – 12 noon Tour arrives in Carmel-by-the-Sea
12 noon – 2 p.m. Cars are displayed on Ocean Avenue
Night: The Russo and Steele Preview Cocktail Reception. Josephine transforms the Calle Principal (one block “up” the street from the Marriott) into a wonderful setting of eats, drinks, getting hooked up with friends and of course, checking out the auction cars. Last year she had a huge ice sculpture overflowing with shrimp and a full size piano being played by a concert pianist. See you there!
Russo and Steele Collector Automobile Auctions
Sports and Muscle in Monterey 2009
Register To Bid Now
Friday –
Day: First timers will really enjoy the Concorso Italiano. Our friend Jack Wadsworth has moved the event “up the street” from the old Fort Ord location to a new venue just to the north of Seaside, the Marina California Airport. Easy access, plenty of great parking and less traffic to and from Monterey are just a couple of logistical enhancements to look forward to. In addition, let’s not forget, the largest gathering of Italian Sports Cars anywhere on the planet! The day goes by fast, so pace your self and bring some extra cash to explore the wonder assortment of unique vendors that congregate at this world-class affair.
"A celebration of Italian style" Concorso Italiano - www.concorso.com
Evening: BOTH Friday and Saturday nights will be the best time to be in Downtown Monterey! The Russo and Steele Sports and Muscle at the Marriott starts promptly at 5:00 PM. Come a bit early to witness the unique “rolling preview” as the auction cars parade down the street. We close off the entire block in front if the hotel and stage two lines of cars – quite a sight. Then, as the shadows grow and twilight arrives, be part of the thrill as the finest European Sports, American Muscle, Hot Rods and Customs roar up the hill before turning into the second floor Ballroom of the Marriott and our patented “Auction in the Round” format puts you in the center of the action!
Russo and Steele Collector Automobile Auctions
Sports and Muscle in Monterey 2009
Register To Bid Now
Saturday –
Day: If you did not make it to Laguna Seca Racetrack prior to today – this is the best time to see Vintage Competition Race Cars in their full glory! This year, as I understand it, the Trans Am cars will actually race on Saturday (in years past it was Sun, which conflicted with Pebble Beach Concours)
Take the time and effort to hike to the “top” of the track and witness the “big bore cars” of B Production and Trans Am thunder through the sky in Turn 9 and then howl as they descend into the infamous “Corkscrew.” Our friend Steve Earl and his General Racing group go above the call of duty to ensure that the cars you see are just like they were “in the good old days.” This is one of the best Vintage Race experiences you can imagine!
Mazda Raceway Laguna Seca
Tickets for the 33rd Rolex Monterey Historic Automobile Races Presented by Toyota will range from $45.00 to $125.00.
www.laguna-seca.com/tickets
Evening: You KNOW where you’re gonna be! 5:00 PM – Marriott Ballroom – Downtown Monterey – Don’t make me send out a search party for you, remember I probably know where you sleep!
Russo and Steele Collector Automobile Auctions
Sports and Muscle in Monterey 2009
Register To Bid Now
Sunday –
Pebble Beach Concours d’Elegance. That says it all. Go REALLY early in the morning if you want to avoid the crowds and watch as the cars drive onto the 18th Green of this world renowned Golf Course. It always amazes me how they let a bunch of old cars clutter up the most expensive piece of finely manicured lawn for some car show! Oh, but what a show! Bask in the glory and euphoric haze as cars worth bazillions create the most dramatic display on earth. Dress warmly for this early morning pilgrimage at it can be brutally cold.
By 10:00 AM – it will be a “mob scene” so either stroll by the cars early or wait until the awards presentation starts and focus shifts to the podium; the crowd thins in the late afternoon. Take pictures of you and your friends – forget the cars as there will be hordes of onlookers and waiting to “get the right shot” will only serve to be as frustrating as others who ask in vain “can you move?” – Yeah, right.
Of course, you can go later (after Noon) and stay late when the Best of Show is awarded. Toast your good fortunes with friends and relax as the sunsets over Pebble Beach; you will wonder how you became so lucky.
Insiders Tip – Get a Taxi ride to the Lodge at Pebble Beach; the only tough part is getting one back from whence you came. Patience is the key, and for you “high rollers” consider hiring a driver service to exclusively drop you off and pick you up at a designated time and place – or be at your beckon call! Remember – getting any moving vehicles around the Lodge at peak times is futile. Patience, patience, patience…
Pebble Beach Concours d'Elegance
www.pebblebeachconcours.com
$150 in advance or $175 day of the event
Evening: Reservations following the Sunday Pebble extravaganza are MANDITORY! Everyone and their dogs (even their grandmothers) will be looking to dine; not just eat, but dine… which translates to making a long evening affair and very few restaurants enjoy many table changes tonight.
Insiders Tip – Ummm, did I mention you need a reservation?
Fashion Show
Plan on checking luggage; lots of luggage. Since most events will have you running “late” to most venues – getting a change of cloths is essential. This is a tremendous help to make you feel refreshed, even if you just took a “cat bath” in the hotel sink and spritzed on some perfume or cologne, giving you the great illusion you actually took a real shower. All kidding aside, getting a “costume change” will go along way to helping you get your “second wind” as you jump back into the fray for the evening festivities. Most events are “Upscale California Casual” with comfort the focus for the days and be prepared for the misty nights on the peninsula with a light jacket or sweater in the evenings. The various Concours events are great fashion shows and a chance to “see and be seen”. No need to go “over the top” but certainly look your best – as you will then feel comfortable with others who are in attendance.
The “Big Day” is Pebble Beach. Men, only your best Thurston Howell Country Club attire will do. Think Ralph Lauren (who you will probably see on the lawn) and then add your own personal flair. Ladies, think romantic elegance of the days of yore. Imagine your favorite old movie; when studios actually had “stars” – the pageantry, and the best of the best. This is one of the finest opportunities to showcase your entire ensemble; from head to toe and all accessories in between. From cigars to champagne, this experience will be one to talk about until your return next year!
Insiders Tip – BOTH Men and Women wear HATS! Shopping for days in advance for just the “right” hat is most of the fun! Getting the details right is a key element separating the “wannabees” from the veteran fashionistas.
Parties Galore
Receptions, cocktail parties, lunches, club dinners, on and on. It would be easy to simply eat and drink your way through the weekend, so do some advance reconnaissance to schedule your priorities. Many times it is not WHERE you are – it is vastly more important whom you are with. Share each opportunity with your close friends and savor the moments.
Insiders Tip – Choose which receptions you really want to attend that coincide with the schedule you have chosen. Thinking you are going to attend a cocktail party at the Polo Fields of Pebble Beach – when later you want to be in Downtown Monterey just does not work. Remember – less is more.
Recovery
Unless you are a bionic tri-athlete, stay over until Monday. Heck for that matter, stay till Tuesday! (of course, make sure your banker wires the funds for your Russo and Steele acquisitions first thing Monday morning) Regardless, getting back “home” following this weekend is like hitting a wall of molasses doing 100 miles an hour… You will be exhausted (if you did it correctly) and probably not know it until you see the fog laden hills of the Peninsula fading beneath your aircraft window. Ease back into “reality” as this weekends memories are best remembered and savored before the ‘rat-race’ of our “real lives” consumes us once again.
Insiders Tip – Fly home mid afternoon Monday and do not plan ANYTHING for Tuesday except for unpacking bags, getting your laundry together, downloading your pictures, eating at home, re-introducing your self to your pets, and coming out of the haze; leave the brutal return to reality to Wednesday.
WELCOME TO THE CLUB… SEE YOU NEXT YEAR!
After your initial experience in Monterey you will be “hooked” and a full week each August will forever dominate your calendar; all other scheduling efforts will revolve around making darn sure ancillary obligations do not interfere with your annual trip to Monterey. Four world class Concours shows, almost a week of vintage races, five auctions (grossing over $134 million last year) driving events, product introductions, marquee club functions, more cocktail receptions than you can possibly attend, window shopping, great dining, fabulous wine, and building lifelong friendships with fellow enthusiasts stricken by the same sickness, all create the preeminent collector automotive event in the known universe.
On a recent flight, I did the math and realized this year will by my 22nd consecutive pilgrimage to the Monterey peninsula for what is now just called “Pebble” or “Monterey” describing the (almost) week long emersion into the ultimate collector automobile nirvana. It seems like only yesterday this week consisted of just the Vintage Races at Laguna Seca, dinners in quaint Carmel By the Sea restaurants with a fantastic bottle of local wine; while the rising anticipation toward Sunday’s ‘crack of dawn’ (almost reverent- viewing of the fabulous works of art while they drove across the 18th green of the Pebble Beach Golf Course at 6:30 AM) mounted. These memories combined with thoughts of the exhaust condensation mixed with the still lingering mist rolling across the damp grass and the pure joy of being “in the moment” – sometimes makes me lament that I have turned this ethereal ‘weekend’ into ‘work’ with our production of Russo and Steele’s “Sports and Muscle in Monterey” auction event. Regardless, I leave each year knowing I had more fun than the law allows!
I realize that so many things have changed from those early days when we rode our motorcycles up the coast and coming ‘over the hill’ looking down on the vision of Ferrari GTO’s and Shelby Cobras dancing around the racetrack. It was like entering a gear-head Shangri-La. Now, one must actually ‘schedule’ their (almost) weeklong activities simply because there is no way to participate in everything that comprises this ultimate collector car Mecca.
So, you can see why I am often shocked when one of my clients tells me they have “Never been to Monterey” (for the August festivities). For the many new enthusiasts to this wonderful extravaganza, please allow me to invite you to join us ‘veterans’ with some possible suggestions on how to make “Monterey” or “Pebble” (or what ever you choose to call it) a part of your yearly collector automobile landscape. We welcome you, your friends and your enthusiasm!
Plan Ahead
Regardless of your social or economic status, unless you are planning to bring your sleeping bag and tent to Salinas, make your hotel reservations early. “Don’t you know who I am” falls on deaf ears when it comes to getting premium reservations on the Peninsula during this week. This is due to the brutal reality that there are loads of folks in line right behind you with gobs more money than you have – no matter how much you have. Many veterans have long standing reservations that have been built over many years at the same properties. Monterey and Carmel are not very well equipped to handle the deluge of human beings that descend on this tiny patch of real estate. With the exception of the Pebble Beach Golf Tournament, major race events at Laguna Seca (both automotive and motorcycle), not much of this area is built to withstand the massive influx that pushes the local hospitality recourses to their limits. Imagine the anti-Vegas, where quaint hotels and restaurants that seat 50 people abound. Suffice it to say, hotels and restaurants are about the ‘quality of the experience’ and not about the quantity. On the positive side, there are many wonderful little hotels, places and restaurants there to choose from. The trick is – PLAN AHEAD.
Hotels and Restaurants
You are making last minute hotel reservations, get what you can and then “scout” the really cool places you want to stay at next year and get your name on “the list” for either reservations for next year or at least get on a “waiting list.”
Read up on the best restaurants in Monterey and Carmel and book reservations ahead of time. Even then, you will probably get to wait a while – so coming ravenously hungry or impatient is not recommended. Try the local wines that you have never heard of and always ask if the house has a recommendation. Make sure to enjoy it though, because chances are it will be great and you’ll never see or hear of it again.
The ‘evolution’ of where you will stay and where you will eat will take years to master. A mix of the restaurants you really like with new ones that crop up will make for a wonderful mix. As for hotels, I love the quaint town of Carmel By The Sea – the only draw back is the traffic ‘over the hill’ to Monterey.
Traffic – Traffic – Traffic
Traffic sucks, but that is part of the experience. The great thing is you are not alone. This area is just not conducive to moving as much traffic as descends on this week, and there is only “one way in – and one way out” of most places. Carmel Valley Road – Pacific Coast Highway – and the highway to the track (toward Salinas) are the only way in or out to Downtown Monterey and Carmel by the Sea. Revel in the fact that everyone is also dealing with it, but the ‘silver lining’ to this cloud is that traffic can be a wonderful rolling showcase of great cars, which are rarely seen on the road. Event parking lots transform themselves into ‘mini-car shows’ and the streets of Carmel and Monterey look like a parade of automotive art. Relax, and enjoy the sights, sounds, and pack some refreshments in your car.
Insiders Tip – Traffic “Come early = Leave early OR Come late = Leave Late
As everyone is at some event during the day (and most venues are in remote locations) many times there is only “one way in – one way out”. Laguna Seca Race Track and The Quail suffer from this syndrome the most. Typically, if you can be one of the first ones “in”, which translates to between 7:00 AM and 9:00 AM then also leave early – before 3:30 – you will have a much better chance to avoid the “crunch”.
PRIME TIME AT MOST EVENTS IS FROM 10:00 AM – 4:00 PM!
Conversely, you can also do just the opposite, which works great for Pebble Beach, which is to come late – then find a place to hang out for cocktails and munchies – then leave AFTER the traffic crunch.
Make sure you are back to Downtown Monterey on Friday and Saturday evenings BEFORE 5:00 PM! Any later and parking is just nuts!
Tickets – Parking
If and when you can, get your tickets in advance! Some events are now limiting the number of attendees. The Quail is most notable for selling out – but any place that will allow you to purchase admission tickets in advance will shorten your wait time in lines and get you to the fun right away.
Insiders Tip – Many times it is not the admission ticket which is most valuable. The PARKING PASS is where the veterans and the ‘newbies’ can get separated. Any venue that offers a “Premium Package” that includes VIP Parking (usually at an additional cost) take advantage of it! Also, if there is a Valet Service – use it! Remember to tip well so you can shorten the waiting lines that occur even at Valet stands.
Pick and Choose
Do NOT try to “do everything! Much like going to Disney Land for the first time, thinking you can ride ALL the rides is simply impossible.
Insiders Tip – Plan each day with a “day event” and a “night event”. Go for the QUALITY of the experience, NOT the QUANTITY.
A suggested itinerary might be:
Arrive Tuesday – settle in, get a nice meal at one of the many small restaurants in Carmel By The Sea and bask in the wonderful weather and enjoy a bit of tranquility before the “games begin”!
If you want to see some cars right away, the Ocean Avenue Motoring Club presents their annual Carmel by the Sea Concours on the Avenue (which actually begins on Monday featuring exclusively Porsche and Ferrari) then continues on Tuesday with a field of multiple marques through 1971.
For information go to: http://motorclubevents.com/
Wednesday -
Day: Sleep in – catch a brunch and then take a drive without worry of traffic or time. If you flew in - go for a couple of miles south on Pacific Coast Hiway or go up 17 mile drive past Pebble Beach. Maybe catch the Monterey Bay Aquarium or stroll Fisherman’s Warf or the beach.
Monterey Bay Aquarium
Monterey Chamber of Commerce
Old Monterey Business Association
Carmel CA Chamber of Commerce
Night: Gordon and Molly McCall’s fabulous party that started as small gathering at his shop at the Airport has now grow to a showcase of all the fabulous toys you could ever dream of in a thousand lifetimes. Located at the Monterey Jet Center – this serves as a great “official” kick off to the weekend!
Tickets are now available for purchase in advance.
McCall Events, LLC.
http://www.mccallmotorsports.com
See Events - Tickets are $200.00 and sell out fast.
Thursday –
Day: Another good day to “prowl around” and “get the lay of the land”. Mostly a “load in” day for many of the events, but it is also fun to see all the action as the various events get set up. Cool cars will be running everywhere, so street side mini car shows abound.
One great attraction is the Pebble Beach Tour. Throughout the day, mostly in Carmel by the Sea, many of the cars you will see on display at Sunday’s Concours will take a driving tour through the Peninsula. A great way to see these rolling works of art – well, rolling! Grab lunch on Ocean Avenue in Carmel and watch the parade. Then, maybe catch a quick nap to prepare for the evening festivities.
Pebble Beach Tour: August 16
7 – 8 a.m. Cars line up near Collins Field in Pebble Beach
8:30 a.m. Tour departs, portions of 17-Mile Drive and Highway One
11:30 – 12 noon Tour arrives in Carmel-by-the-Sea
12 noon – 2 p.m. Cars are displayed on Ocean Avenue
Night: The Russo and Steele Preview Cocktail Reception. Josephine transforms the Calle Principal (one block “up” the street from the Marriott) into a wonderful setting of eats, drinks, getting hooked up with friends and of course, checking out the auction cars. Last year she had a huge ice sculpture overflowing with shrimp and a full size piano being played by a concert pianist. See you there!
Russo and Steele Collector Automobile Auctions
Sports and Muscle in Monterey 2009
Register To Bid Now
Friday –
Day: First timers will really enjoy the Concorso Italiano. Our friend Jack Wadsworth has moved the event “up the street” from the old Fort Ord location to a new venue just to the north of Seaside, the Marina California Airport. Easy access, plenty of great parking and less traffic to and from Monterey are just a couple of logistical enhancements to look forward to. In addition, let’s not forget, the largest gathering of Italian Sports Cars anywhere on the planet! The day goes by fast, so pace your self and bring some extra cash to explore the wonder assortment of unique vendors that congregate at this world-class affair.
"A celebration of Italian style" Concorso Italiano - www.concorso.com
Evening: BOTH Friday and Saturday nights will be the best time to be in Downtown Monterey! The Russo and Steele Sports and Muscle at the Marriott starts promptly at 5:00 PM. Come a bit early to witness the unique “rolling preview” as the auction cars parade down the street. We close off the entire block in front if the hotel and stage two lines of cars – quite a sight. Then, as the shadows grow and twilight arrives, be part of the thrill as the finest European Sports, American Muscle, Hot Rods and Customs roar up the hill before turning into the second floor Ballroom of the Marriott and our patented “Auction in the Round” format puts you in the center of the action!
Russo and Steele Collector Automobile Auctions
Sports and Muscle in Monterey 2009
Register To Bid Now
Saturday –
Day: If you did not make it to Laguna Seca Racetrack prior to today – this is the best time to see Vintage Competition Race Cars in their full glory! This year, as I understand it, the Trans Am cars will actually race on Saturday (in years past it was Sun, which conflicted with Pebble Beach Concours)
Take the time and effort to hike to the “top” of the track and witness the “big bore cars” of B Production and Trans Am thunder through the sky in Turn 9 and then howl as they descend into the infamous “Corkscrew.” Our friend Steve Earl and his General Racing group go above the call of duty to ensure that the cars you see are just like they were “in the good old days.” This is one of the best Vintage Race experiences you can imagine!
Mazda Raceway Laguna Seca
Tickets for the 33rd Rolex Monterey Historic Automobile Races Presented by Toyota will range from $45.00 to $125.00.
www.laguna-seca.com/tickets
Evening: You KNOW where you’re gonna be! 5:00 PM – Marriott Ballroom – Downtown Monterey – Don’t make me send out a search party for you, remember I probably know where you sleep!
Russo and Steele Collector Automobile Auctions
Sports and Muscle in Monterey 2009
Register To Bid Now
Sunday –
Pebble Beach Concours d’Elegance. That says it all. Go REALLY early in the morning if you want to avoid the crowds and watch as the cars drive onto the 18th Green of this world renowned Golf Course. It always amazes me how they let a bunch of old cars clutter up the most expensive piece of finely manicured lawn for some car show! Oh, but what a show! Bask in the glory and euphoric haze as cars worth bazillions create the most dramatic display on earth. Dress warmly for this early morning pilgrimage at it can be brutally cold.
By 10:00 AM – it will be a “mob scene” so either stroll by the cars early or wait until the awards presentation starts and focus shifts to the podium; the crowd thins in the late afternoon. Take pictures of you and your friends – forget the cars as there will be hordes of onlookers and waiting to “get the right shot” will only serve to be as frustrating as others who ask in vain “can you move?” – Yeah, right.
Of course, you can go later (after Noon) and stay late when the Best of Show is awarded. Toast your good fortunes with friends and relax as the sunsets over Pebble Beach; you will wonder how you became so lucky.
Insiders Tip – Get a Taxi ride to the Lodge at Pebble Beach; the only tough part is getting one back from whence you came. Patience is the key, and for you “high rollers” consider hiring a driver service to exclusively drop you off and pick you up at a designated time and place – or be at your beckon call! Remember – getting any moving vehicles around the Lodge at peak times is futile. Patience, patience, patience…
Pebble Beach Concours d'Elegance
www.pebblebeachconcours.com
$150 in advance or $175 day of the event
Evening: Reservations following the Sunday Pebble extravaganza are MANDITORY! Everyone and their dogs (even their grandmothers) will be looking to dine; not just eat, but dine… which translates to making a long evening affair and very few restaurants enjoy many table changes tonight.
Insiders Tip – Ummm, did I mention you need a reservation?
Fashion Show
Plan on checking luggage; lots of luggage. Since most events will have you running “late” to most venues – getting a change of cloths is essential. This is a tremendous help to make you feel refreshed, even if you just took a “cat bath” in the hotel sink and spritzed on some perfume or cologne, giving you the great illusion you actually took a real shower. All kidding aside, getting a “costume change” will go along way to helping you get your “second wind” as you jump back into the fray for the evening festivities. Most events are “Upscale California Casual” with comfort the focus for the days and be prepared for the misty nights on the peninsula with a light jacket or sweater in the evenings. The various Concours events are great fashion shows and a chance to “see and be seen”. No need to go “over the top” but certainly look your best – as you will then feel comfortable with others who are in attendance.
The “Big Day” is Pebble Beach. Men, only your best Thurston Howell Country Club attire will do. Think Ralph Lauren (who you will probably see on the lawn) and then add your own personal flair. Ladies, think romantic elegance of the days of yore. Imagine your favorite old movie; when studios actually had “stars” – the pageantry, and the best of the best. This is one of the finest opportunities to showcase your entire ensemble; from head to toe and all accessories in between. From cigars to champagne, this experience will be one to talk about until your return next year!
Insiders Tip – BOTH Men and Women wear HATS! Shopping for days in advance for just the “right” hat is most of the fun! Getting the details right is a key element separating the “wannabees” from the veteran fashionistas.
Parties Galore
Receptions, cocktail parties, lunches, club dinners, on and on. It would be easy to simply eat and drink your way through the weekend, so do some advance reconnaissance to schedule your priorities. Many times it is not WHERE you are – it is vastly more important whom you are with. Share each opportunity with your close friends and savor the moments.
Insiders Tip – Choose which receptions you really want to attend that coincide with the schedule you have chosen. Thinking you are going to attend a cocktail party at the Polo Fields of Pebble Beach – when later you want to be in Downtown Monterey just does not work. Remember – less is more.
Recovery
Unless you are a bionic tri-athlete, stay over until Monday. Heck for that matter, stay till Tuesday! (of course, make sure your banker wires the funds for your Russo and Steele acquisitions first thing Monday morning) Regardless, getting back “home” following this weekend is like hitting a wall of molasses doing 100 miles an hour… You will be exhausted (if you did it correctly) and probably not know it until you see the fog laden hills of the Peninsula fading beneath your aircraft window. Ease back into “reality” as this weekends memories are best remembered and savored before the ‘rat-race’ of our “real lives” consumes us once again.
Insiders Tip – Fly home mid afternoon Monday and do not plan ANYTHING for Tuesday except for unpacking bags, getting your laundry together, downloading your pictures, eating at home, re-introducing your self to your pets, and coming out of the haze; leave the brutal return to reality to Wednesday.
WELCOME TO THE CLUB… SEE YOU NEXT YEAR!
Tuesday, January 27, 2009
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.
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.
Friday, January 23, 2009
ALL RESERVE, ALL THE TIME
The rules have changed
The integrity of “No Reserve” has been so badly compromised within our hobby that it no longer has value. 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”. These consignors want “top dollar” for their car; and deservedly so. The challenge we auction companies face is how to attract these types of quality consignments and consign them with appropriate reserves that will be well received by our knowledgeable bidders. Sure, there was a time that being granted a “No Reserve” entry to some auctions was like winning a lottery ticket. The seller knew that they would probably sell the car for more than anywhere else on the planet. Or at least that was the perception. Now that the market has taken a more conservative turn, and quality inventory is selling for market relevant prices at most high caliber sales, consignors are now seeking to invest themselves in long term relationships with the auction house that best suits their particular needs and objectives.Russo and Steele will now be offering exclusively “With Reserve” entries to all our auction sales. I believe allowing owners this measure of control over the sale of their car results in the high quality consignments we have become known for presenting. All Reserve entries however mandates that the auction house be keenly in tune with the market to appropriately counsel our clients on market relative reserves.
The downside risk of No Reserve
At every auction on the planet there stands the chance that the “right” two (and yes it takes at least two) bidders are simply not in the room at that golden moment in time when a car is on the auction block. The downside risk for the consignor then results in two alternatives. One, allow his car to be “stolen” from him and be forces to sell the car at substantially less than we all know it is worth. Or two, compromise the integrity of our hobby by having a friend bid on the car or do so himself, and essentially “buy” his own car back. Both of these options fail to build the most important part of the process, the relationship between the consignor and the auction house.
The duties we must fulfill
There are three duties we must perform when we produce an auction event. First, we have a duty to the consignor. I am acutely aware that it is not a “cheap date” to bring a car to an auction, having spent many years as a consignor myself. Costs include transportation, detailing and preparation, care and feeding on site, food and lodging for the owner and (depending on the number of entries) possibly a small staff which in places like Scottsdale, Monterey and South Florida are on the farthest planet from Motel 6! These costs and investment, in my opinion, mandate that the auction house works with the seller to achieve a suitable reserve to achieve the objective of selling the car for the most money possible. To simply grant a ridiculous Reserve, that has no market relevance, is wasting the time and money of the seller.
Second, we have a duty to our bidders. To place vehicles on the auction block that they essentially cannot buy due to an unrealistic expectation of a seller is both frustrating and infuriating. Our bidding clients are keenly aware of the market values on the specific types of cars we bring to market. Many of them know that outstanding cars sell for a premium regardless of the trends up or down. As a result, many of our bidders will indeed understand this additional value but for unrealistic reserves to waste their time “fishing” for an anomaly with every final bid is disrespectful of both their savvy and their wallet.
Third, is simply economics. The caliber of events that we produce and the related expenses associated with this level of production simply cannot be compensated by the collection of entry fees, general gate, vendors, or sponsorship. We must sell cars with corresponding sellers and bidders commissions to pay the bills. It is that simple.
To achieve a successful outcome and fulfill the duties to all three is indeed a delicate balance. It requires a staff who are closely in touch with the marketplace so that we can work with our sellers to consign great inventory, bring them to our auction sales with appropriate expectations and enable our bidders to buy them while enjoying the very best our hobby has to offer.
The investment in our hobby
The liability of No Reserve far out-weighs the benefits. Having a seller get “beat up” and selling his car for considerably less than market value or forcing him into a “buy back” at usurious commissions (either by contract or as a deterrent) fails at every level to foster and maintain long standing relationships. In turn, to “pack” a buyer into a car by selling it to him for infinitely more that it is worth simply due to his naivety or because they have a cocktail in one hand and a TV camera stuffed in their face fails to create equity in the future relationships with buyers. These are the very buyers who will hopefully become your best sellers when the time comes to trade, and will once again consign quality cars that will initiate relationships with new buyers.Sadly, somewhere along the way No Reserve has resulted in an adversarial relationship between sellers and the auction house. In addition, now that bidders are well aware of the many mechanisms used by unscrupulous sellers (know or unknown by the auction house) the integrity of our hobby is jeopardized by No Reserve entries. The myth of “stealing” a car just because it is No Reserve has been now been exposed. Savvy bidders will immediately recognize the value of quality consignments and aggressively bid accordingly. Our equity lies in the transactions of quality cars to astute enthusiasts.The announcement by Russo and Steele in Scottsdale this past January to now present our auctions with all Reserve entries has already been well received by our clients. The consignment of quality cars is the foundation upon which we have built our company. I believe the fulfillment of this duty is directly responsible for the fortunate success we now enjoy. I believe this perspective is clearly evident in the quality of cars we present at our auction sales. I know this commitment will result in the long term health of our hobby and maintain the integrity which our clients have come to expect from our company. We welcome your Reserve entries and invite you to bid on the finest European Sports, American Muscle cars, Hot Rods and Customs at the next Russo and Steele Collector Automobile Auction!
The integrity of “No Reserve” has been so badly compromised within our hobby that it no longer has value. 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”. These consignors want “top dollar” for their car; and deservedly so. The challenge we auction companies face is how to attract these types of quality consignments and consign them with appropriate reserves that will be well received by our knowledgeable bidders. Sure, there was a time that being granted a “No Reserve” entry to some auctions was like winning a lottery ticket. The seller knew that they would probably sell the car for more than anywhere else on the planet. Or at least that was the perception. Now that the market has taken a more conservative turn, and quality inventory is selling for market relevant prices at most high caliber sales, consignors are now seeking to invest themselves in long term relationships with the auction house that best suits their particular needs and objectives.Russo and Steele will now be offering exclusively “With Reserve” entries to all our auction sales. I believe allowing owners this measure of control over the sale of their car results in the high quality consignments we have become known for presenting. All Reserve entries however mandates that the auction house be keenly in tune with the market to appropriately counsel our clients on market relative reserves.
The downside risk of No Reserve
At every auction on the planet there stands the chance that the “right” two (and yes it takes at least two) bidders are simply not in the room at that golden moment in time when a car is on the auction block. The downside risk for the consignor then results in two alternatives. One, allow his car to be “stolen” from him and be forces to sell the car at substantially less than we all know it is worth. Or two, compromise the integrity of our hobby by having a friend bid on the car or do so himself, and essentially “buy” his own car back. Both of these options fail to build the most important part of the process, the relationship between the consignor and the auction house.
The duties we must fulfill
There are three duties we must perform when we produce an auction event. First, we have a duty to the consignor. I am acutely aware that it is not a “cheap date” to bring a car to an auction, having spent many years as a consignor myself. Costs include transportation, detailing and preparation, care and feeding on site, food and lodging for the owner and (depending on the number of entries) possibly a small staff which in places like Scottsdale, Monterey and South Florida are on the farthest planet from Motel 6! These costs and investment, in my opinion, mandate that the auction house works with the seller to achieve a suitable reserve to achieve the objective of selling the car for the most money possible. To simply grant a ridiculous Reserve, that has no market relevance, is wasting the time and money of the seller.
Second, we have a duty to our bidders. To place vehicles on the auction block that they essentially cannot buy due to an unrealistic expectation of a seller is both frustrating and infuriating. Our bidding clients are keenly aware of the market values on the specific types of cars we bring to market. Many of them know that outstanding cars sell for a premium regardless of the trends up or down. As a result, many of our bidders will indeed understand this additional value but for unrealistic reserves to waste their time “fishing” for an anomaly with every final bid is disrespectful of both their savvy and their wallet.
Third, is simply economics. The caliber of events that we produce and the related expenses associated with this level of production simply cannot be compensated by the collection of entry fees, general gate, vendors, or sponsorship. We must sell cars with corresponding sellers and bidders commissions to pay the bills. It is that simple.
To achieve a successful outcome and fulfill the duties to all three is indeed a delicate balance. It requires a staff who are closely in touch with the marketplace so that we can work with our sellers to consign great inventory, bring them to our auction sales with appropriate expectations and enable our bidders to buy them while enjoying the very best our hobby has to offer.
The investment in our hobby
The liability of No Reserve far out-weighs the benefits. Having a seller get “beat up” and selling his car for considerably less than market value or forcing him into a “buy back” at usurious commissions (either by contract or as a deterrent) fails at every level to foster and maintain long standing relationships. In turn, to “pack” a buyer into a car by selling it to him for infinitely more that it is worth simply due to his naivety or because they have a cocktail in one hand and a TV camera stuffed in their face fails to create equity in the future relationships with buyers. These are the very buyers who will hopefully become your best sellers when the time comes to trade, and will once again consign quality cars that will initiate relationships with new buyers.Sadly, somewhere along the way No Reserve has resulted in an adversarial relationship between sellers and the auction house. In addition, now that bidders are well aware of the many mechanisms used by unscrupulous sellers (know or unknown by the auction house) the integrity of our hobby is jeopardized by No Reserve entries. The myth of “stealing” a car just because it is No Reserve has been now been exposed. Savvy bidders will immediately recognize the value of quality consignments and aggressively bid accordingly. Our equity lies in the transactions of quality cars to astute enthusiasts.The announcement by Russo and Steele in Scottsdale this past January to now present our auctions with all Reserve entries has already been well received by our clients. The consignment of quality cars is the foundation upon which we have built our company. I believe the fulfillment of this duty is directly responsible for the fortunate success we now enjoy. I believe this perspective is clearly evident in the quality of cars we present at our auction sales. I know this commitment will result in the long term health of our hobby and maintain the integrity which our clients have come to expect from our company. We welcome your Reserve entries and invite you to bid on the finest European Sports, American Muscle cars, Hot Rods and Customs at the next Russo and Steele Collector Automobile Auction!
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About Us
- Russo and Steele Collector Automobile Auctions
- Russo and Steele Collector Automobile Auctions specializes in offering the finest European sports, American muscle, hot rods and custom automobiles. Renowned for the high caliber automobiles, unique auction in the round format, and the intense excitement on the auction block Russo and Steele has firmly established itself as one of the “Big Three” collector car auctions in the world.
