Russo and Steele at Monterey
All reserve? No problem with this lineup
WORDS AND PHOTOGRAPHY BY JIM DONNELLY
Nearly a year into The Big Melt- down, things got busier at Mon- terey with the arrival of a new
auction player (Mecum) and predictions
by some naysayers that the entire Pacific
Coast extravaganza was on rubbery legs.
The ninth edition of Russo and Steele’s
downtown auction seemed to indicate
that the specter of economic reality was
off in the unseen distance someplace,
like the cries of lion seals on the rocks
off Spyglass Hill.
To put it plainly, Russo and Steele was
mobbed, both with actual bidders and
those who simply wanted to rub the
steamy action. Its chief distinction lies
in the fact that it’s an all-reserve auction,
the mirror image of, say, a sale like Barrett-Jackson’s. Nevertheless, Russo and
Steele still managed to do the ka-ching
thing to the tune of $5 million plus, with
a sell-through rate of 55 percent, which is
a long way from a market burn-down by
most rational definitions.
One guarantee is that if you come to
Monterey as a bidder (or even as a spectator who gave up $50 just to ogle the
cars, a revenue stream that’s growing in
popularity out here), you will see some
exceptional quality. The 1956 De Soto that
went for a world record of $137,000-plus
was sensationally good. The same held
true for everything from post-war Brits
to 1969 Camaros. And cash was coming
out of those deep pockets, which bodes
well for the hoi polloi relegated to dining
on five-buck quesadillas over in Seaside
or Marina.
LEGEND
Condition: #1–Excellent; #2–Very Good #3–Average; #4–Poor; #5–Major Project
Reserve: Minimum price owner will accept
Top price bid: The highest offer made
Selling price: What the vehicle sold for
Average selling price: Average market value of vehicles in similar condition
Year: 1935
Model: 851 Speedster
Condition: Restored/#3+
Reserve: Undisclosed
AUBURN
Top price bid:
$110,000/not sold
Average selling
price: $200,000
Year: 1955
Model: Montclair
Condition: Refurbished/#2+
Reserve: Undisclosed
Top price bid:
$29,000/not sold
Average selling
price: $35,000
MERCURY
Year: 1934
Model: LeBaron 12 Speedster
Condition: Restored/#2-
Reserve: Undisclosed
Top price bid:
$675,000/not sold
Average selling
price: N/A
PACKARD
Year: 1969
Model: Camaro COPO
Condition: Restored/#1
Reserve: Undisclosed
CHEVROLET
Top price bid:
$165,000/not sold
Average selling
price: $250,000
Really, there wasn’t anything to
make you turn away from this
supercharged Speedster, other than
everything that was parked around
it in the dimly lighted display garage.
This Auburn was a relatively late consignment and definitely an old-school
car in terms of its restoration, which
wasn’t fresh. A big deal? We think
not. It was showing an exempt 19,000
miles and boasted a two-speed
Columbia rear. At most other locales,
this Speedster would have sold nicely.
American iron of the Full Classic era
was in the minority at Russo and
Steele, which may help to explain the
bidding’s tepidness.
A look through the auction catalog
told part of the story here. While totally stock in appearance and still powered by a Y-block V- 8, this Montclair
convertible had been retrofitted with
a C- 4 automatic, front disc brakes,
air conditioning, anti-roll bars and a
12-volt electrical system, among other
upgrades. Obviously, the workmanship in doing so was excellent, and
given some personal experience with
a 1955 Montclair, doubtless made it a
bunch more roadable. A nice car, very
well executed, true to its heritage, and
certainly deserving of more money
than anyone here was willing to hand
over for it.
Here was an extremely sharp car with
a real history and real functionality.
We can say so because the day prior
to Russo and Steele’s public showing,
we tailed this car as it moseyed along
17 Mile Drive near Pebble Beach, the
sticker on its headlamp attesting to
its capability. This LeBaron-bodied
speedster was a Pebble Beach class
winner in 1981, and still looking better than probably 75 percent of any
restored cars you’ll ever run across.
This car was parked almost directly
across from the Auburn, with a better background, which explains the
buzzed bidding even though it ultimately didn’t sell.
Three notables here: Rally Green
paint, a desirable Endura front bumper and Uniroyal Tiger Paw rubber,
which are OEM-right for this car but
still almost never seen. Plus, this L72
iron-block COPO was one of about
80 exported to Canada, whose registration laws assure that PHS-level
documentation was available for
this 427 Camaro, unlike its U.S.-sold
counterpart. We simply cannot understand why it wasn’t bid higher, especially with all the Monterey moola
being showily tossed hither and yon.
We have no reason to question that
the claimed $225,000 restoration
bill was accurate. This was as good
as any COPO we’ve seen anywhere
recently. It won’t stay unsold long, we
venture.
26 HEMMINGS MOTOR NEWS • NOVEMBER 2009
