Russo and Steele – New Kids on the (Amelia Island) Block

The top seller at Russo and Steele's inaugural Amelia Island auction, a Mercedes-Benz 300SL "Gullwing" with great colors, offered from long-term ownership. Image courtesy of Russo and Steele.

Bravely venturing Eastward to Amelia Island for the first time, Russo and Steele brought a strong lineup of collector cars to this highly competitive marketplace. A two-day event, Russo and Steele’s auctions began on Thursday, March 7th, chalking up very respectable first-day sales of $3.3 million, a 30 percent sell-through rate, and an average sale price of $123,774 according to analysis from Hagerty.

Presenting a wide range of classic European Sports and GT cars, muscle cars, and many more categories of collector automobiles, Russo and Steele’s Drew Alcazar fired up the crowd in attendance in his incomparable style. The company’s top sale of the evening was a 1956 Mercedes-Benz 300SL Gullwing, which sold strongly for $990,000. According to Hagerty’s auction report, the car was offered from long-term ownership dating to the late 1970s and featured a perennially desirable black-over-red color combination.

Russo and Steele’s second-highest sale of the night was a 1961 Ferrari 250 GT Pininfarina Coupe, hammered sold for $665,500, well in line with Hagerty’s Price Guide. Russo and Steele also had considerable success with iconic vintage Toyota Land Cruisers, which sold nearly 10 percent above Hagerty’s Price Guide.

We will post an update soon on the second segment of Russo and Steele’s successful foray into the Amelia Island auction world. If the results from Day 1 are any indication, Russo and Steele leaders Drew Alcazar, John Bemiss, and their team will surely continue to display their usual grit, work ethic, and energy at Amelia to startle the venue’s more-established players and regular attendees.

For results and event information, be sure to visit www.russoandsteele.com.

Update: According to Hagerty’s online coverage, Russo and Steele ground out another $400,000 in sales on Friday, March 8th, for a total of $3.7 million. As Russo and Steele’s leaders know very well, an aggressive growth strategy and launching a new auction at a new venue is hard work.

Nonetheless, this result does mark a respectable start for this Arizona-based auction house in a lucrative Southeastern market, confirming there is still room for those who compete with energy and resolve. There also remains the opportunity for post-auction sales that will bulk up the sale’s numbers to the positive.

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