Russo and Steele Auctions pitched its tents at the Newport Dunes Waterfront Resort in Newport Beach, California, the first weekend in June, generating great momentum with a staggering 71 percent increase over last year with sales totaling more than $7.2 million. Modern marvels of the sports car led the big-ticket increases.
The top seller across the block was a 2005 Porsche Carrera GT that gaveled at $840,000, followed by a 2006 Ford GT (shown) at $337,700 and a 2012 Lexus LFA at $335,000. It proved to be a great sale for the company whose interactive “in the round” style auctions put bidders and enthusiasts right on the floor with the cars coming up for sale.
Beautiful classics, including a 1971 Maserati Ghibli, a 1957 Porsche 356 T1 Cabriolet, a 1966 Shelby GT350 Hertz Rent-a-Racer and a Bubble-Top 1958 Fiat Abarth 750 all sold in the six-figure range. The scenic beauty of the oceanside setting and the excitement of the crowd was infectious as increased attendance and a great selection of cars drove sales up more than $3 million year over year.
According to Russo and Steele chief Drew Alcazar, “The team is now working hard to build a great selection of top-notch collector cars for this year’s Monterey auctions August 13-15 next to historic Fisherman’s Wharf.”
Top 10 Results from Russo and Steele’s Newport Beach Auction: