Modern exotics led the bidding during Russo and Steele’s fourth annual collector car auction in Newport Beach, California, which hit $6.4 million in total sales. That figure was down from last year’s $7.2 million sale, but well ahead of the 2014 results.
A pair of low-mileage 2006 Ford GTs were at the head of the pack, where these “instant collectable” sports coupes have been landing regularly in many sales, by Russo and Steele as well as other auction companies.
Topping the sale was a black-and-silver Ford GT driven just 2,500 miles that sold for $292,600 (all results include auction fees), followed by a red-and-white GT with just 2,850 miles showing, which sold for $275,000.
Last year, Russo and Steele sold a 2006 Ford GT with just 200 miles on its odometer for $337,700; values for pristine examples of these retro exotics seem to be staying put after their meteoric rise during the past few years.
Third-highest seller was a black 2006 Mercedes-Benz SLR. The McLaren-Mercedes super coupe with uplifting scissor doors went for $225,500.
A 1979 Porsche 911 Turbo coupe in a unique factory color sold for $214,500 at fourth place, followed by a 1988 Ferrari Testarossa – a rising favorite among the new generation of collectors – that sold for $162,250.
Drew Alcazar, Russo and Steele’s president and CEO, said that the Newport Beach auction has benefited from what he terms a partnership with Southern California collector car enthusiasts.
“Once again, for our fourth consecutive year, the outstanding collector car community in Orange County as well as its surrounding areas have proven their commitment to Russo and Steele’s Newport Beach event, and us in turn have proven our commitment to them,” Alcazar said in a news release.
“Newport Beach has really become a very special event with a great deal of extended camaraderie felt between not only its local attendees, but also those that have recognized what an excellent destination event we have collectively created. We couldn’t be happier with the results of this ever expanding partnership.”
The top 10 highest-selling cars at Russo and Steele’s Newport Beach auction were:
1. 2006 Ford GT – $292,600.
2. 2006 Ford GT – $275,000.
3. 2006 Mercedes Benz SLR – $225,500.
4. 1979 Porsche 911 Turbo coupe – $214,500.
5. 1988 Ferrari Testarossa – $162,250.
6. 1967 Ford Mustang Shelby GT500 fastback – $159,500.
7. 1995 Land Rover Defender 90 – $110,000.
8. 1958 Cadillac Series 62 Eldorado Biarritz convertible – $107,250.
9. 2005 Ferrari F430 Spider – $105,600.
10. 1956 Chevrolet Corvette roadster – $100,100.
(All sales results include buyer fees)
Russo and Steele’s next auction takes place August 18-20 at Fisherman’s Wharf in downtown Monterey, California, during the Pebble Beach Concours week. For information, visit the auction website.