Russo and Steele Collector Automobile Auctions has officially announced it is changing its auction format to an all reserve sale.
The all reserve platform is not universal within the collector automobile auction world. In fact, many auctions still push for a no reserve entry. However, Russo and Steele believes that this decision will ultimately enhance the quality of cars consigned to an event and ensure the lasting relationships within the hobby and client base. In today’s market, the ability to have a measure of control over the final sales price will result in the highest caliber and quality of consignment inventory.
Drew Alcazar, co-owner and CEO of Russo and Steele, had this to say about the company’s decision: “A no reserve sale frequently ends up with negative results because no auction house can guarantee having the right two bidders on any block all the time…. To risk compromising the integrity of our sale with sellers being forced into buy-back scenarios with usurious fees or compel them to protect their car with phantom bids, is simply too much of a liability.
The all reserve format allows Russo and Steele to continue to foster its relationships with our clients and achieve the objective of offering outstanding collector automobiles at market relevant reserves. I believe the quality and integrity of our sale will benefit and ultimately continue to provide the world class experience our clients have come to expect from Russo and Steele.”