CSX2138 NO RESERVE at Russo and Steele

argtv7 · #1 (**permalink**) 05-12-2005, 01:47 PM

Historic 1963 Shelby Cobra to be Auctioned in Monterey
Russo and Steele Offers Significant Factory Race Car at NO RESERVE

Monterey, CA. Russo and Steele Collector Automobile Auctions will offer another historically important Shelby factory Cobra racecar at their August 20th “Sports and Muscle at the Marriott” auction in Monterey, CA. This is the second Factory Team racecar offered in 2005 by the Scottsdale-based company, and it will be sold at NO RESERVE!

Shelby Cobra chassis CSX2138 was one of three 1963 competition Cobras raced by Shelby American, and one of eight 289 factory racers ever produced. It was built to LeMans specifications, and originally raced with a hard top for the Shelby American team by racing legend Dave McDonald. It has an illustrious racing history, including Sebring and Nassau Island in 1964. It is the most extensively raced Cobra ever, appearing on the racing circuit regularly from 1963-1979. It made several National Championship appearances and scored many significant victories. In addition, this outstanding example has been immaculately restored, and is expected to garner in excess of $1,000,000.00.

At their January sale in Scottsdale, Russo and Steele sold a similar competition Cobra for a staggering 2.1 million dollars. Competition Cobras continue to be one of the most desirable cars for collectors and vintage racers alike, and values continue to escalate.

Russo and Steele will also offer a fully restored Mercedes 300SL, several important Ferraris, American Musclecars , Hot Rods and Customs all at NO RESERVE. The one-night auction starts at 5pm on Saturday, August 20th at the Marriott Hotel in downtown Monterey. A free preview is open to the public on August 19th and 20th from 10am-5pm. The sale is concurrent with the Monterey Historic Automobile Races, Concorso Italiano and the Pebble Beach Concours d’Elegance.

For more information, to obtain a bidders credential, or to inquire about consigning an automobile, please visit www.russoandsteele.com.

computerworks · #2 (**permalink**) 05-12-2005, 02:03 PM

Mod Note - moved to Cobras for Sale Forum.

CoupedUp · #3 (**permalink**) 05-12-2005, 02:08 PM

After sending my $50 in to CC, I only have $999,950 left. Damn!

jrussell · #4 (**permalink**) 05-12-2005, 06:34 PM

Don't let a measly $50.00 stand in the way, heck, I'll loan you $51.00 and all I ask in return ........ IS THE FIRST DRIVE!!! That's not a bad offer Couped Up, so you better take me up on it before I come to my senses!!!

John Russell

westrm · #5 (**permalink**) 06-23-2005, 11:06 PM

CSX2138 will not be the only historically significant racing cobra for sale at Russo & Steele in Monterey. CSX2011, one of the first three Cobra race cars, will also go across the auction block. This car represents the starting point of the Shelby racing history. It was the first privately owned Cobra and arguably the first Cobra to win a major race/title. (Governer's Cup at Nassau in 1962). Go to members.cox.net/csx2011/csx2011.htm for a fairly complete history. This site is a work in progress so if you have any input, please let us know. RMW

mrmustang · #6 (**permalink**) 06-24-2005, 02:46 AM

Don't you think a set of detailed "current" pictures of the car would be appropriate? If the car is what it is, no hype is really needed to make a high dollar sale......

Bill S.

Quote:

Originally posted by westrm

CSX2138 will not be the only historically significant racing cobra for sale at Russo & Steele in Monterey. CSX2011, one of the first three Cobra race cars, will also go across the auction block. This car represents the starting point of the Shelby racing history. It was the first privately owned Cobra and arguably the first Cobra to win a major race/title. (Governer's Cup at Nassau in 1962). Go to members.cox.net/csx2011/csx2011.htm for a fairly complete history. This site is a work in progress so if you have any input, please let us know. RMW

Jack Launtz · #7 (**permalink**) 06-24-2005, 05:05 AM

Lots of cars for sale right now.
In the newest Hemmings:
A 289 and a 427 at Legendary in Canada (I think the 289 has sold)
A blue 427 in TX @ $475
A 289 (CSX2566) in IN @ $450
A white 427 (CSX3288) in NC for $625

wicked fast · #8 (**permalink**) 06-24-2005, 06:56 AM

Jim,
Say it ain't so !!
Is 3288 leaving your stable ??

Quote:

Originally posted by Jack Launtz

Lots of cars for sale right now.
In the newest Hemmings:
A 289 and a 427 at Legendary in Canada (I think the 289 has sold)
A blue 427 in TX @ $475
A 289 (CSX2566) in IN @ $450
A white 427 (CSX3288) in NC for $625

Best,
BC

Jim Maxwell · #9 (**permalink**) 06-24-2005, 09:32 AM

Unfortunately, my wife has called my bluff. I always told her the Cobras were the college savings accounts for my twin boys. Well, I was planning on both of them going to one of the wonderful public universities we have here in NC. They both got in to Duke and decided that was the place for them. Time to pony up!!!!
So, although I spent years looking for this car, economics won't allow 3288 to remain in my stable.
By the way, CSX 2149 and our 1968 Shelby 500KR will be at the RM Monterey Auction in August, so the Cobras will be out there in force!

Anthony · #10 (**permalink**) 06-24-2005, 03:43 PM

Quote:

Originally posted by mrmustang

Don't you think a set of detailed "current" pictures of the car would be appropriate? If the car is what it is, no hype is really needed to make a high dollar sale......

Bill S.

I think the significance of this car (CSX2011) is that it has significant race history, and the current cosmetic condition is secondary, as long as it's basically all there and drivable. From the reading,

http://members.cox.net/csx2011/csx2011.htm

I believe the car to be in unrestored condition, which may be to it's advantage even if it's a little rough. I would think that the vast majority of club members here, including myself , don't have what it takes to purchase this car anyways, and alot of people who do have the desire and cash probably wouldn't be brousing this forum regularly with all of the "fake" cobra's we talk about. I just don't think a member here will ultimately be the person who purchases this car, but hey, what do I know.

If it was a street CSX car, with no race history, then the condition is of greater importance impacting it's market value, and I would think if it's in rough condition, it would detract from the value even if it was still an unrestored car. Why did Jim Maxwell restore his cobra's vs. leave them unrestored?

Jim Maxwell · #11 (**permalink**) 06-24-2005, 04:08 PM

Anthony, I would certainly prefer an unrestored car to a completely re-done car, but that's just me. Lots of people can't understand why I have left the original severely cracked pearl white paint on CSX 3288. (by the way, CSX 3288 is NOT restored).
We did restore CSX 2149 because it had been sitting in a barn for 20 years on a dirt floor and had superficial rust on every steel part, and had been painted the worst possible color for a red interior, a cross between copper and bronze, probably by Earl Schieb. They didn't even remove the side emblems or the headlight rims when it was painted. This actually was fortunate, because it gave us a perfect original paint spot to match the Wimbledon White.
Racoons had eaten holes in the seats and lived in the footwells, so some restoration was absolutely necessary. However, the car had less than 30K miles, and was in excellent mechanical condition. So, Tom and I only do the minimum needed to get the car working and presentable and maintain the patina that makes the cars look like the originals that they are.
I will eventually restore CSX 2401, but only because it had been restored once before I bought it in 1987, and it had also been repaired after an accident with what I suspect was a guardrail in the early 70's. I just received photos of the car after it was wrecked and during the repairs in 1971, if I recall correctly ( I don't have the documents handy right now.) Once restored, I don't think another restoration has any effe ct on the value except to improve it. However, once an original is restored for the first time, it's never quite the same to me.
I looked for years for an unrestored "427", passing on many restored really nice cars because I just like antiques and the patina they have, as well as the history that I don't feel with a restored car to the same degree.

Anthony · #12 (**permalink**) 06-24-2005, 05:27 PM

Quote:

Originally posted by Jim Maxwell

I looked for years for an unrestored "427", passing on many restored really nice cars because I just like antiques and the patina they have, as well as the history that I don't feel with a restored car to the same degree.

If you don't mind telling, what were the asking prices of the "restored" 427 cars you looked at, and what did you pay for your "unrestored" 427 ?

Jim Maxwell · #13 (**permalink**) 06-24-2005, 08:30 PM

Anthony, that's a great question. I don't recall what the difference between my car and the others was. I'll have to look back at the Hemmings it was advertised in and see what others were listed in that issue.

werthie · #14 (**permalink**) 06-27-2005, 06:56 AM

greetings,

the first Cobra sold to a member of the public is CSX2006, still owned by its original purchaser, well-known jazz musician Herbie Hancock. it's white with red leather and still has its original 260 with a two barrel. i'm very familiar with this car . . . .

alan in los angeles

argtv7 · #15 (**permalink**) 07-21-2005, 03:08 PM

FYI - We just landed another significant Cobra at Russo and Steele. See the Super Coupe thread in the Cobras for Sale section!

Monterey will be an exciting place to be. 3 of the most important Competition Cobras will be sold within an hour's time! I can't wait!

Jim Maxwell · #16 (**permalink**) 07-21-2005, 05:15 PM

For all you Cobra and Shelby fanatics, Monterey will be the place to be Aug. 18-20. Besides the historic Cobras for sale at Russo and Steele, our more "ordinary" Cobra, CSX 2149 and our '68 500KR will be for sale the same weekend at RM Auctions in Monterey. I'm incredibly biased, but they are both gorgeous, rare, low mileage cars with very few prior owners, almost totally original cars. I wish I could keep them both, but the college financial officers wont give my kids full scholarships, so...
If you've never been to Monterey for the Historic Races and the Pebble Beach Concours, you have something to really look forward to. Even my wife, who couldn't care less about cars, loved the weekend and the events! That's saying a whole lot!!!

icarus · #17 (**permalink**) 08-11-2005, 11:24 AM

Hi folks - an update on CSX2011. As an aside though, anyone who was to do a full restoration on this competition gem needs to have their head examined... which is why we have not.

Having said this though, the car spent 3 weeks over at Panel Works in New Hampshire (Joe is a fantastic aluminum guy) being straightened and cleaned up. Some new skin on the nose and rear to bring the car back in line - it looks great! (As an aside - it is amazing how many of the panels are the original, most with the red paint the car went to Nassau in 1962 wearing under it all.)

Will finish being painted in its 1964 Daytona colors - red, white and blue (see web site http://members.cox.net/csx2011/csx2011.htm or Friendman book) by tomorrow 8/12. Russo and Steele and the cars web site should have the new pictures by this weekend.

Look for my father Ron in Monterey as he drove 2011 competitively in the mid 60's and can tell, or at least make up some great stories about the car and the racing back then.

Attached is a poor quality picture taken with my phone with the base white color on in the paint booth.

Patrick West for the West Family

icarus · #18 (**permalink**) 08-11-2005, 12:52 PM

Thanks for the info on 2006 - As stated on the web site, CSX2011 was the first COMPETITION car sold to the public for the purposes of racing.

Patrick

MWest · #19 (**permalink**) 08-14-2005, 05:04 PM

Some time ago pictures were requested. Here they are. The car is like it was February 1964.

http://members.cox.net/csx2011/csx2011.htm

MWest · #20 (**permalink**) 08-14-2005, 05:07 PM

Yet another Photo