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Russo and Steele sues tent company over auction damage

Four months after its Scottsdale, Ariz., auction was disrupted by severe weather, Russo and Steele is suing tent company Tri-Rentals for damage caused when a tent collapsed on several hundred collector cars. In a statement released on Thursday, Russo and Steele said that it was forced to file suit against the rental company to protect its reputation. The auction firm says its lawsuit cites negligence, gross negligence, breach of duty of good faith and fair dealing.

California car dealer buys cache of Ferraris

A collection of 21 Ferraris has changed hands, and it's headed for the United States. Car collector Tom Price, owner of Price Family Dealerships in Marin County, Calif., bought 21 classic Ferraris. The collection hit the market last year as Dutch vehicle-distributor Kroymans entered into bankruptcy.

Maybach from Jay-Z and Kanye West video up for auction

Just because Daimler shut down Maybach in November doesn't mean that the marque won't still fetch top dollar on the open market. But, if buyers want something with a little more flair and a little less Grey Poupon, they can head to the Phillips de Pury & Co. auction in New York to pick one up that was used in the Jay-Z and Kanye West video for the song “Otis.” The Maybach 57 with a pedigree is expected to go for about $125,000, a third of what one costs new.