More than a few eyebrows were raised when Mecum Auctions announced their 6-week run of “Muscle Cars & More” at the Indianapolis Fairgrounds with television coverage provided by Discovery Channel’s HD Theater. We saw the main challenge as being two-fold. Could Mecum keep a sustainable pipeline of quality cars coming in over the course of the 6-week auction run AND could they keep the interest of buyers who are used to the weekend auction fly-in (or drive-in)? We’re here to report a solid yes regarding the Corvettes and a definite maybe on the buyers.
After three weeks of auctions, Mecum has sold $1,774,000 of Corvettes. So far, 43 Corvettes have been offered and 29 have sold for a 67% success rate. Only 14 were unsold, but with Mecum’s “The Bid Goes On” program, its possible that several more of these Corvettes may move over to the sold column.
The quality of Corvettes at a Mecum auction is always strong and the Corvettes appearing at Mecum’s Muscle Cars & More on HD Theater is about what we’ve expected. Collectible Corvettes of various years have been made available each of the first three weeks, but it was week 2 that was the night for showcasing Corvettes. We saw a 1963 Corvette Coupe Z06 Tanker sell for $225,500 and a 1967 Corvette Convertible with a 427/435 hp L71 go for $160,000. Week 2 also featured a bevy of fuel injected Corvettes as well as several RPO 687 Big Brake C1 Corvettes. So the quality and variety of Corvettes available are there.
Which leads us to the quality of buyers. We got a friend to Tivo and copy to DVD the Week 2 auction that was heavy with Corvettes. We saw several familiar faces including Terry Michaelis of Proteam, David Burroughs of Bloomington Gold fame and Terry Malone from Corvettes of Dallas. The Week 2 auction also appeared to have a steady stream of telephone and internet bidders, which we think would be a popular method of buyer participation in a multi-week auction format. With Corvettes selling successfully at a rate of 67%, our verdict on the quality of buyers week-in and week-out is a definite maybe and will be reevaluated at the close of the final auction next month.
So after three weeks of the six week run, here are the Corvette auction results from Mecum’s “Muscle Cars & More” TV Auction on HD Theater. Lot numbers starting A and J1 are from Week 1. B and J2 are Week 2 and C and J3 were sold on Week 3:
|A3||1978||Corvette Pace Car – L82 4-Speed||$20,000|
|A19||2004||Corvette Convertible Comm Edt||$29,000|
|A53||1968||Corvette Convertible 427/435||$66,000|
|J121||1986||Corvette Pace Car||$8,500|
|B1||1966||Corvette Coupe 427/390||$63,500|
|B2||1995||Corvette Coupe Lingenfelter||$19,000|
|B12||1967||Corvette Convertible 427/400||$96,000|
|B31||1956||Corvette Convertible 265/225||$74,000|
|B33||1958||Corvette Convertible 283/290 FI||$125,000|
|B34||1963||Corvette Z06 Tanker||$222,500|
|B35||1967||Corvette Convertible 427/435||$160,000|
|B36||1962||Corvette Convertible 327/360||$135,000|
|B37||1961||Corvette Convertible RPO 687||$132,500|
|B39||1963||Corvette Convertible 327/360 FI||$86,000|
|B40||1958||Corvette Convertible 283/270||$94,000|
|B41||1959||Corvette Convertible 283/290 FI||$137,500|
|B42||1962||Corvette Convertible 327/360 FI||$82,000|
|B44||1956||Corvette Convertible 265/225||$94,000|
|B45||1963||Corvette Convertible 327/360||$67,500|
|J202||1964||Corvette Coupe 327/300||$35,750|
|C24||1966||Corvette Convertible 327/300||$51,500|
|C32||1971||Corvette T-Top LT-1||$46,000|
|C37||1970||Corvette T-Top 454/390||$39,500|
|C52||1967||Corvette Coupe 427/400||$51,000|
|J316||1990||Corvette Coupe ZR-1 350/385||$20,000|
|J326||1995||Corvette Coupe LT1 350||$10,750|
|J334||1970||Corvette Coupe 350/350||$14,500|
|Total Corvette Sales (Week 1-3):||$1,774,000|
Mecum’s live auction continues this weekend at 8pm Est on HD Theater.