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Marketplace

003 Sells for 1 Million Dollars

by Keith Cornett on January 22, 2006

#003, the oldest surviving Corvette was auctioned at Barrett-Jackson on Saturday for One Million Dollars. Okay, I can’t say that without thinking about Austin Power’s Dr. Evil. But sold it did for $1,080,000. No word on who the buyer was although word on the street is that both ProTeam Corvette’s Terry Michaelis and Dana Mecum from Mecum auctions were both unsuccessful in bidding for this truly historic Corvette. Read our previous post for more information on #003.

Corvette for Sale: The Last 2005

by Keith Cornett on January 21, 2006

Kerbeck Corvette of Atlantic City is offering the last Corvette of the 2005 production run for sale. The Corvette, a Victory Red Coupe with an automatic transmission, is VIN #1G1YY22U855137341 and was built on September 14th, 2005. The Corvette has been documented by Will Cooksey, the Corvette Plant Manager. The Corvette is being billed as “a piece of Corvette History”, with a selling price of $76,615 which includes a “Kerbeck Value Adjustment” of $25,000. With its extra cost, only buyers who can afford to purchase this car and then store it for 20 years should consider this “Rare Collectible”.

Barrett-Jackson: A Corvette Seller’s Paradise

by Keith Cornett on January 19, 2006

While some of the estimated 100+ Corvettes that will cross the Barrett-Jackson auction block during this week’s Scottsdale event are worth every penny of the high bids they will receive, many are not. Due to the shear amount of collector car money that is in Scottsdale this week, some Corvettes will go for prices no where near what they are worth, and that is the problem I have with this auction. I was expecting to see this sometime during this auction, but didn’t think it would be so obvious during the first day. Lot #70 is listed as a 1971 Chevrolet Corvette LS-5 Coupe. Here are the photos and description:

 
Nevada car, numbers matching, no rust, stock AM/FM, air conditioning, power steering, power brakes. SS disc brakes and lines, LS5 454/365 motor with roller rockers. Motor refreshed at 62,000 by John “Freight Train” Peters, a member of NHRA Hall of Fame, Jet-Hot coated headers, Micky Thompson valve cover, new radiator, M21 transmission, body stripped to glass and House of Kolor Candy Wild Cherry with silver base paint in September 2004, interior stock black vinyl, 5 new BF Goodrich TA tires, stock factory 3 piece side pipes, all new chrome and badges, all new weather stripping, new carpet and some new interior panels, new dash pad and clock. Factory build sheet. Selling price was listed as $54,000 (unofficially). Let’s look at the numbers. In 1971, there were 21,801 total Corvettes: 14,680 Coupes and 7,121 Convertibles. The LS-5 engine was selected by 5,097 buyers, that’s 23.4% of total production. The M21 4-speed transmission was selected by 2,387 buyers which made up 9.8% of production. Not what we consider a rare Corvette in terms of power plant and drive train. Other production numbers for this 1971 Coupe include factory air conditioning (11,481), Power Steering (17,904) and Power Brakes (13,588). The condition of this Corvette couldn’t even get you a Survivor award at Bloomington. Replaced valve covers and the non-original paint and color do nothing for collectablility. And take a look at the engine photo – other than the shiny air filter cover, the compartment is filthy. We place the value of this Corvette at $23,000. A $31,000 Barrett-Jackson difference. At some point this hot market we are in will correct itself and people who purchase these non-rare Corvettes at premium will be the ones holding the short end of the 4-speed stick shift. P.T. Barnum was famously quoted for saying “There’s a sucker born every minute.” Apparently in Scottsdale, they brought their checkbooks.

Corvette Breaks Sales Records

by Keith Cornett on January 13, 2006

There were 3,271 Corvettes sold in December which is an all-time Corvette record for December beating the December 1977 sales of 3259. Corvette had a 26.1% segment share up from 20.4% last year. R8C Museum Deliveries were at an all-time high for the month of December as well, with over 90 Corvette owners taking delivery as part of the program. General Motors also announced that European sales of Corvettes registered significant growth in 2005, achieving their best ever sales in Europe. With well over one thousand registrations, the sixth-generation Corvette more than tripled 2004 sales levels.

Corvette Values: 1996 CE Convertible

by Keith Cornett on January 4, 2006

JM from IN submitted the following to Corvette Values: 1996 Collector’s Edition Convertible. VIN 1G1YY325OT51053XX. Sebring Silver with Black interior, Black top. LT4 Engine, 6-Speed Manual Tranmission. 29,705 Miles. Power Braks, Steering, Windows. Exterior and interior are in Good condition. No original sales documents or owner history. This corvette is a genuine 1996 Collector Edition Corvette Convertible, VIN #IGIYY3250T51053XX. The VIN indicates it was built early in the 1996 Corvette production year. As with all Collector Edition Corvettes, the exterior paint color is Sebring Silver Metallic, code #13. The interior of the Convertible as well as the convertible top are Black. The overall condition for this Corvette is termed “good”. The current mileage is 29,705, considered low for a 1996 vehicle. It is powered by the LT4 motor rated at 330 HP and coupled with a 6-speed manual transmission. During the 1996 Corvette production year, 30% of the Corvettes built had this engine and transmission combination. The Collector Edition option was available for both the Coupe and Convertible. A total of 5,412 Corvettes were ordered with this option of which 1,381 were convertibles. Total production of convertibles for the 1996 model year was 4,369, thus only 32% had the Collector Edition option, in total a somewhat rare option especially coupled with the LT4 motor. The “curb appeal” of this 1996 Corvette is excellent with its Silver paint and contrasting Black top and interior. This Corvette is equipped with many of the feature options that were available for the 1996 model year. No original delivery documentation or owner history is available with this Corvette. We place the value of this 1996 Corvette convertible at $26,000. In our pricing database we actually show an increase of 1% year to year for Collector’s Edition Convertibles while average 1996 Convertibles are still depreciating in value. Submissions:
Send your submissions to info@CorvetteBlogger.com with “Corvette Values” in the subject line. We can’t answer them all, but if we find your Corvette interesting to both us and our visitors, we may use it. Feel free to submit a photo as well.

Seller of Fake L88 Caught by Corvette Community

by Keith Cornett on January 1, 2006

1967 Shriner Corvettes at the St. Louis Factory

You got to love Corvette people. They are the backbone of this great hobby and it’s great to see them rally around a cause. What’s the cause you ask? After spotting an apparently fraudulently represented 1967 L88 Corvette for sale on eBay, the message boards on both the CorvetteForum.com and NCRS.org started lighting up with news and information about this Corvette and its checkered history.

The 67 Corvette in question was listed with a reserve on eBay December 21st. The description lists the car as a real L88 Corvette – one of 20 in existence. The ad also has 17 photos showing different angles of the car, engine pad stamps and documentation including the dealer bill of sale and protect-o-plate.

As word spread of the L88 Corvette’s eBay listing, details slowly emerged that put the originality of the car into question. First, many users on the Corvette Forum started sharing photos of the stamped engine pad from the L88 and comparing those with other known L88′s and big block Corvette engines. The eBay L88′s stamp looked straight and flawless. The etchings were shiny as well and looked nothing like the other examples being shown.

And then came a post from GL Anderson whose father was the dealer that received the Corvette from the St. Louis factory and drove it in parades with the Shriners as one of their Patrol Corvettes. GL says when his dad picked up the car, it was originally a 350 small block and that everything the about the ’67 being represented as an L88 is false.

“Well he only got maybe 3 things right in his eBay ad. He did talk to me, it was sold to a William Neeck and it is a 1967 Corvette. Not only was it a 350hp small block car when produced and we picked it up at the factory, but it was also my Fathers Shrine Corvette Patrol parade car. Since my dad was the dealer and also in the patrol he never had to license his Shrine car but rather drove it on a dealer plate. The first true owner would have been Mr. Neeck. There are several photos out there showing the 67 Shrine cars and members standing by their car. I can point out that exact car in the pics. It had a blue interior from the factory. Everything about it being an L88 is a fake. The buyers invoice is fake, I don’t know about the repair order so maybe he got 4 things right. He came to me in the early 90s and wanted me to back his story about the supposed L88. I told him no way. By the way I was 21 in 1967 and between my twin brother and I put several thousand miles on that exact car. As to paperwork no I don’t have the factory invoice but I do have other documentation on that car. I don’t hang out on other Corvette boards but if anybody wants to know the truth, let them know it is a fake. I will be happy to provide the documentation I have and point out a number of errors he has made in his paperwork, but only to someone I trust won’t take that info back to him so he can do a better job next time.”

Gar Anderson, GL’s twin brother also was heard from. Gar had accompanied his father to the St. Louis plant when the cars were picked up in person. He said the documentation pictured in the listing is a fake as well. He said the seller tried to get Gar and his brother to collaborate with him on trying to sell this car as original, but Gar refused.

“The car is a complete fake. It was originally one of the Order of Shriner’s cars. All were white with blue interiors and all were small blocks. The L88 option wasn’t even available until January of 1967. This car was built in October of 1966. GL Anderson is my twin brother, and he and I were very involved with Anderson Auto at the time. The Ebay seller tried to minimize that fact. As a matter of fact, in 1967, my brother and I purchased our grandfather’s Buick, Pontiac and GMC dealership which was located across the street from Anderson Auto. Although we were in college and owned the Buick store, we continued to work at the Chevy store. If we would have sold a real L-88, you’d think we would be helping the seller, not trying to stop him.”

So being Corvette people and not content to just let an apparent fake be sold to an unsuspecting buyer, GL went to eBay and posted an auction that would show up if someone was searching 67 Corvettes and L88′s. The item for sale was a photo showing the Shriner cars being picked up at the St. Louis assembly plant. (See Photo) In the photo GL claims that his Dad is shown standing next to the Corvette in question and has other documents that will prove the Corvette is a fake.

So did the Corvette sell? In the closing minutes of the auction, the bid jumped from $185,000 to $450,000. While speculation was that the seller upped the price to save face, the high bid was placed by another Corvette guy to make a point:

“I bid on it knowing it was fake. Mainly I did it just to cost him some more money or at least the hassle of getting a refund through eBay. I figure if he wants to misrepresent the car then he deserves to have to spend some extra money and/or effort on his advertising. If the seller actually expects me to buy the car he will first have to present evidence which proves the car is not one of the Shriner’s cars. If he can do that then I’ll gladly pay his reserve price.”

What can we learn from a story like this? If you are going to clone a ’67 L88 Corvette, advertise it as such. Otherwise, seller beware! The Corvette community can and will police itself whenever possible.

 

Oldest Corvette to be Auctioned at Barrett-Jackson

by Keith Cornett on November 17, 2005

#003, the oldest 1953 Corvette in existence, is expected to drive across the auction block at the Barrett-Jackson Auction in Scottsdale, Arizona during their “World’s Greatest Collector Car Event” January 14-22nd. The #003 convertible wears VIN plate number #E53F001003. As #001 and #002 were assembled and delivered to the Chevrolet Engineering Center for testing, #003 took a different path which is how it escaped the fate of the first two Corvettes. #001 and #002 served as test cars for the engineering center and were eventually destroyed. #003 also served as an engineering car for a shot time but was sold in the fall of 1953. Eventually it turned up at an auction in 1987 unpainted and not running where two collectors noticed many of the characteristics of an early production car including the hand-made ignition shielding and center grille bar. As the oldest survivor of the early production Corvettes, #003 underwent a meticulous and well documented 2-and-a-half year restoration. Completed in 1990, Corvette #003 earned Bloomington Gold, Corvette Hall of Fame and NCRS Duntov awards. It was last displayed at the National Corvette Museum in Bowling Green, KY. As part of the Barrett-Jackson auction, the #003 Corvette will be joined by approximately 100 of the rarest Corvettes in what the company calls the Most Comprehensive collection of Corvettes to be offered at a major auction at No Reserve. “It is hard to find a better selection of ‘America’s Sports Car’ than at America’s collector car auction this year,” said Craig Jackson, president of The Barrett-Jackson Auction Company. “We’re proud to celebrate our 35th anniversary with an unprecedented collection of Corvettes that symbolize this country’s automotive heritage. The collection ranges from the affordable, as represented by a 1977 T-Top Coupe, to the most desirable, like the 1969 L-88 Coupe and 1963 Z06.” Other Corvettes include: A NCRS Top Flight, award-winning original 1969 L-88 Coupe will also be sold. One of only 116, the numbers matching Corvette is among the top 1969 L-88s in condition, restoration and provenance. The one original owner, numbers matching, 1963 Z06 Coupe is a fuel-injected stunner that is one of only 199 Z06′s built. Restored in 1980 using original parts, it has won many awards including the NCRS Top Flight and NCRS Duntov award. Click here for a partial listing of Corvettes to be auctioned at the Barrett-Jackson Scottsdale event.

Corvette Values: 1972 Convertible

by Keith Cornett on November 16, 2005

Neal B. sent us the following email: Hi, I am in the process of restoring a 72 convert. The car came with a m21 close ratio 4sp and no other options. It is steel Cities Gray. Is the tranny rare for a 1972 and is the steel cities gray rare. The reason I ask is, I don’t particularly like the color (blue is my color). However, I may sell it when it is finished and I want to get the most out of it. Thanks Neal Our Response: There were three transmission options available in 1972: the base wide ratio 4-speed, the Turbo Hydra-Matic Automatic and the M21 Close Ratio 4-Speed. The M21 was installed in just 1,638 Corvettes out of a total production of 27,004 making it an option in just 6% of the Corvettes produced in 1972. There were 10 exterior colors available in ’72 and the steel cities gray was selected in 2,346 Corvettes or just over 8% of total production. Because there so many colors offered in 1972, this doesn’t add any real value to your Corvette. If your ’72 is numbers matching but the exterior color is different than original, you may take a slight hit in the value of the Corvette. You can minimize that hit by going with a color from the same year. If you decide to repaint it blue, go with Bryar Blue, offered only in 1972 on 1,617 total Corvettes: http://www.corvetteimages.com/index.cfm?fuseaction=image&id=14946 Our current price guide shows an average 72 Convertible valued at $21,600 with a one year appreciation of 12%. The 68-72 models have been showing tremendous value over the last few years and that trend will probably continue.

Red Tagged Corvettes?

by Keith Cornett on November 15, 2005

Faced with slowing sales and growing inventories, GM is launching yet another incentive plan combining the two elements car shoppers like the most – one price shopping and employee pricing. Called the Year End Red Tag sale, the incentive runs from Nov 13 through Jan 3rd. It’s not quite employee pricing – but close. The GM Red Tag Sale is offering the “What you see is what you pay” on MOST 2005 and 2006 Chevrolet, GMC, Buick and Pontiac models and the price is based on GM Supplier (GMS) discounts which are generally 2% above the GM employee price. Once again, the offer doesn’t extend to Corvette. Funny how the two elements that consumers love: one price shopping and employee discounts are the two elements that keep Corvettes from being including in these type of promotions. Manufacturers/dealers won’t discount the car that makes them money whatever the price and why offer flat rate pricing when you have the ability to negotiate pricing based on availability.

Auburn November Classic Auction Results

by Keith Cornett on November 10, 2005

Kruse International posted the results of the November Classic auction held November 4-6 in Auburn, Indiana. The November Classic Auction is in its third year and is one of the smaller auctions with around 300 cars expected to cross the auction block. 15 Corvettes were represented and only three sold making this auction a disappointment for buyers and sellers alike. Of the three that sold, two of those were in the $5,000′s and the high was a 72 Coupe which sold for $12,500. Let’s be clear that while a couple of the midyears were modified racers, there was also a tri-power ’67 that hit a final bid at $90,000. While that amount is akin to a bargain, it appears that at all these auctions we are only seeing Condition 1 Corvettes with numbers-matching and Bloomington certifications. Are we seeing a trend here? The last few Auction results from this fall have featured a significant portion of Corvettes receiving high bids but were no sales. My belief is still that the market is strong and that Corvette sellers are holding out for the top dollar pricing they can receive at either the larger, Corvette dominated auctions or through direct selling efforts.

Year/ModelPriceBid Type
1959 Convertible$50,000Final Bid
1961 Convertible$58,000Final Bid
1964 Grand Sport Roadster$32,000Final Bid
1965 Race Car Roadster$21,000Final Bid
1967 Coupe$80,000Final Bid
1967 Coupe$90,000Final Bid
1968 Coupe$12,000Final Bid
1970 Coupe$25,000Final Bid
1971 Coupe$5,300Sold
1972 Coupe$12,500Sold
1978 Coupe$7,500Final Bid
1979 Coupe$8,600Final Bid
1979 Coupe$5,600Sold
1987 Callaway Convertible$35,000Final Bid
1989 Coupe$7,000Final Bid
Click here for full auction results
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