Some people thought it was risky for the Tom Falbo Collection to be offered at no reserve during the Leake Auction Company event over the weekend in Oklahoma City at the Oklahoma State Fairgrounds.
But in the end, the Corvette-dominated collection wound up selling for a total of about $4.5 million (hammer prices), which was substantially more than Leake President Richard Sevenoaks said he had expected. Falbo himself, who watched via the Internet, was also pleased with the results.
The collection included an L89 1967 Corvette, one of just 16 such Sting Rays produced, that actually sold twice.
The L89 was the first Falbo car offered on Saturday and apparently sold for $180,000. After 21 more Falbo Corvettes had crossed the block, the L89 came back, though.
Sevenoaks said during the first time the L89 was offered, virtually simultaneous bids came from someone in the building and someone on the Web. The winning bidder, who was in the room, denied he had placed the high bid, but Sevenoaks said several people agreed with the auction staff that the man had actually done so. Nevertheless, the car had to make its way back to the block and wound up selling for $167,000 on the second go-round.
The L89 was actually the second Falbo Corvette forced to make an encore appearance on Saturday. Earlier, a green 1967 427 coupe had to repeat after it was discovered that the original buyer, offering $160,000, had not registered to bid. The second trip to the block saw a winning bid of $157,500.
The Falbo Collection included 40 Corvettes and 60 other vehicles, all being offered at no reserve. Nevertheless, two other 1967 coupes sold for more than $100,000 – one at $117,500 and the other at $110,000.
Falbo’s low-mileage 2005 Ford GT brought a whopping $276,000.
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