For a Corvette seller and a Corvette buyer, the Lucky Collector Car Auction held this past August 30 & 31 just outside of Tacoma, Washington was appropriately named. The lucky seller went home with a large check while the lucky buyer is the new owner of a numbers matching 1963 Corvette fuelie roadster.
When you’ve got one of only 116 1969 L88s ever made, you’ve obviously got a prize Corvette.
Add in an impressive frame-off restoration, mix in a very interesting racing heritage, and you’ve got the makings for one very, very desirable Stingray.
Just how desirable?
How about a Corvette that fetches $680,000 at the recent Mecum auction in Dallas?
Overall Mecum’s first trip to Seattle was met with an over flow of enthusiastic bidders and collectors. Mecum obviously worked overtime to offer their customers a varied assortment of excellent collector cars. When the curtain came down Mecum had to be pleased with their initial foray into the Pacific Northwest setting a world’s record for a muscle car when a 1971 Plymouth Hemi Cuda was hammered for $3.5M. It was obviously a muscle car market since it definitely was not a Corvette market.
Mecum put together a dynamite docket of outstanding investment level Corvettes for their introductory event in the Northwest and though there was strong bidding for a some of the Corvettes, the majority of bids did not meet the consignor’s reserves and 65% of all Corvettes offered over the two day event went unsold and none of the four featured Corvettes sold.
Another indication of disappointing results for Corvettes was the fact only one Corvette was able to make the top-ten list, a 1958 restomod. That is almost unheard of for the world’s largest Corvette seller who typically has almost half of the top ten occupied by America’s sports car.
Enthusiasts were treated to three days of excitement last week when Mecum presented their second major collector car auction of 2014, April 10th through the 12th in Houston.
The heavily promoted prototype Ford GT40 was hammered down at $7M and TV viewers got to see it on live TV. It was the highest price ever hammered down for an American car being broadcast on “live” TV. And though that was impressive, it was actually more exciting to watch former Viet Nam veteran Don McNamara’s pristine, 2997-mile Corvette hammered down for $725K ($797.5 including commissions). Along with the McNamara Corvette, Mecum sold 61 of the 101 Corvettes consigned, a strong sell through for Corvettes.
Garcia, Magnussen dominate street race; Gavin, Milner take third-place GTLM finish
LONG BEACH, Calif. (April 12, 2014) – Corvette Racing won its first race with the new Chevrolet Corvette C7.R on Saturday at Long Beach as Antonio Garcia and Jan Magnussen dominated in their No. 3 Corvette to take the GT Le Mans class of the Patrón Sports Car Showcase. The duo led all but one lap and took the checkered flag by 5.408 seconds in the third round of the TUDOR United SportsCar Championship.
In a few days two prophetic auctions will take place that collectors of Corvettes will want to keep their eyes on whether they plan to bid at these auctions or not. The two biggest sellers of collector Corvettes in the country, Mecum and Barrett-Jackson will be holding their second important collector auctions of 2014. The reason these auctions are important is because after some mixed and difficult to interpret first quarter Corvette auction results, we should get a better read on the Corvette collector market and where it is headed for this year. After a spectacular 2013 which saw new records set on “blue chip” Corvette prices, and while the Corvette segment of the collector market was strong for most rare and well optioned cars, at this point it is difficult determine whether last year’s strong market tends will continue for 2014.
The January collector car auctions in Arizona and Florida each year help set the tone for the rest of the auction year. Once again there were plenty of high end Corvettes and eager bidders to go around as 6 and 7-figure bids were quite common. We’ve already taken a look at the Mecum Kissimmee results, but how do they stack up against all of the other January sales? Click past the jump to find out.
The “Real McCoy” $2.3M Sale Postponed During Dispute of Ownership on Parts
More than the weather failed to cooperate for the world’s largest collector car auction, Dana Mecum’s 2700 car Kissimmee event held January 17th through January 26th. Each year hundreds of Corvettes change hands during the ten day event as thousands of collectors and enthusiasts leave the cold weather blanketing most of the country and make their pilgrimage to the event in sunny, warm Florida. This year, though hundreds of airline flights were cancelled due to the weather, the pilgrimage still managed to take place even though the pilgrims were greeted with sunny but not very warm weather in Florida, the attendance slipped by over 6% and sales dropped by over $8M, down 11.4%.
All Corvette enthusiast eyes were on Barrett-Jackson in Scottsdale Saturday afternoon in expectation for some record setting prices. If you have been following CorvetteBlogger’s updates on this week’s Barrett-Jackson auction extravaganza, you know that their 2014 event has gotten off to a strong start with attendance up 30% through Thursday and sales exceeding last year by over 8%.
Saturday is traditionally when the best of the best collector cars cross the block and in the late afternoon within a little over one hour six Corvette lot numbers sold for a combined total of $8.63M including bidder fees. These included some of the best known and important Corvettes.
But the real star of the afternoon was a 1967 second generation L88 coupe we called the “crown jewel” of Corvettes in an article back in November, one of only twenty Corvette L88 coupes built that year. Within a few minutes of the famous “Rebel” racecar selling for $2.86M (including buyer’s premium), the 1967 L88 red/red award-winning coupe set a new world’s record for a Corvette sold at auction when it hammered for $3.5M ($3.85M including buyer’s fees). The bidding quickly rose to $2M then surpassed the former record price of $3.2M set by another 1967 L88 last September by almost 10%. When the reserve was lifted the car sold setting a new world’s record Corvette auction record.
1967 427 3 2bbl fully restored car crossing block Saturday Lot 1278 – Photo courtesy of Barrett Jackson
Traditionally Thursday at Barrett-Jackson’s eight day collector car auction is a transitional day that bridges the gap between the early “bargain days” where many entry level, “small cap” collector cars are featured and the more expensive “blue chip” high dollar cars which cross the block on Friday through Saturday. This year has proved to be the strongest start to Barrett-Jackson’s auction extravaganza where over 1300 cars will cross the block over the course of the auction.