Corvette Auction Results: Bob McDorman’s Corvette Sales Total $5 Million

Article Contributed by Steve Burns

It was right around 2pm on Saturday, November 6th when the first Corvette rolled up onto the auction block. Within 3 or 4 minutes the Polo White 1953 roadster had a new owner. This process repeated ‘Vette after ‘Vette for roughly the next 3 hours. The auction block, covered in the traditional Mecum Auctions red color scheme, was packed full of eager bidders throughout the Corvette portion of the docket. The earlier cars could barely been seen due to the mass of people, often times 5-6 deep, surrounding them. The crowd lessened as the auction moved on, but the block was always full of people.

According to Mecum sources, there were somewhere around 1,000 registered bidders for just 150 cars and numerous pieces of memorabilia. Based on what I saw, that number seems just about right. You could feel the excitement in the air all day. Everyone present knew that they were seeing something special. It’s not likely that a collection of this significance has been offered at no reserve ever before.

I arrived at McDorman’s Canal Winchester, Ohio dealership at 10am and traffic immediately slowed to a crawl as flaggers pointed the non-stop line of cars to the back of the property to park. The entry line would basically remain solid for the next couple of hours as more and more people piled in to the see the last batch of Bob’s collection receive new owners. Adjacent to the parking area, countless transporters and empty trailers waited for precious cargo to carry home.

As expected, the high sale of the day went to Bunkie Knudson’s 1963 roadster at $440,000 including the 10% buyer’s premium. Next up was the 1964 coupe which belonged to Knudson’s wife, Florence. The pink 396 car found a new home at $308,000. The third highest of the Corvettes was the 1963 Bill Mitchell styling car which fetched $176,000.

On the low end of the spectrum were three 4th generation cars. The 1985 red/charcoal coupe with 1,355 miles sold for $18,700. Miss America’s 1993 40th Anniversary convertible brought market value at $18,150. Finally, Dinah Shore’s 1987 couple managed just $16,500 which is about right for a car like this. Although I didn’t see it, the auctioneers mentioned that the car still had a scuff on it from Dinah hitting her garage at some point in the car’s life.

Overall the vast majority of the lots were in good driver-quality condition. The higher end cars like the Knudsons’ cars, Mitchell’s car, and the 1955 VIN 002 were easily in the best condition of the older cars in the collection. Some cars were missing noticeable items like exterior screws, bolts, and air dams. One car’s headliner was hanging down to the driver’s seat. A couple had left some various fluids on the floor of the now empty buildings on the McDorman property. I found it interesting that very few, if any cars, listed matching numbers, judging awards, or any documentation in their descriptions. It was very nice to see, though, that essentially all of the cars were driven across the auction block. The Burt Reynolds ’60 had to be pushed off the block due to smoke pouring out from under the hood. Due to the ridiculous low miles on the lots from 1974 and newer, these cars were all essentially in as-new condition although there was evidence of some detailing and touch ups on a few of them. The originality of those cars was truly incredible and hopefully the new owners will continue to preserve them in their current condition.

Well Sold:
As with any auction, there were items that sold above their market value and this auction was no different. Leading this pack was a pair of LT-1 convertibles. First up was the 1972 LT-1 A/C Convertible which sold for $55,000 including the buyer’s fee. Yes it’s rare. Yes it’s red, but hopefully the new owner realizes that the engine’s stamp pad was blank and that the trim tag was missing from the door jamb. The maroon 1970 LT-1 roadster hammered at $42,900. After looking over this car, it was apparent to me that a large sum of money would be needed to get this car into tip top shape. The paint was relatively shiny, but the engine compartment and interior had been neglected for some time. In addition, the AIR equipment was missing from under the hood and both windshield pillars were beginning to show signs of birdcage rust. Next up was the 1979 Red/Red coupe that sold for $35,000 before fees. Overall this 4 speed car was in nice original condition with 9,900 miles showing on the odometer, but there are lower mile examples out there and they probably can be had for less money.

Good Buys:
Cars with a good upside were hard to come by. Essentially all of the Corvettes sold at market values or higher. One of the cars that surprised me was 1955 VIN 002 that sold for $143,000. This very significant car was in overall very good condition and was just the 2nd V8 Corvette ever built. Bidding was very active at first, but slowed very quickly. I was sure this car would bring closer to $200k. Zora’s 1989 went home for $22,000. Truthfully, I had no idea where this car would end up, but I was sure it wasn’t going to be in the low $20’s. This car was owned by the Godfather of the Corvette. That alone should have made it more appealing to bidders. Last up on the list of good buys was the 1992 convertible – the 999.999th Corvette built – which sold for $24,200. Milestone VIN’s don’t come up very often. Granted, this technically isn’t a milestone VIN, but it’s still a very neat car to have. I expected this car to go higher due to its white/red color scheme and “almost” number 1,000,000 status.

It’s not likely that a collection like this will ever be assembled or offered at no reserve ever again. Over the next several months we’ll start to see which cars end up at dealers for resale and which ones turn up on the show circuit presented by private collectors. When I asked Bob what kind of emotions he felt watching the cars sell, he simply said “It tears me up”. Having had the chance to finally see his diverse collection I fully understand where he was coming from.

Below is a list of all the Corvettes, the hammer price, and the price with commission.

Source:
Mecum

Related:
Corvette Auction Preview: Bob McDorman’s Late Model Corvettes
Corvette Auction Preview: Bob McDorman’s “Four-of-a-Kind” 1963 Corvettes
Corvette Auction Preview: The Bob McDorman Collection
Mecum to Sell Bob McDorman’s Corvette Collection