The 2023 Mecum road show rolled through Indianapolis in mid-May for Dana Mecum’s 36th Annual Spring Classic auction with an estimated 3,000 vehicles seeking new ownership. After sifting through the results, we can report that the Corvette market’s momentum is still rolling strong. Looming Recession? No way. Let’s dive into some of the numbers.
Back in January, Mecum sold 3,180 of an estimated 4,000 vehicles to the tune of $234 million in sales. As Indy approached, the only lingering question was if Indy could follow suit with big numbers. Coincidentally, as we were assembling this post, Mecum published their Indy results. The 2023 auction brought in $113 million in total sales – the 2nd highest total ever for that event. The cumulative sell-through rate came in at a healthy 76%.
By our count the Corvette docket tallied 283 cars rolling across the red carpet. Of those, 178 (about 62%) are now parked in new garages. That’s down slightly from Kissimmee’s stout 82% sell-through rate, and a tick lower than the overall Indy rate. We think that’s more related Indy’s vehicle mix rather than a market trend.
A high-level look at the data reveals nothing much new here. High end restomods still command well into 6-figures. 2019 ZR1’s trade near or above $200k. Three of them sold in Indy at an average of $203,500. We still see strong sales of 1963 coupes with 3 selling at an average of $163k. That’s down some from previous sales so we’ll have to keep an eye on that. The later model C3’s continue to creep as well. In Indy we saw 3 1978 Silver Anniversary coupes draw $30k+ bids with 2 low-mile examples selling at $35k and $34.1k respectively. Earlier we reported that four of the seven 2023 Z06’s sold between $165,000 – $214,500.
Of course, we must talk about 1967 Corvettes and 22 of them were offered. Of those, 12 found new homes at an average sale prices of $164,408. Interestingly, all but one of those were big block cars. The lone 327 car was an outstanding Bloomington Benchmark winning red convertible.
Onward to the Top 11! The total cost of the Mecum Indy Top 11 Corvettes sums up to $3,924,250 and the average cost computes out to $356,750 which is pretty consistent with what we saw at Barrett-Jackson Scottdale in January. The top Corvette sale was a mean green 1-of-12 built 1971 ZR2 coupe at $715,000. Next up was a stunning and award winning black on blue 400hp 1967 convertible that sold for $660,000. The decorated car is one of 4 known to exist. Third place went to a fantastic silver over red, Jeff Hayes built 1963 restomod coupe that found a new home at $495,000.
Overall, the Indy Top 11 was a great mix of stock restored cars, unrestored originals, and over the top restomods. We see 2 C1’s, 4 C2’s, 3 C3’s, and 1 C7. Like Kissimmee, we see just 2 restomods in the top 11. The rest of the list is a hitlist of the most desirable collector Corvettes out there: 1971 ZR2, a 1961 big brake fuelie, a 1968 L88, 1967 big blocks, and even an 1,100 mile 1970 LS5 convertible.
That unrestored 1970 is one of several notable sales. The blue on black roadster brought $330,000. Interestingly, that same car sold at Indy in 2021 for $110,000 and previously sold for $121,000 at Monterrey in 2015. Some nice appreciation there! In other C3 news, a cool 1981 Greenwood Daytona commanded $74,800 while a white 1968 L88 coupe bring just $217,000, on the lower end of the L88 market, for sure. In C7-land a nice C7.R brought $121,000 and a rare blue over red 2019 Grand Sport convertible sold for $110,000. Finally, we’d have been raising our hand for a 11,000-mile silver/red 1963 convertible.
1. LOT S116 – 1971 Chevrolet Corvette Export ZR2 Coupe – $715,000
2. LOT S105 – 1967 Chevrolet Corvette Convertible – $660,000
3. LOT K262 – 1963 Chevrolet Corvette Custom Split Window Coupe – $495,000
4. LOT S192 – 1967 Chevrolet Corvette Coupe – $335,500
5. LOT S162 – 1970 Chevrolet Corvette Convertible – $330,000
6. LOT S150 – 1960 Chevrolet Corvette Custom – $242,000
7. LOT S193 – 1961 Chevrolet Corvette Big Brake Fuelie – $242,000
8. LOT S193 – 1961 Chevrolet Corvette Big Brake Fuelie – $239,250
9. LOT T230 – 1956 Chevrolet Corvette Convertible – $228,250
10. LOT S12 – 2019 Chevrolet Corvette ZR1 Coupe – $220,000
11. LOT F127 – 1969 Chevrolet Corvette L88 Coupe – $217,250
The no-sale department was led by two Corvette racers. The #4 1960 Lemans racer maxed out at $1.1 million and the 1969 Greenwood L88/ZL1 did not meet reserve with a $1 million bid. The collection of a 1953 and 2003 Corvettes both sporting VIN #35 failed to find a new home at $410,000 and a rare 1964 tanker closed at $260,000. Keep an eye out for all of those at upcoming auctions around the country.
Finally, our El Cheapo award for the most cost-efficient Corvette of the auction is a two-way tie this time. For just $7,700 you had your choice of a black 1988 coupe or a turquoise 1991 coupe. It’s always a C4 in this category, isn’t it?!
After the long week Indianapolis, the market still appears to be in good shape. The recession rumors and debt default did not appear to impact bidding at all. Now, we’ll have to see if this momentum continues throughout the remainder of this year.
Mecum’s next stop is in Tulsa on June 9th and 10th where 600 cars are expected to cross the red carpet. For more information on any Mecum event or to peruse the full Indy results, head over to Mecum.com
Source:
Mecum Auctions
Related:
After Action Report on the Seven C8 Corvette Z06s Offered for Sale at Mecum Indy 2023
Mecum Returns to Indy for the 36th Original Spring Classic May 12th-20th
70th Anniversary 2023 Corvette Z06 Sets New Auction Sales Price Record at Mecum Glendale
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