The 37th edition of Dana Mecum’s Spring Classic wrapped up a couple weeks ago with stellar results once again. For the 4th year in a row, sales at what’s more commonly known as Mecum Indy surpassed $100 million. This year’s total rang the bell at $108 million across 2,877 sold lots during the 9-day Indiana residency.
The overall top seller of the event was 1967 Shelby Cobra that commanded $2.1 million. That was followed by a 1965 Ferrari 375 GTB at $1.23 million, and a 2012 Lexus LFA which brought $880,000.
Approximately 335 Corvettes were on the Indy docket. Of those, 64 (19% of the Corvettes) bid to over $100k and, in all, 40 Corvettes (14%) sold for $100k or more. The cost of admission to the VIP section of the Corvette hobby continues to be high.
A mean black on black 1963 Corvette Z06 changed hands at $687,500 including commissions making it the top selling Corvette and 4th highest selling lot of the sale. An equally black 1967 435hp coupe was the next highest selling Corvette with a $385,000 price tag. The 1964 Bill Mitchell styling car headed off to its new home at $319,000 to claim the final spot on the Indy podium.
Zooming out to take a look at the top 11 Corvette sales you’ll see a list dominated by midyear Corvettes. In fact, 10 of the top 11 Corvette sales were 1963-1967 Corvettes showing the consistent strength of the C2 market. The total cost of the top 11 Corvettes was just over $3.3 million with an average transaction price of $302,409. That’s down slightly from 2023 which is probably just a reflection of the mix of cars available this year versus last year.
The lone non-C2 in the top 11 was a silver 2019 ZR1 that sold for $220,000. The 755hp beast shows that the C7 ZR1’s continue to show strength with sales over $200k. One other trend we see is that 10 of the top 11 cars have been restored to or remain in stock form. Many are highly awarded examples as well. The single restomod Corvette is a bit of a departure from recent auctions where we’ve seen multiple examples in the top 11. As you’d expect, the $220,000 1963 hot rod was built by Jeff Hayes and continues the trend of his creations commanding top dollar. If you like black or red Corvettes, the Mecum Indy top 11 is the place for you. Lastly, the hot run for 1963 coupe continues with 2 in the top 11 heading to new garages at $302,500 and $242,000 respectively.
Other notable sales outside of the top 11 the last Ron Fellows Z06 at $66k, a 1972 ZR1 coupe at $159.5k, and a 2005 pace car for $132k. Each of the 3 1953 Corvettes offered sold at an average price of $145k (note that one of the cars doesn’t have a sales price listed). Bloomington Gold’s C5 Z06 generated $38.5k for charity and red on red 1961 big brake fuelie sold for $126,500. Checking in on the C8 market, you’ll see that 4 of the 6 C8 Z06’s offered sold at an average price of $156k. A brand new 2024 E-Ray sold at $151,250.
Many Corvettes failed to meet reserve including a black 1963 coupe which closed at $310,000. A silver 1963 coupe formerly owned by Chip Miller also did not meet reserve at $310k. A black 1967 coupe failed to find a new home at $300k. L88’s had a tough weekend with a gold 1969 closing at $285k and 1969 COPO L88 racer closing at $210k. Another COPO car from 1967 in silver over a blue interior hit The Bid Goes On desk after coming up short at $159.5k.
Finally, we can’t forget our El Cheapo award for the most cost-effective Corvette sold at auction. This time around we’re happy to report that it’s NOT a C4 this time. The lowest selling Corvette at Mecum Indy was a red 1976 coupe which gained a new owner for just $7,700 dollars.
Here’s a closer look at the Top 11 Corvettes from Mecum Indy 2024:
1. LOT F141 – 1963 Chevrolet Corvette Z06 Split Window Coupe – $687,500
2. LOT F144 – 1967 Chevrolet Corvette Coupe – $385,000
3. LOT T209 – 1964 Chevrolet Corvette Bill Mitchell Styling Car – $319,000
4. LOT F143 – 1967 Chevrolet Corvette Convertible – $308,000
5. LOT S188 – 1963 Chevrolet Corvette Split Window Coupe – $302,500
6. LOT F313 – 1963 Chevrolet Corvette Split Window Coupe – $242,000
7. LOT F214 – 1967 Chevrolet Corvette A/C Convertible – $236,500
8. LOT F264 – 2019 Chevrolet Corvette ZR1 Coupe – $220,000
9. LOT S187 – 1963 Chevrolet Corvette Split Window Coupe – $220,000
10. LOT F142 – 1967 Chevrolet Corvette Convertible – $203,500
11. LOT F213 – 1967 Chevrolet Corvette A/C Coupe – $192,500
After the long week in Indianapolis, the overall market appears to be holding steady. C2’s are as strong as they’ve ever been and 1963’s still command big bucks. We may need to keep an eye on L88’s though, as we could be seeing some softening there. C7 ZR1’s remain red hot and good, documented restored or original cars continue to bring good money. While restomods didn’t dominate the top 11, they do still generally require 6-figures to acquire one.
We’ll get our next glimpse at the Corvette market June 7th and 8th in Tulsa as Mecum attempts to place 600 cars with new owners. For more information on any Mecum event or to peruse the full Indy results, head over to Mecum.com.
In the meantime, enjoy our gallery from Mecum Indy. If you’ve never been to a Mecum auction, this is a great one to get on your radar. With so many diverse offerings available, you’re sure to find something that suits your fancy.
Source:
Mecum.com
Related:
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