Corvette Auction Results: 2008 Bloomington Gold

If the Corvette market in the current economy can be defined by the sales results of Bloomington Gold, the Country’s largest all Corvette auction, it would show that condition 1 classic Corvettes with documentation and/or racing provenance continue to sell well. The results (or lack of) also show that those Corvettes in less than perfect condition or those that have received amateur restorations are now giving up some of the gains they’ve made over the last few years.

From all accounts, the Bloomington Gold auction was a success. We saw record prices set for highly rare Corvettes like a 1971 Corvette ZR2 Convertible which sold for $550,000. That price bested a 1971 ZR2 Coupe that sold at January’s Barrett-Jackson auction for $357,500. A Tuxedo Black 1967 Corvette Convertible with an L68 (427/400) engine changed hands for $320,000. Topping off the unique sales list was a special collection of six consecutive year (1990-1995) C4 ZR1 Corvettes sold for $231,000.

Two 1953 Corvettes were offered as part of the Fred and Terry Michaelis Collection, but both failed to reach reserve. VIN #93 reached a high bid of $310,000 while VIN #268 made it up to a high bid of $270,000. Despite 8 1953 Corvettes selling for record highs last year, we have yet to watch one of the first year Corvettes sell at a public auction this year.

One of the big draws at this year’s auction was the special collection of three #001 Corvettes. The Corvettes, a 1955, 1956 and 1957, all were the first Corvettes produced for sale in their respective years. As a group, the troika reached a high bid of $2.8 Million but fell short of the reserve. The Corvettes were then offered individually with each of the cars failing to meet the seller’s reserve. The Polo White 1955 received a high bid of $850,000, the Venetian Red 1956 was bid up to $900,000 and the Cascade Green 1957 Corvette’s high bid was $950,000.

2008 Bloomington Gold Auction Results:

Mecum Auctions handled the gavel duties of the two day auction. $8,745,619 in total Corvette sales were recorded with a sales success percentage listed as 47%.

The next major Corvette auction will be Corvettes of Carlisle on August 22-23rd. Carlisle is offering free consignments to sellers, but hurry as the July 15th deadline is rapidly approaching.

Source:
Mecum Collector Car Auctions

Related:
Proteam To Offer 40+ Corvettes at Bloomington Gold Auction
Mecum Offering Collection of Three Serial #1 C1 Corvettes at Bloomington Gold High Auction

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