ESTABLISHED 1963 JUNE 2013
ESTABLISHED 1963 JUNE 2013
ESTABLISHED 1963 JUNE 2013
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The quality of the cars accounted for a 25% increase in the average price paid for a Corvette this year on $6.6<br />
million dollars in sales. That’s the good news, the bad is if you are looking for a bargain in early generation<br />
cars they will be difficult to find. But there were more stories to Mecum’s 26th annual Indianapolis Spring<br />
Auction other than the 200 Corvettes that crossed the block from May 14th through the 19th.<br />
The first surprise was there was only a 55% Corvette sell through, only 110 of the 200 Corvettes that crossed<br />
the block were hammered down as sold, selling almost 25% fewer Corvettes than the year before. But<br />
perhaps that is the result of the owners’ high reserves placed on their cars based on over-optimistic<br />
expectations on the prices their cars would bring in light of the improving economy and recent market trends.<br />
It was the outstanding second generation cars and restomods which carried the Corvette category of the<br />
auction. The <strong>2013</strong> average price for second generation Corvettes jumped a staggering 63% to almost $105K<br />
versus the 2012 average price of almost $65K. And even when prices have been adjusted (removing the<br />
“museum cars” which sell for prices which distort the averages) the C2′s amazingly jumped 35% to almost<br />
$87K. And owners of these highly desirable C2′s were holding out to get the highest possible prices, sometimes<br />
in light of the high offer was considerably higher than similar cars sold in past auctions.<br />
As an example one of the lots, a 1967 427 4-speed with several prestigious awards failed to meet the owner’s<br />
reserve even though the high bid exceeded $225K. In 2009 a very comparable car was sold for $137K.<br />
Further evidence of the strength of the early generation sales was two second generation cars made it to the<br />
top ten of all sales, a 1967 Chevrolet Corvette Convertible 427/400 HP (Lot F197) crossed the block at $610K,<br />
just behind the 2 million dollar Mustangs. The number eight seller was a <strong>1963</strong> split window coupe (Lot F199)<br />
which was hammered down at $240K. A first generation 1953 Chevrolet Corvette Roadster (Lot S150.1) was<br />
number seven in the auction selling for $250K.<br />
Third generation cars were weak in the <strong>2013</strong> Indy event, the average price actually fell 22% and there were<br />
37% fewer C3′s hammered down than in 2012. Though it appears the third generation cars are currently soft<br />
the drop appears to be more indicative of the overall quality level of the C3’s offered this year. The fourth<br />
generation prices held almost exactly the same as last year with the average price coming in at a little over<br />
$17K, but keep in mind that almost half the C4’s were ZR1’s which consistently sold for about $20K. Few<br />
fifth and sixth generation cars were offered.<br />
This year’s auction showcased and sold five high quality restomod Corvettes. This category alone accounted<br />
for $722K and a silver 1967 convertible with a C6 ZR1 suspension and a 525 HP LS3 crate engine was sold for<br />
$210K. This category continues to show strength in the auction market and offer the buyer the ability to<br />
cruise in comfort with modern amenities upgraded performance but the question remains about the long term<br />
investment value of these cars.<br />
So that is the “good, the bad, and the ugly” for Corvette enthusiasts at Dana Mecum’s 26th Original Spring<br />
Classic. If you are one of the lucky enthusiasts who happens to own a C2, if it needs some money spent on it,<br />
go for it, from what took place in Indianapolis it would appear it is only an investment.<br />
And if you love automobiles you would have appreciated the other great cars at the auction, even though the<br />
“hype” over the restomod Mustang, “Eleanor”, and the 1967 Shelby GT500 “Super Snake” may have<br />
overshadowed some equally significant cars being offered. The next auction on Mecum’s busy annual event<br />
calendar is the Bloomington Gold Auction which starts June 29th in Champaign, Illinois. It is hard to imagine<br />
that Mecum will be able to improve the Corvette offerings at the Bloomington Gold event over the Spring<br />
event, but if you know anything about Dana Mecum you know he will.