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Mecum Indianapolis 2015 Offers 151 Corvettes and Sells 92!

Buyer’s Market Update

Walt Thurn Jul 2, 2015
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The Mecum Auctions company is a great way to find the Corvette of your dreams. They offer buyers a variety of collector cars (including Corvettes), road art, and antique motorcycles. Established by Dana Mecum in 1988, the company is a family-run business headquartered in Walworth, Wisconsin. In 2015, their 22-auction schedule began in Las Vegas on January 8-10 and ends in Austin, Texas, on December 11-12. Mecum always includes a large mix of Corvettes in their auctions. Each year Dana Mecum holds his Original Spring Classic Auction in Indianapolis. We thought it would be a good time to check out how Corvette prices are doing at this annual event.

The 2015 Spring Classic was held at the Indianapolis State Fairgrounds and 1,404 cars were offered for bid and 919 were sold. Total sales exceeded $42.8 million when the auction ended. Included in this total were 151 Corvettes that spanned every generation, from C1 to C7. A total of 92 were sold; a 61 percent sales rate compared to 59 percent sold at Kissimmee in January. In our view, sales are remaining steady. The highest selling price among the 151 Corvettes offered was a restomod LS3-powered 1956 Corvette (Lot S244) that sold for $175,000. The lowest price received for a Corvette was $4,000 for a white 1992 automatic coupe (Lot G147). The most active sales generations were C2 and C3. Only 56 percent of them sold. Several significant Corvette collections were offered at Indy.

Mike Yager − owner of Mid America Motorworks in Effingham, Illinois, has amassed a nice collection of historic Corvettes. He offered 11 of his “My Garage” collectibles for sale at Indy. Here is the “My Garage” list and which cars sold.

• 1957 “Barn Find” Corvette (Lot T226) unrestored, sold for $32,500.
• 1978 Corvette Pace Car (Lot T227) L82 automatic with 4,121 miles and sold for $27,000.
• 1987 SCCA Kim Baker Escort Race Corvette (Lot T228) did not sell, high bid $20,000.
• 1988 Challenge racer (Lot T229) 1 of 56 (3,062 miles) did not sell, high bid $27,500.
• 1988 35th Anniversary Callaway Corvette (Lot T230) 430 miles and sold for $61,000.
• 1990 R9G Challenge Race Corvette (Lot T231), 115 miles, did not sell, high bid $27,500.
• 1993 Dieline Race Corvette (Lot T232) did not sell, high bid $20,000.
• 1994 Corvette Brickyard Pace Car (Lot T233) 1 of 25, did not sell, high bid $23,000.
• 1994 Corvette Limousine (Lot T234) sold for $31,000.
• 2006 Corvette EX Z06 (Lot T235) VIN 50016EX, pre-production test car. Did not sell, high bid $44,000.
• Corvair-powered Corvette movie car (Lot T236) sold for $12,000.

Another notable collection offered at Indy was Larry Gerig’s impressive 1958 fuelie collection. Eight 1958 Corvettes were offered, one in every color that was available that year, and all eight sold for a total of $1,172,000.

Here is a breakdown of the low/high prices of Corvettes that were sold at the Indy Mecum Auction in 2015. All of the cars not sold are added to the “Bid Goes On” category that allows sellers and potential buyers a chance to come to terms. Each car that is up for bid is identified with a lot number, which Mecum uses to identify details of each vehicle on their website. For more information go to www.mecum.com.

Low / High Prices of Corvettes Sold
Model Years # of Lots # Sold Percentage Lot #, Low Sale Price Lot #, High Sale Price
1953-1962 27 22 81% T226, $32,500 S244, $175,000
1963-1967 37 23 62% F241, $32,000 S205, $125,000
1968-1982 39 25 64% W221, $7,705 F193, $120,000
1968-1982 28 12 43% G147, $4,000 T230, $61,000
1997-2004 16 9 56% W70, $12,000 F148, $41,000
2005-2013 3 1 33% N/A T88, $25,000
2014-2015 1 0 N/A N/A N/A
Totals 151 92 61% N/A N/A

It is easy to determine the current value of any Corvette you want to sell or buy. Mecum makes the process very easy to register, shop, and buy a Corvette. We encourage you to browse its website to find that Corvette of your dreams!

2/16

An all-original 1978 L82 powered Pace Car (Lot T227) has only been driven 4,121 miles. It was part of Mid America Motorworks “My Garage” collection and sold for $27,000.

3/16

This 1956 Corvette (Lot S244) is fitted with a Custom Chassis Concepts frame and a 430hp LS3 engine. It won 1st place, Best in Class, and Outstanding Sport/Sport Compact at the 2015 Autorama Car Show. It sold for $175,000.

4/16

They do exist. This 1957 “Barn Find” Corvette was stored on its trailer in a shed for over 40 years. It was unrestored, added to the “My Garage” collection and sold for $32,500.

5/16

Bloomington Gold founder David Burroughs trademarked the word “survivor” in 1989. If Bloomington judges determine that a Corvette is 50 percent original it earns a Survivor certification. This Daytona Blue (Lot F241), 58,000-mile 1964 convertible received this award in 2007. It sold for $32,000.

6/16

Lot S205 was restored in 2004 and is powered by an L71, Tri-power 435hp big-block. It sold for $125,000.

7/16

This 454/425hp automatic convertible (Lot F193) is one of only 188 LS6 Corvettes produced in 1971. It is nicely finished in War Bonnet Yellow and sold for $120,000.

8/16

Mike Yager, owner of Mid America Motorworks, has an extensive car collection called “My Garage” at his company’s headquarters. Mike brought 11 of his cars to Indy and 4 of the 11 were sold.

9/16

One of the cars from the My Garage collection was Lot T227, a 1978 Indy Pace Car with 4,121 miles on its clock. This L82 powered, automatic transmission Corvette sold for $27,000.

10/16

This 1972 Corvette (Lot W221) had a body-on frame restoration (paint, interior, and minor mechanical work) performed. It is equipped with a 350ci engine coupled to a four-speed manual transmission. It sold for $7,750.

11/16

This is one of seven 1988 RPO B2K 35th Anniversary Callaway Corvettes. The Callaway is from the “My Garage” collection. It has a Bloomington Benchmark certification and shows 430 miles. Lot T230 sold for $61,000.

12/16

Lot G147 is a very plain 1992 LT1 automatic coupe that did not excite the buyers. It sold for a low 4,000.

13/16

Sixteen fifth-generation Corvettes were offered for sale at Indy. This 2002 six-speed convertible (Lot W70) was one of 9 that were sold. It received the lowest C5 price at $12,000.

14/16

A brand-new (3 miles) 2003 50th Anniversary six-speed manual convertible still had its delivery plastic covering vital parts of the interior. Lot F148 sold for $41,000.

15/16

This 2008 Z06 (Lot T88) had many expensive options. It was fitted with a Caravaggio tan leather interior and targa top conversion. Also included were Forgeline wheels, Michelin PS2 rubber, Billy Boat exhaust, Fire Paint accents, vented hood, MGW shifter, carbon front splitter, and painted fuel rail covers. It was well bought for $25,000.

16/16

Only one C7 was offered for sale (Lot S191) and it was a 2LZ black Z06 convertible. It only had delivery miles and was bid to $85,000, but did not sell.

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