Corvette Market Snapshot - Monterey 2017
Here's your window into current collectible Corvette values via 11 of the Vettes of almost every variety that sold at this year's four Monterey, CA-area auctions. From generations C1 to C6, and sales prices between $40k and $352k, there was a Corvette there for just about everyone. So here, in chronological order, are the finest of the fiberglass firebrands sold at the four 2017 Monterey, CA-area automobile auctions.
![Bonhams Auctions Lot 43 [Z06] and Mecum Auctions Lot F115 [L84], Monterey 2017 sales](https://cimg3.ibsrv.net/cimg/www.corvetteforum.com/1600x900_85-1/187/Slide-4-1963-Corvettes-DONE-269187.jpg)
1. 1955 Chevrolet Corvette 265/195 HP V8 Roadster [$130k]
You are looking at no less than the reason Corvette exists as an active nameplate. After two years literally limping along with the optimistically-named “Blue Flame” six-cylinder engine, 1955 was the Corvette’s succeed-or-die year. And thanks to the introduction of the 4.3-liter V8 engine that – despite producing only 195 horsepower – put at least some sport into Chevy’s sports car, and just in time. Of the 700 produced, Mecum’s lot S73 was one of the 697 V8s and 325 painted Polo White. Throw in its red interior and black soft top – the only color scheme offered on the first run of 300 Corvettes in 1953 – and Powerglide automatic transmission, and this restored-in-1982-to-NCRS-standards ’55 represents the best-performing version of the ’53-’55 original-look Corvettes in nearly-new and factory-accurate condition. Price-wise it hit right where it should have, as this above-average example’s $130,000 (including fees) hammer price was certainly deserved over the $92,600 average for all V8-powered 1955 Corvettes based on its condition and fully “numbers matching” drivetrain.
2. 1957 Corvette 283/220 HP Convertible [$90,750]
To many, the 1956/57 Corvette is the best looking of the breed, and as far as I'm concerned, it's certainly the prettiest C1. It looks exactly like what it is: a slightly-remodeled pre-1956 [see Slide 1] car in its last year with a two-headlight front fascia. Bringing the headlamps forward and out from behind wire screens and "shaving" off the tail lamp "fins" in favor of a form-fitting inset setup did wonders for the design, but the REAL news was the trading of the lengthwise chrome strip side trim in favor of the color-contrasting "coves." This car, R&S Lot 1097, wears the popular Venetian Red with white coves color scheme. And thanks to its full restoration in 2015, it appears nearly flawless. The only knock against this lot that might have kept bidding down is the fact that it is one of the 1,633 Corvettes built in 1957 with the base 4.6-liter, 220 horsepower motor (though its being coupled to a four-speed manual transmission takes away some of the sting). Both parties should be pleased with this auction's outcome.
3.) 1962 Corvette 327/360 Fuelie Roadster [$352k]
Unlike the '57 from Slide 2, it's what's under this car's fiberglass skin that makes it the highest-selling Corvette in Monterey this year. But more impressive than that is the fact that this car, Gooding & Co. Lot 124, set a world record price for ANY C1 Corvette outside of the first 300 1953s. To those in the know, the price isn't surprising considering the fact that this was outfitted from new with the ultimate performance gear Chevy offered on a C1 and that its restoration was by an acknowledged Corvette expert to levels that earned it the ultimate Corvette condition and equipment awards. If you had the cash in 1962 and wanted the highest-performing Corvette they made, this car's build sheet contains it all, including the 360 hp fuel-injected 5.4-liter V8, four-speed manual transmission, "Big Brake" performance stopping package and larger (24 gallon) fiberglass fuel tank [from which the "Tanker" name is derived]. Its trophy shelf includes all the "majors", including Bloomington Gold, NCRS Top Flight (scoring 94 percent or higher during NCRS judging) and, most importantly, the Duntov Mark of Excellence Award, which requires 97 percent scoring "as manufactured", a "rigorous performance test of all components and functions without a single failure" and more. [To put it into perspective, only 945 Corvettes of any year or kind have earned it.] If you want the best, you have to pay up for it, and in this case, that meant eclipsing the previous world record by $104,500.
4. & 5.) 1963 Corvette Z06 Tanker [$310k] and L84 Fuelie [$140k] "Split-Window" coupes
Here's a fun fact: The 1963 model year is the only one in which the coupe is worth more than the convertible if both body styles were issued because of the split rear window - a feature GM's famous chief designer had to force into production and that lasted only a year because "customer complaints about lack of rearward vision" won out over "beauty and style." [At least until collectors started valuing the one-year-wonder split and made them the priciest of C2s.] And as this pair of Corvettes shows, there's another thing unique to 1963s that - if ordered - more than doubles the value of your Vette vs. one identical in every other way: the Z06 Special Performance Equipment option. Both Corvettes here are equipped with the same engine - the hottest of its day, the 5.4-liter, 360 hp L84 Fuelie - same four-speed manual transmission and other bits. In today's money, the MSRP of the blue Mecum car (Lot F115) would be in the $40k range while the silver Bonhams car (Lot 43) coming in around $54k thanks to the $14k+ Z06 option. Included in the Z06 package were the L84 engine upgrade, 4-speed manual transmission, power brakes with dual circuit master cylinder and metallic brake shoes plus backing plate air scoops and heavy-duty suspension. Basically, if you wanted a Corvette to race in 1963, the Z06 was your go-to. But as most people DON’T want race cars, only 199 were built [with just 36 Tankers]. And while most of those things were available as individual options on any ’63 Vette, the non-Z06 car here is a mashup of original engine and minor bits with a cut-and-pasted Z06-ish braking system from a 1967 model installed along with a completely fake “fuel cell to replicate the look of the factory Big Tank option.” But if you’re a buyer who wants a genuine 1963 L84 Split-Window Coupe and doesn’t care about its authenticity overall, I guess this is your car. But if you’re a potential seller, know that leaving it stock will bring the exact same price – if not more – without you having to invest a dime or spend any time explaining your transgressions. [Especially to NCRS or any other judging society at whose events Frankenvettes tend not to be welcome. That's why any beautifully-restored Corvette WITHOUT Bloomington or NCRS awards is a huge red flag. The Z06 here has top awards from both. The other? None. That could also be why the "$160k spent" resto amounted to a $140k return...]
6. & 7.) 1967 Corvette 427/400 Coupe [$155k] and 427/390 Roadster [$90,200]
The very last year of the shortest (five years) Corvette generation saw the introduction of the most fearsome of all classic Corvettes with the introduction of the 7.0-liter V8s. Available in rated horsepower numbers of 390 [L36], 400 [L68], 430 [L88], and 435 [L71] - the actual outputs are debated to this day, apart from knowing they were higher than Chevy ever admitted - all were powerful enough to get the 3,360 lbs. of fiberglass and steel going fast enough to scare anyone sane from trying to test its true limits. Now I dearly love Goodwood Green, but I'm in the minority. That's the only reason I can think of that Bonhams Lot 50, a fully numbers-matching, Bloomington Gold winning, big-block TurboJet 427-powered car with the M21 close-ratio 4-speed manual transmission, Positraction, matching hardtop, headrests and side-exit exhausts could sell for such a low amount. It's been treated to an OEM-oriented restoration and comes with the OEM jack, books, and tools. Out of 14,436 convertible Corvettes cranked out in 1967, only 3,832 came with this engine, and there's no telling how few were built to these specifications. Another “Why’d it go for so little?” mystery is Mecum’s Lot S67. If there’s one thing Corvette collectors love, it’s a "unicorn", aka a “one-of-one” car outfitted unlike any other, driven sparingly and stored lovingly for decades just waiting for someone to find her, blow off the dust and put her back on the road good as new. And as Mecum tells it, “Collectors seeking a carefully preserved, factory-documented one-of-one example of the classic 1967 Chevrolet Corvette will find this Rally Red big-block coupe a tantalizing prospect. It is the only known 1967 Corvette equipped at the factory with the combination of the L68 427/400 HP big-block V-8, a Powerglide automatic transmission, factory air conditioning and radio delete.” It was “put away” after being restored/refinished in 1973 with just 9,523 miles on the odometer, and today is “excellent” and in “exceptional overall condition with scant evidence of wear”. Perhaps it didn’t set records because the bidders all knew that they’d be “custodians of history” instead of Corvette owner/drivers.
8.) 1969 Corvette 427/435 Coupe and 9.) 1972 Corvette 454/270 Roadster [$44k each]
Right on the heels of the shortest Corvette generation came the longest, with the C3 in production from 1968 to 1982. [Fun fact: C4 begins in 1984 as there are no 1983 Corvettes apart from one remaining development mule.] Commonly referred to as “Sharks”, these were in fact the first – and only, prior to the C7’s introduction in 2014 – Corvettes badged as “Stingray” (one word). Most important, however, is the fact that there are two C3s: the ’68-’72 chrome bumper cars and the ’73-’82 “rubber” nosed models, a break that just so happened to occur at the same time as engine options – and horsepower ratings – collapsed and took collectors’ interest in the cars with them. It just so happened that two C3s went on the block in Monterey, one from each end of the chrome-bumpered years and both with engines offering the highest official horsepower rating for their year. But even more interesting is the fact that the 1969 L71 Coupe [Mecum Lot F24] and the 1972 LS5 Convertible [Bonhams Lot 47] both sold for $44k. Now, according to the poll I conducted on various sites, nobody would choose the ’72 over Mecum’s Fathom Green (with green interior!) ’69 even if the former was significantly discounted. Why? In short, the ’69 has the 435 hp L71 Tri-Power motor, M21 four-speed manual (vs. the 1972’s three-speed automatic), side exhaust pipes and its born-with paint color (the ’72 was color changed from “War Bonnet Yellow” during restoration). In the 1972’s defense, the Feds changed horsepower rating regulations from “gross” to “net” – something we don’t have the room to cover here – instantly turning the 1971 LS5’s 365 gross hp into 1972’s 270 net hp despite the engine itself remaining unchanged. But let’s get back to the price(s). The average sale price at auction for one of the 2,722 ’69 L71 Coupes (out of 22,129 coupes) is $65k while one of the 3,913 LS5 drop-tops (out of just 6,508 convertibles) is just under 39 grand. [FYI, the LS5 couldn’t be sold in the Corvette’s biggest market – California – so selling almost 4,000 of them is impressive.] You will notice that the ’72 nobody seems to want exceeded its average while the ’69 didn’t. By a LOT. And seeing as how both are green, I can’t use the same excuse as I did with the ‘67s. And to add insult to injury, the over-average ’72 sports two of the “kisses of death” when it comes to Corvette values: its color change and a NOM (non-original motor). Sure, the VIN states it was an LS5 car, but nowhere does it state that it came with THIS LS5. Also, the ’69 was “refurbished” whereas the ’72 was “comprehensively restored” and was outfitted from new with all the bells and whistles including the deluxe “Saddle” leather (vs. the 1969’s vinyl) interior, air conditioning, removable body-color hardtop, tilt column, power windows, power four-wheel disc brakes, rear luggage rack and deluxe (full) wheel covers. So basically, if you wanted a fully-loaded, as-new, top-dog Corvette convertible from 1972 and don’t mind the color change and NOM, this was your chance. But if it’s a spruced-up ’69 big block coupe you’re after, they show up fairly regularly at auction. [I’d still go for the ’69 though. It’s two times greener than the ’72!]
10. & 11.) 1996 Corvette Grand Sport Z51 Coupe [$40,150] and 2013 60th Anniversary 427 convertible [$43k]
C4 Corvettes, on the whole, are the least valuable generation of all. Only one model from one year – the 1996 Grand Sport Convertible – has broken the six-figure mark at auction, but even including that sale, the average sale price of that 190-car-run one-year-wonder is $55k. The coupe version’s price – thanks to 810 being produced – is obviously lower, but 20 grand lower? Ouch. And even when you find a way to equalize the odds – as in Russo & Steele’s Lot 1028 is #110 of 190 Grand Sport Coupes built that year with the Z51 Handling Package and said to be the only one with this car’s long list of options – the news doesn’t get any better. When you check out the Monroney R&S was kind enough to provide, the winning bid of $40,150 is $4,744 LESS than its MSRP. Or, if you’re sadistic enough to use an inflation calculator, that Grand Sport cost $70,150 in today’s dollars, meaning the loss was actually $29,891. [And if you reverse the years, the winning bid would be worth $25,735, or $19,159 short of its purchase price!] But sadder than the general loss of value of a Corvette generation is the loss of value story of a particular C6, a 2013 60th Anniversary 427 Convertible that Mecum sold as Lot T92. If I kept the backstory to myself, the $43k sales price would look like one hell of a value. But when I casually mention this 700-mile-young, top-trim level, six-speed manual-equipped 60th Anniversary convertible that’s basically a drop-top Z06 – right down to its 505 horsepower 7.0-liter V8 – with the carbon fiber package, an MSRP of over $91k, a salvage title and must be sold to an out of state resident or licensed dealer and… what? THAT’S what you focus on? So, yeah, in short, it was stolen off a dealer's lot and partially dismantled but recovered before the parts could be sold. A Chevy tech then gathered up all the bits and – along with a new convertible top it needed for some reason – reassembled it. Now most guides don’t have a “salvage title due to theft recovery but reassembled by a trained Corvette tech” box to check when evaluating used car prices, but it’s safe to say this Vette’s value took at least a 20 grand hit on top of the loss of a similar amount in normal depreciation. Which brings us to the final question: Is it better to buy a Corvette at the bottom of its depreciation curve – like a 1996 Grand Sport Z51 Convertible – with the chance it'll increase in value or one that’s at the bottom of just about every curve - apart from its looks and serious performance - like this stigmatized 2013 60th Anniversary 427 Convertible? It seems you buy the former to warehouse for future appreciation and the latter for you to personally appreciate it every time you drive it.
Monterey auction summed up
So there, in a nutshell, is the state of the Corvette market, at least through the superheated lens of Monterey’s over-moneyed car week auctions. And while its sample size is small, that’s because so many car owners want to hawk their wares at those sales that auction houses can be extremely picky about what they offer. So whether you agree with them or not, this is what the auction world feels are the most marketable cars, and the prices are what their buyers have set as the market. Your results will undoubtedly vary...