Bloomington Gold Corvette Auction

[Peter M.]

Looking over the results of this past week's Bloomington Gold Corvette Auction (http://www.mecum.com/auctions/consig...TION_ID=BG0610) a total of 293 Corvettes went on the block. Only 142 sold for a sell through rate of 48.6%. What's more, many of the cars that did sell, sold at some pretty amazingly low rates.

FWIW.

[Bruce B.]

Re: Bloomington Gold Corvette Auction

From what I saw prices were way down as was the percentage of sold cars.
Besides this, you can't believe the reported numbers in my opinion.

[Edward S.]

Re: Bloomington Gold Corvette Auction

Looking over the results of this past week's Bloomington Gold Corvette Auction (http://www.mecum.com/auctions/consig...TION_ID=BG0610) a total of 293 Corvettes went over the block. Only 142 sold for a sell through rate of 48.6%. What's more, many of the cars that did sell, sold at some pretty amazingly low rates.

FWIW.

Hi Peter, just got home from the auction and show, and yes, there were some great deals for buyers, not only on the block but private cars for sale as well, I also picked up some great parts for my 70 at very reasonable cost. We can only go up from here !!!!

[Henry S.]

Re: Bloomington Gold Corvette Auction

Hi Peter, just got home from the auction and show, and yes, there were some great deals for buyers, not only on the block but private cars for sale as well, I also picked up some great parts for my 70 at very reasonable cost. We can only go up from here !!!!

I agree. We thought prices were down. Some low reserves. Guy we know sold his 1972 Red 454 auto (lot F120) for $22,000. Seems low for a chrome bumper Shark BB.

[Dick W.]

Re: Bloomington Gold Corvette Auction

Nah, I ain't gonna say anything.

[Peter M.]

Re: Bloomington Gold Corvette Auction

Nah, I ain't gonna say anything.

Why not? We always profit from what you have to say, Dick.

[Dick W.]

Re: Bloomington Gold Corvette Auction

OK, it looked like a typical auction, but there were several sleepers that were not bid anywhere close to their worth, a few that went for way more than they are worth, and most brought all the money in the world for what they were.

I follow the prices very close, using them in my appraisals, and think that the sale was pretty much an average sale. There were some very nice cars there, and there were obvious fake cars. Just normal.

On a given day a properly marketed auction will bring 100% of the value 100% of the time. Value being a very subjective item. I think that Mecum does a good job marketing his sales (you hear that Tom Christman?).

[Jay G.]

Re: Bloomington Gold Corvette Auction

I agree. We thought prices were down. Some low reserves. Guy we know sold his 1972 Red 454 auto (lot F120) for $22,000. Seems low for a chrome bumper Shark BB.

Agree w/ Henry. The prices were down from what I saw on Mecum's Internet.
Notice BJ on Speed they were some great buys at the inag. O.Cty Auction.
BUT if still w/ paper and real car. Mid year BB's still commanding Large dollars. Saw grat deal on a Black on Black 56 Belair go for 22K or so. Love that "middle sister" tri-fives.
Also very pretty 56 Nomad Blue on White for 43K. Looks to be a Buyers market.

[Paul J.]

Re: Bloomington Gold Corvette Auction

OK, it looked like a typical auction, but there were several sleepers that were not bid anywhere close to their worth, a few that went for way more than they are worth, and most brought all the money in the world for what they were.

I follow the prices very close, using them in my appraisals, and think that the sale was pretty much an average sale. There were some very nice cars there, and there were obvious fake cars. Just normal.

On a given day a properly marketed auction will bring 100% of the value 100% of the time. Value being a very subjective item. I think that Mecum does a good job marketing his sales (you hear that Tom Christman?).

That's interesting, Dick. I also use Mecum to give me an idea of what the National market looks like. I felt that the cars that sold were close to thier value (with a couple of exceptions), but I was very surprised at the number of cars that did not sell. I also noticed the bids on cars that did not sell. A lot of fake bids.

[Dick W.]

Re: Bloomington Gold Corvette Auction

noticed the bids on cars that did not sell. A lot of fake bids.

Ya think??

Not necessarily fake, the auctioneer is allowed to bid up to the seller's reserve (Uniform Commercial Code 2-238). I am sure that there were some seller's that had shill bidders in the audience, but under the above mentioned code, it is illegal..

[Peter M.]

Re: Bloomington Gold Corvette Auction

OK, it looked like a typical auction, but there were several sleepers that were not bid anywhere close to their worth, a few that went for way more than they are worth, and most brought all the money in the world for what they were.

I follow the prices very close, using them in my appraisals, and think that the sale was pretty much an average sale. There were some very nice cars there, and there were obvious fake cars. Just normal.

On a given day a properly marketed auction will bring 100% of the value 100% of the time. Value being a very subjective item. I think that Mecum does a good job marketing his sales (you hear that Tom Christman?).

So, on balance, you thought the prices were reflective of today's Corvette market and not an anomoly? Are you seeing this level of relatively low selling prices at other auctions around the country?

[Dick W.]

Re: Bloomington Gold Corvette Auction

So, on balance, you thought the prices were reflective of today's Corvette market and not an anomaly? Are you seeing this level of relatively low selling prices at other auctions around the country?

Peter, one auction does not make a trend. Like an appraisal, each vehicle has to stand on it's own merits. Some cars are more desirable, some are better restorations, and some are just plain dogs. You have to try to read between the lines and come up with a value that you can defend.

On any given day, that one buyer that could make the "bell ring" may or may not be in the audience or on the phone.

[Robert G.]

Re: Bloomington Gold Corvette Auction

I notice 'The Lyndale Car' was up for auction but didn't sell. Those of you who were here on the forum 5 years ago may recall 'Tommy' who bought that car and was very enthusiastic about it. The spelling is still wrong and I'm still wondering what makes it 'The Lyndale Car'.

[John H.]

Re: Bloomington Gold Corvette Auction

I'm still wondering what makes it 'The Lyndale Car'.

Probably because that's what he called it when he hyped it in the article he wrote in "Vette Vues" the week after he bought it.

[Brian M.]

Re: Bloomington Gold Corvette Auction

I wonder if "TOMMY" is still hugging himself.

I notice 'The Lyndale Car' was up for auction but didn't sell. Those of you who were here on the forum 5 years ago may recall 'Tommy' who bought that car and was very enthusiastic about it. The spelling is still wrong and I'm still wondering what makes it 'The Lyndale Car'.