"Entombed" Corvette a no-sale

[Michael J.]

At $100K, nobody wants this original piece of history. Interesting why no interest?

http://www.mecum.com/auctions/lot_detail.cfm?LOT_ID=FL0113-143515

[Keith G.]

Re: "Entombed" Corvette a no-sale

Looks a lot better in the picture, than it did up close!!!!

[Philip A.]

Re: "Entombed" Corvette a no-sale

It seemed to me that a lot of significant vettes were a no-sale. Perhaps a combination of economy and sellers perceived value.

[Patrick H.]

Re: "Entombed" Corvette a no-sale

It seemed to me that a lot of significant vettes were a no-sale. Perhaps a combination of economy and sellers perceived value.

And high reserves.

If you looked for it you could tell on many cars that the house bid them up to reserve and they stopped, or one bid at or above that took them home.
Don't think it was just coincidence that both L-88s bid to $450,000 and stalled. The next bid would have owned either one.
Watching the auction on TV it was very easy to see this happening.

[Michael J.]

Re: "Entombed" Corvette a no-sale

And high reserves.

If you looked for it you could tell on many cars that the house bid them up to reserve and they stopped, or one bid at or above that took them home.
Don't think it was just coincidence that both L-88s bid to $450,000 and stalled. The next bid would have owned either one.
Watching the auction on TV it was very easy to see this happening.

True, of course the same thing happened at BJ when Craig's infamous "Green Hornet" was on the block, no real bids above $300K from watching, but it made it to $1.8 million before stopping as a no-sale. You do wonder why these auction houses do this, I think most bidders with that kind of coin can tell a phantom bid from a real one.

[Philip A.]

Re: "Entombed" Corvette a no-sale

Patrick / Michael
Totally agree, but where the bidding stalled is the true reflection of the market at that moment. Clearly the buyers were not willing to spend anywhere near what the reserves were.

[Michael J.]

Re: "Entombed" Corvette a no-sale

Patrick / Michael
Totally agree, but where the bidding stalled is the true reflection of the market at that moment. Clearly the buyers were not willing to spend anywhere near what the reserves were.

In a way Philip, but if it is shill bidders taking it from point A, the last real bid, to the stalled level just below sellers reserve, then it is not really market. The last real bid is market, but I agree, the reserve was set way too high.

[William L.]

Re: "Entombed" Corvette a no-sale

How can you say "the reserve was set way to high" he obviously had a sale price in mind or he would just keep it.

[Michael J.]

Re: "Entombed" Corvette a no-sale

How can you say "the reserve was set way to high" he obviously had a sale price in mind or he would just keep it.

Let me clarify that, way too high to sell it to someone. Nothing wrong or bad about that if you aren't in a hurry to sell and are happy to keep the car if it doesn't meet your price. Just obvious the market, as represented by the people in the room, were not interested in meeting that price.

[Patrick H.]

Re: "Entombed" Corvette a no-sale

How can you say "the reserve was set way to high" he obviously had a sale price in mind or he would just keep it.

Too high for the market, but not too high for the seller. There is a difference.

[Stuart F.]

Re: "Entombed" Corvette a no-sale

These HD TV shows have really blown the market way out of whack. It used to be that auctions were for wholesalers, but now you might say they are for retailers and collectors. It is almost impossible for any of us common folk to go to one of these and come away with a good car for ourselves at a fair price. Many of the cars appear time after time from one show to another offered by speculators trying to turn a buck. True, however, they often put some more money in them to improve them which in itself is not a bad thing.

Stu Fox

[Willard M.]

Re: "Entombed" Corvette a no-sale

At $100K, nobody wants this original piece of history. Interesting why no interest?
http://www.mecum.com/auctions/lot_de...=FL0113-143515

I think that 54's are not for everyone. I have one and love it but they are like the Model A's of the Corvette world. Most folks in the market now are looking for something a little more contemporary. I think that the market for 54's is soft and is likely to get even softer. Good thing it's a hobby.

[Michael J.]

Re: "Entombed" Corvette a no-sale

I think that 54's are not for everyone. I have one and love it but they are like the Model A's of the Corvette world. Most folks in the market now are looking for something a little more contemporary. I think that the market for 54's is soft and is likely to get even softer. Good thing it's a hobby.

Very astute insight, and of course add to that the terrible, unrestored condition of this one, which even fewer people want, especially at an auction with all those glitzy, well restored cars on offer, and you can see the low price.

[Patrick H.]

Re: "Entombed" Corvette a no-sale

Very astute insight, and of course add to that the terrible, unrestored condition of this one, which even fewer people want, especially at an auction with all those glitzy, well restored cars on offer, and you can see the low price.

I like unrestored cars as much as anyone, but even at $100,000 it's more than I - or apparently many - feel it's worth.
For half that price maybe.

Patrick

[Dick W.]

Re: "Entombed" Corvette a no-sale

Too high for the market, but not too high for the seller. There is a difference.

Market is about $80k for restored cars. The 1954 peaked about 2005 in the $110k range and has slid ever since.