1967 427 Corvette = $3.2M (Dallas)

[Vintage Racer]

Wow. I am beginning to think that we are in a Fed bubble?

1967 Chevy Corvette did far better at the Mecum auction on Saturday, selling this Vette for $3.2 million — a new auction record for any Corvette.

The L-88 featured a tuned version of the 427 big block V-8 good for far more than the 435 hp listed by the factory.

I like the C2 Corvette (the best design). But $3.2M? Give me a break.

I believe that the artificially low Federal Reserve rates have created a new bubble. It's in old cars. JMO.

[Bummler]

L88's are going for some very large coin as only handful over 200 were built from 67-69, but that's a record I'm guessing. Was this one with some special provenance like Zora's personal car?

They put out in excess of 500 good ol ground thumping American BHP...

[Vintage Racer]

They put out in excess of 500 good ol ground thumping American BHP...

Stefan,
I said that I thought the C2 was the best Corvette. But $3.2M?

I believe that these prices will fall back to reasonable levels. I am not so sure when. Since the 10-Year is now 2.9% (from 1.6% two months ago), it sure makes me nervous.

Sorry, but I do not for a second think that the world has changed. A C2 is what it is (and not that rare).

I hope it has paperwork since a GM shows no Serial # (unlike the perfect SWB/LWB Porsche) or Ford (maybe $125K for a GT350 on a good day).

Just saying. This isn't an Enzo Ferrari alloy body 12 cylinder with 9 made. It's a Corvette. It's nothing special but the engine (maybe--with proper paperwork?).

[Bummler]

Stefan,
I said that I thought the C2 was the best Corvette. But $3.2M?

I believe that these prices will fall back to reasonable levels. I am not so sure when. Since the 10-Year is now 2.9% (from 1.6% two months ago), it sure makes me nervous.

Sorry, but I do not for a second think that the world has changed. A C2 is what it is (and not that rare).

I hope it has paperwork since a GM shows no Serial # (unlike the perfect SWB/LWB Porsche) or Ford (maybe $125K for a GT350 on a good day).

Just saying. This isn't an Enzo Ferrari alloy body 12 cylinder with 9 made. It's a Corvette. It's nothing special but the engine (maybe--with proper paperwork?).

I don't disagree...

Its insane what some "pedestrian" cars are selling for but there are apparently lots of folks with money out there looking for places to stash it. This Vette was by no means pedestrian but 3.2 mil?

Caveat Emptor...

http://www.mecum.com/auctions/lot_de...=DA0913-165417

[Biancaneve]

Are we sure that all these records claimed by auction houses, dealers, brokers ... are truly genuine? I'm starting having doubts (e.g. shill bidding, fake sales, etc ...) ...

[LongRanger]

1967 L88 = 427 cid/425 hp --- but actually ~475-500 . . . 1 of 20

The last one I saw in the plastic belonged to Otis Chandler, publisher of the L.A. Times, back in the mid-80s . . .

. . . and not the ultimate 'Vette



That would be the ZL-1 --- aluminum L-88


2 built

[Rob Robinson]

Bummler, I owned that car from early 68' thru 1973, it was one heck of a ride for a car on 7" tires in that era. We ran 11.00 @ 130mph at Woodburn OR with it in 69', unheard f for a 3000lbs car with a single 4-barrel. It wasn't Duntov's, but it was one of 2 that ever drag raced. It also managed to survive with all it's original body panels, only the fenderwell lips were removed for tire clearance.
Vintage Racer, paperwork is everything on these old collector pieces. Tank sticker, original bill of sale, and all the owners still living and still have personal documentation. This car has all the needed documentation.
Long Ranger, the silver L-88 that you saw at Chandlers, I'm assuming you toured his museum, I also owned and was the owner when it was restored and taken to Bloomington for it's Gold Certification in 1987. That one was manufactured on April 3, my birthday, and delivered at a Chev. dealer in Massachusetts for a road racer, MA is my birthplace! To show you how much they've inflated, I sold that car to Otis in 1992 for $375,000 a ton of money at that time.
$3.2M, I'm still smiling, hard to believe.
All of these types of markets are controlled by supply and demand; in this case, the supply is short, 15 67's known to exist. There are more people with a desire to own and the funds to spend than there will ever be enough collector cars to satisfy that thurst.

[Rob Robinson]

The one sold in Dallas last week had no special provenance, just a well documented vehicle with all the owners still alive, testifying to it's paperwork. It had the original bill of sale from Lyman Slack Chev. in Portland, OR as well as the all important tank sticker. Racing photo's, racings paper articles, and the engine builder from that era also contributed to it's documentation.

The sale was genuine, no shill bids there. Purchased by a wonderful couple from Texas. They also purchased several other rare Chev. at the auction.

Longranger, the L88 was listed at 430HP, the 425HP is quite a bit different. You must have toured the Chandler Museum, wonderful collection of vehicles for sure. But, it wasn't in the mid-80's, perhaps the mid-90's, I didn't sell my silver 67' L8 to Otis until early in 92'.
Hindsight is always 20-20. The ZL-1 block would have been perfect for us drag racing in that era. It would have taken a lot of weight off the front end, improving weight transfer, making the Corvette launch harder. No power would have been gained, but 60' times would have gotten quicker and would have resulted in quicker E.T.'s In the late 60's, we were having to race against the 427 Cobra , they were 1000lbs lighter, with one more 4-barrel than we had.............we needed help for sure. The ZL-1 block would have helped, not sure if it would have lived though. Just not familiar enough with their longevity.

[Chuck Miller]

Rob,

Thanks much for the clarification and sorry that your first post got caught out in moderation... it happens
You can delete you own posts if you want......

The '67 L88 is one of the rarest GMs of all..... Congrats on your ownership

Cheers and welcome to the board......



BTW - In '68 our friend and Registry member Davey Jordan was having fun racing James Garnar's L88 at Daytona...... the world gets smaller every day........

[LongRanger]

. . . You must have toured the Chandler Museum, wonderful collection of vehicles for sure . . . perhaps the mid-90's, I didn't sell my silver 67' L8 to Otis until early in 92' . . .

Hmmm . . . I believe it was ~mid-'90s that I first went to Mr Chandler's lock-up, in Oxnard. Non-descript building w/ his fantastic collection of cars --- a 959, 289 + 427 Cobras, numerous HEMIs --- many as convertibles . . . the L-88, a ZR-1 --- even a ZR-2. Placards w/ histories on everything, too. And a lotta cars came from Canada, which surprised me. Some ridiculous production numbers, too. Like the Panther Pink '71 'Cuda 'Vert --- 1-of-1? This was all well-before digital cameras . . . but I have my photos, somewhere

I was surprised to hear when he sold most of this collection off, to go back to Old-line Classics . . . which was what he and his dad first started collecting + restoring together



I know Big Muscle is mostly an American thing --- but anyone can appreciate how incredibly specialized + rare this kinda stuff is . . . with most of this exotic hardware specifically made to be destroyed racing . . . and never meant for use on any public roadway

Understand? --- this was never 'machinery'

More like 'weaponry'

And --- like King Arthur's Excaliber . . . legendary. It's a miracle that any of it's survived --- at all


The lengths that were gone to develop + produce this material boggles. I've chased this stuff, and --- after all these years . . . I only recently just saw my 1st --- + 2nd ZL-1, in the metal . . . one in it's original COPO Camaro casing . . . the other in a back room, on the floor