Bloomingto0n Gold

Well, we're back from another Bloomington Gold, only this time I have 2
more cars than what I had when I left. Prices were down about 30-40% and
less than 30% of the cars going across Mecum's block were being sold.
The stars were 3 serial #1 cars, a 55, 56 and 57, each carrying serial
number 001. They were restored to a point beyond perfect, each getting a
frame off, rotisserie nut and bolt restoration. They rolled all 3 onto
the stage and tried to sell them as a group, receiving a real bid of
$2.8 million, which I thought was more than the real money in todays
market. Then Dana Mecum did what I thought was the stupidest thing I've
ever seen done at an auction. He put in a bid on his own for %2,825,000,
attempting to get the real bidder holding at $2.8 moving towards the $3
million we all assumed the sellers had their reserve set at. Bit it
backfired on him, as the only bidder left in figured out he didn't want
to play that game. The sellers refused to drop their reserve (really
stupid move on their part) and they eventually moved on the trying to
sell them separate. The 53 went to $900k, no sale. The 56 only brought a
bid of $750k, no sale and the 57 moves up to 1 Million, no sale. All 2
cars went home in their trailer.
We bought a 70 4 speed A/C vert and a 71 4 speed A/C vert, bot nicely
restored drivers. Both small blocks. One is going to get a LS7, 5 speed
implant and the other is getting a LS3. Couldn't afford to pass them by.
There were deals to be had. Only saw a few go for more than they were
worth (example, they sold 6 ZR-1's from a collection, all nice cars, but
just OK, nothing really special. Sold as a group for $230k plus fees,
way more than individual ZR-1's were bringing). Nutty buyer. We also
tried to buy a 67 as a donor car to restomod, but the seller was smoking
something nuts and went home with it instead, less his buy back fee.
Lots of cars on display and plenty for sale. Vendors were a little light
this year and most who showed up were griping that no one was spending
any money. Attendance was good until it poured rain on Sat afternoon for
about 5 minutes, but that was enough to clear out the lookers.
All in all a good show, but not a great one.

Do you think gas prices are putting a damper on the Corvette market?? I
don't think it should since the C5 and up get really great mileage, all
things considered. Besides the true collectible ones are not driven that
much, I'd guess.


"No" > wrote in message
. ..
> Well, we're back from another Bloomington Gold, only this time I have 2
> more cars than what I had when I left. Prices were down about 30-40% and
> less than 30% of the cars going across Mecum's block were being sold.
> The stars were 3 serial #1 cars, a 55, 56 and 57, each carrying serial
> number 001. They were restored to a point beyond perfect, each getting a
> frame off, rotisserie nut and bolt restoration. They rolled all 3 onto
> the stage and tried to sell them as a group, receiving a real bid of
> $2.8 million, which I thought was more than the real money in todays
> market. Then Dana Mecum did what I thought was the stupidest thing I've
> ever seen done at an auction. He put in a bid on his own for %2,825,000,
> attempting to get the real bidder holding at $2.8 moving towards the $3
> million we all assumed the sellers had their reserve set at. Bit it
> backfired on him, as the only bidder left in figured out he didn't want
> to play that game. The sellers refused to drop their reserve (really
> stupid move on their part) and they eventually moved on the trying to
> sell them separate. The 53 went to $900k, no sale. The 56 only brought a
> bid of $750k, no sale and the 57 moves up to 1 Million, no sale. All 2
> cars went home in their trailer.
> We bought a 70 4 speed A/C vert and a 71 4 speed A/C vert, bot nicely
> restored drivers. Both small blocks. One is going to get a LS7, 5 speed
> implant and the other is getting a LS3. Couldn't afford to pass them by.
> There were deals to be had. Only saw a few go for more than they were
> worth (example, they sold 6 ZR-1's from a collection, all nice cars, but
> just OK, nothing really special. Sold as a group for $230k plus fees,
> way more than individual ZR-1's were bringing). Nutty buyer. We also
> tried to buy a 67 as a donor car to restomod, but the seller was smoking
> something nuts and went home with it instead, less his buy back fee.
> Lots of cars on display and plenty for sale. Vendors were a little light
> this year and most who showed up were griping that no one was spending
> any money. Attendance was good until it poured rain on Sat afternoon for
> about 5 minutes, but that was enough to clear out the lookers.
> All in all a good show, but not a great one.

Potentially, it's the other way around. With
the exception of the Corvette, much of the GM
line combines a high profit for the dealer along
with low gas mileage for the customer.

When Chevy dealers 'discover' they can make more
profit from a Corvette sale than from a bushel
of Aveos they will learn how to sell Corvettes.

Aside from some very wealthy folks who buy a
Corvette to go to the grocery store or as a
"low-end" exotic, most Corvette sales involve a
certain degree of buyer emotion. I think other
markets (stock, credit, commodity, job) have a
greater impact on buyer emotions than the price
of petrol.
--
pj

Bill Kolofa wrote:
> Do you think gas prices are putting a damper on the Corvette market?? I
> don't think it should since the C5 and up get really great mileage, all
> things considered. Besides the true collectible ones are not driven that
> much, I'd guess.
>
>
> "No" > wrote in message
> . ..
>> Well, we're back from another Bloomington Gold, only this time I have 2
>> more cars than what I had when I left. Prices were down about 30-40% and
>> less than 30% of the cars going across Mecum's block were being sold.
>> The stars were 3 serial #1 cars, a 55, 56 and 57, each carrying serial
>> number 001. They were restored to a point beyond perfect, each getting a
>> frame off, rotisserie nut and bolt restoration. They rolled all 3 onto
>> the stage and tried to sell them as a group, receiving a real bid of
>> $2.8 million, which I thought was more than the real money in todays
>> market. Then Dana Mecum did what I thought was the stupidest thing I've
>> ever seen done at an auction. He put in a bid on his own for %2,825,000,
>> attempting to get the real bidder holding at $2.8 moving towards the $3
>> million we all assumed the sellers had their reserve set at. Bit it
>> backfired on him, as the only bidder left in figured out he didn't want
>> to play that game. The sellers refused to drop their reserve (really
>> stupid move on their part) and they eventually moved on the trying to
>> sell them separate. The 53 went to $900k, no sale. The 56 only brought a
>> bid of $750k, no sale and the 57 moves up to 1 Million, no sale. All 2
>> cars went home in their trailer.
>> We bought a 70 4 speed A/C vert and a 71 4 speed A/C vert, bot nicely
>> restored drivers. Both small blocks. One is going to get a LS7, 5 speed
>> implant and the other is getting a LS3. Couldn't afford to pass them by.
>> There were deals to be had. Only saw a few go for more than they were
>> worth (example, they sold 6 ZR-1's from a collection, all nice cars, but
>> just OK, nothing really special. Sold as a group for $230k plus fees,
>> way more than individual ZR-1's were bringing). Nutty buyer. We also
>> tried to buy a 67 as a donor car to restomod, but the seller was smoking
>> something nuts and went home with it instead, less his buy back fee.
>> Lots of cars on display and plenty for sale. Vendors were a little light
>> this year and most who showed up were griping that no one was spending
>> any money. Attendance was good until it poured rain on Sat afternoon for
>> about 5 minutes, but that was enough to clear out the lookers.
>> All in all a good show, but not a great one.
>
>

"Bill Kolofa" > wrote in message
...
> Do you think gas prices are putting a damper on the Corvette
> market?? I don't think it should since the C5 and up get really
> great mileage, all things considered. Besides the true collectible
> ones are not driven that much, I'd guess.
>
In a way you're correct with this in mind, a Corvette is not a
necessary vehicle for transportation. The excellent gas mileage of the
C4, 5 and 6 will keep them in use when they are needed. The collectors
will stay in the garage a bit more but I don't think that's what may
have brought the prices down in this case. Collector cars (Corvette)
prices were artificially driven up by the razzle dazzle of the big
auction houses and were bound to burst. Add that to the economic down
turn including the high gasoline prices and the money will not be
spent quite as quick on frivolous items like the lower end
collectibles. Now the very rare and collectable Corvette will weather
this very well with little, if any loss, for those that were bought
without liquor involved.

Like the stock market we are in an adjustment cycle, in this case on
big ticket items. The money will not be easily available for most to
be quite so spendy.

--
Dad
05 C6 Silver/Red 6spd Z51
72 Shark Black/Black/4spd
64 Red/red/white top/4spd

What did you pay for the 1970 out of curiousity ? 350 cid motor ?

In article >,
says...
> What did you pay for the 1970 out of curiousity ? 350 cid motor ?
>
>

The 70 was $42k, the 71 was $44k. By the time the sale fees (5%) were
added in, the total cam to $90,300.
Both were 350 small blocks.

In article >, says...
> Do you think gas prices are putting a damper on the Corvette market?? I
> don't think it should since the C5 and up get really great mileage, all
> things considered. Besides the true collectible ones are not driven that
> much, I'd guess.
>
>

There was a lot of griping over both gas prices and and just shopping in
general, like going to the market. Home values were on a lot of buyer
and seller minds.
Most of the cars getting sold were in the hands of dealers who were
blowing them out to get out from under the rising flooring costs and
slowing market. Better to get out now than to wait another year and see
the value continue to drop.

Late models get excellent mileage, as my current Z-06 gets into the mid
20's and my C-4 vert is averaging 22 on regular gas.

Sorry folks, but there is NO WAY that folks think of Corvette when they
think of economy car. I do not care if it does get 28 mpn on the highway.
What does it get in the city where many folks are driving? What mileage
does it get when you romp on it like most vette drivers do.

Sheesh.

Vito


"Dad" > wrote in message
...
>
> "Bill Kolofa" > wrote in message
> ...
>> Do you think gas prices are putting a damper on the Corvette market?? I
>> don't think it should since the C5 and up get really great mileage, all
>> things considered. Besides the true collectible ones are not driven that
>> much, I'd guess.
>>
> In a way you're correct with this in mind, a Corvette is not a necessary
> vehicle for transportation. The excellent gas mileage of the C4, 5 and 6
> will keep them in use when they are needed. The collectors will stay in
> the garage a bit more but I don't think that's what may have brought the
> prices down in this case. Collector cars (Corvette) prices were
> artificially driven up by the razzle dazzle of the big auction houses and
> were bound to burst. Add that to the economic down turn including the high
> gasoline prices and the money will not be spent quite as quick on
> frivolous items like the lower end collectibles. Now the very rare and
> collectable Corvette will weather this very well with little, if any loss,
> for those that were bought without liquor involved.
>
> Like the stock market we are in an adjustment cycle, in this case on big
> ticket items. The money will not be easily available for most to be quite
> so spendy.
>
> --
> Dad
> 05 C6 Silver/Red 6spd Z51
> 72 Shark Black/Black/4spd
> 64 Red/red/white top/4spd
>

"Uncle_vito" > wrote in message
news
> Sorry folks, but there is NO WAY that folks think of Corvette when
> they think of economy car. I do not care if it does get 28 mpn on
> the highway. What does it get in the city where many folks are
> driving? What mileage does it get when you romp on it like most
> vette drivers do.
>
> Sheesh.
>
> Vito
>
>
> "Dad" > wrote in message
> ...
>>
>> "Bill Kolofa" > wrote in message
>> ...
>>> Do you think gas prices are putting a damper on the Corvette
>>> market?? I don't think it should since the C5 and up get really
>>> great mileage, all things considered. Besides the true collectible
>>> ones are not driven that much, I'd guess.
>>>
>> In a way you're correct with this in mind, a Corvette is not a
>> necessary vehicle for transportation. The excellent gas mileage of
>> the C4, 5 and 6 will keep them in use when they are needed. The
>> collectors will stay in the garage a bit more but I don't think
>> that's what may have brought the prices down in this case.
>> Collector cars (Corvette) prices were artificially driven up by the
>> razzle dazzle of the big auction houses and were bound to burst.
>> Add that to the economic down turn including the high gasoline
>> prices and the money will not be spent quite as quick on frivolous
>> items like the lower end collectibles. Now the very rare and
>> collectable Corvette will weather this very well with little, if
>> any loss, for those that were bought without liquor involved.
>>
>> Like the stock market we are in an adjustment cycle, in this case
>> on big ticket items. The money will not be easily available for
>> most to be quite so spendy.
>>

Sorry Vito, no one said it was an economy car or even tried to present
it as such. The thread was dealing with their value and (I added)
continued use of Corvettes with the high gas prices. Do you really do
things by what other "folks" might think? We all drive what we need,
can afford, and/or want just as those "folks" do.

--
Dad
05 C6 Silver/Red 6spd Z51
72 Shark Black/Black/4spd
64 Red/red/white top/4spd