tMichaelis Corvette Perspective

What is Documentation: Documentation is generally referred to as factory and dealer delivery paperwork, ie: window sticker, tank sticker, shipper copy, warranty book/protecto-plate, dealer invoice, dealer bill of sale, owners manual packet.

Fact one: Most older (1953 to 1981) Corvettes do not have any form of documentation. A Corvette with documentation is the anomaly!

Fact Two: Bloomington Gold and NCRS judges do not judge documentation and documentation is not required to have your Corvette judged, other than a title and proof of insurance. These judges are generally quite experienced and judge by a standard and that standard I refer to as “The Duck Test” being; If it looks like a duck, walks like a duck, and quacks like a duck… it most likely is a duck!!! Sometimes the evidence of the “The Duck Test” is so overwhelming, especially when performed by the truly experienced, it replaces the real need for documentation (paperwork).

Fact Three: Sadly, the unreasonable and silly thinking that a Corvette without documentation has little value has created a covert cottage industry of entities and/or persons that make/print/create fake aged documentation.

Caveat Emptor: If documentation is a requirement leading to your purchase of an older Corvette, please hire an expert to affirm that the documentation is, in fact, real and not something that was generated to feed that silly notion that a Corvette must have documentation.

Who to contact for documentation affirmation: CCAS (Classic Corvette Legitimacy Affirmation, LLC), 318 Summit Str., Boonville, NY 13309, ccas4@aol.com
 CCAS, LLC will evaluate certain specific forms of documentation by personal inspection. Please inquire for details. 

Author: Terry Michaelis, terry@proteamcorvette.com

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What is your importance criteria for future collectibility and value when considering the purchase of a Corvette? Here is my thought provoking list and not necessarily in order of importance and I guess it would depend on whether the car was a. restored, b. a driver, or c. unrestored/original:
1. title,
2. VIN Tag Matches Title,
3. VIN tag attachments,
4. body/trim tag (original),
5. numbers match (original engine),
6. numbers match (restoration engine),
7. correct body color,
8. correct interior color,
9. cosmetics/condition,
10. damage free body,
11. gaps on moveable body parts,
12. rust-free chassis,
13. options,
14. documentation,
15. price,
16. value (getting what you pay for).

If I overlooked an item of importance, please email me at: terry@proteamcorvette.com

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1955 V-8 • 700 produced (7 Blue Flame Six; 693 with V-8’s) • values $125K to $350K
1957 Fuelie • 1,040 produced (RPO-684 HD racing suspension, 51 produced; RPO-579E air box, 43 produced) • value $250K up on the RPO-684/579E
1958-’62 Fuelies • RPO 684 + RPO 687 HD brakes + suspension; 884 produced in all 5 years/177 per year • value $150K up (1958 RPO-684 are very special and more expensive)
1958-’61 Dual Four • 245 hp and 270 hp • value $100K up
1963 Fuelie Split Window • 1,300 prox. produced • value $100K up
1965 Fuelie • last year fuelie (771 produced) • value $100K up
1965 396-425 hp • first/last year for the 396 (only 2,157 produced) • value $100K up (M-22 adds $150K to $250K)
1966 427-425 hp • 5,258 produced • #2 in top 40 fastest muscle car list • value $100K up • 15 M-22 produced (adds $150K to $250K)
1967 435 hp • 3,754 produced (popular then/popular now) • colors & documentation is important & rare • value $150K up
1963-’67 Tanker • 63 ’63’s produced, 38 ’64’s produced, 41 ’65’s produced, 66 ’66’s produced, 2 ’67’s produced • values range $125K up • ’63’s are hot and just try to find a ‘67 (probably $500K to $1 million)
1967 400 hp/air/convt. • colors & documentation is important • value $150K up
1968/69 L-89 • 624 1968’s/390 1969’s produced with aluminum head option • value $150k up
1968/69 435 hp • 2,898 (’68) 2,722 (’69) produced • colors/documentation adds a lot • values $100K up
1970 LT-1 • 1,287 produced • value $60K up
1971 LT-1 • 1,949 produced • value $60K up
1972 LT-1 • 1,741 produced • value $60K up • add air and price soars especially convertibles (less than 50)

footnotes:
A) must be the real deal… not fakes or frauds
B) Colors (Black) adds a lot… must be real factory original body/trim tag
C) Original documentation, history, and Bloomington/NCRS show awards adds a lot,br>
D) Original rare options adds a lot (set of Kelsey bolt-on wheels and red stripe tires sold on eBay in ‘07 for $33K)
E) Original, unrestored in excellent condition adds a lot.
condition based on #1 or #2
F) Caveat Emptor (Buyer Beware). We are adrift in a sea of sharks disguised as mermaids.
G) When it is time to sell… be a smart seller. High-profile events like the Barrett-Jackson and Mecum Muscle Car auctions will get you more money for your car than newspaper and trade publication advertisements. Plan ahead if you’re considering selling your baby: seek good lot numbers (pay a premium if you must) and baby-sit your car during the event to answer questions and show pride in your car – it is a reflection of you, and people simply pay more if they like the seller.
A-E) Equals an overall package and desirables.

Much of information is based on writer’s personal knowledge and prices achieved at high profile public auctions.

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1963 GRAND SPORT • 5 produced • value $6 million and up (good luck)… none for sale
1969 ZL1 • 2 produced • value $3 million and up (good luck)… none for sale
1967 L-88 • 20 produced • value $1.5 million and up (good luck)… none for sale
1968/69 L-88 • 196 produced • value $350K to $750K (They are out there)
1971 ZR2 • 12 produced • value $350K to $650K (4 known to exist)
1967 L-89 • 16 produced • value $450K to $750K (few known to exist)
1953 BLUE FLAME • 300 produced • value $300K to $500K (VIN 003 sold for $1 million; VIN 005 sold $850K)
1963 Z06/TANKER • 63 produced • value $275K to $400K (add for race history)
1970-’72 ZR1 • 53 produced • value $125K to $200K (few exist)
1971 LS6 • 188 produced • value $125K to $200K (not hard to find)

footnotes:
A) must be the real deal… not fakes or frauds
B) Colors (Black) adds a lot… must be factory original body/trim tag
C) Original documentation, history, and Bloomington/NCRS show awards adds a lot
D) Original rare options adds a lot (set of Kelsey bolt-on wheels & red stripe tires sold on eBay in ‘06 for $33K)
E) Original, unrestored in excellent condition adds a lot.
F) Caveat Emptor (Buyer Beware). We are adrift in a sea of sharks disguised as mermaids.
G) When it is time to sell… be a smart seller. High-profile events like the Barrett-Jackson and Mecum Muscle Car auctions will get you more money for your car than newspaper and trade publication advertisements. Plan ahead if you’re considering selling your baby: seek good lot numbers (pay a premium if you must) and baby-sit your car during the event to answer questions and show pride in your car – it is a reflection of you, and people simply pay more if they like the seller.
A-E Equals an overall package and desirables.

Much of information is based on writer’s personal knowledge and prices achieved at high profile public auctions.

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This past January I attended eight (8) collector car auctions from Florida to Arizona. They were the Barrett-Jackson, Gooding, ICA, Kruse, Mecum, RM, Russo & Steele, and Silver auctions. We found that the quality of credible Corvette consignments is decreasing year by year as it is becoming more difficult for the auction companies to attract high quality credible Corvette consignments as good cars have been and are being consumed by the end user enthusiasts and car collectors. More on this topic at a later date but your thoughts and comments are, as always, welcomed. email: terry@proteamcorvette.com

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Recently I asked David Burroughs his thoughts as they relate to “When to restore a Corvette”? We have recently sold some historically important unrestored, unmolested, low mile Corvettes that the customers are being urged by third party restoration shops to restore instead of preserve them. David’s response was very enlightening and is a great read if you like words and phrases like, vandalism, preservation, typical factory production, historically accurate, historic perfection, cosmetic perfection, DNA, Survivor®, Benchmark®, desirability, and value. Click here and read “Restore It? Or Not!” by David Burroughs. Any questions or comments email me direct at terry@proteamcorvette.com

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See ProTeam sell Corvettes at the 2007 Barrett-Jackson auction where record-breaking bids blow the house away. Life on the Block’s “Double Trouble” episode features ProTeam’s 1963 Tanker Split Window Coupe Bookends and Life on the Block’s “Automobile Icons” features behind the scene footage never before seen of the sale of ProTeam’s “Last Sting Ray” which should be called episode (7) seven of the The  Famous Final Scene as this was the last hurrah for the more than eighteen month restoration and campaign that got noticed by the entire collector car world. This was the grand finale that would either reward or disappoint the efforts of ProTeam’s eighteen month promotion. Check your program guide for Barrett-Jackson’s Life on the Block SPEEDtv upcoming shows: SPEEDtv Schedule

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A lifetime of desire can turn into a bankrolled disaster if you are not armed with some basics that this lifelong Corvette hobbyist swears by. These are the rules we swear by at ProTeam Corvette. The Corvettes in our collection must pass a series of “duck tests”. Consider the following insider trading when scouring the Corvette classifieds in the local traders. Any questions, drop me a line at terry@proteamcorvette.com 

CLASSIC CORVETTE INSPECTION 101
First Class Inspection • 4 minutes or 4 hours? The time it takes to inspect a classic Corvette would depend on the purchaser’s intended use (From an experienced vantage point). A) Resale = 4 minutes, B) To Drive & Enjoy = 4 minutes & test drive, C) To participate at NCRS or Bloomington Gold shows = 4 hours

Caveats: A)Items may not be as clear or real as they might seem. B) Title and VIN tag must match. C) Trim Tags must be the real deal. D) Documentation must be original (real). E) Bailing wire (substandard) type fixes/repairs are a reflection of the seller, previous owners, and the car. Run!… as more surprises are in order.

Best Advice: A) Pre-purchase inspections by you or a true marque expert. B) Buy the best car you can afford as that may be the car you’ll sell some day. C) Walk the car from multiple angles. Look for old repairs, bows in the fenders, waves in the bodylines, wocky-jocky headlight fits. Make the car talk to you!! Does the hood fit in the hole properly. Check gap around doors. D) Never inspect a wet car (one in the rain) as water hides a multitude of sins. E) Dawn and dusk inspections also hide sins as will the bright sunlight, ie: two-tone paint. F)Know when to bid, hold, or fold!

TOOLS OF THE TRADE:  A)Bright Flashlight, B) Optic Loop or Magnifying Glass (10×20 power), C) Dental Mirror, D) Digital Camera, E) Mid-Year Trim Tag Die Gage, F) Sample of Original Trim Tags (bought at swap meet), G) Bifocal Glasses, H) Black Book & NCRS Specifications Guide, I) Research, J) Experience and Knowledge (most important)

Do Not Overlook These Items of Most Importance: 1) VIN tag and attachments, 2. title matching VIN tag, 3. body/trim tag (must be original), 4. body, 5. frame, 6. engine stamp, casting #’s & dates, 7. documentation (must be original) note: most do not have. Why? Looks, walks, quacks. Duck Test: The anomaly not the norm., 8. past judging certifications/judging sheets, how recent, 9. paint, bright work, fit, and finish, 10. mechanical, 11. the price.

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Of any U.S.-made car in the world, the Corvette is an icon that is worldly recognized. America represents freedom, hopes and dreams, and enthusiasts worldwide pursue their dreams by seeking out a Corvette. Interested buyers from around the world, including Holland, Germany, Switzerland, Russia, Australia, Canada and the Middle East, are finding that now is a very attractive time to purchase one of these American legends.

Today, a favorable exchange rate is creating even more demand for international enthusiasts to purchase their own classic Corvette. There is a window of opportunity for a purchaser to get an excellent deal because of the current valuation of the U.S. dollar.

The Canadian dollar, known as the loonie, the Euro and other currencies are currently stronger than the U.S. dollar for the first time in many years. For example, if a Canadian consumer purchased a car for US $100,000 five years ago, they actually would have paid $171,000 Canadian because of an exchange rate of 1.5 and a 14% sales tax totaling $21,000. Today, if that same customer purchased the same car for US $100,000, they will actually pay $103,800 Canadian because the current exchange rate is about 95 cents and sales tax totals $13,300. When it’s all said and done, that is a savings of $60,000.

Right now is a very opportune time for Canadians or anyone in the world to buy classic Corvettes. It’s a no brainer. Every day, the media reports on the dramatic rise of foreign currency against the U.S. dollar.  Right now, American cars are more affordable than ever for international purchasers. And for how long? Nobody really knows, but right now the window of opportunity is wide open for international purchasers to flex the currency exchange muscle in their favor.Your feelings on the matter are welcomed.

Email terry@proteamcorvette.com

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Racing improves the breed…

The Mark IV’s development was a direct result of Chevrolet’s search for more performance than the W-series could find within unusual canted-deck, flat bottom cylinder head design. The secret of the Mark IV was its heads that angled the valves in two planes to create a semi-hemispherical combustion chamber with gently-curved runners and efficient valve location. The ultimate development of the Mark IV big block was the L88 Corvette. Each engine was individually built, assembled, blueprinted and tested off-line in the Tonawanda engine factory.

The word on the L88 hardly got out in 1967 and only 20 were built. Awareness grew in 1968, when 80 were delivered, followed by 116 in 1969, the last year in production. The L88’s reputation far exceeded its exposure and these 216 Corvettes have become the most sought and valuable of all Corvettes. Many were raced, gathering laurels in North America and in Europe. Others were raced less formally on side streets and service roads.

Only 80 L88 Corvettes were built in 1968; the same number of 1968 Corvettes came with the M22 close ratio, heavy duty ‘Rock Crusher’ transmission. Only 81 Corvettes with the J56 special performance brakes were built. PRO Export Preparation is so rare and unusual it doesn’t appear on published options lists for 1968 Corvettes.

Modern Corvettes boast blazing performance in their Z06 packages but their performance pales in contrast with this brutal, exhilarating 1968 and 1969 L88.

Buyers who lived in the right place, got along well with their Chevy dealer and knew the right codes and terminology could tailor their Corvette exactly to their liking and with just a little edge over even owners of comparably-powered Corvettes. One example of a tiny but significant advantage was ‘Export’ cars which avoided some of the power-robbing and weight-adding emission control equipment. No car could better benefit from incremental improvements of export preparation than the L88 Corvette.

Built off-line in a corner of Chevrolet’s Tonawanda, NY engine factory, the L88’s attributes were legendary. It was Corvette’s answer to the Cobras and Ferraris, a full-bore racing engine that appeared on paper to be sufficiently unattractive than all but the well-informed, serious racers would overlook it. The L88 option appeared on Corvette’s option list as a 430hp version of the 427 cubic inch engine. In rating the L88, Chevy quit the dyno run well below the rpm where it had maximum torque, much less maximum horsepower. In actual fact every L88 cranked out 550 or so horsepower.

Every part was individually weighed, blueprinted, fitted. You didn’t get air conditioning with the L88 engine. You could get your L88 without emissions control equipment by specifying PRO if the ordering dealer and any watchful order processor upstream let it through.

Racing improves breed, but the old time sensations are bigger, better and more exciting.

**SOURCE: Bonhams & Butterfields Auction Catalog, Quail Lodge Resort & Golf Club, Friday, August 17th, 2007

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