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Preserve Your Investment in your Collectible Corvette…

Monday, August 30th, 2010

with a 1031 exchange is a legal way to pay 0% taxes versus taxes at 28%. I recently received an email and attached flyer that explains how to be smart sellers and buyers through an asset preservation program. Click here to learn more.

Classic Corvette For Sale | Used Corvettes Market

Preserving Your Investment in Your Collectible Car

Questions? Email: terry@proteamcorvette.com

Ten Most Significant Corvette Sales ’00-’10

Monday, August 9th, 2010

1. 1963 Grand Sport (#2). $4 to $5 million. Fell short of RM reserve of approximately $5 million but within months it sold privately for approximately $5 million.

2. 1962 Corvette Gulf Oil Race Car. Sold at Gooding Auction at Pebble Beach for $1,485,000.00. Great historical car that dates this writer’s personal involvement when he sold this car in the 1970′s for a few hundred dollars as “thought to be” an old drag car out of his bone yard. Oh my!! What a few decades and doing one’s research means to significant Corvettes.

3. 1963 Corvette Z06 Yenko “Gulf One” Race Car. Sold at Mecum’s Kissimmee auction for over one-million dollars. Historical race car with driver present. Great presentation equals great results.

4. 1953 Corvette VIN #003. Sold in ’06 for over $1 million (Barrett-Jackson) and VIN #005 sold same year for over $840,000.00 (Mecum). In 2007, more 1953′s were sold at auction for over $400,000.00 (RM and Worldwide). Only 300 produced with maybe 50% to 60% accounted for. Every true Corvette collection should have at least one!!!

5. 1967 Corvette Coupe “The Last Sting Ray”. Over the top restoration. Over the top promotion by ProTeamCorvette.com of Ohio produced a $660,000.00 winning bid at Barrett-Jackson 2007. Significance is in the eye of the beholder but so much has been written and blogged about this car that can still be accessed at TheLastCorvette.com.

6. 1965 Corvette Cutaway Autorama Display. Sold at RM for over $700,000.00. GM Engineering display and a true marvel. If you never have seen this car, you truly are missing much. Sent to South Africa as an educational devise then reimported in the early part of the 2000′s decade. Neat!!!

7. The L88′s with only 216 produced over a three year span – 1967 (20) • 1968 (80) • 1969 (116). Any sale whether auction or private should be noted. Did Roger Judki pay over the top at Mecum in the earlier 2000′s when he paid $600K plus for the red 1967 12-mile coupe? Was the (BB) auction at Pebble Beach (8/08) for the 1967 L88 Race Car at $744,000.00 a good deal? A slew of 1968 to 1969 L88′s have sold at auction and privately for as high as $650,000.00. ie: 1968=$572K (8/09) • 1969=$446K (10/07) • 1969=$436K (6/08) • 1969=$413K (1/08) • 1969=$335K (1/06) • 1969=$323K (1/25) • 1969=$318K (6/09). The sale (auction) to watch is the 1967 black L88 ex-Tony Delorenzo race car at this year’s Mecum at Monterey auction.

8. The 1970-’72 ZR1′s & The 1971 ZR2′s. The ZR1 is basically a small block L88 where as the ZR2 is GM’s final C3 attempt to produce a big block 425 hp with L88 equipment. Very rare as only 53 ZR1′s were produced over the 1970 to 1972 production years and even rarer are the 12 ZR2′s produced in 1971. Example of auction results for the 1971 ZR2: $550K (Mecum 6/08) • $358K (BJ 1/08) • recent private sales for the 1970, 1971 & 1972 ZR1′s are $250K, $280K, and $100K in need of restoration.

9. GM Styling Corvettes. These are shop order cars that came out of GM Styling and some were done for the “Brass”, ie: Bill Mitchell, Harley Earl, Bunkie Knusen, etc. of which one of the most significant was/is the 1963 Harley Earl Corvette that recently sold for $980K at Mecum’s Spring Indy auction. Just Google Harley Earl and read the volumes of information of what this pioneer did for General Motors before bean counters and Wall Street took over. This is an era that will never be replicated I am sorry to say!!

10. The Original – Unrestored • Unmolested • Survivors that not only are original but also in a condition that they can compete on the show field where they were judged against a standard that they are as they were when driven out of the Corvette plant when new (within reason). These cars represent the most legitimate cars that exist as they are what they are and negate the need for documentation/paperwork (whether real or Memorex). One such example, a 1969 Silver 435 hp convertible with 6,200 actual miles recently sold at RM’s San Diego auction for $231K and many uninformed asked the question, “Why!” as they thought the car was a $100K to $125K car at most. I consider the purchase as “well bought” and in fact was the second to last bid missing this buy for a mere $5,000.00. At the end of the day and as people wake-up they will see that these objects are more than just a car. They are and will be antiques and, like art, will be best left alone. “An item is only original but once.” Please pay attention!!!!

author: Terry L. Michaelis
email: terry@proteamcorvette.com
web: ProTeamCorvette.com

note: List is not in any particular order.

Rare 1955 Corvette brought home…

Tuesday, March 23rd, 2010

from the Amelia Island, Florida Gooding and Co. Auction by… me! This rare 1955 was one of only 700 produced in 1955 and the Pennant Blue paint was only applied to 45 cars that year. Also, 1955 marked the first year for the V8 in a Corvette.
I paid $126,500.00 plus shipping for this past Bloomington Gold award winner which had been part of the Paul Jones Collection of Jonesville, Michigan until Paul sold the car in 2007 at the Mecum Bloomington Auction for $178,500.00.
Will consider an offer on this car that advances ProTeam’s basis should someone appreciate this car as much as we do. Email: terry@proteamcorvette.com

Also purchased at auction:
1967 Corvette Convertible, 300 hp, 4 speed… super rare and correct (real) Tuxedo Black with White/Black combo interior with its factory original body/trim tag. One of only a handful produced in this rare color combination. Body-off restored. NCRS Top Flight certified (98.2%) in 2007. Documented with warranty book/P.O.P, window sticker, dealer invoice, original canceled title, notarized deed of trust, owners manual packet, NCRS certificate/judging sheets/ribbon, and 1983 and 1986 dealer reassignment.
I really like this truly exceptional car and paid $73,000.00 plus shipping and am looking for someone who can appreciate it at least as much or more than me and will offer me a profit.
1995 Brand New Pace Car Convertible with only 53 miles from new… one of only 527 built. This car is in the wrapper with window sticker still on windshield. Automatic, leather, and loaded one owner car that I just bought at auction for $33,800.00 plus shipping.
Looking for an appreciative collector to advance my position. Email: terry@proteamcorvette.com

3rd Annual Corvette Market Seminar…

Wednesday, December 9th, 2009

will be held at the Barrett-Jackson Auction on Thursday, January 21st, 2010 from 9:00am to 11:00am. This year Corvette Market Magazine welcomes two new panelists, Mike Yager of Mid America Motorworks and Terry Michaelis of ProTeam Corvette along with returning panelists David Burroughs of Bloomington Gold, Roy Sinor of NCRS, Michael Pierce of NCRS, Kevin Mackay of Corvette Repair, and Jim Jordan of County Corvettes.

- This group of panelists represent an unmatched level of knowledge, experience, and expertise in the world of collectible Corvettes.

- Admittance will be free for Barrett-Jackson consignors and bidders, Corvette Market and Sportscar Market subscribers, and owners of Bloomington Gold certified cars. Corvette Market Magazine is working on a co-promotional relationship with NCRS, and if achieved, then NCRS members will be admitted free as well.

- Under consideration are two sessions, the first dealing with restoration and preservation and the second with current market values.

- For more information, go to CorvetteMarket.com/2010seminar

The 100 Thousand Dollar Shopping Spree To buy the best C2 and C3

Friday, November 13th, 2009

… that you can for that money for both a driver and investment.

This is a very hard task as I would want to buy at least number two condition cars that are truly legitimate numbers matching with original VIN and trim plates and solid owner history.

I also would want no hit bodies, especially the frontal area.

This leaves the choices to the small block versions so I would buy a 1963 split window coupe for $60,000.00 to $70,000.00 and a 1969 or 1970 convertible with a 350 hp engine backed by a 4 speed transmission and this should be able to be accomplished for $30,000.00 to $40,000.00.

I would work on buying the 1963 first as that would be the hardest to do.

I would try to buy cars with good colors and as many options as possible.

This $100,000.00 challenge would make me a “price” buyer rather than a buyer who seeks “value” which generally will cost more but with an initial $100K available, I’d go to the bank and borrow the extra money it would take to truly get what I really would want at the end of the day.

The Corvette Still Reigns Supreme…

Sunday, October 18th, 2009

The Corvette Still Reigns Supreme… and a recent survey by Hagerty says just that. The Michigan insurance company asked its clients which American sports car they couldn’t live without and the Corvette won hands down. The Corvette is synonymous with America’s car culture and it continues its popularity in dealer showrooms, classic car shows, and in garages worldwide. Hagerty’s survey only confirmed what we already knew, the Corvette is still the one. For those keeping score, number two was the Ford Mustang followed by the Dodge Challenger. Check out the complete list at hagerty.com/corvettenumber1.

Monterey Madness…

Tuesday, September 8th, 2009

When Bad Data is Good News and $118.7 million is Pretty Good! Five auctions in three days sold 558 classic cars. The average price was $212,711.00 per unit. 67% of the cars crossing the block went home with new owners. However, when compared to 2008, the numbers look a bit scarier, ie: nearly $139 million in sales in ’08, 70% sold, average price was $367,000.00 (+). All told there was a 17% decrease in sales from this year to last. The numbers don’t reflect the real story though. Experts, garage mechanics, and weekend warriors have all been reading the tea leaves for twelve months and they knew what would happen. There were no surprises and some real highlights like the $7.25 million paid for the Shelby Cobra. There was no speculating or nay-sayers just real bids for real cars and this is the real news out of Monterey for the collector car market and the enthusiasts who inhabit the hobby. Email: terry@proteamcorvette.com

Shelby Cobra Brings $7.25 Million…

Tuesday, September 8th, 2009

At Mecum’s inaugural Monterey, Ca. event, the storied 1965 Daytona Shelby Cobra Coupe established a new standard by which all future classic car sales will be set. Racing’s crown jewel and Carroll Shelby’s capstone went for $7.25 million. This car was one of the six purpose built by Shelby as Ferrari killers. This particular car, CSX2601, clinched the 1965 World Manufacturers Championship and Shelby American in France each with legendary driver Bob Bondurant at the wheel. The  sale of this car has added to a ripple effect of cars with historic provenance coaxing the classic car market back to life. These auctions, car shows, cruise-ins, and Saturday afternoon’s in the driveway remind us all that no one regrets investing in a great classic car. This Shelby Cobra may just bring sexy back to American muscle. Email: terry@proteamcorvette.com

Three Special Corvettes… that I really like

Wednesday, August 19th, 2009

A) 1963 Sebring Silver Split Window Fuelie with an original GM OEM body, motor, transmission, and rear end in show condition as evidenced by its June 2009 NCRS certificate and judging sheets. Most deducts were related to over restoration (I like that) and operational issues (since fixed). This is an absolute beauty that I know well. ProTeam Corvette stk #1053A

B) 1968 T-Top Pre-Production Pilot Line Car, VIN #15 [escapee]. This probably is the first t-top ever built as the 1968 t-top production was delayed to around VIN #10,000 due to body development/launch problems. This car probably spent the first six months of its life at the Milford Proving Grounds doing body development duty. This is a very important car as the t-top launch in model year 1968 proved so successful that it finally replaced the convertible by 1976. 477,275 t-tops were produced from 1968 to 1982 and this is probably the first t-top ever produced. This Corvette is a gift a $50,000.00 which is subject to change in late August. ProTeam Corvette stk. #203X

C) 1970 LT1 Convertible is a very rare car as only 1,287 were produced with only 30% being the convertible. The combination of being a red convertible and having factory documentation makes this a less than  1 of 50 in the world. ProTeam Corvette stk. #1049A

For more information or questions, email terry@proteamcorvette.com or tmichaelis@charter.net

Two Mid-Year Corvettes, ie: Bookends

Thursday, May 21st, 2009

The search and purchase of the most desirable mid-year Corvettes ever produced…

Number one would be a 1963 Corvette split window coupe equipped with factory fuel injection (327-360 hp) and a 4 speed transmission.

color: Preferred color would be tuxedo black with a red interior, although I would settle for a black interior. I would make absolutely sure that the trim tag and VIN tag were the original and have not been off the car. I might settle for riverside red but prefer black.

condition: I would want to buy a body-off restored car with few excuses or a low mile survivor that is unrestored, unmolested, in at least number two condition.

awards: I would like a car that has been judged by the NCRS (National Corvette Restorers Society) or Bloomington Gold within the last five years as it adds credibility and helps me sleep better.

price range: I would love to buy the above described tuxedo black examples for $125,000..00 but I am a realist and know that a “real deal” car would more than likely push me to $150,000.00 to $175,000.00.

Number Two would be a 1967 Corvette convertible equipped with a 427-435 hp engine or a 427-400 hp with factory air. I would want a 4 speed transmission with as many options possible. I prefer factory side exhaust but know I can always add (bolt-on) this owner preferred option later.

color: Preferred color would be tuxedo black with a red interior, although I would settle for a black interior. I would absolutely be sure that the trim tag and VIN tag were the original and have not been off the car. I might settle for rally red but prefer black as only 815 Corvettes were painted this color in 1967.

condition: I would want to buy a body-off restored car with few excuses or a low mile survivor that is unrestored, unmolested, in at least number two condition.

awards: I would like a car that has been judged by the NCRS (National Corvette Restorers Society) or Bloomington Gold within the last five years as it adds credibility and helps me sleep better.

documentation: I would want an original motor car or an original unmolested unrestored car where in documentation would not be necessary. If the car was restored with a restoration motor, I would want as much factory/delivery dealer paperwork (documentation) as possible, at least a tank sticker, window sticker, warranty book/protecto-plate, car shipper, or dealer invoice. At least one of these items would be necessary and the document would be subject to scrutiny by Al Grenning’s CCAS for an affirmation of its legitimacy thus reducing the stress of subjectivity and guru options.

price range: I would love to purchase the above described tuxedo black examples for $275,000.00 to $300,000.00 but I am a realist and know that a “real deal” car would move my checkbook closer to $350,000.00 which is still a hard find even in our current lackluster economy. A rally red example would be much less since Chevrolet produced almost three times as many.

The ultimate mid-year bookends! A high performance small block and a big block. One coupe and one convertible… and both black. email your comments to terry@proteamcorvette.com