tMichaelis Corvette Perspective

295 Corvettes were offered with 145 selling with a sold percentage of 49%. Total auction sales were $8,255,306.00 and highlights are as follows:
Lot #S53 - 1953 Corvette Convertible: $283,500.00
Lot #S91 - 1953 Corvette Convertible: $296,625.00
Lot #S55 - 1955 Corvette Convertible: $178,500.00
Lot #S32 - 1957 Corvette Convertible: $152,250.00
Lot #S35 - 1960 Corvette Convertible: $102,375.00
Lot #S63 - 1963 Corvette Coupe Z06: $367,500.00
Lot #S67 - 1967 Corvette Convertible Black 435: $467,250.00
Lot #S73 - 1969 Corvette Convertible: $97,125.00
Lot #S93 - 1996 Corvette Convertible Grand Sport: $80,850.00
Terry’s Overview: The 1953 Corvettes that sold may sound quite expensive but I predict any restored 1953 Corvette will benchmark at 500 grand within 18 to 24 months at hi-profile events, as several recently sold for almost 500K. The 1963 Z06 that sold for $367,500.00 recently sold for $255,000 in the desert (Jan. ‘07). That is a 31% leap in just six months… Wow! The 1967 Triple Black 435 convertible that sold for $467,250.00 was a no excuse well-known “Real Deal” and quite frankly I would rather have $500,000.00 in one “Real Deal” than the same money in 4 or 5 wanna-bee’s with fake trim tags and fake paperwork. The 1996 Grand Sport convertible that sold for 80 grand plus, had approximately 6,000 miles on it. These cars are hot as only 190 convertibles were produced. I guess this kinda shows us that NOT all high prices achieved at auction are Arizona of Florida driven!!!

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Corvette Market Magazine asks Terry’s Opinion. Read it here first: The Corvette market today is seeing a resurgence of true collectors and enthusiasts who are choosing to buy these classic vehicles as a collectible to drive and enjoy. Demand is definitely growing, as evidenced by the rising price tags these cars are drawing. The popularity of Corvette collecting, I believe, is growing at a pace that outstrips the availability of nice cars, which can only lead to bigger demand down the road. Older Corvettes, especially 1953 to 1972, have a solid pattern of growth that dates back to the early 1970s. What drives it? Well, today’s market is a world market and not just restricted to North America, which is demonstrated by the sales we have made in the last 12 months. From the United States to countries across the globe like Europe, Australia, New Zealand, Japan – and recently countries like Russia, Hungary, Croatia, South America and soon China – enthusiasts are digging deep into their pockets to purchase a classic car that is truly special to them. Additionally, factors such as the disposable income of many Baby Boomers (those born between 1946 and 1964) will lead to continued demand of the Corvette. This population group is financially stable and free from the responsibility of children, giving them the time and money to enjoy a truly magnificent classic car. Classic Corvettes are red hot and I only see it growing more and more each year. Corvette Market Magazine is from the same publishers of Sports Car Market and hits newsstands soon.

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Turn Key Cars are driving the collector car market. Sound advice is to buy the best Corvette you can afford, because the Corvette you buy today is the Corvette you’ll have to sell someday. Now we are seeing a resurgence of true collectors and enthusiasts buying Corvettes more as collectibles to keep and enjoy, rather than a focus on investment. Interest in collector Corvettes has never been stronger and prices reflect this fact… It’s purely supply and demand!

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First and foremost, buy the Corvette that you like and look for your ROI (return on investment) to be increased utilizing the fun factor as there is an amount of pleasure return that no paper folio will ever match. If your number one reason is an investment, you should probably apply for a dealer’s license and don’t forget what has been happening in the real estate market to the “flippers” in Las Vegas, Arizona, Florida, and other hot real estate markets.

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China and the Corvette may have a lot more in common than anyone could imagine as China is the world’s largest emerging economy of consumers and as China continues to industrialize (10 years) they will create pockets of wealth for people who want worldly collectibles. Who would have thought we’d see Corvettes in Russia, Hungary, Croatia, Kuwait, and many South American countries. The popularity of Corvette ownership knows no boundaries with many selling overseas to these unusual places where poverty is the norm and wealth is an anomaly. It’s a world market and not just North America!

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Is the bubble bursting on collector Corvette prices?

Unlikely, as the popularity of car (Corvette) collecting is still in its infancy and growing at a pace that outstrips the availability of nice cars. The popularity of Corvette ownership knows no boundaries and many Corvettes are sold overseas including unusual places like Russia, Hungary, Croatia, Kuwait, Japan, UAE, New Zealand, and many South American countries and within the next ten years… China!

Also, a broad base of money resides in the pocket of the Baby Boomers. They hold the largest ever collection of dispensable, discretionary income, and assets ever in the country’s past or possibly the future and they want something special. Boomers control much of the monetary whims of the economy and they prefer a hard tangible asset they can enjoy and prefer instant gratification while filling voracious egos owning something that no one else has.

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This is a subject of intense interest as the value of collector cars soars. I wanted to provide some insights about this and hopefully clarify some misunderstandings.

I’ve attached the National Corvette Certification Board’s (Bloomington Gold judges) policy and it pretty much mirrors my policy and thoughts over the past 20 years.

First of all, many people believe that a Corvette must have its original engine to qualify for a Bloomington Gold Certificate. In reality, that is not necessarily true.

If the engine stampings and the rest of the engine appear to be within 95% of they way they would have appeared at the day of production, there is no problem. In other words, if a restorer has accurately reconstructed the engine and stampings to the point that it appears no different from factory, it will pass. But it needs to be accurate to the gnat’s eyebrow.

For example, our “Last” Corvette has an accurately restored engine (which is no secret) and has easily passed the Bloomington Gold standards.

On the other hand, if the inspectors can easily detect differences in the configuration or finish of the engine block, it will not qualify for a Gold regardless of its overall score or cosmetic perfection. Therefore, even though “the numbers might match”, the differences in shapes of the stampings (compared to factory) will be detected by experts. And Bloomington Gold has the judges, technology, and records to do this very reliably.

Unfortunately, some less experienced judges (or over zealous “experts”) can out-fox themselves by not knowing how to distinguish between inaccurate stampings and factory “flukes”. If a judge makes such a mistaken identity, it may defame the automobile and engine in question. This is a disservice to the owner, but more importantly to the automobile and even the industry in general.

So what is the difference between accurately restoring an engine stamping and counterfeiting one? For this answer, I’ll defer to Bloomington Gold’s definition which has been their policy for decades. It is also one that I strongly support.

From Bloomington Gold’s Procedures and Protocols, page 4/5.

RESTORATION vs. COUNTERFEIT
It is not Bloomington Gold’s policy to “look for counterfeits”. However, if a counterfeit engine, trim tag or VIN is discovered, our policy subjects the owner to immediate disqualification and ineligibility to participate in future Certification events. If a Bloomington Gold judge is aware of such a counterfeit, he is required to advise the Division Director. Furthermore, if any Bloomington Gold judge is found to be associated with a Corvette entered in Certification which is determined to be counterfeit, he is subject to immediate and permanent dismissal from the National Corvette Certification Board.

Bloomington Gold does not necessarily consider “re-stamping” to be counterfeiting. If the “re-stamp” was done with the intention of restoring or replacing the original numbers rather than deceiving, Bloomington Gold does not consider that to be counterfeit. Bloomington Gold uses Webster’s Dictionary to define:

restoration: “To renew; to put back into existence or bring back to a former or original state.” For Example:
1. Repainting an original Tuxedo Black Corvette with Tuxedo Black paint.

2. Restamping an original block with the same CID/Suffix/VIN as that block had when it left the factory.

counterfeiting: “To make an imitation of something else with the intent to deceive or defraud.” For Example:
1. Repainting an original Glen Green Corvette with Riverside Red paint and changing the trim tag so it appears it left the factory as a Riverside Red Corvette.

2. Replacing the engine in a small block Corvette with a big block and making the CID/Suffix/VIN stampings appear that the Corvette left the factory as a big block.

3. Replacing the carburetor on an engine with a fuel injection unit and altering the block numbers and suffix code to make it appear it left the factory as a fuel injection Corvette.

Copy from existing material excerpted from Certification Guidelines
Note: Reprinted with copyright permission from Bloomington Gold

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BUY THE BEST CORVETTE you can afford Today, because the Corvette you buy is the Corvette you’ll have to sell Someday

BUY COSMETICS - - Buy paint and chrome, unless you have a shop and knowledge to control your costs.

RESEARCH - - Arm yourself with knowledge provided in the many Corvette publications.

DON’T TRADE OFF COSMETICS FOR A NUMBERS MATCH DRIVETRAIN - - It will always cost you more to restore (paint, trim, chrome, etc.) a Corvette needing restoration vrs. putting the proper numbers motor back in your vehicle if that’s your venue. Numbers have become secondary to cosmetics and it’s about time (full circle)

REALIZE THAT CORVETTES ARE OLD CARS - - Whether it be any 5, 10, 20, 30 year old car- They are just old cars. They require more attention than that new Chevy or Ford setting in your driveway especially if you don’t take them for daily or weekly workouts. The best running and most reliable automobiles are those used on a regular basis.

THE MOST IMPORTANT IS GO OUT AND HAVE FUN - - DRIVE YOUR CORVETTE - - Join a club. Go to Cruise-ins. Put your Corvette in local shows (but don’t take it personal). Wave at other Corvette owners- Enjoy!

BUYING ONE CORVETTE is the beginning of a collection and buying your second is never the end.

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Leaders in any industry are frequently accused of gouging and cheating their way to the top. We accept that and happily address the people who make these claims. What some in the Corvette community do not understand is that we are at the whim of the price of these cars too. We don’t manufacture classic Corvettes and then put them up for sale. It serves no purpose for us to artificially raise prices because we will pay the same prices we inflate to reload our collection. There is only a certain number of classic Corvettes. They are not making anymore of them. We actually tried to curtail the rocketing prices this past January by creating a “breath” between Scottsdale and the sale of the Corvettes we purchased. We were accused of trying to run up prices by not posting them. We were protecting the market and future ProTeam purchases. We are a catalyst for the market by our shear number of Corvettes and our presence on-line and in almost every Corvette publication nationwide. We accept that responsibility and understand that a stable, true, and fair market value on the Corvettes is in the best interest of everyone. Our sales and prices are market driven by results of past sales and public sales.

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