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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.

50th Anniversary of the Corvette’s Greatest Achievement…

Monday, April 26th, 2010

is coming soon as September 17th, 2012 marks 50 years to the day when the Chevrolet Corvette was transformed into the iconic 1963 Corvette Split Window Coupe which is now a milestone and what we believe is the most significant event in Corvette history, thanks in part to the efforts of GM’s Bill Mitchell, Larry Shinoda, and Zora Arkus Duntov. Thousands of photos grace the internet and past magazine articles as the 1963 Split Window Coupe represents a hallmark of the famed Stingray and its design is endless without peers. Few car collections, personal or commercial, are without one such example.

One of ProTeam's 1/2 dozen 1963 Classics

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

’09 Show Awards for ProTeam • 52 Awards in ’09

Monday, January 4th, 2010

This is an impressive list from a most impressive collection:
April 2-4, 2009 • NCRS Top Flight • 1969 L88 Green • Chapter
April 23-25, 2009 • NCRS Top Flight • 1981 VIN #72 • Regional
April 23-25, 2009 • NCRS Top Flight • 1969 L88 Green • Regional
April 23-25, 2009 • NCRS Nomination for Bowtie • 1969 L88 Green • Regional

May 2-3, 2009 • Keels & Wheels Concours d’Elegance Best in Class • 1968 L88 Red

June 5-6, 2009 • NCRS Top Flight • 1953 Corvette VIN #39 • Chapter
June 5-6, 2009 • NCRS Top Flight • 1953 Corvette VIN #268 • Chapter
June 5-6, 2009 • NCRS Top Flight • 1967 Red 435 • Chapter
June 5-6, 2009 • NCRS Top Flight • 1968 L88 Red • Chapter
June 5-6, 2009 • NCRS Second Flight • 1969 Black 435 • Chapter
June 11-13, 2009 • NCRS Top Flight • 1967 Black 400 hp Air • Regional
June 11-13, 2009 • NCRS Top Flight • 1968 L88 Red • Regional
June 25-27, 2009 • Bloomington Gold • 1953 Corvette VIN #93 • National
June 25-27, 2009 • Bloomington Silver • 1953 Corvette VIN #39 • National
June 25-27, 2009 • Bloomington Silver • 1953 Corvette VIN #268 • National
June 25-27, 2009 • Bloomington Silver • 1967 Red 435 • National
June 25-27, 2009 • Bloomington Special Collection • 1968 L88 Red • National
June 25-27, 2009 • Bloomington Special Collection • 1969 L88 Yellow • National
June 25-27, 2009 • Bloomington Survivor • 1969 L88 Green • National
June 25-27, 2009 • Bloomington Gold • 1969 L88 Green • National
June 25-27, 2009 • Bloomington Benchmark • 1969 L88 Green • National
June 25-27, 2009 • Bloomington Survivor • 1970 LT1 Grey • National
June 25-27, 2009 • Bloomington Silver • 1970 LT1 Grey • National
June 25-27, 2009 • Bloomington Special Collection • 1971 LS6 Export • National
June 25-27, 2009 • Bloomington Survivor • 1972 Convertible • National
June 25-27, 2009 • Bloomington Gold • 1972 Convertible • National
June 25-27, 2009 • Bloomington Benchmark • 1972 Convertible • National
June 25-27, 2009 • Bloomington Survivor • 1981 VIN #72 • National
June 25-27, 2009 • Bloomington Gold • 1981 VIN #72 • National
June 25-27, 2009 • Bloomington Benchmark • 1981 VIN #72 • National

July 12-17, 2009 • NCRS Top Flight • 1967 Black 400 Air • National
July 12-17, 2009 • NCRS Top Flight • 1968 L88 Red • National
July 12-17, 2009 • NCRS 4-Star Bowtie • 1969 L88 Green • National

August 28-30, 2009 • Carlisle Race Car Reunion Invitational • 1965 Suisse Racer • National

September 16-20, 2009 • NCRS Top Flight • 1967 Red 435 • Regional
September 16-20, 2009 • NCRS Performance Verification • 1969 L88 Green • Regional
September 16-20, 2009 • NCRS Bowtie Display • 1969 L88 Green • Regional
September 16-20, 2009 • NCRS Top Flight • 1972 Convertible • Regional
September 16-20, 2009 • NCRS Nomination for Bowtie • 1972 Convertible • Regional

October 10, 2009 • NCRS Second Flight • 1961 Fuelie RPO-687 • Chapter
October 10, 2009 • NCRS Top Flight • 1993 ZR1 • Chapter
October 10, 2009 • NCRS Bowtie Display • 1969 L88 Green • Chapter
October 15-17, 2009 • NCRS Top Flight • 1964 White Coupe • Regional
October 15-17, 2009 • NCRS Performance Verification • 1972 Convertible • Regional
October 15-17, 2009 • NCRS Bowtie Display • 1969 L88 Green • Regional

November 20-21, 2009 • Corvette Nationals L88 Invitational • 1968 L88 Red • National
November 20-21, 2009 • Corvette Nationals L88 Invitational • 1968 L88 Blue • National
November 20-21, 2009 • Corvette Nationals L88 Invitational • 1969 L88 Green • National
November 20-21, 2009 • Corvette Nationals Triple Diamond Award • 1972 Convertible • National
November 20-21, 2009 • Corvette Nationals Concours Gold Certified • 1968 L88 Red • National
November 20-21, 2009 • Corvette Nationals Concours Silver Certified • 1968 L88 Blue • National
November 20-21, 2009 • Corvette Nationals Concours Silver Certified • 1969 L88 Green • National

If you want more information on the Corvettes? Go To Click to continue »

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

Celebrity Pick at Carlisle…

Tuesday, September 8th, 2009

It was an honor to be asked to be a celebrity judge at the recent Corvettes at Carlisle show and the choice was a hard one considering there were about 3,000 Corvettes to choose from. After walking row after row of mostly C4, C5, and C6′s or restored C1′s, C2′s, and C3′s, I came across an original, unrestored, unmolested black 1963 coupe that was in excellent condition making his decision, finally, easy!!! Congratulations to Jeff and Angela Boldosser for preserving a great original car and sharing it with almost 60,000 attendees at one of North America’s premier Corvette shows.

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

Collector Cars Earn Higher Rate of Return than Stocks and Gold

Wednesday, November 26th, 2008

Scottsdale, Az. — Turns out the guy driving that 1967 Shelby GT500 as an enthusiast has the side benefit of being a smart investor. Leading into the Barrett-Jackson Auction Company’s inaugural event in Las Vegas, the collector car auction house reported that many of the top cars sold have performed better in value than the stock market and gold over the last 10 years.

“Though most people buy a collector car to enjoy, they have also proven to be one of the soundest investment vehicles in the global marketplace over the past 10 years,” said Craig Jackson, Chairman and CEO of Barrett-Jackson. “It’s rare that a hobby and someone’s passion has the potential of being a great investment.”

The Barrett-Jackson mini-index (see chart below) was created in 2003 and consists of representative cars that reflect the diversity seen in the collector car market. These cars span from 1957 to 1970 and are primarily European and American sports cars and U.S. muscle cars. The cars used in the index are the 1957 Thunderbird, 1967 Jaguar XKE, 1967 Shelby GT500, 1970 Camaro Z/28, 1970 AAR ‘Cuda, 1965 Austin Healy MK III and a 1967 Corvette 427/435. According to the data released today, the value of the cars in the Barrett-Jackson mini-index grew by a compounded annual growth rate of 16 percent from Q1 1998 to Q1 2008, which included economic and political upheaval stemming from major events ranging from the Invasion of Iraq, the Dot Com bubble crash, and 9/11. During that same period, the Dow Jones Industrial Average (DJIA) grew a compounded 5 percent annually while the S&P 500 Index grew 4 percent. The price of gold grew a compounded 11 percent in the same period.

“These numbers paint a vivid picture of the intrinsic value and growth of the collector car market,” said Steve Davis, President of Barrett-Jackson. “A financial analyst will tell you that every market has year-to-year fluctuations, but that the true measure is performance over time. We’re proud to be part of that great performance of the collector car market and we believe our expansion this week into Las Vegas will reinforce the view that collector cars are not only our consumers’ passion but offer the potential of providing long-term value. Most enthusiasts like me take great solace that as a car collector, we own tangible assets that have not only stood up to the test of time in value, but can also be driven and enjoyed.”

“With all the turbulence in the current capital markets, we are pleased with our key economic indicators for this event. Tickets sales have been strong, our Las Vegas consignment slots were sold out a month ago, and bidder registration has exceeded our expectations. Bidder interest and registration have not waned despite the negative news coming from Wall Street.”

About The Barrett-Jackson Auction Company: Established in 1971 and headquartered in Scottsdale, Ariz., Barrett-Jackson specializes in providing products and services to classic and collector car owners, astute collectors and automotive enthusiasts around the world. The company produces the “World’s Greatest Collector Car Eventsâ„¢” in Scottsdale, Palm Beach, Fla. and Las Vegas. For more information about Barrett-Jackson, visit www.barrett-jackson.com or call (480) 421-6694.

Media Contact: Scott Black at sblack@tprm-usa.com or (214) 566-6458 (www.tprm-usa.com)

Barrett-Jackson Average Return 

Documentation and your old Corvette

Wednesday, May 28th, 2008

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