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.
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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.

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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.
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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

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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.
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Dad
05 C6 Silver/Red 6spd Z51
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