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.