Well, that market adjustment didn’t take long, as I had just done a story about how auction sales appeared to show the C8 Z06 market cooling off. Just over a month ago, we had another 70th anniversary Hard Top Convertible (HTC) failing to meet its reserve on Bring a Trailer. Ironically it was the same anniversary-only White Pearl color as this record-setting Mecum example, a loaded 3LZ version, and never titled so had the full factory warranty intact. Perhaps that dealer was smart for holding off and rejecting the high bid of $222,000.
The second recent no-sale Z06 highlighted in my article was offered on Doug DeMuro’s Cars and Bids auction site and was a flip where the previous owner did not even get through the 500-mile break-in period. Due to its flip status, this Z06 was being offered with a voided factory warranty, a decision by GM that stirred the Corvette community. Despite reaching a high bid of $178,569, $47,314 over MSRP, the seller decided to hold on to it. Once again, maybe that move is starting to look wise given this uptick in the market.
The Mecum Glendale announcers indicated the MSRP on this example was $140,000, and one went on to predict a hammer price of at least $240,000. If you’ve followed these circus-like televised auctions like Mecum and Barrett-Jackson, you are aware of the phenomenon that can happen when you mix deep pocket enthusiasts and an open bar with the lights and cameras.
This beautiful 70th Anniversary Z06 blew by that $240,000 estimate and hammered for $275,000, while another announcer accurately quipped, “that’s Lamborghini money“. To add insult to injury with paying well over MSRP, the buyer also gets hammered with a 10% auction buyer’s fee, technically bringing the new auction record to $302,500. Good gracious. The previous record was $275,000, set at the January Mecum Kissimmee auction by a 1LZ Torch Red Z06 Coupe.
Is this the new norm? Well, as production and allocations stumble with plant closures and supply-chain issues, it very well could be, since the demand for the hot new 670 hp flat-plane crank masterpiece from GM remains strong. We often have vibrant discussions on our Facebook page, I would love to hear what you think about this new auction record. Douglas B.