A new world record was set Saturday (January 18, 2014) afternoon for a Chevrolet Corvette auction sale when a red-on-red 1967 L88 coupe was hammered down at $3.5 million ($3.85 million including buyer’s premium) during Barrett-Jackson’s renowned eight-day auction extravaganza. The outstanding second-generation C2 Corvette was considered to be the finest 1967 L88 in the country by Roy Sinor, a well-known and recently-retired National Corvette Restorers Society judging chairman, and one of the experts Barrett-Jackson uses for Corvette consultations. Bidding was fierce and fast as it took the performance Corvette less than one minute to reach a price of three million and less than another minute to break the standing record by almost ten percent.
The Corvette collector market has been exceptionally strong throughout 2013 and appears that it will continue well into 2014. Corvettes have been generally selling above estimate through most of Barrett-Jackson’s event where over 130 Corvettes crossed the block. The event ends Sunday, just as Mecum Auctions is getting started in Kissimmee, Florida, staging the largest collector automobile auction in the world, with over 3,000 cars and over 400 Corvettes scheduled to cross the block.
A world record price was set for a Corvette at auction during Mecum’s event in Dallas last September — also a 1967 L88 Corvette. That Vette — a convertible painted in Marlboro Maroon from the Buddy Herin collection — sold for a price of $3.2 million ($3.52 million with fees).
Notably, the new world record holder was the only L88 coupe of record to receive the highly-coveted Duntov Mark of Excellence Award. It’s equipped with the C48 Heater Defrost Delete, F41 Special Front and Rear Suspension, G81 Positraction Rear Axle, J50 Vacuum Power Brakes, J56 Special Heavy Duty Brakes, K66 Transistor Ignition, L88 427 ci (7 liter) engine good for a (factory rated) 430 horsepower, and the M22 Heavy Duty close-ratio 4 speed transmission. In addition, it also has the RPO A85 shoulder belts as well as another important feature that sets this L88 apart — the special-order rear end ratio of 4.56:1, which is the rear end of choice for drag racing; most other 1967 L88 came with the 4:11 rear end more suitable to road racing. The car was restored by the renowned Nabers Brothers of Houston and is fully documented.
Thank you to Mr. Rick Tavel for the submission of this great piece.