Mecum Indy. Exercising caution at a colossal event

This week, we find ourselves in Indianapolis, United States, where Mecum held a nine-day auction from 12th to 20th May. While the event maintained the grand tradition, there was a noticeable decline in the numbers. A total of 2,435 cars were offered, a +3.6% increase over 2022. However, the total revenue amounted to $103,236,320, reflecting a significant 15% decrease from the previous year. Such an established auction house serves as a valuable indicator of the market. While RM at Villa d’Este remained unaffected by the credit crunch, it’s worth pondering whether alarming signs, such as the threatened US default and the rising cost of borrowing, have influenced the outcomes at Mecum Indy. Drawing definitive conclusions is challenging, especially considering that the US default has been averted. However, it serves as a cautionary signal that warrants close attention.

Let’s begin with the 1970 Dodge Challenger Hemi R/T SE “Black Ghost.” Since no estimate was provided, we cannot determine whether the final price of $1,072,500 exceeded or fell short of expectations. However, we can compare it to other Hemi R/T SEs, which typically range from $150,000 to $350,000. Given its condition, it was estimated to be worth around $200,000. Furthermore, there’s the captivating myth surrounding this enigmatic car’s participation in clandestine races, a legend that evidently remains deeply rooted just a few kilometres from Chicago. Congratulations are in order, to say the least…