Mecum Indianapolis Auction Reaches $94M with Record-Breaking Sales
01 June 2024 3 min read 8 images
Photo credit: Mecum
We know that Mecum always goes big and for its Indianapolis auction, it delivered impressive numbers. A total of 2,390 cars were offered over 8 days and two weekends from May 10 to 18. When the last car went under the hammer, the results were excellent: 1,707 sold cars (a solid 71.42%) for over $94.4 million. Although they didn't reach last year's $100 million, $94,404,560 is still an astounding figure.
What went well? Let's start with an unsold car. I usually don't talk about unsold items, let alone put them first, but this one is truly a game-changer. The Ferrari Testarossa, after a hiatus, is back en vogue. The first signs of renewed interest appeared at Amelia Island in 2022 when a 1991 model in menacing black with 666 miles sold for $321,250. Another Amelia Island example in 2023 with 3,600 miles went for $307,500. The current record is from a few weeks ago at Amelia Island: A 1990 red Testarossa with just 123 miles fetched $348,750. Could Indianapolis break Amelia's tradition? In a way it did: A 1988 black model with 1,044 miles reached $385,000 including commissions. But then, the seller expected more and the car went back home. To clarify: Almost double the $231,000 record until 2021 and it wasn't even a Monospecchio.
Another 1980s Ferrari, another record. This time a 1989 Ferrari 328 GTS. This rare version with ABS and distinctive wheels had just 647 miles. In 2021, a 233-mile model on Bring a Trailer sold for $216,000, setting a new perspective. Since then only a couple of models hit $200,000. At Mecum, after intense bidding, it sold for $239,250.
A different outcome for the most expensive Ferrari of the auction, the second-highest sale overall. A Ferrari 275 GTB at $1,237,500? Quite low for the model. But here's why: It was an early 1965 Short Nose version converted to Long Nose 40 years ago with a new nose from Scaglietti. Long Nose models typically fetch 15% more, but this one, not being original, can never be Ferrari Classiche certified. Hence, the modest price. Restoration? Mandatory.
The top lot was a 1966 Shelby Cobra 427. One of the best, it was the last of the first 100 produced with the true 427 engine (later models had the 428), dual carburetors and aluminum body. It had matching numbers, unmodified, with only 18,000 miles, in concours condition, from the Apex Collection. Bidding was fierce, reaching $2,145,000, likely a new record for a street 427 Cobra.
Chevrolet fans also saw records: A Chevrolet Chevelle LS6 Convertible and a 2024 Chevrolet Bel Air Hardtop. The Chevelle, a rare 454/450 LS6 manual convertible exported to Canada, meticulously restored, beat the $605,000 record set by Mecum last year, selling for $660,000.
The Chevrolet Bel Air Hardtop, a 1954 model rebuilt in 2024 with all new parts, painted to replicate the 50 millionth GM car from 1954, with 24-carat gold-plated chrome, sold for $434,500.
From recent past to future, the Tesla Cybertruck with 2 million pre-orders and years-long waiting list saw its hype cool as six units appeared in auctions. At Indy, two Foundation Series models, one with 2,765 miles and another with 77 miles, sold for $126,500 and $134,750, close to $100,000 for a well-equipped new model. The drop in electric car sales is impacting the collector market and Tesla's hype seems to have dimmed.
Interest in 1980s Porsches remains strong, even for transaxle models once shunned by collectors. Mecum set a record for a Porsche 928 GT, a USA-market version produced from 1989 to 1991, with 25,320 miles, limited-slip differential and sunroof. Certified by Porsche, it sold for $104,500, breaking the $100,000 barrier.
We finish with a car that many wanted to take home: A 1993 Honda Prelude with manual transmission, air conditioning and a 1994 coupe with automatic transmission and 36,102 miles. The 1993 model sold for $15,950 and the 1994 for $18,700. However, as youngtimers, they're no longer suitable for track use or modifications.
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