Mecum Indy. Exercising caution at a colossal event
07 June 2023 2 min read 8 images
Photo credit: Mecum
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…
Distance certainly influenced the sale of Bruce Springsteen’s Chevrolet Chevelle SS396 Convertible. It achieved resounding success when the estimate of $100,000 to $150,000 (which was rather optimistic, considering the average value is less than half of that) was exceeded, with the final bid reaching $302,500. Not to pat myself on the back, but I did see this coming, as the undeniable Americanness of the “Born in the USA” singer struck a stadium-filling chord with bidders. In relative terms, it sold for six times the value of a regular model.
Now let’s move on to the two Chevrolet Corvettes I recommended keeping an eye on a couple of weeks ago to gauge ambitions and prices.
The first one was the 1960 C1 from the Team Camoradi. It finished second in the GT class both at Le Mans and Sebring, and it won both the 1960 Cuban GP and the Swedish GP of the same year. The car was estimated to be worth $2m -$2.1m, a narrow range indicating a high likelihood of meeting expectations. However, the offers fell far short, reaching only $1.1 million, a sum rightfully considered insufficient to complete the sale.
The other one was the C3 L88 with the 750 hp ZL1 engine and the “Stars & Stripes” livery from Team Greenwood. This car had quite a history. After participating in a series of high-profile events, including The Quail and Amelia Island, it changed hands for $638,000 during the Monterey Car Week in 2011. Returning to the stage at this auction, its estimate was unknown, but the highest bid reached $1 million. In 2011, the car had already been estimated at $750,000 to $950,000. However, that same year, with $650,000, you could have bought a Mercedes-Benz 300SL Roadster or a Ferrari 275 GTS. With a budget of $750,000 to $950,000 (as originally estimated), you could have bought a car that would now be valued at a couple of million dollars. My opinion? It was wise to hold onto it.
The most expensive lot of the auction was a 1970 Plymouth Cuda 440. During the 1950s to early 1970s, automobile manufacturers often organized tours to showcase their flagship models (both concept cars and racing vehicles). The 1971 Rapid Transit System Caravan featured four showcased cars, including this “customized” Cuda by Harry Bradley, the original designer of Hot Wheels. Following the event, the car was carefully stored in a garage, with only 967 miles on the clock and all original panels. When it made its appearance at the auction, an enthusiastic buyer acquired it for a substantial $2.2 million.
Mixed signals emerged from the third-generation Ford Mustang market, also known as the Foxbody models. A stunning collection of the finest models was presented, demonstrating the pinnacle of these cars. The highlight was a 1992 Ford Mustang SAAC MkI, the 37th out of the 65 produced in total, with just 14 miles on the clock and a single owner until last year. The car retained its new car aroma, and although no estimate was provided, it sold for an impressive $134,750, setting a new record for this model. Slightly behind was a 1993 Mustang SVT Cobra, which presented a challenge for collectors. This magnificent black car, with only 13 miles on the clock, changed hands for $106,700, making it the second-most expensive example to date. However, it’s worth noting that the previous record, set last year for another SVT Cobra from the same year and in the same colour with 860 miles to its credit, managed to fetch $121,000. How should we interpret these signals? Further auction results are needed to venture a hypothesis.
As our pursuit for the unique never ends, we went on the hunt for overlooked cars and discovered a true gem to place our bets on. Enter the 1979 Cadillac Seville with a 5.7 V8 engine, featuring an elegant Triple Silver colour scheme and just 1,921 miles on the clock. Historically, no Seville had ever broken through the $35,000 mark, even those with the most intriguing stories. However, in April 2023, the best example on the market (with a two-tone exterior and 83 miles) fetched a staggering $66,000 in Florida. Just a month later, this monochrome version with 1,921 miles came along. After a series of bids, the hammer fell at $45,100. And the race continues…
Now let me share my personal favourite as we reach the end of our journey. As always, I’ve limited the budget (a maximum of $20,000) and the trick was not to look for it during the weekend sales. How about a 1961 Chrysler New Yorker Sedan? In January, I fell in love with a yellow Chrysler Super Dart (which, however, went for over $700,000). With its majestic fins, extensive chrome accents, and period-style, bringing home a Chrysler New Yorker Sedan for $17,600 is truly a steal.
CLASSIC CAR MATCHER