Mecum wins at Indy

  • 02 June 2022
  • 3 min read
  • 9 images
Mecum wins at Indy image

RM and Bonhams in Monaco, Mecum in Indianapolis. Two famous circuits, each with unique challenges contested by the bidders too. In addition to the successes of Monaco, Mecum continued its gloriously golden moment: $122,330,050 (€113,829,335) worth of cars sold, a 27% increase in turnover compared to 2021. 

1-Mecum-dashboard-2048x2048Just like being behind the wheel: everything you need to know to fully understand the situation

Much of the credit goes to the increase in the number of cars on sale (up from 1,930 to 2,350), the same percentage of sales – roughly 82% – and a slight increase of 4.83% in the average price per car, up from $60,872 (€ 56,642) to $ 63,814 (€ 59,380). To understand why I used the term “golden moment”, consider this: in just five months, Mecum has already exceeded four hundred million dollars in sales!

2-Mecum-results-2048x2048Just like being behind the wheel: everything you need to know to fully understand the situation

The two most expensive cars of the auction share an important characteristic: both raced at the 500 Miglia and both were driven by champions such as Mario Andretti and Dan Gurney. The 1965 Brawner Hawk Ford Dean Van Lines won the Rookie of the Year title, and the following year a young Andretti took pole position with it. The 1969 Eagle Weslake Santa had taken Dan Gurney to Second Place that same year. 

3-1965-Brawner-Hawk-Ford1965 Brawner Hawk Ford "Dean Van Lines Special" Indy Car Driven By Mario Andretti sold for $2,200,000 (€2,045,715)

Sold for $2,200,000 (€2,045,715) and $1,375,000 (€1,278,570) respectively, they exceed the market values by 20-25% and, just as in Monaco, selling them in the places they made their name had a positive effect on their prices.

4-1969-Eagle-Weslake-Ford1969 Eagle Weslake Ford "Santa Ana' Indy Car Driven by Dan Gurney sold for $1,375,000 (€1,278,570)

The other star of the auction was Ford (or similar) which claimed 6 of the 10 most expensive lots of the event: among these were three Ford GTs, one from 2019 and two from 2020, all three sold for $1,210,000 (€1,125,140), perfectly in line with previous sales. Disappointing, however, was the McLaren Speedtail, which went unsold at $2.5 million after the last ones changed hands for between $3.3 and $3.6 million. I’m beginning to think that there is an overabundance of these modern hypercars of late, and occasionally as happened here, three examples of a limited series appear at the same sale! The market seems to be showing signs of saturation.

5-2020-Ford-GT2020 Ford GT sold for $1,210,000 (€1,125,140)

Curious, amusing but hard to fathom was the reason to put the entire collection of Chevrolet Corvette Pace Cars by Richard Foster up for sale in a single lot. 18 Special Edition Pace Car Corvettes, built between 1978 and 2020. Many with very low mileage and all in concours condition. Sold for $1,375,000 (€1,278,570), which equates to around $76,000 (€70,575) per car. Now, even though the final price was anything but low, why not sell them one by one, teasing collectors with the more coveted examples? We have no answer.

6-Dr-Richard-Foster-Corvette-PaceThe Dr. Richard Foster Corvette Pace Car Collection sold for $1,375,000 (€1,278,570)

Among the many Fords on offer, two caught my attention. The third series Ford Mustang, the one nicknamed “Fox Body” (produced from 1987 to 1993), has always been the black sheep of the model. The one that makes you feel a little out of place when you take it to meet ups. It would seem, however, that it’s beginning to grow out of this inferiority complex. The current record for this model belonged to an SVT Cobra with 404 miles on the clock, sold in 2020 for $67,100 (€62,310). At Mecum, a black example with 6,108 miles on the clock attracted a lot of attention, and with offers pumping up its value to $91,300 (€84,895), the previous record was obliterated.

And that was no isolated exception. At the same sale, all the Mustangs sold showed signs of considerable growth.

7-1993-Ford-Mustang-SVT-Cobra1993 Ford Mustang SVT Cobra sold for $91,300 (€84,895)

And the good news doesn’t stop there: even a “modest” Ford Thunderbird, the one produced between 2002 and 2005, is finally having a moment of glory. Until just a few days ago, the only model ever sold above $50,000 was a Marcus Edition with 235 miles on the clock, sold at Bring a Trailer for $52,151 (€48,428). At Mecum, two examples from 2002, an aquamarine one with 6,775 miles to its credit and a white one with 5,577, sold for $57,200 (€ 53,115) and $60,500 (€56,255) respectively. Well worth keeping an eye on.

8-2002-Ford-Thunderbird2002 Ford Thunderbird sold for $60,500 (€56,255)

There are also many European cars that shone at Mecum. My favourite was undoubtedly the 2016 Porsche Cayman GT4. Defined by a specialist magazine as “perfection on wheels”, it had covered 11,958 miles and came with the Sport Chrono Pack (a series of accessories that further improved its performance). With a price tag of $85,600 when it was introduced, the estimate of $80,000-$100,000 (without reserve), meant that the seller had enjoyed it – and a lot – without suffering any depreciation at all. But when the hammer dropped at $126,500 (€117,625) the previous owner realized he was wrong not to have bought two…

9-2016-Porsche-Cayman-GT42016 Porsche Cayman GT4 sold for $126,500 (€117,700)