Mecum prides itself on providing driver quality collector cars at affordable prices, so we pay close attention to their auctions as these are a key indicator of trends in the hobby. Mecum’s latest auction in Kansas City just ended, and a key insight was how few “Mid-Year” (1963-1967) C2 Corvettes actually sold over the three-day event.
Of the 19 C2 Corvettes offered at Mecum Kansas City December 2018, only three sold. Interestingly, all three were small block powered with an average hammer price of $67,200. The table below summarizes the results:
What drove this weekend’s trend and is it truly a sign of things to come? Let’s review the possible causes.
Hard to sell Convertibles in December? Perhaps, but the sold results of properly-priced C3 – C6 Corvette Convertibles proved that the time of year was likely not a factor.
Over-supply? Highly likely. With nearly 20 C2 Corvettes in good to excellent condition available at this auction alone, buyers really have a choice to get a Mid-year Corvette in the colors and powertrain combination they’ve always dreamed of. In addition to the over-supply of C2s, let’s face it: there are now many comparably-preforming, more comfortable, C4-C5 Corvettes available at much more affordable prices.
No one wants stick-shift? Possibly. All of the #C2Corvettes that crossed the block at this auction came equipped with a manual transmission. As the Baby-Boomers who crave these cars age, fewer have the desire (or the knees) to handle the original mechanical clutch. It’s no coincidence that the Barrett-Jackson Palm Beach auction earlier this year featured many Powerglide-equipped C2 Corvettes that sold better than their manual counterparts.
In conclusion, for many years I’ve predicted to friends, family, and anyone else who will listen that C2 Corvettes will eventually have to come down in price as Baby Boomers age and the desire for more comfortable, yet comparably performing, Corvettes increases. The rare, low-mileage collector-grade examples will likely always command big money, but if this latest Mecum Auction is any indicator, it looks like the tables beginning to turn on the average “Excellent” condition C2 Corvette.
Leave a comment below on why you agree or disagree with where C2 Corvette prices are heading.