'67 L88 Red/Red didn't sell

[Mark F.]

The Red/Red '67 L88 Coupe restored by the Naber brothers just rolled across the block and didn't sell at a high bid of $2,700,000.

Mecum had touted it at $3,500,000 to $3,800,000.

Roughly $1,000,000 less than estimated.

[Richard M.]

Re: '67 L88 Red/Red didn't sell

Mark, I recall it sold for apx 3.5M several years ago. It was a Lakeland a few years ago on display.

Amazingly, yesterday a '66 Ford GT40 sold for 6.3M. Plus 10 % commission.

Rich

[Michael J.]

Re: '67 L88 Red/Red didn't sell

I guess the money was not in the room for that car. I wonder how much of that "Bid Goes On" number was chandelier bids Mecum is famous for?

[Mark F.]

Re: '67 L88 Red/Red didn't sell

I guess the money was not in the room for that car. I wonder how much of that "Bid Goes On" number was chandelier bids Mecum is famous for?

What is a Chandelier bid ?

[Michael J.]

Re: '67 L88 Red/Red didn't sell

A typical ploy, I consider dishonest, where the auction house makes bids on a car. The term originated from auctioneers looking up at the ceiling in the back and calling a bid when none was there. Hence the term, chandelier bid. This is often done to save time and run the bid up close to the reserve to see if any real bidders jump in.

[Terry D.]

Re: '67 L88 Red/Red didn't sell

Lots of "funny money" spent on cars there this year

[Bill M.]

[Michael J.]

Re: '67 L88 Red/Red didn't sell

I suspect they really love those foreign exotics. It takes lots of '57 Chevys to match a few Ferraris and Lambos.....

[John D.]

Re: '67 L88 Red/Red didn't sell

A typical ploy, I consider dishonest, where the auction house makes bids on a car. The term originated from auctioneers looking up at the ceiling in the back and calling a bid when none was there. Hence the term, chandelier bid. This is often done to save time and run the bid up close to the reserve to see if any real bidders jump in.

Agree. Saw some cars "bid" to over $100k in just a few seconds and then 'bid goes on". Wonder what happens of the owner pulls the reserve and there's no real bids ?..does Mecum buy it ?

[Paul D.]

Re: '67 L88 Red/Red didn't sell

Is this the same car that was found in a warehouse with almost no miles and no engine? Seems the story was the car was purchased to compete in a stock class of drag racing but the rules/plans changed and the engine was pulled and used in another project. After car was found it was restored and advertised as an original, low mile L88 and you kinda had to dig through the descriptions to find out about the NOM. I guess it had some good papers to prove it was a true L88.

[Duke W.]

Re: '67 L88 Red/Red didn't sell

No. It's not the "12-mile L-88" that was featured in a 1977 vintage Corvette News article. I helped disassemble that car in the Spring of '67 and have told the story here in the distant past.

Last I heard it was bought by a Chicago collector several years ago for about the same price as one or two other '67 L-88s that were sold around then for something on the order of three-and-one-half million.

Duke

[Tim G.]

Re: '67 L88 Red/Red didn't sell

A seller cannot pull the reserve if there is no real money on the car. They politley tell the seller "there is no real money on the car" and it goes to BGO. They keep their bit under the reserve, also.

[Michael J.]

Re: '67 L88 Red/Red didn't sell

list_of_l88_corvettes_15c126f01ef10254a80fab3ef6f0b96c9762451f.jpgI remember downloading this list long ago........don't know how accurate it is.

[Patrick B.]

Re: '67 L88 Red/Red didn't sell

[ATTACH=CONFIG]120382[/ATTACH]I remember downloading this list long ago........don't know how accurate it is.

Which one was it?

[Michael J.]

Re: '67 L88 Red/Red didn't sell

I guess the only red/red one, 4th from the left, top row.