WORLD'S RECORD PRICE SET FOR A CORVETTE

1967 Corvette L88 Sells for World’s Record Price at Barrett-Jackson

By Rick Tavel © 01-18-2014 26:00:00

                                                                  $3,850,000



New World's Record Holder 1967 L88 On Block at Barrett-Jackson  (Photo: Barrett-Jackson)

 All Corvette enthusiast eyes were on Barrett-Jackson’s auction extravaganza in Scottsdale Saturday afternoon in expectation of some record setting prices.  If you have been following my updates on this week’s Barrett-Jackson® auction extravaganza on Corvette Blogger, you know that their 2014 event has gotten off to a strong start with attendance up 30% through Thursday and sales exceeding last year by over 8%.  Saturday is traditionally when the best of the best collector cars cross the block and in the late afternoon within a little over one hour six Corvette lot numbers sold for a combined total of  $8.63M including bidder fees.   These included some of the best known and important Corvettes.  But the real star of the afternoon was a 1967 second generation L88 coupe we called the “crown jewel” of Corvettes in an article back in November, one of only twenty Corvette L88 coupes built that year.   Within a few minutes of the famous “Rebel” racecar selling for $2.86M (including buyer’s premium)the 1967 L88 red/red award-winning coupe set a new world’s record for a Corvette sold at auction when it hammered for $3.5M ($3.85M including buyer’s fees).  The bidding quickly rose to $2M then surpassed the former record price of $3.2M set by another 1967 L88 last September by almost 10%. When the reserve was lifted the car sold setting a new world’s record Corvette auction record.

 The Corvette collector market has been exceptionally strong throughout 2013 and last September during Mecum’s Dallas event a world’s record price was set for a Corvette at auction, selling for a hammer price of $3.2M ($3.52 with fees).  That car was also a 1967 L88 Corvette from the Buddy Herin collection.  It was a Marlboro Maroon convertible.  The new world’s record Corvette is a Red on Red coupe and the only L88 coupe of record to receive the highly coveted Duntov Mark of Excellence Award.  The new record holder is equipped with the C48 Heater Defrost Delete, F41 Special Front and Rear Suspension, G81 Positraction Rear Axle, J50 Vacuum Power Brakes, J56 Special Heavy Duty Brakes, K66 Transistor Ignition, L88 427 ci, 430 hp (factory rating) Engine, and the M22 Heavy Duty, Close Ratio, 4 Speed Transmission.  In addition it also has the RPO A85, shoulder belts and another important feature which sets this L88 apart is the special order rear end ratio of 4.56:1, the drag racing rear end of choice, while most other 1967 L88’s came with the 4:11 rear end more suitable to road racing.  The car was restored by the renowned Nabers Brothers of Houston, is fully documented and was represented at the request of the owner by Roy Sinor, well-known, recently-retired National Corvette Restorers Society national judging chairman and one of the experts Barrett-Jackson uses for Corvette consultations.



Former World's Record Holder 1967 L88 Convertible (Photo:Mecum)

 Obviously the 1967 Corvette L88 is one of the rarest and most sought after of all Corvettes and has become not only the zenith of Corvettes but it has been called the American equivalent of the Ferrari 250 GTO, the world’s greatest collector car.  Roy Sinor says it the best 1967 L88 in the world so the record price was no surprise to him.  And based on the bidding and new record more than a few other collectors agreed with him.