The Owens Corning L88 Corvette Goes On the Block and It’s a NO SALE!
Another famous Corvette race car makes THUNDER at RM Monterey!
Well I hope that you were able to catch some auction action, live from Monterey, California. High-end auctions, such as the RM and Mecum events draw some of the finest and most interesting cars in the world. For car lovers, these auctions are the proverbial box of chocolates – you never know what you’re going to get.
Last year at the RM Monterey event there were five delightful Corvettes that went on the block - one stocker, a ‘60 Corvette with just 750 miles on the odometer and four Corvette race cars. For Corvette lovers, the star of last years show was the Greenwood Stars & Stripes 1969 427 ZL1 BF Goodrich racer that sold for $580,000.
This year the RM Monterey auction only had one Corvette and WOW, what’a beauty! Preauction estimates predicted that the car should sell for between $950,000 and $1,350,000! “Auctions” are arguably the ultimate expression of the economic free market. Sellers always have an idea as to how much they want for their cars, but when the gavel comes down, it’s the buyers that set the price. Granted, the economic downturn had depressed the prices of exotic cars over the last few years. Some would call it a price correction to rein in the wildly high prices of just a few years before the downturn.
One interesting factor for the Owens Corning Corvette, as compared to the Greenwood Corvette is the car’s pedigree. The Owens Corning Corvette is the winningest Corvette race car of all time with a staggering 22-straight wins! That’s like winning every race for over two years in today’s American Le Mans Series races. Could the Owens Corning record be broken? Sure, anything is possible. But it’s NOT likely.
When you watch the car auctions, there are two parts. First, the car is presented on stage with a detailed description of the car with images and sometimes video. Then the bidding action begins. Here’s how the auction action played out.The O-C Corvette started out with an opening bid of $450,000 and quickly made a $50,000 jump to $500,000… Then $550,000… Then began $25,000 jumps to $575,000… And started slowing somewhat.
Then $600,000... $625,000…. And, stalled. Then had a phone bid to $650,000… Then $675,000, and stalled again.
Finally a $700,000 bid came in, and things really began to go slow. $710,000… Then $720,000… Then a quick $730,000, and STOPPED.
When a car has no Reserve (the minimum the seller wants) the auctioneer will usually say, “This car is SELLING tonight!” or “We WILL sell this car!” If he doesn’t make some reference that the car will definitely sell, that means that there’s a Reserve that only RM and the seller knows. So, with the bidding stalled out at $730,000, in the blink an an eye, the auctioneer said, “NO SALE!” And the car was pushed off the stage.
So… If you missed the auction last night and were bummed that you didn’t have a chance at this amazing piece of Corvette racing history, maybe you’ll get another shot some day. Just bring your biggest checkbook! – Scott
PS – The RM audience clearly enjoys it when open header race cars are driven on stage. Some sound raspy and nasty, and others are throaty. But when the big cubic-inch race cars, such as the Owens Corning 427 L88 are fired up off stage, it sounds like an approaching bad-ass thunderstorm! The O-C Corvette hit the stage with a wonderfully loud “ROOP-PAA!!!” As if to say, “I’m here! COME ON!” And the crowd clearly LOVED IT!
Owens-Corning Corvette in the New RM Auctions Monterey Catalog – CLICK HERE.
2011 – Vettes at Monterey Auction Results… SOLD! CLICK HERE.
The above 11×17 colorrint is available for just $29.95 + $6.95 S&H. Each print is signed and numbered by the artist. You can order your with the secure PayPal button below, or by calling 1-800-858-6670, Monday through Saturday 10AM to 9PM Eastern Standard Time.
Here’s the BEST way to keep up with K. Scott Teeters’ Corvette blog!