18 May 2015

Auction Recap: Mecum Indy 2015

Mecum’s annual Spring Classic in Indianapolis concluded with a sales total of $36,930,621, as 732 of 1,321 lots found new homes – a sell-through rate of 55 percent and an average price of $50,452. Those numbers constitute a small but noticeable bump from last year, when Mecum achieved $35,895,269 in total sales, with 873 of 1,488 lots selling (59 percent) for an average price of $41,117.

Many of the top sales were Fords, with a 427 Cobra going for $1,000,000; a 310-mile 2005 GT selling for $380,000; a 1963 Galaxie 500 Lightweight with an R-Code 427 going for $220,000; and not one but two 1969 Boss 429 Mustangs selling for strong six-figure prices. The rest of the top 10 sales were Italian, including a 1971 Ferrari Daytona selling for a market-appropriate $775,000 and a surprising three aftermarket Spider or Targa conversions. Neither the 1972 365 GTC/4 Spider conversion nor the 1978 512 BB Targa conversion saw their value drop significantly despite having their roofs cut by Straman. In the case of the Ghibli Spider conversion that sold for $230,000, the buyer got a discount of over half off compared to a genuine open Ghibli.

Some of the bigger no-sales included a 1965 289 Cobra with a rare automatic transmission that reached a high bid of $1,000,000; a 1970 Hemi Superbird that reached a high bid of $310,000; and a 1972 Ferrari 365 GTB/4 Spider conversion that reached a high bid of $800,000. Most of the higher prices of  the auction were realized by lots from one of the six big private collections that offered cars at Indy this year. 

There were plenty of interesting cars at the other end of the price spectrum as well, and dozens sold for less than $20,000. Notable lots among the less expensive vehicles included a 1955 Pontiac Star Chief Catalina for $25,000; a 1996 Corvette Coupe with 37,000 miles on it for only $9,500; a 1968 Mercury Cougar Dan Gurney Special for $22,500; a 1969 Ford Torino Cobra for $22,500; and a 1968 Corvette 427/435hp L71 for $31,000.

Top 10:

  1. 1967 Shelby Cobra 427 sold for $1,000,000
  2. 1971 Ferrari 365 GTB/4 Daytona sold for $775,000
  3. 1969 Ford Mustang Boss 429 sold for $465,000
  4. 2005 Ford GT sold for $380,000
  5. 1965 Shelby GT350 sold for $355,000
  6. 1972 Ferrari 365 GTC/4 Straman Spider sold for $300,000
  7. 1978 Ferrari 512 BB Straman Targa Conversion sold for $275,000
  8. 1967 Maserati Ghibli Spider Conversion sold for $230,000
  9. 1963 Ford Galaxie 500 Lightweight sold for $220,000
  10. 1969 Ford Mustang Boss 429 sold for $185,000

Mecum’s next collector car auction will be June 5-6 in Seattle, where 600 vehicles are expected to cross the block.

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