CORVETTES IN THE DESERT: MARKET ANALYSIS OF C1 AND C2 MODELS AT THE ARIZONA AUCTIONS

There might be no American car more collectible than the Corvette. Though all generations of Chevrolet’s plastic sports car have their share of enthusiasts, in the auction market, first and second-generation examples carry the most value on average and both have been stalwarts of the hobby for decades. With five auctions taking place almost simultaneously in the Phoenix area at the end of January, we had the opportunity to get up close and personal with many of the Vette lots that crossed the block, able to see the quality of the cars offered, the condition, and any deviations from stock.

The familiarity of the mechanical bits, abundant parts supply, strong club support, high-performance potential, and just overall coolness of the cars keeps them at the top of the collector car echelon.

Enthusiasm for these early Vettes has shown no signs of abatement. To the contrary, a boom in recent years of extensively modified examples, along with a stronger than ever aftermarket, indicates to us that the market will remain strong for at least the foreseeable future for these cars.

A couple of months back, we looked in detail at mid-year Corvette prices and auction performance in recent years, with the evidence solidly supporting a strong and robust market for C2 Corvettes. We further looked at the top 10 Corvette sales on Hemmings.com in 2023 and nine out of the 10 highest selling Corvettes were C1 or C2 models built before 1968.

Roughly 2,500 cars crossed the block in the desert in January, with just under 10% of them Corvettes. And fully half of those Corvettes were from the first or second generation of the car, sold from model years 1953 through 1967. Below are 10 Corvettes from Arizona that we think tell us something about the market.

​1960 Chevrolet Corvette 283/270 (Barrett-Jackson Lot 1020)

Finished in Horizon Blue with Ermine White coves, this ’60 Corvette with the dual-quad, 270-horsepower 283-cu.in. V8 sold very strongly in Scottsdale at a net price of $165,000, among the highest values for a 1960 model in the past few years and double the current average price. It was one of five first or second-generation Corvettes sold at the event by MS Classic Cars, a frequent partner of Hemmings Auctions. Though it was not clear if the engine was original, it was billed as period correct, and included such details as the proper one-year-only radiator and fan. What likely contributed to the very strong showing here was likely the level of detail and preparation made to the vehicle before it crossed the block. The engine bay, interior and even the underside of the car all presented as showroom clean and free of any damage or corrosion.

​1967 Chevrolet Corvette Sting Ray Convertible L71 427/435 (RM Sotheby’s Lot 111)

In the past five years, average values of C2 Corvettes have gone up roughly 50%, according to data from Classic.com. But for ’67 Corvettes equipped with the L71 427-cu.in. big-block V8, with its 11:1 compression, solid lifters, and a trio of Holley two-barrel carburetors that was rated at 435 horsepower, average values have doubled. Excepting the 20 L88 Corvettes produced and even fewer L89s (essentially the L71 with aluminum heads), the L71 was at the top of the heap for production Corvettes in 1967, with quarter-mile times in the mid-13s at over 100 mph. Every 427-equipped Vette also got the famous “stinger” hood, a nice way of announcing yourself with authority as you went down the road. This ’67 L71 sold by RM Sotheby’s featured a history that included awards from NCRS, Bloomington Gold and the AACA, the latter of which awarded it a Senior First Prize. At $170,800, its sale price was about $104,000 shy of the highest price L71 sold in Scottsdale (see below), with that honor going to Barrett-Jackson. However, it was above the going rate and suggested strength in the market for such big-block Corvettes.

​1965 Chevrolet Corvette Sting Ray Convertible (Worldwide Auctioneers Lot 47)

Equipped with the L75 300-horsepower 327-cu.in. V8 and Powerglide two-speed automatic, this ’65 Sting Ray Convertible was sold by Worldwide Auctioneers at a net price of $69,440, which was pretty much dead on the going rate for a ’65 convertible with the L75/automatic powertrain combo. The catalog listing with this one detailed an impressive resume: five-time NCRS Top Flight award winner, numbers-matching drivetrain and complete ownership history. It also had the optional hard top, in body-matching Rally Red. Generally speaking of mid-year Corvettes, coupes with four-speed manual transmissions and higher-spec engines tend to outpace the drop-top models. This result from Scottsdale shows that, even after seeing gains of about 25% in overall value the past four years, a mid-year convertible like this one is still maintaining value and not showing any signs of dropping.

​1964 Chevrolet Corvette Sting Ray Coupe 327/365 “Tanker” (Barrett-Jackson Lot 1335)

Among the rare features that drive up Corvette prices are the competition equipment, such as RPO N03, which indicated a 36.5-gallon fuel tank intended for use with cars entering endurance racing, an area where Corvette shined from the late 1950s on. This 1964 Sting Ray Coupe was one of just 38 cars sold with the big tank option that year. It was also presented as being highly original and unrestored with one repaint and otherwise “preserved in a climate-controlled museum for 38 years.” Its L76 327-cu.in. engine was the top carbureted engine that year and was rated by Chevrolet at 365 horsepower. With a net sale price of $214,500, this Corvette sold for two-and-a-half times the going rate for an L76 coupe, almost certainly attributable to its super-rare big-tank option.

1963 Chevrolet Corvette Sting Ray Coupe L75 327/300 (Bonhams Lot 24)

With a net price of $98,560, this split-window ’63 Sting Ray Coupe sold for less than half the approximately $200,000 average that Classic.com calculated was the going rate for the one-year-only split-window coupe at the end of January. Despite what looks like a big hit to the seller here, Corvette pricing varies greatly based on model, year, engine type and condition. This example from Bonhams possessed the right year and model as split-window ’63 coupes are among the most desired of small-block Corvettes. However, this one featured the L75 300-horsepower 327-cu.in. V8 engine, not the more powerful L76 or the top of the heap L84 fuel-injected engine. The vast majority of ’63 coupes that have sold for higher prices in recent months featured the fuelie V8 and many of those were the highly desirable but exceptionally rare Z06-optioned cars with competition equipment from the factory. Additionally, there were many restomod Vettes sold in Arizona and in recent years, restomodded early Corvettes have become darlings of the auction circuit. Finally, this example carried the following note in the catalog listing: “Please note this vehicle has not been started while in the Bonhams' care and may require recommissioning.” Nearly $100,000 for a car with an older restoration that had not been started in a while starts to look like a fair return for Bonhams.

​1958 Chevrolet Corvette 283/245 (RM Sotheby’s, Lot 176)

RM Sotheby’s offered two nearly identical looking 1958 Corvettes (though with different interior colors), both at no reserve and as consecutive lots. Chevrolet significantly redesigned the Corvette for 1958, the first year with quad headlamps on the front end, lengthening and widening the car overall, with structural changes to match and a new interior as well. Both ’58 Vettes from RM were finished in Silver Blue with Inca Silver coves. The first of two, featuring a non-original dual-quad 245-hp 283-cu.in. V8 and a four-speed manual, sold for a net $106,4000, which is right in the ballpark for the average sale price of a non-fuel-injected 1958 Corvette and a respectable price for a car wearing an older, but quite well kept, restoration.

​1958 Chevrolet Corvette 283/230 (RM Sotheby’s, Lot 177)

Unlike the dual-quad/four-speed example above, this ’58 Corvette was powered by a single four-barrel 283-cu.in. V8 mated to a two-speed Powerglide automatic transmission. Chevrolet rated that base-level 283 at 230 horsepower in the Corvette. Like the other blue and silver Vette, this one also featured an older restoration that appeared to be holding up fairly well and looked to be well maintained. With a net sale price of $81,200, it showed that a collector enamored with the looks of a C1 may be able to find a bit of a bargain in the form of an example with more moderate performance specification. For the collector who may be ready to part with such a car, the going rate seems to be holding steady just as it is for the higher-spec cars.

​1967 Chevrolet Corvette Sting Ray Convertible Restomod (Barrett-Jackson Lot 1367)

Among the headlining Corvettes for Barrett-Jackson was this extensively customized 1967 Sting Ray Convertible restomod. The word “customized” might be a bit of an understatement with this car. While the likes of Art Morrisson chassis, modern LS V8 engines, Wilwood disc brake systems are used in many modified C1 and C2 Corvettes, this example took the bespoke build to another level. The Vintage Champagne finish presented flawlessly in the big tent, massive custom alloy wheels filled the wheel wells, and linen-hued leather seats with a quilted pattern highlighted an interior where virtually every component looked new or freshly restored. Under the hood there seemed to be an even closer focused attention to detail—as improbable at it seemed—with body-color matched intake plenum and rocker covers. Customized Corvettes of this nature—with LS engines, modern chassis and reimagined interiors—performed very well at Barrett-Jackson this year. This particular ’67 Vette led them all with a net sale price of $1,100,000, possibly setting a new benchmark for a Corvette with no significant history.

​1954 Chevrolet Corvette (Barrett-Jackson Lot 834)

Among first-generation Corvettes, the 1954 models stand out for what they don't have. No V8, no manual transmission and certainly no competition-inspired options that would soon make the Corvette a legitimate sports car and American legend. Like the original ’53, the ’54 was only offered with the Blue Flame 235-cu.in. inline-six engine and Powerglide two-speed automatic transmission. It was also produced in more than 10 times the volume of the original, ultra-rare ’53 and five times that of the ’55, the first year for the V8. Though other colors were available, some 80% were finished in Polo White over red vinyl, like this 1954 Corvette that sold at Barrett-Jackson for $66,000, which is just about on the money for the average value of a stock ’54 Corvette over the past 12 months. In general, ’54 Corvette prices don’t seem to have moved a whole lot the last few years, which makes them a good buy for someone who wants to drive them, but perhaps not so much for a speculator expecting a big rise in value.

1967 Chevrolet Corvette Sting Ray Convertible L71 427/435 (Barrett-Jackson Lot 1307)

Big-block mid-year Corvettes are a solid blue-chip collector car, as evidenced by this ’67 Sting Ray Convertible that sold for $275,000, a significant bump over the $150,000 average calculated by Classic.com. This Sunfire Yellow example (with a black hood “stinger”) carried the provenance of multiple regional NCRS Top Flight awards and an NCRS-validated tank sticker that indicated 15 options, including a 3.36 Posi rear end, F41 suspension, and side exhaust, along with a factory radio delete. The fact that the car also boasted of a matching-numbers L71 427-cu.in./435-horsepower V8 and an equally original Muncie M21 four-speed manual transmission also surely contributed to the strong result. A factory removable hardtop and a photo album of the “frame-off restoration” were also part of the deal.

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