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Mecum spring auction approaches $40 million in sales

Mecum Auction reported Tuesday that total gross sales for their Indianapolis auction is approaching $40 million.

Mecum Auction reported Tuesday that total gross sales for their 22nd Annual Mecum Original Spring Classic Auction last weekend in Indianapolis, Ind. was approaching $40 million, including buyer’s premium, and predicts it will hit that mark with The Bid Goes On purchases.

When cars don't sell on the auction block at a reserve auction, Mecum continues to market those vehicles through its program The Bid Goes On, which has successfully sold 35 cars for $2.5 million in sales from the Indy event, with additional deals pending.

One of those pending sales is the legendary 1965 Shelby Daytona Cobra Coupe. It did not meet the reserve on the auction block, stalling out at $6.8 million; but, Mecum confirmed that the car continues to be marketed at The Bid Goes On. Serving as the centerpiece for the Indy Spring Classic, the Shelby Daytona is credited by Mecum for “bringing great energy and many new customers to the auction.”

"Several interested buyers are making offers on this big-ticket racecar, which reflects the high quality of vehicles that Mecum Auction attracts," said Mecum. "In its first race the Shelby Daytona Cobra did not finish but went on to win the world championship. While it did not sell over the weekend, it will certainly finish in record form again."

Hundreds of collector cars left the Indianapolis State Fairgrounds with new owners. Mecum offered more than 1,000 high-quality collector cars and 350 vintage neon signs to registered bidders, reporting a 70% sold rate for the Indy auction.

"I think the economy is tough right now, but we're taking the position that we're going to exist above it," said President Dana Mecum. "Three years ago at the peak of the collector car hobby, we sold a best of $30 million. In the current economic climate, the team at Mecum got back to basics and worked hard for buyers and sellers to have the strongest presentation of cars and registered bidders we've ever organized. The Mecum employees deserve all the credit for their wonderful customer service, energy and dedication at the auction."

The top two highest selling vehicles at the auction were (left) the
1966 Shelby 427 S/C Roadster going for more than $1.16 million.
The 1966 Shelby Cobra 427
Ex-Tom Payne Competition Roadster
(right) sold for $1 million.

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The Original Spring Classic's Top 10 Sales (all sales reflect hammer prices) were:
1. 1966 Shelby 427 S/C Cobra Roadster (Lot F248.1) at $1,165,000
2. 1966 Shelby Cobra 427 Ex-Tom Payne Competition Roadster (Lot F246) at $1,000,000
3. 1967 Shelby GT500 Convertible (Lot F248) at $825,000
4. 1964 Cooper Monaco King Cobra (Lot F237) at $600,000
5. 1970 Chevrolet Chevelle Convertible (Lot S126) at $375,000
6. 1938 Indy Blue Crown Special Racecar (Lot F256) at $375,000
7. 1965 Chevrolet Chevelle SS Z16 (Lot S122) at $335,000
8. 1969 Chevrolet Chevelle COPO Hardtop (Lot S124) at $310,000
9. 1955 Chevrolet Corvette Duntov Test Mule (Lot F208) at $310,000
10. 1970 Plymouth Hemi Superbird (Lot S180.1) at $300,000

More than 14,000 buyers, sellers and general car enthusiasts attended this year's auction.

Complete Original Spring Classic Auction results are available to Mecum InfoNet members, which is free to join at Mecum InfoNet members can log in to see car-by-car results by visiting the Consignments Page. Mecum's upcoming St. Paul Auction with the Minnesota Street Rod Association is June 20, 2009, at the Minnesota State Fairgrounds and will feature 250 collector cars. Tickets are available at the door for $10.

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