Record-Setting $3.85 Million 1967 Chevrolet Corvette L88 Stalls At Auction
This record may never be broken.
A literally unique 1967 Chevrolet Corvette L88 that was sold for a record $3.85 million in 2014 crossed the block at the Mecum Auctions event in Kissimmee, Fla. on Friday night, but the bids for ti came up well short of that number.
The car is one of 20 like it that were built in 1967 and the only one painted Rally Red.
The L88 package was a racing upgrade for the Corvette that was offered from 1967 to 1969 and included a 427-cubic-inch V8, which was advertised at 430 hp, but was found to produce more than 500 hp in tests. Just 216 were sold over the three model years. Performance brakes, a track-tuned suspension and a Muncie four-speed manual transmission were also included.
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The Rally Red one was actually used as a drag racer for a while, but has been fully restored, albeit with correct, but not numbers-matching engine.
The price paid in 2014 still stands as a record for Corvettes, including those that have been sold for charity, and came at a time when the market for 1960s American muscle and sports cars was white hot.
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The bidding stopped at $2.5 million this time around, which was below its undisclosed reserve price. The car actually did a little better when it was offered at last year’s Kissimmee auction, when the high bid hit $2.7 million.
Last August, the very first 1967 Corvette L88 that was built was sold at the Mecum event in Monterey, Calif., for $2.31 million. Like the Rally Red example, it was restored, but not fully original.
Another unique 1967 car that was auctioned last year went for an even lower price. The Sunfire Yellow car has its factory engine, but was sold at the Mecum event in Glendale for $1.815 million.
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