The highest price ever paid at auction for a Chevrolet Corvette is the $3.85 million that was paid for a one-of-a-kind 1967 Corvette L88. but that figure may soon be doubled.
A historic Corvette will be crossing the auction block for the first time on Feb. 17 and is expected to sell for $5 million to $7 million.
The 1957 Chevrolet Corvette SS Project XP-64 is a race car that was built under the guidance of famed Corvette engineer Zora Arkus-Duntov with an eye on winning the 24 Hours of Le Mans.
The XP-64 was a purpose-built competition car that shares only its grille with the production Corvette. Its streamlined, open top body is made from lightweight magnesium and wrapped around a chrome-molybdenum tube frame.
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It features an independent front suspension, a de Dion rear suspension and a 289-cubic-inch V8 modified with aluminum and magnesium parts to help reduce the weight of the car by 1,000 pounds compared to a production Corvette. The engine also uses a Ramjet fuel injection system and sends 300 hp through a four-speed transmission.
The car was developed and completed during a five-month program and was entered in its first race at the 1957 12 Hours of Sebring to work out the bugs, where Juan Manuel Fangio and Sterling Moss both unofficially broke the existing track record when Duntov let them take it for a spin, despite them representing Maserati at the event.
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The XP-64 suffered engine and suspension issues during the race and didn’t finish, but Chevrolet identified and addressed the issues. Unfortunately, just two weeks before the race, the Automobile Manufacturers Association decided to end all factory support for racing due to safety concerns and the car never raced again.
Duntov preserved the car and eventually donated it to the Indianapolis Motor Speedway museum, where it has been ever since. The museum is just finishing up a renovation and has been auctioning some of its prize cars that aren’t directly related to racing at the oval to create a new endowment to support the facility.
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The XP-64 will be offered at the RM Sotheby’s auction in Miami, alongside Craig Breedlove’s 600 mph Spirit of America Sonic 1 and several other notable cars.
While the XP-64 shouldn’t have a problem becoming the most valuable Corvette ever, it’s unlikely to get the record for an American car. That currently belongs to a 1935 Duesenberg SSJ that was sold in 2018 for $22 million.