The values of collectibles are going up, particularly those of classic cars, the prices paid for which we've seen climb over the years to several millions of dollars, if not (much) more. While many of those high-priced classics have been of the European variety, this past Saturday's Mecum Dallas auction saw the sale of a L88-spec 1967 Chevrolet Corvette Stingray Convertible for $3.2 million - a record as far as Corvettes are concerned.

Why so much green for a Corvette? The L88 option code, for all intents and purposes, turned the Corvette into a production racecar, giving it a race motor; heavy-duty transmission, suspension and power brakes; positraction differential and a "stinger" hood scoop. The 430-horsepower race motor (Chevrolet is said to have grossly understated output) required race fuel as indicated per a warning sticker stuck to the center console. On top of that, only 20 L88-equipped C2-generation Corvettes were produced in 1967, when the option was first introduced. The C3 generation came out for 1968, and about 200 C3 Corvettes had the L88 option until it was dropped from ordering forms after 1969.

This particular convertible was used for drag racing until 1970, when it was returned to stock form, and it has the race slips to prove it. The fuel warning sticker, an important detail, is still attached to the center console, and it's equipped with the heavy-duty "Rock Crusher" four-speed manual transmission.

Check out the auction for yourself in the video we included below.




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    • 1 Second Ago
  • 43 Comments
      Brutal
      • 1 Year Ago
      What a shame. Buy a classic Corvette and pay so much for it that it can't be driven and has to be kept in a bank vault ... heh-heh-heh.
      Rotation
      • 1 Year Ago
      That's a a beautiful car.
      Carpinions
      • 1 Year Ago
      I'm guessing anyone that has one of these C2s is sitting pretty right now. They're probably about to see their car - modified or otherwise - see a bump in value.
      rkeeeballs
      • 1 Year Ago
      Wish that was mine from the beginning....would have had a couple hundred thousand miles on it ! :>)
      delmail333
      • 1 Year Ago
      When I was 19 I had the chance to buy a 1967, 427, 430 HP Stingray & the seller wanted my 1977 Chevy short bed pick-up on trade, We had everything ready with the paperwork & My Dad killed the deal at the last minute because he thought I'd get killed in that car, I never got over that & he did not either after he saw what those cars are bringing today . Here today, I'm on my 24th 1969 Camaro & it was not that long ago when I kept 3 or 4 at a time to restore, Cars that were selling for 3500.00 - $4000.00 15 years ago now bring at least 10K & the sky is the limit . I'm 53 years old & will tell you this is the last one I'll own, But when it is time to sell it will take 35K to buy this one. To the Real Car Guy's out there have a Nice Day !
      dss10
      • 1 Year Ago
      This is like the market for Ferrari Daytonas in 1990, or realestate in 2007, or tech stocks in 1999, or...... The list goes on and on....
      kevsflanagan
      • 1 Year Ago
      Seen this go across the block this weekend and wow the room went nuts. Apparently this is the only L88 vert that is red on red interior. Or that what they hyped it up as. I'm still in shock that a American car broke into that territory of price. Usually you only hear of the Euro's doing this.
      edward.stallings
      • 1 Year Ago
      Am I the only one that thinks this is a deal where the money passes inside and there really is no sale? For the price of the selling commission, you and your buddy can convince others that Corvette L88s are $3M cars.... This is how bubbles are created and the ignorant are duped.
        yankeedoug1121
        • 1 Year Ago
        @edward.stallings
        only 20 produced is what makes it worth what someone wants to pay !
          riserburn99andre
          • 1 Year Ago
          @yankeedoug1121
          Especially with all the race slips and evidence to prove it went out there and did what it was meant to do!
          eagle6922
          • 1 Year Ago
          @yankeedoug1121
          There have been many cars with production numbers lower than 20, and much nicer than a glass body. As the article stated. It was used in drag racing then converted back to street legal. I for one would not pay 3 mil. for a car that had ben abused no matter how many resto's if had. I 'll take the ONE OFF HEMI CUDA anytime. Chev's are just not worth the price. The auto writers are the one's that make or break a car. Too much hype on the chev's.
        Carmen
        • 1 Year Ago
        @edward.stallings
        There were only 20 L-88 Corvettes produced and the announcer got it wrong, there were only 2 convertibles built in 1967, the other 18 were hardtops.....THAT is why it is 3.2 million dollars.
      ElectricXebra5
      • 1 Year Ago
      "There's a sucker born every minute" P. T. Barnum (1810–1891)
        riserburn99andre
        • 1 Year Ago
        @ElectricXebra5
        Wow, are we still stuck in a world where every vintage Chevy is worth 5k? I mean the 1980s were over 30 years ago. The day that a RARE, vintage, big block ordered and specialty ordered Corvette with documentation for its racing pedigree shows up and someone offers 3m for it everyone thinks it's a sham... until the next rare, vintage, big block ordered and specialty ordered Corvette shows up...
      Hoeby
      • 1 Year Ago
      Gorgeous. Quite simply one of the coolest cars America ever produced. This car drips power, menace and presence.
      Bill
      • 1 Year Ago
      I think this classic cars as investments bubble is eventually going to burst. I occasionally watch these auctions on TV, and the attendees and bidders are overwhelmingly of a homogenous demographic. Yes, old white baby boomers. When they die off, is this market going to go with it? I can't imagine that such prices are sustainable indefinitely.
        Smooth Motor
        • 1 Year Ago
        @Bill
        It has a boom-bust cycle like any other investment. And what does being white have to do with anything?
          Griffen W
          • 1 Year Ago
          @Smooth Motor
          Have you looked at the attendees at a high end car auction in the US lately? A very high percentage of the clientele are older Caucasian males. What does ethnicity have do to with it? Nothing, its simply a description of the people. Its like saying "i went to the art gallery and most of the paintings were blue"
          Bill
          • 1 Year Ago
          @Smooth Motor
          I was just pointing out that its a key variable in this particular marketplace. Absent that variable, how will the market be impacted?
        kevsflanagan
        • 1 Year Ago
        @Bill
        The market for the vehicles is slowly deflating but the ones that are legit rare are continuing to fetch a price since they are again rare. Though cars that before would sell for a hundred grand are now barely getting there due to the glut of the cars out there now that are similar. I remember watching a Jackson auction and seeing a few cars roll across the block and I thought most of them would crack 200k plus.. nope just came close to breaking the 100k mark. They tried to hype "This is one of only....." and so on but people didn't care anymore. The hype if you will has died down.
        pghcc2006
        • 1 Year Ago
        @Bill
        The days of people trying to get 50k plus for 318 Coronets may be doneThe bubble isn't going anywhere while europe and america refuse to cut spendiing and get their financial houses in order which may not happen for years. Most baby boomers are in there 60s so with current and future medical technology most will be here for anthor quarter century and as always old people will be the ones with the most money. as far as the white thing, diversity dosen't matter via investments (or really anything else) but other groups have nice, perhaps even investment quality automobiles....they just have missing ignition switches. ;D
        Steve
        • 1 Year Ago
        @Bill
        It won't burst. There's a never-ending supply of new 1%-ers globally. The Chinese are minting new billionaires at a furious pace. All those rich people want things that are 1) stylish/beautiful and 2) rare. With a fixed number of cars like this in existence, and basically bottomless demand, the price will go up indefinitely.
      Brodz
      • 1 Year Ago
      Sounds worth it. I bet that engine sounds like the ground opening up. In fact the noise it makes probably makes the ground open up. Would be a blast to drive.
        KyleR
        • 1 Year Ago
        @Brodz
        Worth is debatable. For the sake of owning a 1-of-20 vintage Corvette, maybe. For the sake of owning a '67 Corvette convertible with an L88, I'd say it's doubtful. Somebody could have built one for far less. The thing that kills me is knowing that the owner will probably just leave it to sit in a showroom/garage. $3.2 million for an absolutely gorgeous paperweight.
          LLL
          • 1 Year Ago
          @KyleR
          Clueless..
          riserburn99andre
          • 1 Year Ago
          @KyleR
          Sad that you are probably right. You also have to understand the buyers point if he doesn't drive it though. How much to insure it? How many miles can he drive it a year? how much will his insurance raise for claims on it? How many people will follow his ride around and more than a few will follow him home, how scary is that? I own a 1967 SS350 Camaro and it isn't fully restored but all those thoughts have passed through my head on more than one occasion. I had my '71 Nova and had more than a few, aggressive mind you, people try to make me sell my car to them. Also I had this kid after a car show follow me around for over an hour until I pulled up to my friends house. People are scary when it comes to these rides and I wouldn't blame the person who bought this one big to keep this car a paperweight.
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