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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