Mecum Auction Sells Yenko Chevrolets For Record $1.7 Million: Collector Car Auctions Skyrocketing

MARENGO, Ill./EWORLDWIRE/Oct. 27, 2005 --- Mecum Collector Car Auctioneers shocked the muscle car market with phenomenal sale numbers for unique 1960s and 70s cars at its 10th Annual Fall Premier Auction.

"A set of five Yenko Chevrolets, which when new in the late 60s sold for about $20,000, brought a staggering $1.7 million on the auction block," said Dana Mecum, president and founder of Mecum Auctions, Inc. "We estimated they would bring a million-plus dollars, but were surprised at the final bid."

Mecum's 10th Annual Fall Premier Auction, held Oct. 14 - 16, 2005 at the Pheasant Run Resort in St. Charles, Ill., drew world-class cars and prices. Approximately 700 cars crossed the auction block, with over half selling for a combined total of $21 million.

"It was the finest selection of cars we have ever offered," Mecum said. Another noteworthy sale was a 1969 Chevrolet Camaro with a factory installed ZL-1 engine for $840,000.

"Almost 40 other cars were sold in the $100,000-plus range, some for over $500,000. In all, it was the largest offering of muscle cars I have ever seen," said Mecum.

"Muscle cars" were produced by American automakers in the 1960s and 1970s. They were traditional passenger cars like Chevrolet Camaros or Chevelles, Plymouth Barracudas, Dodge Challengers, Ford Mustangs and the American Motors AMX. The difference was the factories installed giant engines in them, resulting in ultra-high performance from 400-plus cubic inches and over 400 horsepower.

These brute-force street terrors were generally produced in limited quantities and were usually run very hard, resulting in a limited life span. Today, these hard-to-find cars are prized possessions to baby-boomers who can afford to relive youthful memories.

"Cars, like two of the Yenko Chevrolets, that have existing examples numbering under 10, brought a premium at the auction," said Mecum. "The muscle car market has exploded in the last two years, capping off a growth that has been steadily increasing for 15 years. Ironically, virtually all of today's buyers are involved with the cars because of their love and passion for them and not as an investment."

The current market has created a unique opportunity for sellers and buyers. Because of high prices, many collectors are cashing in on the robust market because it is an opportunity they can't afford to overlook. Conversely, buyers see an unprecedented inventory of once unattainable cars that remained tightly guarded or horded in private collections.

Mecum holds approximately nine regular auctions nationwide annually. Each is listed at www.MecumAuction.com, which includes a list of cars and photos consigned for each auction, locations, times, dates for future events and auction results.