Cars & Auto

$1+ Million Mecum Car Auctions Kicking Off Strong Start to 2022

Kissimmee, Florida is known for at least one thing — the first big annual car auction each year by Mecum Auctions. The January 6-16th 2022 Kissimmee Car Auction was the beginning of a crowded Mecum Auction 2022 schedule. We wanted to cover some of the top results that have kicked off 2022 in flying colors. The overall trends for 2022 are of course still too early to label a whole year, but the first big collector cars auction of 2022 included many $1 million-plus sales.

Unique to the Kissimmee venue was the 1967 Ford Mustang GT500 Kendall Custom where all proceeds went to the charity Curing Kids Cancer, a Georgia based nonprofit. Collectors Dashboard has covered Mecum Auctions in the past and this one had something for every caliber of car collector. January 6 day 1 was featured in our article about the popularity of restoring trucks from the 1970s and 1980s.

Collectors Dashboard evaluates high-end collectibles as an alternative asset class. This means collectibles are attracting the same capital that could have been invested into stocks or bonds. Many collector cars that cost tens of thousands, hundreds of thousands (or more) would all fit into the alternative investments category even if they are purchased purely for joy and recreation.

There is just a reminder that needs to be made about collecting and investing. No one is guaranteed a profit in any investment — and that is even more true in collectibles! Unlike many smaller collectibles, collecting cars comes with ongoing maintenance, registration, fuel, transportation, taxes, insurance and storage costs that are above and beyond what most collectibles have to weigh. That means that making a profit in collector cars may be even more difficult than other smaller classes of collectibles.

Collectors Dashboard has relied on the auction prices realized as a barometer for the classic car industry. Here are prices realized for the Mecum Kissimmee Auction as first profiled by Collectors Dashboard on December 16:

  • 1970 Plymouth Hemi Cuda Convertible 1 of 14 produced had an estimate of $2,400,000 to $2,700,000 and sold for $2,100,000.
  • 1961 Mercedes-Benz 300SL Roadster had an estimate of $1,600,000 to $1,800,000 and sold for $1,375,000.
  • 1963 Chevrolet Corvette Z06 Split Window Coupe 39,000 Miles had an estimate of $500,000.00 to $600,000.00 and sold for $605,000.00.
  • 1965 Shelby Factor Stage III 289 Cobra Dragonsnake CSX2427 1 of 5 produced had an estimate of $1,750,000 to $2,000,000 and sold for $1,375,000.
  • 1963 Chevrolet Corvette Z06 ‘Gulf One’ 1 of only 14 regular production Corvette serial numbers assigned specifically for competition had an estimate of $3,000,000 to $3,500,000 and sold for $2,400,000.
  • 1967 Shelby 427 Cobra Roadster CSX3281 with an estimate of $1,500,000 to $1,700,000.
  • 2016 Pagani Huayra 1 of 100 produced had an estimate of $1,800,000 to $2,000,000 and sold for $1,430,000.
  • 1957 Chevrolet Corvette Super Sport Show Car used to introduce Rochester Ramjet Fuel Injection had an estimate of $1,750,000 to $2,000,000 and according to Mecum Auctions was pulled from the auction for unspecified reasons.
  • 2020 Mclaren Speedtail number 100 of 106 built had an estimate of $3,500,000 to $4,000,000 and sold for $3,300,000.
  • 2021 Ferrari SF90 Stradale had an estimate of $950,000 to $1,100,000 and sold for $935,000.00.

Unique to this 2022 car auction is a custom 1967 Mustang GT500 Restomod. All of the proceeds of this car will be donated to Curing Kids Cancer, a Georgia based nonprofit. According to their press release, the charitable group has raised more than $20 million to fund research and find a cure for pediatric cancers.

The 1967 Ford Mustang GT500 Kendall Custom did not have an estimate and had no reserve to meet. At auction the car achieved a respectable $495,000.00. Mecum had listed the car as a star in the auction and highlighted the vehicle as a charity among all the million-dollar cars. According to Kendall Motor Oil Mecum has been providing assistance to the Curing Kids Cancer mission since 2011.

The 1967 Ford Mustang GT500 Kendall Custom was described as follows:

“Working closely with more than 20 of the automotive industry’s leading manufacturers, Kendall® Motor Oil built The Kendall Custom to reflect its motto, “You Get Out What You Put In®.” From inception to completion, the entire build of this 1967 Shelby GT500 Fastback Custom was documented in the online series “Titanium Garage” hosted by Bill Stephens. Once the car was finished, Kendall Motor Oil took its 1,080 HP custom on tour with Mecum Auctions. Since hitting the road, admirers like Emily Reeves, Rob Dahm, NASCAR driver Garrett Smithley and the folks at MotorTrend have paid The Kendall Custom a visit to hear the power of its modified 5.0L twin-turbocharged Ford Coyote engine, and soon, The Kendall Custom will make its final Mecum appearance when it crosses the auction block with 100% of the proceeds set to benefit Curing Kids Cancer.”

Mecum did sum up its own wrap-up for 2021. The company saw some records broken in 2021 and it sees significant momentum heading into 2022. Its annual report said:

Mecum Auctions is pleased to report resounding live auction success for calendar year 2021, resulting in $578 million in total sales with a 90% overall sell-through rate—the highest annual total ever achieved by a U.S. domestic-based live collector car auction company, and the highest total achieved in the entire industry this year on a global scale.

It may be too soon to say that 2022 is assured to be a success. That said, this many $1 million-plus sales of collector cars has to at least be a strong base.