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Each year, we open up the stable and begin a restoration on one of our GM classics. This time it is a 1964 Buick Riviera. The Riviera represents one of our newest car lines and allows us great access to off-the-shelf parts.
It all began when we placed a call to Joel Hoffman of J&H Restoration in Riverside, California. Joel has helped us out in the past with the restoration of our 1966 Chevelle, 1968 GTO and our 1967 Buick GS in which all three received the coveted “BEST RESTORED VEHICLE” award from General Motors at the last three SEMA shows.
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At this point, the Riviera has been completely disassembled and media blasted. Being a California car, the Riviera needed very little rust repair, however, the front end and passenger fender were a bit banged up. Not a problem for Joel and his crew. Next they disassembled the chassis and began the complete frame-off rotisserie restoration.
We will keep you updated as the Riviera progresses.
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This unrestored ’70 Chevelle SS-396/automatic convertible brought $41,000. Whether the
new owner decides to leave it as-is or hit the OPGI catalog for a few restoration parts,
the car was a great buy for a desirable car.
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By Barry Kluczyk
Photos by the author
Like the broader economy, the collector car market ebbs and flows, rises and falls. And like most economic things these days, it’s been on the down cycle for about the last three years. Generally speaking, prices are off their peaks and – in the case of some “headline” cars – they are off significantly.
Also like the broader economy, some people make the economic conditions work to their favor. In the case of classic cars, many buyers are taking advantage of the market’s “correction” period to snap up classics and muscle cars at prices that have not been seen for about a decade.
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The Buick GSX continues to be a popular collector car. There were a few at the Indy auction, but the highest prices went for the most desirable equipment: Stage 1 engine and a four-speed transmission.
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Talk about rare! This Catalina wagon was ordered from the factory with a Tri-Power 389,
a four-speed transmission and the brake package that included eight-lug wheels. Very cool.
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They’re not all six-figure cars at collector car auctions. This clean, driver-quality ’70 Monte Carlo
with a small-block was drawing bids of less than $10,000.
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That’s exactly what we saw when we attended Mecum’s annual auction at Indianapolis recently. Savvy buyers were using the market conditions to drive great deals. Nearly 1,800 cars crossed the block during the Indy event, with about 66 percent of them selling for a total of more than $41 million. That was a good sell-through percentage, but it suggested that many sellers were still holding out for higher prices – prices that haven’t been seen for more than three years.
The top seller of the event was a Bill Mitchell-styled Corvette show car that hammered sold for $925,000 and $1.1 million was bid for a rare ’69 Trans Am convertible, but it incredibly didn’t meet the seller’s reserve. Other marquee muscle cars crossed the block and sold for perhaps 20-25 percent less than they would have three or four years ago. There were also great deals on “everyday” muscle cars and classics, such as a ’69 GTO with a four-speed that sold for $32,500 and a cruise night-ready ’68 El Camino with a big-block that sold for $13,000.
Without a doubt, it’s a buyer’s market. We found signs of stabilizing prices, meaning the prices may be off their peaks, but probably won’t erode further. It also looks as if it will be a while before the prices make significant climbs again. That means if you’ve been on the fence about buying a muscle car or classic, it may be the perfect time right now.
Along with the general economic conditions, one of the reasons prices are – and likely will – remain lower is the large number of investment-quality muscle cars on the market. During the market’s ascension, starting about a decade ago, a great many vehicles were treated to rotisserie-style restorations. So, if you like GSXs or a ’70 Chevelle SS, there are lots to pick from. Consequently, buyers can afford to be picky – and they are.
Another consequence of the “correction” in prices is the bigger hit in the values of clones/recreations/tributes, or whatever you want to call those cars that look like top-shelf collector cars, but built on non-original bodies. The same seems go for non-numbers-matching cars and modifieds. Again, however, this can be advantageous for enthusiasts in the market to buy, as it’s possible to buy a great driver often less – sometimes much less – than the build cost. You just have to keep in mind the resell value won’t be tremendous.
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You’re looking at the only ’69 GTO Judge convertible painted Mayfair Maize. It sold for $96,000
– which is a comparative deal compared to what it would have likely brought a few years ago.
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This super-clean ’65 El Camino was powered by a 327 and a four-speed. Its selling price of $25,500 was representative of what careful shopping can bring – a great looking classic at a reasonable price.
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Although the high-compression engines were gone, the inherent torque of the Buick 455 kept
1971-72 GS models ahead of the competition in the declining years of the muscle car era.
This ’72 455-powered GS sold for $40,000 and will likely prove a worthy investment.
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Like big-block Buicks, 1970-72 Olds 442s have remained popular with collectors and haven’t
suffered the huge price hits of other muscle cars. This ’70 model wears a somewhat rare
– for a 442 – Azure Blue exterior color.
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You don’t have to be a buyer or seller to enjoy an event like Mecum’s Indy auction. Think of it as multi-day car show with the cream of the crop muscle cars in attendance. It’s also a great opportunity to examine cars more closely and pick out the details that separate good restoration from great ones. You’ll also come away with a greater working knowledge of how the auction process works, in case you decide to cross the line and become a buyer or seller in the future. Go to www.mecum.com for information on upcoming auctions. You can also register on the site for free and check out the selling/high-bid prices from previous auctions.
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Show photos courtesy of Brandon Warren.
For more pictures:
http://www.americantorque.com/page/tiger-run-2010
Host Club: Goat Herd GTO Club of Oregon
The event was held at the Eagle Crest Resort with the show on Saturday and drag racing on Sunday at Madras.
With over 135 Pontiac’s on display, the show consisted of 17 different GTO classes for Modified cars, Stock Hardtop/Coupes, Stock Convertibles, The Judge, Competition Modified, and 2 classes for The GTO Jr. (Tempest, Lemans). Also two classes for Outstanding Pontiacs, Firebird/Trans Am and a Best of Show award.
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End of Year Sale!