Mecum Monterey Auction

MECUM SELLS EX-DELORENZO L88, FERRARIS, BOATS AND MORE AT SUCCESSFUL 2010 MONTEREY AUCTION

MARENGO, Ill. August 19, 2010; Mecum Auctions returned to Monterey for a successful second annual auction at the Hyatt Regency Monterey Hotel & Spa on the Del Monte Golf Course, where the top sale was a rare ex-DeLorenzo 1967 Corvette L88 Roadster - one of only 20 produced and the earliest RPO-ordered L88 known to exist - that sold on the block for $1,250,000.

With a high-quality inventory of remarkable collector cars, Mecum's Monterey Auction had total gross sales (excluding buyer's premium) of $15.4 million. Combined with post-block sales that continue to occur in The Bid Goes On - Mecum's program to market vehicles that don't sell on the auction block - the company estimates final sales for the auction will be close to $20 million.

"While last year's event was monumental because of our record-breaking $7.25 million sale of the 1965 Shelby Daytona Cobra Coupe, this year's event was hugely successful in its own right. In fact, if you take the Shelby out of the equation, we more than doubled our sales over last year," said President Dana Mecum. "As Monterey's only free, open-to-the-public auction, we have truly carved our own market niche. With growing brand awareness, Mecum in its sophomore year has established itself as a primary destination on the peninsula and has built a very firm cornerstone upon which to have a long-term event in Monterey."

As the first auction company to bring live television to the peninsula with its Discovery Communications' HD Theater show "Mecum Auto Auction: Muscle Cars & More," the Monterey Auction drew thousands of enthusiasts eager to watch the film crew in action and to bid on the investment-grade vehicles. Mecum offered more than 400 collector cars at the two-day auction.

In addition to cars, Mecum entered into the vintage wooden boat arena in 2010, selling five world-class vessels at the Monterey Auction - four of which made it into the top 10 sales.

    
Mecum's Monterey Top 10 Sales (all sales reflect hammer prices) were:
1. 1967 Chevrolet Corvette L88 Convertible (Lot S125) at $1,250,000
2. 1967 Ferrari 275 GTB/4 Berlinetta (Lot S111.1) at $1,250,000
3. 1972 Ferrari 365 GTB/4 Daytona Spyder (Lot S122) at $1,050,000
4. 1966 Shelby Cobra 427 Roadster (Lot S120) at $650,000
5. 1971 Chevrolet Corvette ZR2 Convertible (lot S118) at $440,000
6. 1965 Shelby GT350 Drag Unit (Lot S106) at $350,000
7. 1922 Hacker Gentlemans Race Boat (Lot S130) at $320,000
8. 1940 Chris-Craft Racing Runabout (Lot S127) at $291,500
9. 1965 Riva Aquarama (Lot S128) at $290,000
10. 1929 Hacker Craft Deluxe Runabout (Lot S129) at $225,000

Complete Monterey Auction results are available to Mecum InfoNet members, which is free to join at www.Mecum.com.

Mecum InfoNet members can log in to see car-by-car results by visiting the Results Page. Next up is the Mecum St. Charles Auction, Sept. 16-19, 2010, at Pheasant Run Resort, which feature 1,000 collector cars up for bid. Tickets are available at the door for $15.

The Mecum Auction Company has been specializing in the sale of collector cars for 23 years, now offering an industry-leading 5,000 collector cars per year. Consignment, bidder and event information is available online at www.Mecum.com or by calling 815.568.8888.