Mecum Auctions has canceled its all-Corvette auction at Bloomington Gold, one of the nation’s largest and most-famous Corvette gatherings. Mecum had been scheduled to host its 18th annual all-Corvette sale during the June 27-29 weekend.
In a posting on the Mecum.com website, the auction company said the decision was made to close the Corvette auction in Illinois because of flagging interest and strong sales of Corvettes at other Mecum classic car auctions throughout the year.
“As the number of successful auction events on the Mecum calendar continues to grow, the Corvette collecting community has regularly been opting to buy and sell Corvettes at other Mecum auction locations in their respective regions throughout the country as a matter of convenience,” the Mecum notice said. “Mecum now holds auctions coast to coast all year long, and Corvettes are a significant segment at all Mecum events as witnessed by their results on the block.
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Interest in the auction held in conjunction with Bloomington Gold Corvettes USA has waned.”[/pullquote]
“Due to these and other variables, interest in the auction held in conjunction with Bloomington Gold Corvettes USA has waned, and subsequently, the auction had to be canceled. This late notice is regrettable, but it is only because of Mecum’s unwillingness to have to take such measures.”
Dana Mecum, the founder and head of the auction company, was not available for comment Wednesday.
The Bloomington Gold event, renowned by Corvette aficionados for its high standards and dedication to the heritage of Chevrolet’s sports cars, was owned by Dana Mecum from 1997-2012. The Bloomington auction once had been the only venue in which Mecum sold Corvettes, but now they are standard fare at all Mecum collector car events.
Sales at Bloomington Gold have dropped from a high of $7.7 million in 2008 to around $1.8 million in 2013. The total number of cars offered has declined from more than 300 Corvettes over two days to just 130 cars last year in a single-day auction.
Mecum’s top sales of Corvettes in recent years have happened at auctions other than Bloomington. One of the headliner cars being offered at Mecum’s inaugural Seattle auction June 13-14 is a rare, high-performance 1967 Corvette L88 coupe, which should go well over seven figures on the block. Fully restored by the Naber Brothers, the car has been Bloomington Gold Certified.
With the cancellation of the Bloomington Gold auction, Mecum has 19 annual car, motorcycle or tractor auctions.
The announcement from Mecom makes no sense ! Such short notice is a disservice to the people involved in this event- an event that helped get Dana where he is. A no class move from Mecom…oh sorry NBC.
Thanks for tackling the subject of Mecom’s withdrawal from the Bloomington Gold event. The auction business is becoming a very competitive business and usually a ‘key player’ doesn’t just bow out. Keep your journalist note book handy. I think there is a lot more to the story.