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Automotive Lifestyle
VINTAGE: Mike Yager On Collector Corvettes
Famed Vette expert likes what he saw at the recent Barrett-Jackson Scottsdale auction.
Bob Golfen  |  Posted January 28, 2011   Scottsdale, AZ
Corvette expert Mike Yager, shown with a new ZR-1, says that interest in the iconic Chevrolet sports car remains vibrant at Barrett-Jackson. (Photo: Mid America Motorworks)
Barrett-Jackson is all about Corvettes, all years, colors and shapes. There are more Corvettes at a typical Barrett-Jackson auction than anything else, making up about 12 percent of the 1,200 collector cars for sale at this year’s Scottsdale auction.

Mike Yager is also all about Corvettes. Yager, who refers to himself as “Chief Cheerleader” of Mid American Motorworks in Effingham, Ill., has spent a lifetime playing with Chevrolet’s iconic fiberglass sports car (as well as VW’s iconic air-cooled cars and buses, but that’s another story for another time).

Yager was one of the panelists in Corvette Market’s annual Insider Seminar during the Barrett-Jackson event and is the author of the authoritative Corvette Bible. And after spending the week at Barrett-Jackson’s signature, 40th anniversary auction, he drew some conclusions about the state of the market.

Values are rising for first-generation Corvettes, such as this 1957 roadster. (Photo: Barrett-Jackson)
The enthusiasm for collector Corvettes is very healthy these days, Yager said, commanding premium prices for everything from early edition solid-rear-axle cars – know among aficionados as C1 models – to high-performance versions of late-model C6 Vettes.

Corvettes are just part of a strong, rebounding market for American muscle cars, he added, showing that the broad base of the U.S. economy is recovering from the financial crisis and regular folks are again enjoying what they love.

“You can see the economic driver of why people are buying these muscle cars,” Yager said in a recent interview after the recent Scottsdale auction. “People own them and enjoy them, and if they sell them a year or five years down the line, they’ll get their money back and maybe more than their money back.”

Barrett-Jackson confirmed some of the facts of life for Corvette buyers and sellers, such as the axiom that well-documented, rare and desirable models in excellent condition draw the highest bids, he said.

But the auction also revealed a growing Corvette market: customs and resto-mods that not only hold their values but attract loads of attention from a new breed of collectors.

“When I looked at a couple of the custom cars, I saw that they sold for very strong money,” Yager said.

A customized, updated 1959 Corvette showed the strength of well-done resto-mods. (Photo: Barrett-Jackson)
He pointed out a good-looking 1959 custom roadster powered by a modern, 505-horsepower LS7 V8 with automatic transmission, later-model suspension with independent rears, luxury interior, large aftermarket wheels and a monster audio system. The bright-yellow car sold for $253,000 with buyer fee, one of the strongest sales of the auction and definitely top dollar for that model year.

Another high-flying custom was the exotic mid-engine Corvette built from a 1963 coupe, but with extreme modifications. One of the marquee cars of the auction, it sold for $170,500, with fee.

“That’s strong money for cars that are not original and custom built,” Yager said. “That just goes along with the hot rods that sell for huge money. I think that’s interesting. That tells me there’s a lot of money out there.”

In recent years, Yager has spent his time buying, selling and collecting some of the best and rarest of Corvettes, the special performance models and race-prepped cars that draw the most interest and money. But custom Corvettes have not been part of the picture.

“I live in a world that’s mostly original, restored cars,” he said. “The custom-built cars, that’s an aberration to me. And it excites me. They (the buyers) are into it for the cool factor and not just the value of an original car.”
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