For many years, early C3 Corvettes have proven to be a rock-solid investment. Unlike share certificates and crypto-currency, they offer owners something tangible they can admire or enjoy as their creators intended. However, some classics are created more equal than others, which is undoubtedly true with this 1969 Corvette Stingray. Industry rumors abound, suggesting that due to its rarity, it could become the new record-setting benchmark when it goes to auction on January 26th. The Stingray is listed here at RM Sotheby’s in Phoenix, Arizona, with an auction estimate of $2.6 – $3 million. I must say a big thank you to Barn Finder Larry D for spotting this rare potential record-breaker.
Before delving too deeply into this Corvette, it is worth noting that the auction will mark the first time this classic has been offered for public sale. The original owner retained it until 2007, when it changed hands in a private sale. The new (and current) owner handed the “Vette to a renowned specialist in 2012 for a thorough restoration. The process concluded in 2014, with the car returned to showroom condition in its original shade of Monaco Orange. The paint shines warmly, and the lack of active service since the car emerged from its refresh makes its flawless presentation understandable. The chrome sparkles magnificently, the glass is spotless, and the solid frame and birdcage mean this classic is rust-free. The condition is all you would reasonably expect from a car set to go to auction with a projected seven-figure sale price.
Corvette buyers in 1969 could order their new purchase with engine specifications varying from mild to wild, although this car could be considered extreme. Many enthusiasts focus on the big-block options offered by Chevrolet during this time, and it is easy to understand why. Those engines provided enormous power and torque, equating to a relatively effortless motoring experience. However, they also came with a problem, which was a significant weight penalty compared to the small-block variants. The average big-block and associated hardware added around 200lbs to the Corvette’s weight, with most of it hanging over the front wheels. It meant that what those cars gained in engine performance, they lost due to less precise handling, cornering, and braking. The daddy of the monster motor crowd was the L88, although since it added a not-inconsiderable $1,032.15 to the $4,400.00 sticker price, it’s easy to see why only 116 buyers ticked that box on the Order Form. What if there was another alternative? What if there was a motor that offered the power and torque of a big-block but with the weight of the small-block? Although it may have sounded like the stuff of fairytales to some, such a motor did exist. Known as the ZL1, it is an engine that enjoys legendary status today. What buyers received for their cash was an engine with almost identical specifications to the L88, but with one crucial difference; The company ignored cast iron when producing the engine block, opting for lightweight aluminum. That decision erased the weight penalty suffered by the big-block, but this motor came at a cost. If the price of the L88 set punters back on their heels, the ZL1’s $4,718.35 instantly doubled the Corvette’s price. That figure wasn’t merely for the engine but for a package that included heavy-duty power brakes, heavy-duty suspension, a Posi rear end, and transistorized ignition. There has long been speculation about the power output of these motors, with most people believing that the reality is considerably more than the company’s quoted figure of 430hp. In 1969, you needed to be “in the know” to be aware of the L88’s existence. However, to get your hands on a ZL1, you had to know the right people. That was the case with this car and its original owner, who had a competition career in mind for this classic. It terrorized the ¼-mile for a while before they placed it in mothballs in 1972. It reemerged in 1989 and was returned to active service before finding its way to the current owner in 2007. For potential buyers, there is one particular issue requiring consideration. Although this car retains its original drivetrain configuration and comes with every piece of documentation that a person could desire to confirm its authenticity, this car is not numbers-matching. The ZL1 under the hood is date-correct, but the engine block underwent a warranty replacement in September 1969. That may impact the ultimate price, but nearly nine years have passed since the record was set, and now could be the time for it to fall.
The Corvette’s interior presents as superbly as you might expect for a classic of this caliber. The black vinyl is faultless, the carpet is excellent, and the dash continues that theme. The overall condition means this car would not look out of place displayed in a Chevrolet showroom. Considering the car’s history under the current owner, its state is all we might expect for a Corvette with a projected seven-figure auction price. With this car’s focus on performance, it is unsurprising that buyers couldn’t order a Corvette with a ZL1 and air conditioning. There is no radio, power windows, or other luxury features. This car is designed for performance, with no bells or whistles.
The standing record sale price for a Corvette was achieved in 2014 when a 1967 C2 Coupe sold for $3.85 million. It presented as impressively as our feature car, but apart from hailing from a different generation, one crucial difference is worth considering. That ’67 was 1-of-20 ordered with the L88 engine under the hood. This car is 1-of 2 with the ZL1, making it one of the rarest, most potent, and most desirable examples of its breed. However, the most significant hurdle it may face is that although the engine bay still houses a genuine ZL1, it is no longer numbers-matching. That could prove the difference between achieving a record or missing by a few dollars. Do you agree?
Since the car was specified with an automatic transmission, I’m out; someone else here will have to snap this one up!
I remember talking to some hard-core Corvette collectors years ago, and all agreed that an “un-original” engine block number — even if a warranty replacement with appropriate paperwork — has a negative effect on value. Such cars, I was told, are great for drivers but not collectors.
I doubt this car will get driven much. If it gets anywhere near the estimate, it will almost certainly be rolled from the auction stage to a covered trailer to the new owner’s display space/warehouse. To me, that’s a real shame. Even with the slushbox, it should be an awesome performer.
Ya, I too, saw that shifter and I made a little sniffle…
Automatic was better for drag racing. That’s why they would’ve ordered it that way.
Why? I don’t get this attitude that every performance car must have 3 pedals. It’s as if those who physically can’t drive a stick are lesser human beings than the real car guys who “row their own.”
I bang 21 gears all day long so when I get in my home time drive vehicle I like to have an automatic and even in my street rod which has a BBC I run a Powerglide, so yeah I am a sook hehehe, but back when I was younger and did some road racing of course everything was a manual. It depends if you are going drag racing or road racing really doesn’t it.
If my budget could afford this I’d immediately buy the Ferrari 275 GTB from an earlier listing. No comparison, imo.
Not even numbers-matching and they are expecting 2+ million. Wow.
I thought only 2 ZR-1s were made in 1969. A white one and a yellow one. All the articles I’ve seen have only mentioned those 2 cars. Where did this one come from?
It’s not a ZR-1 option. It is a ZL-1 engine.
Too bad today’s muscle car buyers do not have the option of deleting all of the extra weight like a/c, power windows, power locks and stereos from their cars. And yes, my daily driver doesn’t have air bags or antilock brakes it it!
So this is one of two that were factory built with much of the big block that enabled the Can Am cars of the day to exist. If not mistaken, there were also 60 to 70 Camaros that were assembled with a similar engine. Not going to wager anything but yes, I do believe it will hit the numbers being speculated.
There were 69 ZL-1 Camaros made in 1969.
It was my understanding also that we’re only 2 surviving Z-L1,s. One in yellow with Black front stripes which I witnessed at Bloomongton in the 80,s and the white one that supposedly burned in a garage fire. So where did this one come from
?
“For a little more background, this will be the first time since 1991 that a Corvette ZL1 comes to public auction. The car that changed hands more than 30 years ago is this orange convertible’s sister—a yellow and black coupe that was auctioned off for $300,000 reportedly after being seized by the DEA. RM Sotheby’s car due to cross the block in Arizona next month has never been offered for public sale; it was last sold in 2007, when the current owner bought it from the original owner. It then received a restoration by Kevin Mackay in 2014 and was certified by Bloomington Gold as the first of the two ZL1s produced. It’s since been extensively shown and displayed.” Hagerty Media 12/22/22
“During the summer of 1968, Maher’s close friend Don Yenko regaled him about an experimental, all-aluminum racing engine for the 1969 Corvette. The real kicker for a hardcore racer like Maher was that this new engine could be had with the M40 automatic transmission, perfect for clutch dumps and full-throttle launches.
After much difficulty, Maher was only able to secure his order with assistance from Grady Davis, a two-time SCCA national champion and senior vice president at Gulf Research, then a secret partner to GM’s clandestine racing operations.
Accompanying documentation from GM archives shows that on 21 November 1968, the ZL-1/M40 powertrain configuration was approved for production. The very next day, Maher’s order (AVM236) for a Monaco Orange ZL-1/M40 Convertible (710209) was accepted. The car’s Monaco Orange color was specified as thanks for Davis’s help, and this homage to his friend’s employer would continue throughout Maher’s ownership via the application of a Gulf Oil racing livery.” RM/Sotheby catalog.
I saw this car at 1990 Corvettes at Carlisle and had a nice chat with the owner at the time, Mr. John Maher. He was kind enough to start it up and you could hear it all over the Carlisle fairgrounds. Pretty impressive.
“warranty replaced motor” is not something a few million dollar car should ever have in a production car in my mind.
The numbers game ….ugh.
The first owner raced the car. It was designed to be raced. He blew the engine while racing. This is such a special car that the “matching numbers” mindset does not apply.
Thanks for the Great History of these cars. I will have to look through my Old Bloomington pics and see if I took some of the Yellow ZL-1. I think it was in 1988 when Bloomington held the Earth Quake 88 Show.
I remember my father owning a 1967 Corvette Stringray, and although it paled in comparison to cars like this one, I loved going for rides with my Old Man shifting the gears!
I cannot even remember how many times I burned my legs on those side pipes!
But, oh how bittersweet are those memories of my early life!
What is going on inside that air cleaner??
The L-88s and ZL-1s had that type air cleaner to draw fresh air from the cowl plenum.
Beautiful Corvette. These crazy numbers of value is mind blowing. It seems those that control the industry of classic cars name their price and it’s paid. Be it by a friend or an aquatinted person. Always 6 degrees separation from seller to a buyer.
Gorgeous vehicle. Probably a 10 or 20 million dollar car at the big Auction. 😆
This is a big auction and it will bring the Big Auction price.
I this a car out from the Roger Smith collection?
I remember this it was extensively described in the Corvette
book ‘Corvette Amerikas Sportscar’. It is described there as
a road car with a racing engine. Although I like the C2 better
than the vulnerable ’68 models, this thing is certainly something extraordinary.
But I would like to see a comparison with the Ferrari 400
superamerica or the Ferrari 500 superfast; acceleration
80-120KM/h in highest gear, slalom, crosswind deviation
@100 Kp/h as well as braking from 100 Kp/h to stop.
With this Corvette you shift the road. What a monster
The ‘68’s were also C2’s, the first year of the C2’s as a matter of fact.
@Ron
The ’68s were C3s, the first year for the C3s.
The C2s were from 1963-1967.
If I’m not mistaken that car has some type of air pump for emissions clean up…unusual for that early year unless this was a Cali car?
My brother had a 70 SS Chevelle that was built by Nickey with a ZL-1, the car was a brute. Sadly too much vodka and a too many missed shifts
Did the vodka and missed shifts end it up in the ditch? Loe the Nickey cars, cool cars and great stories, share more!
Hard to believe anyone would order a convertible for racing.
It had the optional hardtop and I believe it had a rollbar when it was raced. Corvette Repair of Valley Stream, NY has an article on this car under the “Vette Vues” tab on their webpage. You may have to scroll through a few pages to find it. It is worth looking for.
This was standard fair for the time. Sport car racing was mostly comprised of convertibles during the era. The big block Vettes were running in SCCA A-production at the time.
I too am at a loss here. So heres a car with documents and all the legends say there were 2 built but one yellow and one white. So here is a third? Are the documents of the past incorrect or is there something more specific to the numbers like two were 4 sp and 1 automatic?!? I love this orange but the auto is a let down. As seen above there was discussion on this, in my own opinion the autos are boring and with a stick you get more of a driving experience. It makes you more involved with the car and gives a better feel of whats happening. Curious to see what happens at auction.
Nice advertising for the Owner and the Auction Co. Perhaps we will see this car on Bring a Trailer or Criagslist next. Whats next—Buy and Sell?
I would think the ONLY ’68 z28 CONVERTIBLE would be worth more money than this.
For $3 million, you might be able to buy 1 of the corvette concepts from the GM Heritage Center! lol
So some quick reads shows three cars in existence. Not sure why GM docs show only two cars. However to answer the all curious question of the original engine vs. replacement block. The articles shown to me said the original motor was removed, car raced with various L88’s then eventually a secondary ZL1 was installed however original engine was rebuilt and set aside. So i would assume it would come with the car at purchase. That in turn helps with the higher price.
If you’re going to be bidding on this car, you should research those supporting “documents”. Bottom line is that few Corvette enthusiasts believe they are genuine.
https://www.corvetteforum.com/forums/c3-general/3912713-1969-zl1-production-13.html
https://www.forums.ncrs.org/showthread.php?131498-1969-ZL-1-convertible&p=925055#post925055
@Tooyoung4heyday
I am the original contributor of ZL-1 Corvette to BF. I have been involved with Corvettes for 52 years when I bought my first one at age 18. I am also a member of Corvette Forum. So, I went on there and checked to see if there had been any discussion of it and this is what I found. This was posted on 12/01/2016. This is a copy and paste:
Well, I’ll come right out and say it. I posted about the orange car a few months back when they showed the tank sticker in the NCRS Driveline.
I spoke to the original owner of the car about 10 years ago before he sold it. It was being displayed at a small “L88/Corvette race car show” hosted by Kevin Mackey near McArthur Airport out on Long Island. The show was being held inside some speed shop garage, don’t remember the name. I have lots of pics. The orange car still had the Gulf livery.
Now it gets very interesting. As I remember, the original owner told me he put the ZL1 engine in the car early in its life…..that’s right. And I was not alone when he told me that. I was with my girlfriend as well as two other friends and we all heard the same thing. I don’t know the mans name, just that we spoke for awhile about cars, his past racing stories (very funny stuff) and the ZL1. I didn’t think much about it at the time, why would I. It was just a really cool old car. But it means something now……..
The show had a bunch of great cars. The C2 Cunningham race car was there as it was just finished as well as the blue 66 Sunoco L88, the Yenko cars, the KoMotion car, etc.
Now it gets better. A few months back I see the tank sticker in the NCRS driveline magazine. I know a little about real paperwork, especially for 1969. The first thing is that all the tank stickers as well as other GM paperwork was printed on a IBM 1403 high speed dot matrix printer. This is not like a printer of today. In order to print on it you must use a mainframe program that can not be changed on the fly, meaning it will have a very definite set of parameters and format. It will not make a spelling mistake, unless all the forms contain the same spelling mistake. Do you see where I’m going with this? All the forms from a given time frame will have the same characteristics. In 1969 there were two different types of formats with regard to tank stickers. The change occurs the first week of September 1969. All before that date are the same. All after that date are all the same but different than the first type. By the way, window stickers also got changed at that same time.
Well, the tank sticker for the orange car has anomalies that do not match what I know to be original tank stickers of other 1969 cars. I find it hard to accept that this very unique car now also has what would be a very unique tank sticker.
Very extraordinary claims require very extraordinary proof.
Also, when it comes to real documentation, the IBM printers have some very unique trademarks and footprints they leave on the documents that are identifiable under close examination. The “repro” document producers do not replicate this detail. It may not be possible for them to do so unless they buy the IBM and learn how to program it. Good luck. It can’t be produced with a typewriter or laser printer.
If you look up my old post on this car I get into the specific problem I noticed with the tank sticker.
But to be absolutely clear. I am not saying this is not a real ZL1 or even that the tank sticker is fake. But I can’t see why that the tank sticker would have the unique feature it had and I can’t dismiss the conversation I had with the person who claimed to be the original owner of the orange ZL1. Did I check the guys license and registration? No, why would I. So could he have been some crazy guy claiming to own the orange car? Maybe but why? Could all of us misunderstood what he said?
Also, I have no dog in this fight. I could care less if its real or not. I would prefer if it was real as these are great cars. But I am only interested in honest disclosure which when it comes to expensive cars goes out the window.
“…Now it gets better. A few months back I see the tank sticker in the NCRS driveline magazine…”
I doubt it was in the “The Driveline”. That’s the NCRS magazine for member advertisements. It doesn’t contain articles.
However, “The Corvette Restorer” magazine does have articles about old Corvettes. I don’t remember seeing one about this ZL1, but maybe I’ve just forgotten reading it.
I remember that there was only 2 ZL-1 Corvettes and one was white with a black strip on the front and the other one was white
VERY interesting Lar … thanks!
The lawsuits will fly when the buyer finds out it’s not one of the two real ZL1s. It will never be allowed to be certified by NCRS as it was disallowed the first time and can never be judged again. Most experts do not believe it is a factory ZL1.
You have a leading auction house and the NCRS saying it’s legit, and I don’t think they would put their reputations on the line for a car, so there is that.
I took the tank sticker off my 74 and when I lifted it up straight to read it, half the number fell off. LOL.
I do like the “replacement” engine, as only racers would have bought these. And they almost all blew up. The engine in my 74 was blown up withing the first year by it’s first owner. I would be more suspect if it had the original engine in it since now they allow “restamped” engines, i.e., if you use their recomended restampers.
I think that they are just trying to continue to increase the value of a limited number of cars, by adding a few, like in this case. Probably wrong.
I wonder why the two previous owners of the only two are not screaming their heads off, as surely, this sale will devalue their ride(s)
Carl, when and how did the NCRS say this car was “legit”? Could you please post a link to that?
If it’s in a past issue of “The Corvette Restorer”, I’ll look it up and post the text.
Jerry
“legit” is probably the wrong word technically, but the way I see it, the NCRS attached their name to the car for the “average” observer. And in turn the auction house has put their reputation on the line. I don’t think either take’s a fake car that easily, otherwise there would be one of the only two every month, etc. Muscle cars have dropped from their hayday, but the rare one of two’s, etc., still are bring stupid money. I think this one will make the auction houses mark as they have done the research, whether or not it’s a fake. They think it’s real, and the buyer will too…
Well very special car.
I would be more than happy with the steel L88, lousy black paint, m22.. Numbers dont need to match. Convertible.Original compression ratio, no detune for todays bath tub gin/ paint thinner smelling concoction. 100 octane low lead.
Oh, it is such a shame that GM didn’t include a character in the VIN denoting the original engine installed at the factory before 1972 and I’m not talking about 6-cylinder or V8. We wouldn’t be having these discussions if they had. The other manufacturers did and GM should have, too.
Personally, I don’t see how anybody buys a GM car made during the muscle era and feels comfortable that what they bought is what it’s purported to be.
the yellow zl-1 resides in orlando, fl owned by roger judski, of roger’s corvettes.
i drove the car for about 3000 miles as a gm engineer shortly after it was shipped to the chevrolet engineering center from the assembly plant. it was driven for 150 miles or so by an assembly plant engineer before delivery to the tech center in warren, mi.
I’m no Corvette guy BUT, three things. 1. The article says this car has EVERY piece of documentation there is to prove it’s authenticity. 2. The NCRS has given it the green light, and those guys are picky, to say the least. 3. Lastly, if this car were not real, every Corvette expert and every Chevy person in the Nation would be screaming bloody murder. Just my opinion. And as far as the engine not being the original, a well documented car can easily get over that hurdle.
I’d like to know more about “the NCRS giving it the green light”. When and how did this occur?
The NCRS has always based its awards on physical appearance; they’ve never considered documentation in the judging process. A Top Flight Certificate means a car LOOKS LIKE it left the factory that way. It does not certify originality.
“A Top Flight Certificate means a car LOOKS LIKE it left the factory that way. It does not certify originality.”
Are you sure about that statement? A huge part of NCRS Flight judging is verifying engine block and head casting numbers and date codes along with any other part ID and date codes as listed in the NCRS Judging manuals.
This car also has Bloomington Gold status.
“One of two factory 1969 ZL-1 Corvettes”
This is from Sotherby’s. Seems to be a bold statement, any way you slice it. They aren’t going to go out on a limb and loose their status in the auction market. Just my opinion, but Sotherby’s is ranked no.2 behind Christies and has sold the highest price ever for a car at auction. Not sure they would throw that away for a commission.
Wow, very interesting thread. There is such a wealth of knowledge in the Hagerty/Corvette community. I love reading the comments. So, is it a unicorn, or not………..Extremely well done car either way
I don’t have any personal knowledge that would help settle the question of this car’s factory configuration. But, I’m skeptical after seeing the multiple versions of supporting documents that have been posted on the CorvetteForum and on the NCRS Discussion Board.
It’s not possible that multiple versions of each document (tank sticker, order form, sales invoice, shipper’s copy, whatever) are all authentic, and that makes me wonder if any are genuine.
If I was involved in the selling of this car, I’d confront the authenticity questions head-on. I’d address the obvious fake versions of the documents and explain how and why they exist. I’d also post a written statement from each past owner explaining exactly what engine was in the car when they first acquired it.
This “one of one?” business is always been out of control . I own a 63 Buick Lesabre, bench seat and a factory 4 speed. It has a strong oral history of being 1 of 17. I have talked to the son of the original owner and it is a factory built car. So, in comparison to this Corvette, it should be worth 1 million dollars! Of course oral history is like oral sex, “I do not want to talk about”!!!!!! So far no one has positive proof that this Corvette is a legit factory built car. Inuendo, awards and other such providence are just that –an opinion, not proof.
This “one of one?” business is always been out of control . I own a 63 Buick Lesabre, bench seat and a factory 4 speed. It has a strong oral history of being 1 of 17. I have talked to the son of the original owner and it is a factory built car. So, in comparison to this Corvette, it should be worth 1 million dollars! Of course oral history is like oral sex, “I do not want to talk about”!!!!!! So far no one has positive proof that this Corvette is a legit factory built car. Inuendo, awards and other such providence are just that –an opinion, not proof.
What’s all the discussion about? IF this car is fake, it is the scam of the century and when the new owner gets it home and discovers this, there will be a LOT of people going to jail. If it is NOT a scam, then………… If it is a scam, they sure have gotten a lot of people to participate in it and they sure have paid a lot of money to those people. Hmmmmm.
Just look at all the free publicity this car has gotten from this.
The legitimacy of this car has always been in question. The white car was in Otis Chandler’s collection. It is not documented, but is always believed to be legit. The yellow car, was the one confiscated by the DEA. It is documented. And has been in Roger Judski’s collection, since that government auction.
fyi
Apparently they tried to have this car certified by the NCRS and they declined to certify the documents and judge the car as a ZL1. Therefore it can never ever be certified again by them. You only get one try.
“Its birth is illustrated through a series of internal memos and approvals from GM”
https://www.maxim.com/rides/this-holy-grail-chevrolet-corvette-could-become-most-expensive-ever-sold/
Car is getting print!
Here is the official, final result from the RM Sotheby’s Auction in Phoenix yesterday, 01/26/2023.
AUCTIONS PRIVATE SALES FINANCIAL SERVICES RESTORATION SELL
ARIZONA
26 JANUARY 2023
AUCTION DETAILS RESULTS STILL FOR SALE
LOT 144
1969 Chevrolet Corvette Stingray ZL-1 Convertible
One of two factory 1969 ZL-1 Corvettes
$3,140,000 USD | Sold
United States | Phoenix, Arizona
The auction house pegged that one pretty good. Now, will the real fraud, please stand up!. I didn’t care much for that TV show, but it fits here… LOL.
Yellow, Red or White?
Can only be 2..
@Carl Bacon
Actually, this car is Monaco Orange.
@Carl Bacon
At this point, it appears the white car is the one that’s not for real.
https://www.corvetteblogger.com/2023/01/26/1969-corvette-zl-1-convertible-sells-for-3-14-million-by-rmsothebys/?utm_source=newsletter&utm_medium=email&utm_campaign=corvette_sales_news_lifestyle_daily_recap&utm_term=2023-01-27
I felt like all along that if Kevin MacKay had his hands on this car, then it was the real deal. After all, he has an impeccable reputation to protect.
Wow, if that guy will pay that much he can have my house, Hot Rod ’95 Chev Silverado and a very sort after race car I have in the back shed all hidden away. hahaha, man some people have some serious play money.
Supply and demand, my friend. Supply and demand.
Distributor shielding left off no doubt due to no radio.
Was chambered exhaust available? Should have been std IMO.
Does the other ZL1 vette have a manual trans?
I’m surprised this racing vette has POWER brakes. Does it have POWER steering too?
For the ZL1(motor avail also in ’69 camaro), i’m surprised Chevy did not put state of the art tires(in construction & sidewall appearance) & alum or magnesium wheels on this car. & racing mirrors if later 1970 prototypes were available early, & a smaller fatter steering wheel.
I surprised it has a modern battery fitted. & the only spark plug wires i remember being orange(like this Vette has) back in the day were Autolite brand that you could get at Bradlees! Are those indeed Delco wires?
No way to tell this is a ZL1 from the outside. Why no badges?
Why would this motor be discontinued in 1970? Too expensive to make/sell back then? Oil consumption problems?