V8 Classics defy fuel fears at Shannons auction

In an energetic evening that resulted in sales of more than $525,000 for 26 vehicles and 14 memorabilia lots, with a clearance rate close to 70 per cent, it was the big V8s that strutted the stage despite the current climate of fuel fear.

Top money went to a fully restored right hand drive red over white Chevrolet Corvette roadster with matching hardtop that had been the result of an intensive two-year body and mechanical restoration.

The 'Vette was knocked down to a telephone bidder for $96,500 - above its reserve, but excellent value by world standards. A, fully-restored 1957 Corvette recently sold unreserved in Florida for AUD $220,000, while a bodily restored red 1958 Corvette convertible mechanically updated with a new 350HP LS-1 Corvette engine, brought AUD $208.000 at the same auction.

One lot earlier, an immaculately restored bronze1971 Falcon XY GT with an original factory sunroof brought applause from the auction crowd of more than 500 at Shannons' St.Leonards showroom when it stopped the hammer at $92,000 for another 'phone bidder - a top result for an Australian muscle car.

The recent announcement that Ford and Shelby in the US have done a deal to build another 500 high performance Mustangs for the Hertz car rental chain no doubt added extra interest in a colour-perfect 1966 Shelby Mustang GT350H (Hertz) Fastback replica, that met expectations when it sold for $55,000 at the auction.

But everyone was smiling, for the price for the pristine black with gold stripe car with his high-performance 289 V8 and four-speed Borg Warner gearbox was less than a third that you'd pay for a real 350H in similar condition in Australia - if you could find one of the original 1001 Shelbys built for sale.

Other classic Big Americans sports models to sell at the auction included an immaculate right hand drive 1980 Corvette 'T-top' Coupe fitted with a thumping 454 cubic inch big-block V8 that brought $38,000, a 1959 left hand drive pillarless four-door Chevrolet Impala Sports Sedan with a 283 cubic inch V8 Turbo-fire engine and three speed automatic transmission that sold for $33,000 and a dog-eared 1970 Chevrolet Camaro left hand drive RS Coupe with no price reserve that went for $8,500.

But size wasn't everything with buyers. A beautiful unreserved 1969 Fiat 500F 'Bambina' brought almost as much as the mighty Camaro at $8,200; a 1971 Alfa Romeo GTV 1750 coupe sold for $8,000, a very attractive burgundy 1988 BMW 320i Convertible offered plenty of pose value at $9,900 and a 1966 Cooper S Mk I Saloon kept classic Mini values at their long-term high when it went for $19,000.

British and European sports coupes also held up well. A 1969 MGB Mk 2 roadster sold for $10,600 after a keen floor bidding duel, a 1957 MGA brought $24,000 and a 1976 Ferrari 308 GTB coupe beat a 1977 Porsche Carrera 3.0 coupe to the big money, selling for $50,000 against the German car's $40,000.

However at a time when rising fuel prices are frightening away many new car buyers, two 1930s Gilbert & Barker petrol bowsers had the last laugh. One in Plume livery sold for $3,900 and another in Texaco colours sold for $4,100 - both bettering the price of a 1967 Mercedes-Benz 230- saloon that brought $3,500 unreserved.

Shannons National Auction Manager Christophe Boribon said several other vehicles were expected to sell in the days immediately following the auction after being passed in at just under their reverse prices.