After an intense bidding war, a 1968 Chevrolet Corvette L88 with an extensive racing history sold for $755,000, falling short of the reserve. Is this Corvette worth over $1 million?
Only 80 L88s exist, a race-ready version of the C3 Corvette with a powerful engine and a bare bones interior. It’s already quite the coveted Corvette model, worth about $345,000. However, this particular L88 on Bring a Trailer was even rarer, one of just three L88 convertibles ordered by James Garner’s American International Racing (AIR) team.
AIR team members picked up in St. Louis and then drove to Culver City, California to get prepared for racing, including engine modifications. The trio was sent to the 24 Hours of Daytona, where Dick Guldstrand and Ed Leslie raced it to 29th place. It was then returned to California to be prepared for the 12 Hours of Sebring, but was sold by AIR to race at the Riverside Raceway, where Lnnn Butler used the special L88 to set a lap record that remained until the track closed in 1988. After Riverside, it was sold and purchased once more, racing it in SCCA competition.
The L88 was retired from racing in the late 1970s and its then-owners refurbished to its #44 Le Mans Blue AIR livery. After making a few appearances — including at the Laguna Seca Historics — the L88 received a 454ci Chevrolet LS7 big-block V8 engine and a M22 four-speed manual transmission over the next couple of decades (the block removed in the 1970s was included in the sale).
It’s also been given four-wheel disc brakes, Koni shock absorbers, a roll bar, and black vinyl bucket seats. With a dual side-pipe exhaust and chrome bumpers, this L88 is powerful and stylish, a dangerous combination.
After all of its travel, racing, and exhibiting, the racing L88 has 4,700 miles on the odometer.
What are the most expensive Corvettes ever sold at auction?
Let’s be real: even for a Corvette with a racing pedigree, $755,000 is very, very expensive. A lot of people watching the auction were shocked that the reserve wasn’t met. Some even joked that all the old dudes that love Corvettes are gonna die soon, so why not just sell it and enjoy the cash before the value declines? Still, some wondered if this particular L88 could be worth $1 million since there have been some pretty pricey L88 sales without the same prestige.
In fact, a 1967 Chevrolet Corvette L88 sold for $3.85 million at Barrett-Jackson in 2014. Only 20 Corvettes with a 427 L88 engine were ever made and its race track performance and aesthetic have made it extremely desirable. This is a car you have to drive at full throttle, which is quite the experience in its bare-bones interior. However, this particular vehicle never raced officially. However, it won awards and had a one-of-one color. Over the years, other L88 have sold for over $3 million. Seeing these sales over the past decade probably had the seller hoping to see a couple million for an L88 with racing history.
Surprisingly, that L88 was not the most expensive Corvette ever sold. That honor goes to the 1957 Corvette SS Racer, a one-off concept car that was sold for $7.705 million at RM Southeby’s last year. The Corvette SS (Super Sport) was a secret project that a team worked on in 1957, featuring a fuel-injected 283-cubic-inch V8 and a body constructed from magnesium — even lighter than fiberglass.
This unique, lightweight Corvette was tested at the 12 Hours of Sebring in 1957. Racing legends like Juan Manuel Fangio and Stirling Moss got behind the wheel, even breaking lap records. Despite its incredible performance, the SS experienced multiple mechanical issues, including issues with its brakes and rear suspension. It retired after 23 laps.
Once General Motors took back the vehicle, it was displayed and tested. It reached 155 miles per hour at Daytona and 183 mph at GM’s Mesa Proving Ground. In 1967, the Corvette SS became a permanent resident of the Motor Speedway Museum. It went up for auction decades later when the museum started selling some of its cars to fund its preservation efforts. Even though it only raced once, it sold for an incredible $7.705 million.
Corvettes that reach millions at the auction are often extremely rare and have a unique history — which makes the current L88 fit right in. I think it’s definitely possible that it could reach over $1 million, although it may be tough to hit $3 million as old Corvette dudes continue to croak (especially if it depreciates like newer Corvettes).
However, you can always count on CorvetteMike to keep selling insanely rare and exciting Corvettes, and I’m sure he’ll try to get the L88 sold again.
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