Classic Corvette tops Shannons Melbourne auction

Top seller was a 1958 Chevrolet Corvette convertible, finished in classic red with white coves. Pre-auction estimate for this very well presented C1 'Vette was $60,000 - $68,000, but a flurry of bidding from floor and telephone enthusiasts saw the car hammered for an impressive $102,000 - 75 percent over its high estimate.

With the Corvette celebrating its 60th Anniversary in 2013, expect to see more results like this, as interest in and appreciation for 'America's Sports Car' continues to grow.

One of the night's other feature cars - a left-hand-drive, fully-restored 1967 Mustang 'S-Code' 390 GT Convertible factory fitted with a four-speed manual gearbox - sold on high estimate for $62,000 and a 'no reserve' 1964 left hand drive Ford Thunderbird Convertible made a predicted $28,000.

There were some good results achieved away from the American muscle, too. A well-executed replica of a late 1920s Bentley 4.5 Litre Tourer, based on 1949 Bentley Mk VI running gear fetched $70,500 paid after frenetic bidding, while a two-owner 1998 Jaguar XK8 Convertible showing just 83,000km from new went for an excellent $44,500.

Another standout result for an open sporting car after a strong bidding duel, was the $19,600 paid against a guiding range of $9,000-$12,000 for a 'no reserve' 1961 MGA Mk I that had been mechanically upgraded with an 1800cc MGB engine as a 'running restoration project'.

Full results and further details from Shannons Late Summer Classic Auction can be found at www.shannons.com.au