To say that the current classic car market is volatile is an understatement. Due to economic uncertainty, 2024 saw many iconic rigs cross the auction block for less than expected. At the same time, some classics with throw-away status have set new (albeit not very expensive) records.

Mecum’s Indy 2024 auction was no exception, with several rigs changing hands below their estimated price. However, the event also saw a 1970 Chevrolet Chevelle break a long-standing record for the nameplate. I’m obviously talking about an SS 454 LS6, the holy grail of the 1970 Chevelle lineup.

A super-rare convertible version, this white LS6 went under the hammer for exactly $600,000 ($660,000 including fees), exceeding the previous record by $28,000. The previous benchmark was set in January 2022 and lasted a whopping two years and four months.

So, what prompted Indy 2024 attendees to bid this Chevelle beyond the half-million-dollar mark? Well, for starters, this LS6 is a flawless example, thanks to an extensive frame-off restoration. Refreshed to the correct factory specs, it’s pretty much ready to attend classic car shows and win prizes.

Second, it’s a desirable M22 four-speed manual version and comes with a long list of options. Sold new in Quebec, Canada, the Chevelle features complete GM of Canada paperwork. It’s also very rare, even though the exact production number remains unknown.

Chevrolet built 4,475 vehicles with the mighty 454-cubic-inch (7.4-liter) V8 in 1970. This figure includes the Chevelle coupe, drop-top, and the El Camino pickup. Word has it 500 of these units were El Caminos, placing coupe and convertible production at around 3,975 examples. How many of them were drop-tops? Well, the jury is still out on that, but most Chevelle experts claim 12 to 25 cars left the factory with retractable roofs.

Interestingly enough, this Chevelle sports a “correct CRV-suffix” engine. This usually means it’s not original, but that didn’t stop bidders from rushing to bid large sums to take the black-striped white LS6 home.

Now the most expensive 1970 Chevelle ever sold, this LS6 is the fourth of its kind to change hands for more than $500,000. In addition to the previous record holder, a red example that sold for $572,000 in January 2022, a blue car fetched $550,000 in January 2023. The same month (and event) saw a black example go for $528,000. All four rigs are convertibles.

The fifth most expensive LS6, also a drop-top, fetched $495,000 in January 2024. The costliest hardtop unit is also the sixth-priciest Chevelle at $440,000.

Mecum’s initial estimate of $500,000-$600,000 was a bit controversial, with many classic car enthusiasts claiming the market has gone mad. Now that the Chevelle sold for more than its estimated value, what’s your opinion on this new LS6 record? Is this drop-top worth $660,000, including fees?