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Shelby Mustang makes $168,000

7 March, 2006

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A very original 1968 left hand drive Shelby Mustang GT500 Fastback believed to have covered just 46,000 miles since new, sold for $168,000 at Shannons Sydney auction on Monday March 6.

This is the highest price ever paid for a Shelby under the hammer in Australia and follows the $320,000 paid for the ex-Ian Geoghegan 1967 racing Mustang GTA coupe at last year’s Shannons Sydney Motor Show auction.

Adding to the value of the Cherry Red coupe with its massive 428 (7.0-litre) V8 engine and four speed Top Loader gearbox was the prized signature of its creator Carroll Shelby on its passenger’s sun visor.

Coming up for sale in the closing lots of the auction, the Mustang (one of 1140 built) was the subject of a fierce bidding duel, with nine telephone and six floor bidders driving its price up first in $5,000 then $2,000 bites from $120,000 to $168,000, with victory finally going to a telephone bidder.

Another ‘muscle car’ to post an impressive result at the auction was an Australian 1989 Robnell SC roadster powered by a massive 383CID V8 engine, which sold for $75,000.

The car, with its classic Hallibrand-style wheels, bold centre stripe and side exhaust, had been the subject of a ground-up restoration in 1999-2000.

Other excellent results included the $44,000 paid for a 1997 Lotus Elise, the $28,000 achieved by a beautifully-presented 1963 Jaguar Mk II 3.4 manual saloon and $24,500 bid for an excellent 1949 MG TC roadster.

A left hand drive 1967 Mustang Convertible and a 2002 TD 2000 Roadster both sold with no reserve prices for $24,000 and $22,000 respectively.

Classic Australian vehicles also fared well, with a very original 1956 Holden FJ Utility realising $15,200 and a 1962 Chrysler Valiant S Series sedan bringing $17,000.

The net result of the auction was a 61 pert cent clearance rate, with 16 of the 26 lots sold for a total value of $505,875.

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