A quick explanation about the auction process via my dad:
"When a car doesn’t reach the reserve amount set by the owner during the few minutes on the auction floor, then they move it outside a put a sticker on it showing the last bid, that way if someone wants to raise the bid they can. So the price on the window can be called the “Won’t Sell for this amount” od dollars.
Now all corvettes have a value, but if the car is rare it has a higher value and if it has a story it is real high.
Anybody what to raise the bid?"
"And a Pedigree Car well, this one was bid up to $985,000.
It did not Sell.
The Reserve was set at $1,300,000."
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