All Rise for the Judge: $1.1M Ram Air IV is world’s most expensive GTO
It’s always nice to have choice when you’re shopping, and Mecum’s 2023 Kissimmee sale, the world’s largest collector car auction, certainly delivered this year.
Take a look at these numbers: 211 Camaros, 119 Chevelles, 60 Pontiac GTOs, 43 Porsche 911s, 23 Hemi Mopars, 16 Boss Mustangs, and five genuine Shelby Cobras, all among the 4000 vehicles to cross the auction block over the past 12 days. Consignments ranged from bad (like this 1987 Renault Alliance) to badass (like this Ford GT40) and from weird (like Elvis’s rickety old airplane) to wonderful (like this handsome Chrysler Ghia ST Special).
We’ll be crunching numbers and sorting out trends from Mecum’s Kissimmee mega-sale and the Scottsdale auctions in the coming weeks, but Kissimmee’s immediate aftermath does offer one clear theme: Despite the market’s recent cooling, demand for top-tier American muscle, even from long-defunct brands like Pontiac and Plymouth, is still high and records are still breaking.
One such record was the $1.43M price for a Hemi-powered, four-speed Dodge Charger Daytona, the same car David Spade bought for $900K in 2015. One of 19 Mopar Wing cars (Plymouth Superbirds and Dodge Daytonas) offered in Kissimmee this year, it broke a record for the model set just last May when the market was still accelerating.
Even more remarkable, though, was this 1970 GTO convertible. At $1.1M, it’s one of the most expensive muscle cars ever sold at auction and the most expensive GTO, period. Well, Pontiac GTO, anyway.
This Orbit Orange droptop was the star of a nine-car collection that consisted of nothing but Ram Air IV “Goats.” And for Pontiac folks, IV is a magic number. “Ram Air” designated the hot 400-cubic-inch V-8s in Pontiac’s GTO and Firebird starting in ’67, followed by an improved Ram Air II in ’68, and then a Ram Air III in ’69–70. Then, the IV took things furthest in 1969 with redesigned intake ports and special aluminum intake. The 1970 Ram Air IV engine nominally posted just four ponies more than the Ram Air III (370 hp vs. 366), but it was almost certainly underrated on purpose.
A Ram Air IV was the fastest GTO you could buy in 1970 as well as the most expensive, so few were built. The orange record-setter is one of just seven convertibles fitted with an automatic (another ten cars got a four-speed manual).
It’s also a Judge, which. If you’re not old enough to have been watching TV half a century ago, know that this was a package named after a skit on Rowan & Martin’s Laugh-In. GTO Judges came with a Ram Air 400 engine, Rally II wheels, Hurst T-handle shifter, a rear spoiler, and of course, those graphics. Other options on this car include a Formula steering wheel, hood tach and tinted glass.
But what truly got the muscle car maniacs—and bidders—oohing and aahing is this car’s triple threat: Ram Air IV engine, Judge package, and convertible body style.
In addition to its gotta-have-it specs, Mecum’s was reportedly used as a factory exhibition car, and eventually received a restoration good enough to win several concours awards in the late 1990s and early 2000s.
The condition #1 (Concours) value for a 1970 Ram Air IV GTO Convertible in the Hagerty Price Guide is $562,000, and others have sold in the past for big money, including one for $682,000 back in 2010. But $1.1M is nearly twice that #1 value.
The eight other Ram Air IVs out of this collection (all coupes) had estimates near or under $300K, but Mecum perhaps wisely didn’t put an estimate on this convertible. Only one Pontiac has sold for seven figures before, and that was the 1954 Bonneville Special, a one-off Motorama concept car, that brought $3.3M in 2015. In the world of muscle cars, meanwhile, seven-figure price tags are usually reserved for Hemi ’Cuda convertibles, ZL1 Camaros, or movie star Mustangs. Not anymore.
We’ll be taking a closer look at more of the most interesting cars from Mecum Kissimmee 2023 later in the week, so keep an eye on this space.
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What was this new? $1.1million is just about the current value of $6K invested in July, 1969 in the S&P 500 with dividends reinvested.
It’s clear to me at least that the reason to buy & enjoy these cars is because you love them not as an investment. Cheers.
Just think how much that would go for with 4 speed and Ram Air V Pieces installed at the time.
Capitalism works every time it is left to it’s own devises.
The ONLY reason I have a vintage car is that I did not sell the one I bought new. My buddies sold theirs when they got married, I put mine in a barn for 10years while the little kids grew and the mortgage became less formidable as my income rose. The car? 1969 LeMans Sprint, 4 speed. Discs, hood tach. I ordered the car nicely equipped. If you want “rare”, look that one up…. Not many things that can make me feel 22 again, but driving that one around works… [at least for a little while]. I’ll never part with it. Wouldn’t swap it for the subject GTO. As for the prices GTO’s bring, I feel no jealousy. Nor am I criticizing those who are. I understand why many buyers would lust for one…. the memories….
The hoppy is out of control. 1 million for GTO, somebody has too much money. Now everyone with a GTO that needs everything under the sun just to make road worthy, thinks they have the golden goose. To me the hole auction was out of control. (Mecum loved it). $50 to $70,000 Corvettes going for $150 & $170,000. What happen? Not to mention the cars going for $400 to $500,000, and going to the bid goes on. I can’t imagine what’s going to happen at Barritt Jackson. What’s really a shame is these people don’t even drive their cars. My 1974 Corvette (bought in 1976) is on the road as much as possible. As it should be.
hoppy? or hobby? ….whole….Barrett…. Soory, I just find mis-speelings amusing….Ha!Ha!
Easy Jim. Too many #’s going through my head. Next time I’ll proof read it. Maybe that’s why I can’t afford the GTO.
Not a fan of the color and those stickers are just hokey. This GTO brought the $$$ that it did due to its rarity but it’s far from the prettiest Goat out there. For my money, give me an “ordinary” 66 or 67 convertible GTO any day.
Lots of complaining on here. Who cares if a rich guy spent $1.1M on a pretty rare Judge?
There were plenty of other sub $50k GTOs sold there that us average Joe’s can still manage. There was even a clean barn find 68 for $23k.
The guy that can afford $50M in Ferarris and you and I all share the same thing, love of classic cars.
I agree with several comments in this discussion – no car should be worth some of the values I’ve seen – specifically the $70M Ferrari GTO mentioned. On one hand it’s just metal and leather, like any other car made of the same materials. Price/lb is ridiculous. But on the other hand, if someone considers a car “art”, I suppose that’s no different than the prices paid for rembrandts, etc.
Another person commented about replicating one. I used to look down at “clones” – but this car could be cloned easily for a fraction ofcost……and you wouldn’t be afraid to drive it!
First, kudos to Hagerty’s Andrew Newton, very nice article. And I’m happy to hear an adjustment is in order in Hagerty’s Price Guide for these extremely rare, unique, and desirable automobiles.
One small correction, about the total production of RAIV Judge convertibles in 1970. This article states that this car is one of 7 Autos, while another 10 got 4-speeds. This latter information is incorrect, or at least cannot be verified. Production records for 1970 GTO convertibles are unfortunately a bit muddied, because in 1970 Pontiac combined production records for both GTOs and Judges. So the recorded production totals in 1970 (24 4-speeds and 13 Autos, for a total of 37) includes both RAIV GTO convertibles along with RAIV Judge convertibles. It was once estimated that about half of these 37 cars were GTOs and the other half Judges, resulting in a total estimate of ~17 Judges, but that was just an estimate which over time has grown roots. It is my belief this is where the “10” 4-speeds in this article came from, in order to reach this incorrect total of 17. In any case, the exact number of RAIV Judge Convertibles produced in 1970 is unknown, but since some 1970 RAIV GTO convertibles have surfaced we do know the total number of Judges produced must be less than 37.
However, what is known is that only 13 of these 1970 RAIV Judge Convertibles have surfaced today, 7 Autos and 6 4-speeds. That’s where the “7” in this particular car’s description came from, based on cars that are known to exist today. Beyond these 13, the rest of the 37 may all be GTOs, or a mix of GTOs and Judges, who knows. Bottom line, if you want to buy one of these rare and ultra-desirable 1970 RAIV Judge Convertibles today there are only 13 known to choose from, an ultra-limited quantity with top-tier desirability on par with the Hemicuda Convertibles and ZL1 Camaros Andrew referenced in his article.
Lastly, of these 13 cars known to exist, only 2 came in the flagship 1970 color of Orbit Orange, this Automatic and one of the six 4-speeds. Up until this sale both of these Orbit Orange cars were under longterm ownership, with Chuck Cocoma having owned this 1-of-1 Auto for decades. With this in mind it was not surprising for me to see this particular top-tier car break into 7-figure territory, along with the strong sale of another one of the seven Autos the following day. Who knows when the next opportunity will be to buy one of these two Orbit Orange cars, or for that matter any of the 13?
Online, and even throughout these comments, there has been a lot of negativity about this sale. A lot of this negativity seems to stem from the impact this may have on the Average Joe no longer being able to buy his own GTO. I just don’t get it, this is simple supply and demand, the very basis for the economy we live in. How many people can own this particular 1-of-1 car? The answer is one single person, right? To directly associate the high price paid for this ultra-unique 1-of-1 car compared to the plethora of other GTOs is nonsense. I believe the total production of GTOs in 1970 was upwards of 40,000 units, not including the base LeMans, so there’s still plenty of cars to go around. Point is, if you didn’t see the value in this particular car that’s fine, you can still buy a different one today just like you could yesterday. But if you desired the unique and valuable features of this particular 1-of-1 car then you had to pay up for it. I congratulate the buyer on their purchase.
Wade, I’m still trying to figure out how to justify a $500k difference between the 70 RAIV/Auto, Atoll Blue Convertible vs this Orbit Orange one. Almost the same vehicles. Certainly not the perfect resto or color alone. That’s a diff of half the Orbit Orange price. What am I missing?
Excellent question GTOGS, I think I can answer.
Definitely Orbit Orange is a huge deal. It may not be everyone’s cup of tea, but to many this color is huge. In fact let’s compare two other cars, both sold at this same auction on the same Friday. Also part of Chuck Cocoma’s collection was his black RAIV 4spd Judge Hardtop, lot F116. It sold for $286K. Later that same day an Orbit Orange RAIV 4spd Judge Hardtop, Lot F130.1, sold for $346.5K. Both were highly optioned cars with excellent restorations, and both were stated as having their original drivetrains. To my eye, and without knowing any further details, these appeared to be very similar cars aside from color. And black is an awesome color for these cars, arguably one of the second-most desirable colors behind OO. In fact this same auction saw several other 1970 RAIV Judge 4spd hardtops of other colors sell for far less than these two hardtops, further suggesting the importance of color. In any case, looking at these two specific cars I believe the color alone added 21% to the value of the OO car over the black one, and perhaps 25%-50% more value over many of the other more common 1970 Judge colors.
To me, this 25%+ OO premium, combined with the fact that only 2 RAIV Judge Convertibles are known to exist in this color, pushed the value of Chuck’s Auto into, if not exceeding, the same range as the 6 4-speeds.
Another factor is the originality of the car itself. Not all of these cars lived charmed lives before they were restored. This may have been a factor.
Ultimately, the owners themselves tend to be the best at putting a value on their own cars, particular on ultra-rare cars like these. If I’m not mistaken, from watching the auction the Reserve for the OO car came off at $850K, and the Reserve for the blue car came off at $450K. Going into the auction these are the values both of these owners put on their own cars, in part from the reasons above, in part by following the value of similar rare cars, and surely in part by private offers they had likely received. So I don’t believe there were any surprises here in the outcome, other than the final price for both cars exceeded owner expectations by ~15%.
My takeaway from this auction is that, with this 15% adjustment, I think we can safely say that the current value of these RAIV Judge Convertibles is around $525K-$850K dependent on condition and color, with perhaps a 25% premium for 4-speeds and another 25% for an ultra-desirable color.
The wonder if it went out of the country. So many are sold by internet. The foreign market has driven the prices over the top on most of the muscle cars. The regular American can’t afford them anymore!
SJ Morgan was right about one thing: these cars are easy to copy, and can be copied for an itty bitty fraction of this one’s price. Quit crying about the ridiculous sale of this unicorn and throw one together if you want one.
Not that this GTO is not good looking but the middle 60s GTOs over under headlights were so much cleaner and to me much more appealing than this 70.
People can say what they want about the price, but true Pontiac buffs know how rare this car is, we always see Hemi, ZL1 or LS6 bringing in the big $$ so now that a poncho makes it to the podium people are talking smack? Educate yourself first before you comment. Well done Pontiac! All Rise for the Judge !
I wish I had a fat wallet. Who knows how I would spend MY money. However working in a paper mill for 41 years I managed to save some 401k money. My wife bought her brother’s 76 TransAm in 85 and drove it for 6 years. We than parked it in the garage until last year. With my brother’s help we took the numbers matching motor and built it to North of 400 horses on a 400ci motor. I’m in the process of having the body and paint done and all told I will have 40 to 50k into it when we go for icecream this summer. I was always told if you can get half of your money back than you are doing good. However you need to sell to get any money back and that’s not in the plans. That in my opinion is what owning a classic is about. For yourself, with the money you can afford spend on a bucket list project.
$1.1 M ? Crazy ! But I will say this is one of the most fastidious restorations I have ever seen. Beautiful ! Worth $1.1M, NO !