FIRST GEN HEAVEN – The Jim Osterman Collection of No Reserve Corvettes at the Las Vegas Auction
August 23, 2019
Posted by Barrett-Jackson
Written by independent automotive journalist Tom Jensen
The Jim Osterman Collection of 11 highly sought-after, matching-numbers and NCRS Top Flight Corvettes from 1953 to 1963 will all cross the auction block at No Reserve during the 2019 Barrett-Jackson Las Vegas Auction.
Jim Osterman has a great story to tell about his automotive odyssey and his passion for first-generation Corvettes. Osterman’s saga is simultaneously distinctly personal and universally recognizable by any serious car collector.
A successful and respected global entrepreneur from the Pacific Northwest, Osterman will be selling a spectacular collection of 11 Corvettes at the Barrett-Jackson Las Vegas Auction, Oct. 3-5. Each of the 11 Corvettes will sell with No Reserve, meaning the high bidder will own the car, no matter what the final hammer price.
The Jim Osterman Collection features 10 C1 Corvettes, the first-generation Chevrolet sports cars produced from 1953 to 1962. Osterman will also sell one C2 Corvette, a Sebring Silver 1963 split-window coupe with fuel injection. Five of the 11 cars have been honored by the National Corvette Restorers Society (NCRS) with their “Top Flight,” award, which is only given to the finest original cars. Osterman’s Corvettes have received numerous other national and regional awards, and have been featured in magazines and other publications as well. Each car has been meticulously maintained and is in top condition, and many feature rare and desirable color combinations and options.
And that brings us back to Osterman’s story, which starts, as so many collector car stories do, with a very young boy. “I’m a man from the 1950s, and I absolutely fell in love with the 1953 Corvettes from the moment they came out,” says Osterman. “The 1953 to ’55 Corvettes were just delightful.”
Like so many collectors, Osterman was mesmerized by his favorite car as a child, only to have his passion fueled further while a young adult. “I spent time down in Fort Ord on the Monterey Peninsula,” he says. “I’d go down on the weekends to Carmel and sometimes to Los Angeles, to the beaches down there. And you’d see these fantastic Corvettes from the ‘50s. Every time I saw one, I loved it.”
When he achieved success in the business world, Osterman was able to finally make his childhood dream of assembling a world-class collection of C1 Corvettes a reality. “I never dreamed I’d get to own all of these,” Osterman says. “It wasn’t until later in life that I could really afford to buy them, but it’s just because of my love of the C1 Corvettes. I didn’t buy any of these for awards or to show. It’s mainly for my own pleasure and for family and friends.”
Osterman is entrusting his prized collection to Barrett-Jackson because he’s been a regular customer of the World’s Greatest Collector Car Auctions since 2006. Acting on a tip from a friend, Osterman went to Barrett-Jackson in search of a specific car. You can almost guess what happened next.
“I saw a 1955 Chevrolet hardtop (at Barrett-Jackson) with a Continental kit identical to the one my wife’s father bought brand-new when we were in high school,” says Osterman. “I absolutely had to have it. I went down with the intention of buying that car and I think I bought five cars. I’ve been to every Scottsdale Auction since then, except for one year when I was in China.”
Since attending his first auction, Osterman estimates he’s bought 30 to 50 cars at Barrett-Jackson events. And now he’s selling 11 of his prized Corvettes at Barrett-Jackson Las Vegas. “My Corvettes would make an absolutely wonderful museum collection, representative of the cars of that era from General Motors,” he says. “The color combinations are really nice; it’s a colorful collection.”
And now, the cars, each of which is in pristine condition:
1953 Chevrolet Corvette 235/150 Convertible (Lot #735)
There were just 300 Corvettes produced in 1953, the first year for the two-seat fiberglass sports car that captivated Jim Osterman as a young boy. All 1953 Corvettes were hand-built in the back of a customer delivery garage in Flint, Michigan, and all were built to identical specs, with Polo White paint, Sportsman Red interiors and black canvas tops. This matching-numbers example is No. 254 of 300 and a had a frame-off restoration in 2018. This vehicle was featured at the National Corvette Museum in 2008 as part of the “World’s Only 3’s” display. This gorgeous Corvette also won NCRS Top Flight, Bloomington Silver and National Homecoming Sapphire Awards. And it was twice featured in the American Sports Car magazine, as well as the CMA Awards 2007 calendar.
1953 Chevrolet Corvette 235/150 Convertible (Lot #725)
Another absolutely pristine first-year Corvette, this one is also a matching-numbers NCRS Top Flight Award-winner. A relatively early production car, it is No. 105 of the 300 1953 Corvettes produced. This immaculate Corvette was treated to a frame-off restoration in 2018, during which the engine, transmission and drivetrain were all rebuilt. It has been driven a mere 50 miles since receiving its full restoration. Like all 1953 Corvettes, No. 105 is a two-seat convertible trimmed in Polo White with a Sportsman Red interior and a black canvas top. Under the hood is Chevrolet’s Blue Flame straight 6-cylinder, 150-horsepower engine with three Carter carburetors and a 2-speed automatic transmission. The interior is in great condition, along with the top, side curtains and brightwork. Also included is a custom-fabricated removable hardtop.
1963 Chevrolet Corvette 327/360 Split-Window Fuelie (Lot #734)
All new for 1963, the Corvette picked up the name “Sting Ray” for the first time and became an instant classic, thanks to its split-window rear glass design, which was only used during this model year. The first year for the C2 Corvette, and the only C2 of the 11 Corvettes in the Jim Osterman Collection, this one features the top engine offered for ’63, a 327ci, 360-horsepower fuel-injected V8 powerplant. Of the 21,513 Corvettes built in 1963, just 2,610 – only 12.1 percent ‒ featured the fuelie option. And only 3,516 ’63 Corvettes were painted in Sebring Silver. Other rare options on this car include a black leather interior and knock-off wheels. This gorgeous coupe was restored by the late hot-rod builder and designer Boyd Coddington, with the appropriate verifying documentation.
1955 Chevrolet Corvette 265/195 Convertible (Lot #733)
A lot changed for Corvettes in 1955, with a V8 engine available for the first time ‒ a significant power upgrade. Production, which began with just 300 units in 1953, expanded to 700 for the 1955 model year. Like the two 1953 Corvettes in the Jim Osterman Collection, this striking 1955 example features a matching-numbers drivetrain and has been recognized for originality and excellence with an a NCRS Top Flight Award. This Corvette was No. 93 of 700 produced, and one of only 45 built with the combination of Pennant Blue exterior and dark beige interior. This vehicle received a frame-off restoration in 2017, during which the 265ci, 195-horsepower V8 was rebuilt, as were the transmission and drivetrain. The interior, top, side curtains and brightwork are all in good condition.
1961 Chevrolet Corvette 283/315 Fuelie Convertible (Lot #728)
A cornerstone to the Jim Osterman Collection is that he didn’t just randomly assemble a bunch of Corvettes; he chose ones with unique features and colors. Consider this matching-numbers 1961 Corvette. Out of a production total 10,939 units, this is one of only 647 built with Honduras Maroon paint and white coves. Not only were less than 6 percent of Corvettes made in this color combination, this is one of just 1,462 1961 Corvettes powered by the top-of-the-line, 283ci, 315-horsepower V8 engines. Options on this car include a 4-speed manual transmission, Wonderbar radio, whitewall tires and soft-top. This car was completely restored and is in excellent condition. It’s also a very late build in the model year, No. 10,407 of 10,939 made in 1961.
1957 Chevrolet Corvette 283/270 Convertible (Lot #730)
Here’s another great color combination from the Jim Osterman Collection, a 1957 Chevrolet Corvette decked out in Cascade Green with contrasting white coves, a paint scheme that blends nicely with the Shoreline Beige interior. It’s just one of 550 in this color combination out of a total of 6,339 Corvettes manufactured in 1957. Under the hood is a 270-horsepower, 283ci V8 with a pair of four-barrel carburetors, the most powerful carbureted V8 engine option offered that year. Just 1,621 buyers ordered their Corvettes with this engine in 1957 and just 1,772 opted for the 4.11 posi-traction rear axle. It is a radio, heater and a soft-top delete vehicle.
1959 Chevrolet Corvette 283/230 Convertible (Lot #729)
The stylish Corvettes in the Jim Osterman collection continue with this stellar Frost Blue 1959 Corvette, which was a recipient of an NCRS Top Flight Award at the 1999 National Convention. This is No. 1,905 of 9,670 of the Corvettes built in the final model year of the decade of the 1950s. This gem has a mere 65,000 original miles and is an outstanding driver. Power comes from a 230-horsepower, 283ci Chevrolet small-block V8, the standard engine for 1959, and a 4-speed manual transmission. Just 1,024 1959 Corvettes were built in Frost Blue with a blue interior.
1958 Chevrolet Corvette 327/250 Convertible (Lot #731)
For the first time in 1958, the Corvette got four headlights instead of two, and for the only time in its history came with a pair of one-year-only features: twin chrome trim strips on the trunk and unique hood louvers. This Corvette is one of only 455 that came in Panama Yellow, a color only offered in ’58, and only with a charcoal interior. Under the hood is the classic small-block Chevrolet, making 250 horsepower out of 283 cubic inches. It connects to 4-speed manual transmission. There were 9,168 1958 Corvettes built, and this one was No. 5,190 from that run. The car is a strong driver, with a throaty exhaust sound, a clean undercarriage and traction bars on the rear end.
1954 Chevrolet Corvette 235/150 Convertible (Lot #732)
Here is a truly special 1954 Corvette from the Jim Osterman Collection. It was the recipient of the prestigious NCRS Duntov Mark of Excellence Award in 1993 and was an NCRS Top Flight Award-winner, scoring 99.1 points out of a possible 100. This gorgeous Corvette has only 64,100 original miles. One of 3,640 Corvettes produced in 1954, it is finished in Polo White, with a red interior. Power comes from Chevrolet’s Blue Flame inline 6-cylinder engine, which produced 150 horsepower from 235 cubic inches. The body, interior, top and side curtains are all in good condition.
1962 Chevrolet Corvette 327/250 Convertible (Lot #726)
This Corvette represents the end of an era, as 1962 was the final year of the C1 Corvettes and the final year of solid-rear-axle Corvettes. Conversely, it was the first year Chevrolet raised the displacement of its small-block V8 engine to 327ci and the first time since 1955 that Corvettes were not available with two-tone paint schemes. This car comes in a classic color combination of Ermine White paint with a red interior and a tan top. Power comes from the standard Corvette engine for 1962, a 250-horsepower 327ci V8, which connects to a 4-speed manual transmission.
1956 Chevrolet Corvette 265/225 Convertible (Lot #727)
For 1956, there were big changes afoot for the Corvette. It was still available only as a two-seat roadster, but the body was substantially restyled for the first time. Roll-up windows (or optional power windows) replaced side curtain and, for the first time, side coves were standard and could be ordered in contrasting colors relative to the main body. Two engines were offered, and this one comes with the more powerful one, a 225-horsepower, 265ci V8 with dual four-barrel carburetors. Clad in Polo White paint with silver coves and a red interior, it is one of only 532 cars produced in this color combination. This was also a late production example, No. 3,622 out of 3,642 built for 1956. This car was originally produced with an automatic transmission, which was upgraded to a 3-speed manual transmission.
Register to bid today for the Las Vegas Auction ‒ don’t pass on the opportunity to own one or more of these pristine, No Reserve beauties.
To view these cars and more on the 2019 Las Vegas Auction Preview Docket, with more vehicles being added daily, click HERE.