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For years, the car collecting market has been a tale of two recoveries. Ferraris and other vintage European sports cars were soaring in price and demand. But American muscle cars—which saw irrational run-ups in the mid-2000s—were stalled.

Now, the muscle car market is back.

A 1967 Chevrolet Corvette L88 Coupe was sold by Barrett-Jackson for $3.85 million, the most ever paid for a Corvette. A second Corvette, a 1969 Rebel Convertible Race Car, also from Barrett-Jackson, sold for $2.86 million.