A few of us at Hemmings, who came of age in the 1980s, nearly choked on our Bubble Yum, when a red Camaro IROC-Z convertible sold at Barrett-Jackson, Scottsdale two years ago for a whopping $102,300.

The Camaro is finished in Bright Blue Metallic with a gray interior, and it lacks the stripe package commonly associated with the IROC-Z, giving it a slightly subtler look. You’d be forgiven for ...