In the Herman Melville classic novel Moby-Dick, Captain Ahab had a maniacal obsession with landing the titular white whale, which was his ultimate undoing. Classic muscle car collectors have a similar compulsion with bringing in an elusive white with blue stripes beast, though it's less of a tragedy and more of an annoyance kind of thing. The 1969 Pontiac Firebird Trans Am convertible is one of the rarest classic era muscle cars, which so far nobody has been able to score, at least at an auction. Super-rare cars like these have a tendency to get frequently flipped, as their value increases, but in the Internet age, not a single one has sold.Melville's magnum opus has a recurring theme of trying to find meaning in a world of chaos, and the white whale represents fate, which is a perfect analogy for hunting the Holy Grail Pontiac drop top. Obtaining the '69 Trans Am convertible would be like winning the Super Bowl after a long career of disappointment, but getting one will not be the result of hard work and dedication, but rather pure luck and a healthy bank account. While Ahab (spoiler alert) died in his quest for Moby-Dick, the only calamities to befall muscle car collectors on the hunt for the enigmatic white Pontiac are an unrealized dream and extreme frustration. The Rare 1969 Pontiac Firebird Trans Am Wasn't A Homologation Car Mecum For the 1969 model year, Pontiac created the special performance Trans Am package for their already performance-oriented Firebird pony car. Named after the Sports Car Club of America's (SCCA) Trans-Am racing series, Pontiac actually paid a five-dollar per-car sold licensing fee to SCCA for use of the Trans Am name but, ironically, never even tried to get one in a race. The Trans Am was not a homolgation car, but rather an effort to associate the brand with performance and racing.Despite the cool appearance differences, like the signature white with blue stripes motif, the Trans Am had upgraded suspension and brakes, plus functional hood scoops and spoilers aplenty. The Trans Am would go on to be Pontiac's top performance trim and best-selling ride, but in 1969, they only made 697 of them, making this a serious unicorn collectible. Just 8 Were Convertible Models Via Mecum Auctions Speaking of collectibility, there were just eight '69 Trans Am convertibles produced, split evenly between manual and automatic transmissions, so, as we mentioned, the drop tops are real-deal Holy Grail cars from the Golden Age of American Muscle. Amazingly, all eight of these beauties are believed to still exist, but are in private collections, with owners unwilling to give them up. There were two about a decade ago that popped up for auction, but even after million-dollar-plus bids, they couldn't find a new home.There are, however, plenty of replica cars, but the '69 Trans Am is one of those cars that can't be proven by the VIN. There are many clues to a fake, such as improper build date or vinyl stripes, as the originals were hand painted, but a car this rare needs paperwork like a Pontiac Historic Services certificate, original build sheet, and window sticker to be authenticated. Ram Air IV Killer App Mecum Of the 697 Trams Ams built in 1969, most of them came equipped with the 400ci Ram Air III V8, which was period-specific, capable at 335 horsepower and 430-pound-feet of torque. Even better was the legendary Ram Air IV, which added 10 ponies into the mix and shaved a half-second off the acceleration times.Only 55 of the rare Trans Ams were blessed with the Ram Air IV, making them almost as exceptional as the convertibles and, for the record, no '69 drop tops were equipped with this engine. The Pontiac Ram Air IV is significant because GM had placed a ban on engines over 400 cubic inches of displacement, which hindered Pontiacs against the mighty Mopars during the classic age, but this one made 13-second cars that suddenly weren't embarrassed on the street. Even A Million Dollar Won't Buy You A '69 Trans Am Convertible MecumHagerty sets the value of a 1969 Firebird Trans Am convertible project car at $662,000, and a Concours condition show car at $1.35 million. On the auction scene, there is no record of a factory-built '69 Trans American convertible ever being sold. There have been several replica cars to drop the gavel, but never a real deal ride.Mecum Kissimmee 2016, however, was an interesting day that saw two legit Trans Ams hit the block, but both failed to hit the reserve and didn't sell. One reached a high bid of $1.4 million while the other soared to $1.9 million, so that is realistically what this one-of-eight super-rarity is worth. Then again, that was a decade ago, so the owners may bring 'em back, and they could definitely top the $2 million mark, or maybe a whole lot more. The Coupe Comes Much Cheaper Mecum With only 689 ever built, the '69 Trans Am hardtop is already a rare collectible, even with the less desirable 400 Ram Air III. With Haggerty values ranging from $63,700 to $161,000, the most "common" of the '69s is firmly in elite muscle car territory. At 634 units, the '69 Trans Am Ram Air III coupe is still one of the rarer muscle cars of the classic era, and that means they don't come cheap.Bring a Trailer sold one for $161,000, matching the Hagerty value, but as recently as Mecum Kissimmee 2026, a Ram Air III hardtop sold for $220,000, completely obliterating their high mark, and there have been several more that have outpaced the Concours condition price by a lot. Engine Options Matter Mecum While a '69 Trans A hardtop Ram Air III is an extremely valuable classic age ride, those lucky few equipped with the Ram Air IV are full-blown unicorns. With just 55 Ram Air IVs built, this is one of the most sought-after Pontiac muscle cars ever. A rusted-out frame that is currently on fire can go in the six-figures as long as it has a number-matching 400ci Ram Air IV.On the other end of the spectrum, a Councours condition car is worth $361,000 according to Hagerty, making it one of the most valuable cars of the classic era. Once again, the auction block beats the Hagerty value with a Ram Air IV coupe maxing out at $440,000 at Mecum Kissimmee 2023, doubling the top sale for a Ram Air III. When it comes to classic muscle collectibles, engines really do matter. Hunting The White Whale '69 Trans Am Convertible Mecum Auctions The 1969 Pontiac Firebird Trans Am convertible really is the Moby-Dick of classic muscle cars in that it is known to exist, but so far nobody has been able to land one. Captain Ahab first encountered the white whale, which chomped off his leg while his mad quest for revenge went unfulfilled and ultimately destroyed him. Collectors got a taste of the Trans Am drop top at a 2016 auction, but none were brave enough to reel it in, and now it has seemingly vanished.Nobody's obsession with the '69 Trans Am convertible is going to kill them, at least we hope not, but there has to be a sense of frustration knowing it's out there, but not being able to get one. Chances are, one of the two that surfaced a decade ago will show up at auction again, and collectors, having learned their lesson by letting them slip by before, will surely do what is necessary to secure a sale. Also, how cool would it be if one of the buyers was actually named Ishmael? SCCA Trans-Am Racing Series Contenders Mecum The SCCA Trans-Am Series is kind of the working-class version of the great European endurance races like the 24 Hours of LeMans. During its Golden Age from the mid-1960s to the early-1970s, the North American circuit was essentially a showdown between pony cars like the Ford Mustang, Chevy Camaro, and AMC Javelin, the latter being the most dominant in those early years.With a limit of a 5.0-liter (305ci) engine, this was a series with the "win on Sunday, sell on Monday" ethos intact. While the Pontiac Trans Am was inspired by these races, it never actually participated, but the Camaro Z/28 sure did and was quite successful. Chevy was banned from supporting professional racing, but that didn't stop Penske from using Z/28s to win the championships in 1968 and 1969. Mopar Trans-Am Cars MecumPlymouth too, made a purpose-built racer for the Trans-Am racing series known as the AAR 'Cuda, which stood for "All American Racer." While Mopar was completely dominant on the streets during the Golden Age of American Muscle, as well as in NASCAR, endurance racing was not its forte. Both the Challenger T/A and AAR 'Cuda won a few races, but the championship eluded them, and Chrysler pulled the plug on the program after only one season, marking the first instance of "win or go home." Ford’s SCCA Boss 302 MecumFord, on the other hand, stuck with it through some early disappointments and won the Trans-Am Manufacturer's Championship in 1970 with the now-legendary Mustang Boss 302. This car is also historically important in that it first established the 5.0-liter engine that is intrinsically tied to the Mustang. During the weenie years of the second-gen Pinto-inspired 'Stangs, the 302 engine was the only V8 available.For the third-gen, when Ford went metric, the 302 became the iconic "Five-Oh!" under the hoods of the decade-defining Fox Body GTs. Even today, the Mustang is still packing a 5.0-liter Coyote V8, which now makes up to 500 horsepower, which is a far cry from the 290 ponies of the '70 Boss 302, but there would be no Dark Horse without it.Sources: Bring a Trailer, Hagerty, Mecum