(case 'quote ('lambda 1) (otherwise 2))

I have found 2 Common Lisp implementations that think that the above
code evaluates to 1. This is quite surprising to me.

SBCL 1.0.2 (on Fedora Core 6 x86-64, from the extras repository)
* (case 'quote ('lambda 1) (otherwise 2))
[...]
1

CLisp 2.41 (as above):
[1]> (case 'quote ('lambda 1) (otherwise 2))
1

Both implementations give less surprising results for (eq 'quote
'lambda) and (case 'lambda ('quote 1) (otherwise 2)).

Is this the correct behavior (and if so, where should I look in the
Hyperspec to understand it)? Or do these independent implementations
share an obscure bug?

.

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