We’ll start with some statistics here because everyone loves stats, right? First, there were 59 Porsche automobile lots crossing the auction block this weekend among Gooding & Co, RM/Sotheby’s, and Bonhams auctions over four days. Of those 59 cars, 12 of them (20.3%) went unsold. The total number of cars sold, therefore being 47, saw 18 of them sell within their pre-auction estimate range (30.05%), while 7 cars were bid up to higher than that range (11.86%), and twenty-two lots changed hands for less than their low estimate (37.28%). Is the bubble bursting? Are auction houses too high on their estimates? What’s going on? Read on to find out.
Gooding & Company
Total Porsches Sold: 17 – Total Porsche Dollar Value Sold: $11,209,440
No Sale Lots: 8 (32%) Lots Sold Above Estimate: 1 (4%) Lots Sold Within Estimate Range: 5 (20%) Lots Sold Below Estimate: 11 (44%)
Of the three that we’ve investigated further, Gooding seems to have the lowest hit ratio, but they also had the most expensive Porsche of the weekend with the GT1 Strassenversion lot. Their GT3 RS 4.0 sale went for much higher than anyone expected it to, in fact RM/Sotheby’s had a similar RS 4.0 that they sold for nearly 200,000 dollars less. This sale makes the $169,400 GT3 RS 3.8 seem like the bargain of the century. It’s 95% of the car for less than a quarter the price.
Lot 042 – 1998 Porsche 911 GT1 Strassenversion
Pre-auction estimate – No Estimate Provided
Actualized Price: $5,665,000
Lot 044 – 1993 Porsche 911 Turbo S Leichtbau
Pre-auction estimate – $1,300,000 – 1,600,000
Actualized Price: $1,540,000
Lot 056 – 1977 Porsche 934/5
Pre-auction estimate – $1,400,000 – 1,600,000
Actualized Price: $1,375,000
Lot 043 – 2011 Porsche 911 GT3 RS 4.0L
Pre-auction estimate – $650,000 – 750,000
Actualized Price: $748,000
Lot 041 – 2011 Porsche 911 GT2 RS
Pre-auction estimate – $550,000 – 650,000
Actualized Price: $561,000
Lot 027 – 1964 Porsche 356 Carrera 2 Coupe
Pre-auction estimate – $550,000 – 650,000
Actualized Price: $517,000
Lot 067 – 1958 Porsche 356A Speedster
Pre-auction estimate – $475,000 – 550,000
Actualized Price: $473,000
Lot 086 – 1997 Porsche 911 Turbo
Pre-auction estimate – $300,000 – 350,000
Actualized Price: $308,000
Lot 007 – 1989 Porsche 911 Carrera Speedster
Pre-auction estimate – $275,000 – 325,000
Actualized Price: $271,700
Lot 014 – 1989 Porsche 911 Turbo Coupe
Pre-auction estimate – $175,000 – 225,000
Actualized Price: $242,000
Lot 064 – 1981 Porsche 924 GTR
Pre-auction estimate – $250,000 – 300,000
Actualized Price: $220,000
Lot 082 – 1992 Porsche 911 Carrera RS
Pre-auction estimate – $250,000 – 300,000
Actualized Price: $198,000
Lot 066 – 2011 Porsche 911 GT3 RS 3.8L
Pre-auction estimate – $175,000 – 250,000
Actualized Price: $169,400
Lot 020 – 1971 Porsche 911S 2.2L Coupe
Pre-auction estimate – $180,000 – 220,000
Actualized Price: $165,000
Lot 058 – 1966 Porsche 911 2.0L Coupe
Pre-auction estimate – $180,000 – 200,000
Actualized Price: $143,000
Lot 036 – 1969 Porsche 911E 2.0L Coupe
Pre-auction estimate – $100,000 – 125,000
Actualized Price: $97,900
Lot 001 – 1986 Porsche 911 Carrera
Pre-auction estimate – $60,000 – 80,000
Actualized Price: $53,900
Lot 078 – 1988 Porsche 959 Komfort
Pre-auction estimate – $1,000,000 – 1,250,000
Actualized Price: No Sale
Lot 077 – 1962 Porsche 356 Carrera 2 Coupe
Pre-auction estimate – $500,000 – 600,000
Actualized Price: No Sale
Lot 075 – 1993 Porsche 911 Carrera RSR 3.8L
Pre-auction estimate – $1,200,000 – 1,400,000
Actualized Price: No Sale
Lot 033 – 1997 Porsche 911 Cup RSR 3.8L
Pre-auction estimate – $750,000 – 950,000
Actualized Price: No Sale
Lot 048 – 1970 Porsche 911 ST 2.2L
Pre-auction estimate – $750,000 – 900,000
Actualized Price: No Sale
Lot 019 – 1997 Porsche 911 Turbo S
Pre-auction estimate – $350,000 – 400,000
Actualized Price: No Sale
Lot 050 – 2005 Porsche Carrera GT
Pre-auction estimate – $875,000 – 1,100,000
Actualized Price: No Sale
Lot 074 – 1954 Porsche 356 Pre-A “Bent Window” Cabriolet
Pre-auction estimate – $250,000 – 350,000
Actualized Price: No Sale
RM/Sotheby’s Auctions
Total Porsches Sold: 20 – Total Porsche Dollar Value Sold: $6,043,400
No Sale Lots: 2 (9.09%) Lots Sold Above Estimate: 5 (22.72%) Lots Sold Within Estimate Range: 7 (31.81%) Lots Sold Below Estimate: 8 (36.36%)
RM/Sotheby’s, it would seem, is a bit more conservative with their pre-sale estimates, nabbing a higher percentage of above-estimate sales than the other two, by significant margin. They also had just two no-sale Porsche lots, far and away beating Gooding’s sales numbers. While Gooding sold one car for nearly the same net as RM’s entire Porsche offerings, that doesn’t discount the fact that they had 20 seriously respectable lots.
Aside from the surprise that the Carrera RS lightweight didn’t hit the magic 7-figure number, the biggest surprise of the event was the 1968 911 Sportomatic selling for $286,000. Early Porsche manually-shifted automatics are certainly a rarity, but that doesn’t discount the fact that they were undesirable in the 1960s, and remain wholly uninspiring to drive today. This particular sale feels a bit more like the Hemi-engine bubble in the early 2000s than I’m comfortable with.
Of all the lots sold this week, my personal favorite remains the lowly Devin D Porsche sports racer. At 88 grand, it’s a lot of money, but compared to some things selling for ten times that, it’s a lot more fun. Smiles per dollar are off the charts there.
Lot 262 – 1974 Porsche 911 Carrera RS 3.0
Pre-auction estimate – $900,000 – 1,100,000
Actualized Price: $1,375,000
Lot 264 – 1973 Porsche 911 Carrera RS 2.7L Lightweight
Pre-auction estimate – $800,000 – 1,000,000
Actualized Price: $869,000
Lot 275 – 2004 Porsche Carrera GT
Pre-auction estimate – $575,000 – 650,000
Actualized Price: $605,000
Lot 277 – 2011 Porsche 911 GT3 RS 4.0L
Pre-auction estimate – $475,000 – 550,000
Actualized Price: $577,500
Lot 227 – 2011 Porsche 911 GT2 RS
Pre-auction estimate – $375,000 – 450,000
Actualized Price: $434,500
Lot 224 – 2011 Porsche 911 Speedster
Pre-auction estimate – $275,000 – 350,000
Actualized Price: $363,000
Lot 270 – 1997 Porsche 911 Turbo S
Pre-auction estimate – $400,000 – 450,000
Actualized Price: $308,000
Lot 287 – 1968 Porsche 911 2.0L Coupe Sportomatic
Pre-auction estimate – $225,000 – 275,000
Actualized Price: $286,000
Lot 290 – 2016 Porsche 911 Carrera GTS Rennsport Reunion Edition
Pre-auction estimate – $200,000 – 250,000
Actualized Price: $214,500
Lot 279 – 1965 Porsche 911 2.0L Coupe
Pre-auction estimate – $275,000 – 325,000
Actualized Price: $192,500
Lot 234 – 1991 Porsche 911 Turbo 3.3L
Pre-auction estimate – $180,000 – 220,000
Actualized Price: $167,200
Lot 219 – 1989 Porsche 911 Speedster
Pre-auction estimate – $180,000 – 220,000
Actualized Price: $154,000
Lot 280 – 1994 Porsche 911 Speedster
Pre-auction estimate – $120,000 – 150,000
Actualized Price: $104,500
Lot 273 – 2005 Porsche 911 Turbo S Cabriolet
Pre-auction estimate – $70,000 – 90,000
Actualized Price: $104,500
Lot 213 – 1959 Devin D Porsche Special
Pre-auction estimate – $70,000 – 90,000
Actualized Price: $88,000
Lot 288 – 1992 Porsche 911 America Roadster
Pre-auction estimate – $100,000 – 120,000
Actualized Price: $74,800
Lot 282 – 1988 Porsche 944 Turbo S
Pre-auction estimate – $40,000 – 50,000
Actualized Price: $46,200
Lot 286 – 1986 Porsche 944 Turbo
Pre-auction estimate – $30,000 – 40,000
Actualized Price: $33,000
Lot 215 – 1988 Porsche 944 Anniversary Edition
Pre-auction estimate – $30,000 – 40,000
Actualized Price: $26,400
Lot 211 – 1987 Porsche 924S
Pre-auction estimate – $20,000 – 30,000
Actualized Price: $19,800
Lot 250 – 1973 Porsche 911 Carrera RS 2.7 Touring
Pre-auction estimate – $550,000 – 650,000
Actualized Price: No Sale
Lot 283 – 1989 Porsche 911 Turbo Slant Nose Cabriolet
Pre-auction estimate – $275,000 – 325,000
Actualized Price: No Sale
Bonhams Auctions
Total Porsches Sold: 10 – Total Porsche Dollar Value Sold: $1,472,600
No Sale Lots: 2 (20%) Lots Sold Above Estimate: 1 (10%) Lots Sold Within Estimate Range: 6 (60%) Lots Sold Below Estimate: 3 (30%)
With only ten Porsches sold here, it’s difficult to say the percentages are above or below, it’s just such a small sample size. There weren’t any huge Porsche lots here from Bonhams, but each of them were certainly respectable. We’re guessing the Porsche guys were lured in with the appeal of big lots at other auctions, and they simply didn’t pay much attention to Bonhams’ lots. There just weren’t enough Porsche enthusiasts in the room to bid up two 356Cs, or a 912.
The 64 C, in particular, seems like a bargain of the auction at only forty-four grand. Based on the market, that is a car that should have gone for about twenty grand more than that. We really expected more out of the 912 sale as well, those have been steadily trending upward since a few years ago. There are probably some unhappy sellers and some pretty stoked buyers at this auction, if I were forced to guess.
Lot 157 – 1997 Porsche 911 Turbo S
Pre-auction estimate – $300,000 – 400,000
Actualized Price: $300,000
Lot 166 – 2011 Porsche 911 Speedster
Pre-auction estimate – $250,000 – 300,000
Actualized Price: $247,500
Lot 122 – 1965 Porsche 911 2.0L Coupe
Pre-auction estimate – $170,000 – 240,000
Actualized Price: $225,500
Lot 124 – 1994 Porsche 911 Turbo 3.6L
Pre-auction estimate – $180,000 – 240,000
Actualized Price: $187,000
Lot 143 – 1973 Porsche 911S 2.4L Coupe
Pre-auction estimate – $130,000 – 170,000
Actualized Price: $165,000
Lot 162 – 1964 Porsche 356C Coupe
Pre-auction estimate – $70,000 – 90,000
Actualized Price: $92,400
Lot 177 – 1959 Porsche 356A Cabriolet
Pre-auction estimate – $80,000 – 120,000
Actualized Price: $90,200
Lot 137 – 1978 Porsche 911 Turbo 3.3L
Pre-auction estimate – $80,000 – 120,000
Actualized Price: $85,800
Lot 105 – 1965 Porsche 356C Coupe
Pre-auction estimate – $65,000 – 85,000
Actualized Price: $44,000
Lot 182 – 1969 Porsche 912 Coupe
Pre-auction estimate – $40,000 – 60,000
Actualized Price: $35,200
Lot 117 – 2005 Porsche Carrera GT
Pre-auction estimate – $600,000 – 700,000
Actualized Price: No Sale
Lot 187 – 1957 Porsche 356A Coupe
Pre-auction estimate – $100,000 – 120,000
Actualized Price: No Sale