Away from the dramatic sale of the ex-Otto Mathe Type 64 Volkswagen at Monterey, the RM Sotheby’s auction gave us a good insight into how Porsche prices are doing, with several record prices for collectable Porsches offered for sale.
Record auction price for Carrera GT
The 2005 Porsche Carrera GT was not the most expensive Porsche sold by RM Sotheby’s in California, but the final price of $1.193 million including buyer’s premium for GT number 1021 established a new world record for Carrera GT at auction. Looking at the spec before the sale, it was obvious that the bidding would be energetic, as the car ticked all the right boxes including:
- Low mileage of just 265 miles
- Paint-to-Sample in a great colour: Arancio Boreallis/Metallic Orange
- Huge options list totalling over $37k
- Recent $25k service
In a world of identikit silver GTs, this car was the ultimate antidote. It rightly took home a pretty penny and established a new benchmark for the model at auction. By comparison, a two-owner Carrera GT in Silver with just 5,200 miles from new sold for over $400k less.
Another Porsche that took full advantage of the holy trinity of low mileage, low owners and paint to sample with Exclusive interior was the very last 1989 Porsche 911 Carrera 3.2 Speedster. Presented with just 260 miles from new, and finished in custom Cinnabar/Zinnobar Red with beige suede trim (ooh), the polished Fuchs on chassis number 173786 couldn’t stop the car rocketing to $379k including premium. This must be some sort of record.
Water-cooled 911s also did well. The 2011 Porsche 997 GT3 RS 4.0 that changed hands at the 70th Anniversary sale in Atlanta during October 2018 returned to the market in Monterey.
Having sold at auction less than a year ago for $566k, it went for almost $100k more in Monterey: $665k including premium. One may view this either as 4-litres taking off in California through 2019 or Atlanta in winter having been the wrong place to sell this RS. It was a good result for a 4-litre RS either way, especially given that the car cannot be registered in CA due to smog laws.
Porsches that failed to sell in Monterey
Twenty-one Porsches were offered for sale at Monterey and only three failed to sell: the aforementioned Type 64 (sort of a Porsche), a 1973 RS with a bunch of Japanese history and a 1996 Porsche 993 GT2 that had previously changed hands at Amelia Island 2018 for over $1.4 million, but failed to find a new home at Monterey. Nothing too surprising.
Other cars that sold below expectations (my expectations, at least) all had restoration in common. When it comes to buying old cars, there’s still no substitute for originality.