by John Glynn | Jan 23, 2013 | Classic Porsche Blog, Market & Prices
On my travels to Autofarm last week, Josh and I got talking about a 3.2 Carrera Club Sport that was sitting in the corner of a barn. I didn’t recognise the registration, but it looked a smart car: totally standard in very good nick.
“See if you can spot what’s wrong with it,” invited Josh. Having served my time as a buyer for retail car supermarkets and also for a major UK fleet company, I’ve bought more cars than most other folk I know so I was sure this wouldn’t take long. After two minutes looking around the outside, I couldn’t find much to whinge about.
“The driver’s door gap looks too good,” I offered. Turned out this was right: there was nothing wrong with it. The Club Sport is owned by Porsche author, Gordon Wingrove, and was famously featured in one of the mags as an accident repair on one side a few years back. Can’t remember who did the repair, but it’s flawless: as you would expect from a man who wrote a 3.2 technical book.
With just 27,000 miles on the clock, this is a special Club Sport. The model has its detractors, who love to point out it’s a basic Carrera 3.2 with a lighter interior and a blueprinted engine, but those who have driven one know there’s something else. Josh has heard all the Club Sport knockers but, as he asks: “What else is there from the 1980s? This is it.” I reminded him of the 5-speed 930, but essentially agree on the affordable/available 911 road car side. There’s plenty of front-engined Porsche stuff from that era I’m keen on, but they’re not rare-bird 911s and the SC RS and 959 hardly count.
Coincidentally, two days later I was asked to do an agreed insurance valuation on another 3.2 Club Sport, one I’ve seen a few times. I had talked money with Josh and he thought Gordon’s would be into the seventies. Not sure I would go that strong for January but I referenced his and a few more for mine.
What’s the forecast for Club Sport values? I think pretty steady, trending very slightly upwards to match the base model. There were circa 50 RHD ‘Clubbies’ made and standard Carreras in the very best condition are £30k+ now. So a factory hot rod in tip top notch has to be where Josh is pitching it. Try replacing a Club Sport after total loss: that’s not going to be pleasant.
Need an insurance value? Check out our Porsche insurance valuation website.
by John Glynn | Jan 22, 2013 | Porsche News
Twenty-six New York hedge funds have just a few days left to appeal a state court’s dismissal of their lawsuit against Porsche.
The funds claim they were defrauded by Porsche in 2008, when it bought a huge amount of VW stock behind the scenes, while outwardly claiming it had no intention to raise its stake in Volkswagen. When it transpired that Porsche had amassed a stockpile of Volkswagen shares in a bid to take over the company, prices for Volkswagen soared and funds who had bet on a decline in the stock price lost fortunes.
The action was Porsche suicide, ultimately leading to the collapse of the company and takeover by the intended victim. The hedge funds weren’t happy with that and brought a $1.4 billion lawsuit against the carmaker in the NY state courts.
Last August, New York courts gave the lawsuit a green flag to continue, but the decision on December 27th axed that decision, on the basis of Porsche being a German based company, stating New York state courts were an inapproropriate forum. Porsche’s burden of proof on this regard was described by the courts as ‘heavy’: only the NY state appeals court can now rule in the hedge funds’ favour. A decision is still outstanding on a seperate $2 billion lawsuit in the federal appeals court. Yes: two lawsuits.
Meanwhile, German legal action surrounding the affair continues, with Stuttgart prosecutors recently bringing charges of market manipulation against former Porsche Chief Executive, Wendelin Wiedeking, and former CFO, Holger Haerter. Legals for both denied any misconduct by their clients. Not sure if I’m on either side here, but the whole sorry tale is incredible.
I keep coming back to the notion that gamblers should expect to lose, as both parties eventually did. I’m far too naiive for the world of stocks and shares.
by John Glynn | Jan 21, 2013 | Classic Porsche Blog, Race and Rally
I had a good chat with Mads Jensen in Denmark last week: driver and team manager for the Scandinavian team, State of Art racing.
You’ll know State of Art from the videos I post every year, following the Copenhagen Historic Grand Prix: always exciting and usually featuring Björn or Stig winning in a Porsche. This year, Mads is putting a Porsche-only race together at the Jyllandsringen GP on August 24-25th: I’m delighted to help publicise the event. Mads says:
“When Jyllandsringen is organising its annual Grand Prix Denmark 24th-25th August 2013, one of the main attractions will be a 40-minute race exclusively for historic Porsche 911 race cars. We expect 40 registered cars from across Scandinavia and possibly the Netherlands, Belgium and Germany, which will compete in 3 categories divided by age groups: Up to 1965, 1966-1971 and 1972-1976.
This event started with one single idea: To create a race with only classic 911’s. I race a 911 myself and know almost all 911 drivers/race car owners here. I contacted the organisers of Grand Prix Denmark and suggested to gather all 911’s. There are about 30 of these cars here in Denmark and 21 of them have signed up so far.
There is a max of 45 cars on the track, so we decided to invite people we are connected to from abroad. In addition to the race, we are organising a Porsche gathering to celebrate the 50 years anniversary. I am an active member of the Porsche Clubs and online communities and they are all onboard for this, as is the Danish importer.
We are expecting 300 club members to exhibit their cars in the dedicated 911 paddock. Everyone gets a few laps on the track in the lunchbreak and we host a party in the hospitality area. Finally, if we can get funding, we are planning to invite former Porsche works drivers.”
Sounds cool. So is the poster for the event, created by 911 fan and online friend Paul Wilson in Copenhagen. Rather optimistically seems to show an ST in front of a RSR, like Twinspark Racing’s Viper Green Hulk 911 Porsche RSR. If that’s Waldegard with Stolk coming up behind him, I am seriously impressed!
I’m planning to be there, and fingers crossed a few of you will attend also. The website is Danish only at the minute, but it’s in the process of being translated. Check it out at www.porscheclassiccup.dk.
by John Glynn | Jan 20, 2013 | Classic Porsche Blog, Market & Prices, Porsche News
Googing & Company just brought a record price for a Porsche 718 RSK at their sale in Scottsdale, Arizona. Running Friday and Saturday, January 18 & 19, the auction got the year off to a flying start, with some excellent results in the sale hall.
There was plenty of Porsche content scheduled. The most rarified Porsche on the programme was lot 112: a 1959 Porsche 718 RSK Spyder, chassis number 718-023. Number 023 is one of 35 RSKs built at Stuttgart, and is a matching numbers car with its original body. The history was unbelievable: huge detail available and most recently owned by a prominent New York collector.
Gooding wrote a terrific description and advertised the sale everywhere: likely instrumental in the impressive end result. Estimated at $2.8M to $3.2M, the car was greeted by some excited bidding, quickly shooting up from the early $2m mark to looking like a sale at $2.6M. But no – there was still life left at that stage and it went on to finish at $3.135M: a record price for an RSK at auction.
I love auctions and miss that sale hall buzz when watching Gooding’s excellent Internet stream. Gotta get to a few more sales this this year: I’m guessing Essen will be my first of the season.
Here’s a few more RSK pics:
by John Glynn | Jan 20, 2013 | Classic Porsche Blog, Market & Prices
Just had an interesting comment from Greg on our recent record-price Porsche 912 story. Greg is apparently a former owner of the car and says:
I used to own this car when it was blue! Originally green and it had done over 300,000 miles when I owned it. Yes, it was probably the best car I owned ( and still would love to! ). But at that price I’d hope there had been a lot of work done. If anyone buys it I still have a few bits for it that would increase its value as they are from that car.
If this is true, it’s quite a turn up for the books: makes the proposition even more discussion worthy. No history for its early life, but a seemingly full restoration later on, albeit not in original colour. Assuming the value is lower than the asking price, does the mileage the chassis has done make a difference at this end of the market?
I have no early history for my Carrera 3.0 (above) and the engine is not the original. Donated by a write off, it’s said to have 90k miles on the clock, but I don’t know that for sure. It made no difference to me when buying it as I intended to rebuilt it anyway. The car has some very nice parts fited and work done, and I know what it would cost to replace, so that would be the basis for an asking price if it ever came up for sale.
On that same cost-to-construct basis with an eye on prices elsewhere, this 1965 Porsche 912 is priced in the ball park. Question is the same as with all of these cars: is there a buyer at that sort of money?
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