Auction Report

Porsche Market Strong at Silverstone

Best Example Early 911s Value Coming Down to Earth

Posted: October 21, 2016 5:00 pm
by Andy Reid

If the Silverstone auction on Oct. 15, which took place at The Wing, Silverstone Circuit, Northamptonshire, UK, showed us anything about the current state of collector cars, it’s that the Porsche market is still climbing in almost every segment.

Even cars that a few years ago would be second- or third-tier Porsches are moving along with the rest of this very active marketplace. For many, there simply is “no substitute” for Porsche cars and their owners.

A few thoughts on the Porsche market in general: The best examples of early 911 cars are continuing to bring strong but no longer crazy money. Next, the 930 market is much the same, with the best cars binging very strong money. This 90 market is likely to continue to slowly grow. Here are some examples from the Silverstone auction.

Silverstone sold 70 percent of the Porsches on offer, for total sales of a bit more than US $3,000,000. Lightweight, performance Porsche 911s sold for very strong prices. Some of these included the a 2010 Porsche 911 (997) GT3 RS - Gen II, finished in the distinctive color combination of Carrera White with red wheels and decals, selling for £168,750 (US $168,750), more than £30,000 (US $36,643) over its lower estimate.

Arguably the most driver-focused 911 of all time, the 1991 Porsche 911 (964) Carrera RS NGT, sold for more than £20,000 (US $24,429) over its lower estimate at £157,500 (US $192,377), and a rare and very early example of a 1999 Porsche 911 (996.1) GT3 Clubsport sold for £15,000 (US $18,322) over its lower estimate at £70,310 (US $85,879).

Surprisingly early 911 cars also continued to sell for a lot, even in project car form. A 1971 911 S coupe in Sepia (or hang-around brown), in need of just about everything, sold for an astounding £43,990 ($53,731), and a 1973 911 E that was rusty everywhere and missing parts sold for a more reasonable £6,300 (US $7,695).

The sale of the ’73 seemed good because of the parts, but the ’71 S was simply way too expensive. The car’s description on Silverstone’s website cites that when restored, the S could be worth as much as £150,000 ($183,216), but neglected to say that in order to get it to that level, this car was likely to need at least that much money in work. On both sides of the ocean, people keep buying 911 projects like this, and it never ceases to amaze me.

Porsche 912 cars also seem to still be pretty robust, but with evidence of slowing a bit. Last year, prices were approaching or meeting prices paid for similar-condition early 911 cars, but this seems to have leveled, which is a good thing. Silverstone sold a nicely restored 1968 912 for £48,940 (US $59,777), and two others were no sales in the £40,000 (US $48,858) range. The restored car was worth the money spent, but the others should have sold in the £30,000 (US $36,643) ranges. The 912 is a nice car, but is not the same car as a 911 performance wise, and paying 911 money for a 912 is crazy. Happily, the market seems to finally be waking up to that idea.

The 930 also proved to be a hot commodity. A 1986 Porsche 930 Turbo “Flachbau” (flatnose) with 21,000 original miles sold for more than £40,000 (US $48,858) over its lower estimate at £140,630 (US $171,771), and a 1989 Porsche 930 Turbo UK market car, with just 24,000 miles from new, sold for £151,880 (US $185,512). It looks like the 930 market is still very strong when the cars are some of the best in the world.

The Silverstone sale was not just about air-cooled Porsches, as front-engined water-cooled models saw some fantastic numbers as well. These include a show-winning 1988 Porsche 944 Turbo S, which sold for £35,440 (US $43,288); a perfect 1981 Porsche 924 sold for £15,750 (US $19,238); and a rare manual 1991 Porsche 928 GT sold for £24,750 (US $30,231). These are big numbers for these cars and bear looking at further.

Next on the calendar for Silverstone is its NEC Classic Motor Show Sale on Nov. 12 in Birmingham, England.

Photos courtesy of Silverstone Auctions. 

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