With the kids now back at school and the perils of Brexit an ever-fading memory, the used Porsche market has awoken from its traditional August hiatus. We’ve seen a lift in sales through September, with a good mix of enquiries for all models, but especially the classics.
Sotheby’s recent London sale was a timely reminder of just how much strength still exists in the world of classic cars as collectable investments. Sotheby’s recorded almost £22 million at this event and while classic Aston Martins and Ferraris enjoyed some very high results, prices for rare Porsche metal also raised a few eyebrows.
We’ve all heard the stories of 993 GT2 models selling for seven-figure sums behind closed doors, but as these rare cars are seldom seen at auction, it’s not been easy to gauge how high the numbers could go for the finest examples. Wonder no more, as a 12k-kilometre 993 GT2 in sublime Riviera Blue sold for £1.8 million: more than a million pounds over its top estimate with fees included.
Other Porsches sold on the night, but the knock-on effect of this single sale should not be underestimated. While some Porsche prices have fallen since the heady days of 2014, the rarest air-cooled models retain a core following. JZM has sold a number of rare air-cooled cars through 2016 and sold a few more in the days after the Sotheby’s sale, including a beautiful 993 RS in rare Midnight Blue and a very low mileage RHD Gloss Black 930.
We do not equate these results with a shift in the market, as both air- and water-cooled Porsches are still in demand. We’ve sold a number of Gen I & Gen II GT3s since our last newsletter, as well as our unregistered RHD Cayman GT4 and a very competitively priced LHD 991 GT3 RS in Lava Orange. But the strongest interest amongst investors is for rare-breed air-cooled at sensible prices.
Amongst later water-cooled cars, it is still a surprise to see so many 991 GT3 RSs priced well into the £250k bracket. Realigned prices on 997 GT3 and RS models have re-established these cars as great value against recent incarnations, so no surprise to sell a few 997s of late. That said, a well priced 991 GT3 is a fine sports car and incredible fun when tuned for fast road and track here at JZM. We sold our newest RHD 991 GT3 last week and our bargain LHD example is also expected to find a new home pretty sharpish.
Finally, a word of caution for those sellers who believe they are also entitled to a share of expected appreciation in the years ahead, and set their asking price in excess of the trade’s best advice. We say keep your expectations in check. If you want to sell, then advertise your Porsche at market rates or expect it to hang around. Buyers are super cautious right now and very few cars attract interest when priced well ahead of the market.