Good Morning! Like that kid in your group project in high school, one car carried the day and put us close to a total dollar volume of $2m. And no surprise, it was the exchange student from Europe.
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THE MARKET
Sell-Through Rate: 87%
Market Volume ($): $1,713,022
Market Volume (units): 15
- Even with a 100% sell-through rate yesterday, we would have been $4,078 sort of a $2m day. Still, 87% of 15 cars at $1.7 is nothing to scoff at.
TOP SALES
2010 Porsche 911 Sport Classic $611,250 PCARMARKET
1993 Porsche 911 Turbo 3.6 $302,000 Bring a Trailer
1996 Porsche 911 Turbo $203,000 Bring a Trailer
1974 Porsche 911 Coupe 2.7L $162,000 Bring a Trailer
2007 Porsche 911 GT3 $121,000 Bring a Trailer
SPOTLIGHT
PHOTO CREDIT PCARMARKET
The last 997 Sport Classic to sell on our shores was just over four years ago at RM Sotheby's Arizona sale in 2019. Pre-pandemic and pre-run-up in prices by cash-flush buyers looking to park their money into a modern classic. That car, with only 150 miles, sold for $654,000.
Since that car sold only ten others have crossed the block, all overseas as the 997 Sport Classic was not only limited to just 250 units produced but was also limited as a European-only model. Seven out of those ten found new homes, six of them since February of 2021 with an average sales price of $350,000.The lowest mileage of the bunch had 113 miles on the odometer and sold last year for $401,667.
Our Spotlight car, a 2010 911 Sport Classic with 386 miles sold yesterday on PCARMARKET for $611,250. Now before you book a ticket to Europe to buy a Sport Classic with hopes of making a few hundred thousand dollars flipping it back here in the US, let me explain how this car got here because remember, these aren't 25 years old and eligible for direct import yet.
Thanks to our friends Bill Gates and Bruce Canepa, certain cars that were never sold here are allowed to be imported under a special condition called Show & Display. Now you can't just bring any old 911 in under Show & Display, it has to be on the "approved" list, and in order to be on that list, a car has to be lobbied and very special. It's also important to note that a car imported under Show & Display can only be driven 2,500 miles per year... for shows and displays, naturally.
BUT, and this is a big but, just because it is imported under Show & Display doesn't mean it is legal to drive on our streets. In order to be registered on our roads and driven those 2,500 per year, the car has to also meet EPA regulations and out of the box, the 997 Sport Classic does not. To get a 997 Sport Classic through the EPA, you're looking at six figures in work by one of only a handful of registered importers, and our Spotlight Sport Classic has had such work done.
So did our seller import this car and make a huge profit if they were in fact the one who brought it into the US in the first place? Probably not. But for me, the real surprise here is that in four years, this uber-rare modern classic hasn't skyrocketed upward like so many other cars. Instead, it's stayed flat. But I don't foresee this being the case forever. Well-bought for a car that will definitely be a future classic.
NOTEWORTHY SALES
- Unless you have a delivery mileage GT car you're not going to see over list anymore. Case in point, this 2022 911 GTS Coupe was bid to $155,000 against a $165,340 sticker price.
- This seller had reasonable expectations for their delivery mile 2022 Macan GTS. It sold for $93,000 against a $107,030 sticker price. The real kicker though is that the car sold to a Porsche dealer in Boston. I hope they were bidding for a customer and not buying inventory.
- $200,000 seems to be about where 993 Turbos have settled recently as this 1996 55,000-mile example sold for $203,000. Finished in a classic Black over Tan, had it been a rarer shade we would have seen a bit more here. Fair price both ways on this one.
NEW LISTINGS
- Presented at the Musee National Des Beaux-arts du Quebec, this 1987 911 G50 Art Car by Marcel Barbeau is being relisted after the previous winning bidder balked after his $86,000 bid. Maybe he realized this isn't a wrap?
- And this isn't a wrap either. This 2022 911 Turbo S Coupe is finished in PTS Gulf Blue with Orange accents and Orange Exclusive Design wheels. Inside you'll find a Heritage Design Atacama Beige Leather interior and although the combo isn't working for us, it's working for someone as the car is already bid to $221,000 with 6 days to go.
- Now here's a rare color combo we can get behind. This 2010 911 C2S Cabriolet is finished in a beautiful shade of Cream White over Cocoa Brown leather with a Cocoa Brown roof. Individually these are great 997 color choices but together, woof.
AUCTIONS ENDED 2/17
2010 Porsche 911 Sport Classic $611,250 PCARMARKET
1993 Porsche 911 Turbo 3.6 $302,000 Bring a Trailer
1996 Porsche 911 Turbo $203,000 Bring a Trailer
1974 Porsche 911 Coupe 2.7L $162,000 Bring a Trailer
2022 Porsche 911 GTS Coupe $155,000 Bring a Trailer
1977 Porsche 911S IROC Tribute $127,000 PCARMARKET
2007 Porsche 911 GT3 $121,000 Bring a Trailer
2022 Porsche Macan GTS $93,000 PCARMARKET
1967 Porsche 911 Coupe $67,911 Hemmings
1994 Porsche 911 C2 Cab. 5sp $45,000 PCARMARKET
2008 Porsche Cayman S 3.8L 6sp $39,750 Bring a Trailer
2003 Porsche 911 Cab. 6sp $24,750 Cars & Bids
2008 Porsche Cayman S 6sp $21,250 Cars & Bids
2006 Porsche Cayenne S $13,000 Cars & Bids
2003 Porsche Boxster 5sp $9,111 Cars & Bids
*Prices in Red denote a high bid and no sale
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