Good Morning! And happy Martin Luther King Jr. day. Lot's of auction action over the weekend but unfortunately, Mecum has not posted numbers from Saturday and Sunday yet. We did watch with bated breath as the second Porsche Carrera GT sold. More on that below.
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THE MARKET
Sell-Through Rate: 88%
Market Volume ($): $328,750
Market Volume (units): 8
- Market data is excluding Mecum as sales over the weekend have not been completely reported. That being said, only 1 out of 8 cars failed to sell on Bring a Trailer, the only online auction platform currently closing auctions on the weekend. Not too shabby.
TOP SALES
1972 Porsche 911E Targa $77,000 Bring a Trailer
1986 Porsche 911 Turbo Chassis $51,000 Bring a Trailer
1967 Porsche 912 Coupe 5sp $50,500 Bring a Trailer
2006 Porsche Cayman S 6sp $46,000 Bring a Trailer
356 Replica by JPS Motorsports $44,000 Bring a Trailer
SPOTLIGHT
PHOTO CREDIT MECUM
With five examples on offer this month between this past week's Mecum sale in Kissimmee and the Arizona sales later this month, we felt it was time for a Carrera GT update.
October and November had proven to be bad months for the last of the great analog Porsche supercars as each car offered in the US failed to meet reserve after reserve as the market appeared to deflate from the highs of the summer and past year. Seller expectations adjusted in December with a number of sales in the $1.2-1.3m range and a 2,000-mile example selling for $1.6m.
The past few days have seen the action at Mecum's Kissimmee auction wind down with the final Star Cars crossing the block. Our first Carrera GT to be offered came on Friday. The Fayence Yellow example with 16,000 miles failed to sell at a high bid of $1,000,000. Although the miles were high, Fayence typically commands a premium compared to the standard GT Silver and Black cars with similar mileage.
Speaking of Black, yesterday's Basalt Black example with 14,000 miles and a salvage title sold for $975,000. Yes, this is what an excellent example went for not too long ago but it shows what the current floor looks like to get behind the wheel of a CGT. But I don't believe this will be the floor for long as I'd call it well sold due to the continued softening of the market on the horizon.
We'll see how the remaining cars fare this month. RM Sotheby's GT Silver and Bonham's Basalt Black cars will cross the block on January 26th with the Guards Red example from Barrett-Jackson two days later. Expect to see bids in the $1.1-1.5 with the higher-mileage GT Silver car on the lower end and the Guards Red car on the higher end. Will they sell? Well, that depends on reserves. We'll revisit it in a few weeks.
NOTEWORTHY SALES
- Here's one we missed last week: this 2015 Ruf RT12 R that sold for $792,000 at Mecum after failing to sell at their Indianapolis sale a few months earlier at a high bid of $1,100,000. Bet the seller wishes they took that bid now.
- This nice little 1972 911E Targa driver in Metallic Blue over Black brought $77,000. Not a bad price for a cruiser. Well-bought.
- $51,000 for just a chassis, a seat, and a steering wheel. Now to find a suitable engine and the rest of the bits and bobs on this 1986 911 Turbo Chassis sold on Bring a Trailer over the weekend.
NEW LISTINGS
- Already at $160,000 with 5 days remaining, this 1996 911 Turbo finished din Polar Silver over Black has 58,000 but shows like a 5,800-mile example.
- And then you have the opposite end of the spectrum with this 1969 911T Targa Project with no instrument cluster but shows like it was dug up from the Triassic era.
- Really loving this Blue over Black/Houndstooth 1969 912 Coupe 4sp. Although the color is unnamed in the auction, it has quite a Dalmation Blue look to it.
AUCTIONS ENDED 1/14-1/15
2017 Porsche 911 Targa 4S $129,500 Bring a Trailer
1972 Porsche 911E Targa $77,000 Bring a Trailer
1986 Porsche 911 Turbo Chassis $51,000 Bring a Trailer
1967 Porsche 912 Coupe 5sp $50,500 Bring a Trailer
2006 Porsche Cayman S 6sp $46,000 Bring a Trailer
356 Replica by JPS Motorsports $44,000 Bring a Trailer
2007 Porsche Cayman S 6sp $32,500 Bring a Trailer
2004 Porsche 911 Targa 6sp $27,750 Bring a Trailer
*Prices in Red denote a high bid and no sale
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