Good Morning! GT sellers seem to have finally reset their expectations and 930 buyers continue to reward originality. This and much more in today's market letter.

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THE MARKET

Sell-Through Rate: 65%

Market Volume ($): $1,140,204

Market Volume (units): 20

• Looks like there wasn't a hangover from Arizona auction week as our dollar volume stayed above $1m off of 13 sales. Sell through rate is back to where it was pre-Barrett-Jackson's slew of No Reserve auctions as expected.

TOP SALES

2008 Porsche 911 GT2 6sp $278,000 PCARMARKET

2019 Porsche 911 GT3 RS Weissach $254,000 Bring a Trailer

1977 Porsche 911S Coupe 3.2L 5sp $140,000 Bring a Trailer

1992 Porsche 911 Coupe 5sp $106,000 Bring a Trailer

1985 Porsche 911 Targa 5sp $67,211 Bring a Trailer

SPOTLIGHT

PHOTO CREDIT BRING A TRAILER

After riding high for the first six months of 2022, it seems the 997.2 Turbo Market is softening a bit as this 2009 911 Turbo Cabriolet 6-speed failed to sell at $95,000. One might point to the modifications affecting the sale, which we did in our newsletter six days ago, but there are other factors at play here as well.

997 Turbo prices surged over the past few years as buyers sought the last of the 6-speed Turbos to leave the factory. While 997.2s commanded the highest prices as they were truly the last, it was rare to see a 997.1 Turbo Cab. sell for below $100,000 with under 45,000 miles.

But we haven't seen a 997 Turbo sell for more than $100,000 since August of last year with the lowest mileage example with 10,000 miles selling right at the new ceiling. And since that sale, only 2 out of 8 cars to cross the block have found a new home.

So at 15,988 miles, our Spotlight car was bid well into the range of what this car should have sold for, modifications or not. Plus, the majority of modified parts that came off the car came with the sale making it easy to put back into stock form should the new owner choose.

The seller turned down good money for a car that will probably be worth less over the next year until the next uptick. Might want to consider returning it to stock and selling off the aftermarket parts separately at that point as well.

NOTEWORTHY SALES

• Unfortunately for this seller, buyers are looking for originality when it comes to 930 Turbos. Hence the below-market $112,000 final bid on this 1984 911 Turbo Slant Nose Conversion.
• 9 months ago a delivery mileage 991 GT3 RS Weissach would have brought over $300,000. Yesterday, this 152-mile 2019 911 GT3 RS Weissach sold for $254,000 thanks to the seller having market-correct expectations.
• Higher mileage held this 1987 924 S 5sp to under $10,000 selling for $7,500. A fun car for a bargain price. Well-bought.

NEW LISTINGS

• The last time we saw this rare 1994 911 Turbo S 3.6 X83 Flachbau was back in 2021 when it failed to sell at $430,000. We've had a number of Slant Nose cars sell for solid numbers recently, so we're saying there is a chance.
• It's been a while since we've seen an off-road Cayenne build like this 2004 Cayenne S with big wheels and a pretty mean look. Just what you need to tackle the Home Depot parking lot.
• This 2020 911 Carrera S in Racing Yellow with a PDK transmission has higher miles at 21,752, which would typically put it at about $115-120,000. But as we've seen lately, Yellow has been a hard sell.

AUCTIONS ENDED 1/30

2008 Porsche 911 GT2 6sp $278,000 PCARMARKET

2019 Porsche 911 GT3 RS Weissach $254,000 Bring a Trailer

1977 Porsche 911S Coupe 3.2L 5sp $140,000 Bring a Trailer

2021 Porsche Taycan Turbo S $135,000 Bring a Trailer

1984 Porsche 911 Turbo Slant Nose Conversion $112,000 Bring a Trailer

1995 Porsche 911 C4S 6sp $110,000 Bring a Trailer

1992 Porsche 911 Coupe 5sp $106,000 Bring a Trailer

2009 Porsche 911 Turbo Cab. 6sp $95,000 Bring a Trailer

1985 Porsche 911 Targa 5sp $67,211 Bring a Trailer

2003 Porsche 911 Targa 6sp $55,996 PCARMARKET

2009 Porsche 911 Coupe 6sp $54,000 Bring a Trailer

2008 Porsche 911 C2S Cab. $52,997 Bring a Trailer

2018 Porsche Panamera 4S Executive $52,600 Cars & Bids

2013 Porsche 911 Coupe $49,000 PCARMARKET

2018 Porsche Cayenne S $42,000 Bring a Trailer

1970 Porsche 911E Targa 5sp $40,500 Bring a Trailer

1992 Porsche 968 COupe 6sp Track Car $20,968 PCARMARKET

1982 Porsche 928 $18,000 Bring a Trailer

1999 Porsche 911 Coupe $15,500 Cars & Bids

1987 Porsche 924 S 5sp $7,500 PCARMARKET

*Prices in Red denote a high bid and no sale