Let’s be frank – watching the classic car market isn’t nearly as exciting now as it has been over the last two years.
The prices of most classic cars aren’t surging upwards like they were in 2014 and 2015 and this means auction results aren’t making the headlines like they were. Silverstone Auctions’ October Porsche sale is a case in point.
There’s not too much you can say about a successful auction that doesn’t offer up any really outrageous results apart from “It went well.”
In terms of the numbers, 73% of the cars sold which is about average over the last two years and better than average over the last five. 18% of the cars were sold within their auction house estimates – average compared to the last 12 months and lower than the average for the preceding twelve. So no surprises there. Average estimated values were almost identical to the 2015 Porsche Sale.
A quick check on forums and social media will reveal wildly differing opinions on which cars should have sold for what. From our perspective – comparing prices being paid in private transactions to these results – the prices are in general aligned. High performance 996s seem to have cooled a little at auction but not compared to sales prices away from the auctions and the same could be said about some 993 models although of course this general comes down to the quality of the car offered rather than a general price decline. Four cylinder Porsches seem to be advancing – again, mileage and condition being the major influencing factor.
Overall prices remain strong but buyers are beginning to weed out the cars that 18 months ago they might have snapped up, no doubt incentivised by the promise of a profit. Those profits are becoming more elusive unless buyers are willing to play the long game or for high stakes which leaves the rest of the Porsche market where it is – in cruise control.
1973 Porsche 911 2.4T MFi Coupé – sold for £45,000 inc premium. “Original and unmolested” – needs restoration.
1968 Porsche 912 Coupé – sold for £48,940 inc premium. LHD US car. Recently restored.
2010 Porsche 911 (997) GT3 RS – Gen II – sold for £168,750 inc premium. UK RHD 21,000 miles.
1991 Porsche 911 (964) Turbo – sold for £90,000 inc premium. Second time out for this car – it failed to sell at the Silverstone Classic.
1990 Porsche 911 (964) Carrera 2 Targa – sold for £58,500 inc premium (Estimate £60-70,000). Winner of the Porsche Centre Restoration Competition – all the provenance you need?
1999 Porsche 911 (996.1) GT3 Clubsport – sold for £70,310 inc premium. UK, RHD, 32,000 miles.
1995 Porsche 911 (993) Turbo – sold for £112,500 (estimate £115-130,000). UK RHD 67,000 miles. Recently repainted and retrimmed.
1988 Porsche 944 Turbo S – sold for £35,440 inc premium. UK RHD, 47,000 miles.
1989 Porsche 911 (930) Turbo – sold for £1151,880 inc premium. UK, RHD, 24,000 miles.
Total value of lots sold including premium + VAT – £ 2,597,035
|Sold over estimate||5||8.06%|
|Sold under estimate||28||45.16%|
|Sold in lower half of estimate||5||8.06%|
|Sold in upper half of estimate||6||9.68%|
|Sold in lower half of estimate or below||33||53.23%|
|Sold in upper half of estimate or above||11||17.74%|
|Sold at median estimate||0||0.00%|
|Sold within estimate – ACCURACY||11||17.74%|
Total value of lots sold including premium + VAT – £ 2,336,666
|Sold over estimate||4||7.02%|
|Sold under estimate||21||36.84%|
|Sold in lower half of estimate||8||14.04%|
|Sold in upper half of estimate||1||1.75%|
|Sold in lower half of estimate or below||29||50.88%|
|Sold in upper half of estimate or above||5||8.77%|
|Sold at median estimate||0||0.00%|
|Sold within estimate – ACCURACY||9||15.79%|
Images courtesy of Silverstone Auctions.