Highlights from your Porsche correspondence via email, social media and Total911.com
I’m sure I’m not imagining it – in fact, I know I’m not – but there appears to have been a stark rise in the number of ‘sales’ being brought to market by auction houses. Whereas I can recall two or three auctions per year previously, now there is pretty much one classic car auction a week, with concentrated 911 content each time.
I’ve also noted how it appears the more classic car auctions there are, the more the market has stalled. I can only assume, therefore, that auction houses are leading to this slowing of the market? I’d say they’re flooding the market, as there’s just not the demand there for these cars anymore.
I’ve been to at least half a dozen classic car auctions in the past year, and the standard of cars has dropped without question. Meanwhile the cars I’ve tried to sell via dealers have hung around for much longer because people believe they can get a better deal at auction. Ultimately, of course, you get what you pay for, so these people are realising too late that they’re getting a car whose condition is reflected in its hammer price. It’s a pretty frustrating marketplace right now, and for me auction houses are contributing significantly to this. Perhaps there should be a limit on the number of auctions per year to ensure quality, and not quantity, perseveres! Martin Widdowson a very interesting perspective on the market, Martin. Judging by your documented frustration I’d say you have a lot of 911s you’re looking to get out of, as from a buyer’s point of view there’s never been a better time to buy, with more choice not only in terms of examples available, but the channels by which they are available too.
there is an argument that too many auctions throughout the calendar year has lead to an overly saturated market, but the reality is auction houses have always formed a staple of the classic car marketplace. the real answer to the current climate is far more complicated; there are just too many factors playing a part in this slowing of the market at present, though most of them are political.