MAR­KET­WATCH

Clas­sic Porsches, along with the mod­ern GT mod­els, are still fetch­ing high prices, but Brexit is def­i­nitely cool­ing the market. And for some within the Porsche com­mu­nity, that is a wel­come de­vel­op­ment, mak­ing cars more af­ford­able for en­thu­si­asts, David Su

911 Porsche World - - Market Forces -

In the UK you can see the Brexit ef­fect in many as­pects of com­meri­cial life, as con­fi­dence wanes ahead of the March EU leav­ing date: fall­ing new car sales, an all but dead Lon­don prop­erty market, and gen­eral re­luc­tance to com­mit large amounts of money un­til we know what the fu­ture holds. And that this is be­com­ing ev­i­dent in the Porsche clas­sic market in the UK was the mes­sage from the fourth an­nual auc­tion held by Porsche Club Great Bri­tain in part­ner­ship with Sil­ver­stone Auc­tions. ‘For the first three sales it seemed like the market was rac­ing ahead, but prices are be­gin­ning to soften,’ com­mented the Club’s Gen­eral Man­ager, Chris Sea­ward.

But if that wasn’t good news for sell­ers and auc­tion­eers’ pre­mi­ums, for Chris it was mu­sic to his ears: ‘It’s mak­ing the cars more ac­ces­si­ble. We want mem­bers to be able to af­ford the cars, and have pride of own­er­ship, and to bring them to events.’

Hence the sale, held at The Dal­las Burston Polo Club in Southam, War­wick­shire on 26th Septem­ber saw lit­tle in the way of the dra­matic, es­ti­mate-bust­ing prices usu­ally seen at the likes of Amelia Is­land in Florida in spring and Peb­ble Beach in Cal­i­for­nia in Au­gust. Nonethe­less, the ma­jor­ity of the 25 cars sold achieved prices within their up­per and lower es­ti­mate ranges, just five go­ing for less than the lower es­ti­mate fig­ure. A to­tal of 42 cars were en­tered, one was with­drawn be­fore the day, and 16 did not sell (a slightly worse un­sold rate than in 2017), though these were still be­ing of­fered postauc­tion at a fixed price, so Sil­ver­stone’s hit rate may im­prove.

In fact the Porsche that ex­ceeded its up­per es­ti­mate by the big­gest mar­gin wasn’t a clas­sic, but a prac­ti­cally brand new, 400-mile, 2018 gen 2 GT3 with man­ual trans­mis­sion that sold for £191,250 in­clud­ing 15 per cent buyer’s premium. That was £16,250 over the up­per es­ti­mate, but the price spoke more about the heat of the cur­rent Porsche GT market, be­ing al­most £80,000 above the GT3’S be­fore-op­tion list price. An­other “mod­ern” that gave its seller a pleas­ant sur­prise was the 2008 997 GT2 Club Sport that car­ried a £110,000 hope but made over £19,000 more, at £129,375.

Those that ex­ceeded their es­ti­mate by a more mod­est amount were a 1972 911 2.4T at £97,875, which was £7875 above, a 1958 rally pre­pared 356A at £82,125 (£7125), two 1998 993-model 911 Turbo S ex­am­ples for £126,000 (£6000) and £185,625 (£625), a lim­ited edi­tion 1989 930-series 911 Turbo LE with 30,000 miles achiev­ing £151,875 (£1875), a 1992 964-model 911 Car­rera RS at £151,875 (£1875) and a 1974 911 RSR looka­like at £95,625 (£625).

We won­der if the seller of the no-re­serve, 1986 924S which was de­scribed as ‘re­quir­ing some light recom­mis­sion­ing’ was happy with the £1350 it sold for. How­ever, the sin­gle ven­dor of­fer­ing the two Ruf-mod­i­fied 911s would cer­tainly have had a dis­ap­point­ing Fri­day.

The 2002 Ruf Rturbo, the Ger­man tuner’s ex-press car and star of a Nür­bur­gring video, was ex­pected to go for be­tween £180,000 and £220,000, and the 1998 993 Turbo-based RUF BTR2 £150,000 to £200,000. Sil­ver­stone Auc­tions billed these as the cen­tre-piece of the Porsche sale, and a trio of Rufs ex­ceed­ing their es­ti­mates at 2018’s Peb­ble Beach sug­gested their prospects were good – but both went un­sold, and post-auc­tion the BTR2 was be­ing of­fered for £165,000 and the Rturbo at £229,500. An­other high-priced but over op­ti­misti­cally pitched Porsche was the rare 1963 four-cam 365C which ar­rived with a £550,000 to £650,000 es­ti­mate but was last seen dan­gling a £545,000 price tag.

So what was stuff in the “af­ford­able” bracket sell­ing for? Let’s call that £20,000 or there­abouts, and not sur­pris­ingly this was, if you ex­clude the £19,833 308 Su­per N trac­tor, ‘transaxle’ ter­ri­tory. An early, 1978 ex­am­ple of the V8 cruiser, the 928, made £14,440, to­wards the lower end of its es­ti­mate, while a 1994 968 Sport sold for £20,230.

How much longer good four-cylin­der wa­ter-cooled cars will re­main cheap is un­cer­tain, and a 1994 968 Club Sport with 61,000 miles made a de­cent £31,500. But Sea­ward told us there had clearly been some in­cor­rect “guid­ing” with re­spect to these and other mod­els. A one-owner 944 Turbo with 6300 miles did not sell at be­tween £40,000 and £50,000, and was be­ing of­fered post sale at £46,000, while a 1994 968 Club Sport – widely re­garded as the most col­lectable of the main­stream 924/944/968 fam­ily – and owned by a mo­tor­ing jour­nal­ist col­league of ours, failed to make its re­serve some­where be­tween £36,000 and £42,000. Post­sale it was of­fered for £39,675.

One par­tic­u­lar air-cooled 911, a 1986 “Turbo-look” Car­rera 3.2 looked a rel­a­tive bar­gain, £42,750 for a wide­bod­ied Car­rera a rock-bot­tom price (more on this in our Su­per Sport Buy­ers’ Guide else­where is this is­sue). But we con­sider the 996 Turbo among the best value 911s, es­pe­cially when com­pared to the 930 Turbo which can be two, three times the price. A 2002 911 Turbo, with the pre­ferred man­ual gearbox and power-en­hanc­ing X50 engine pack, and which showed a mere 55,000 miles and a ‘seam­less’ main­te­nance his­tory, sold for £37,083, which is the go­ing rate, in or out of auc­tion. But al­low us on this mag­a­zine a lit­tle self in­dul­gence when we name what we felt was the out­stand­ing bar­gain of this Porsche sale: a full set of 294 911 & Porsche World mag­a­zines, is­sue one to Au­gust 2018, un­der the ham­mer for £12! PW

An­nual Sil­ver­stone Auc­tions Porsche only sale saw a gen­eral soft­en­ing in the market

924S, £1350 944 Turbo, Buy now £ 46,000 964 RS, £151,875 993 Turbo S, 185,625 £229,500 Ruf Rturbo, Buy now

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