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Pebble Beach 2017 Recap


Thanks to Everyone Who Visited us at Porsche Werks Reunion!


Pebble Beach Auctions 2017
Over Optimism and Soft Prices
Good News for Buyers

The market remains soft and those who believe it is getting softer won this round. Overall auction totals were down and more cars than usual remained unsold.

It seems that auction houses battled to get the business of sellers by agreeing to overly optimistic estimate ranges. But buyers were not playing. There were many no sales, below low estimate accepted offers and a few shining stars. Some sellers gave in and moved on accepting best price, surely many were disappointed. Buyers were patient and even somewhat disinterested. Maybe the US stock market is just too good of a bubble to leave at the moment so why not wait it out for better car prices while counting your paper profits?

Here are the results and our comments. All prices are before commission.

RM Auctions

  • 1992 964 Carrera RS
    • Polar Silver Metallic with Black/Grey
    • Sold $250,000
    • Est. $325,000 – $375,000
    • Comment: Auction house allowed way too high an estimate. Obviously seller wanted out of this car. This is in line with EU prices.
    • Original Comment: If this car can command this kind of price given true market prices in the EU then its time to start importing these by the dozens! Since they can be imported to the US quite easily now prices should drop. There is a reason it is offered without reserve – the owner wants out.
  • 1995 993 Carrera RS Clubsport
    • Speed Yellow with Black Cloth
    • Sold $370,000
    • Est. $400,000 – $500,000
    • Comment: Seems a reasonable price for both parties. Saves buyer the cost and trouble of locating, buying and importing. Again estimate was way too optimistic.
    • Original Comment: Same as with the 964 3.6 RS – if this car can command this kind of price given true market prices in the EU then its time to start importing these by the dozens! Since they can be imported to the US quite easily now prices should drop. There is a reason it is offered without reserve – the owner wants out.
  • 1997 993 3.8 RSR
    • Guards Red
    • Sold $325,000
    • Est. $500,000 – $600,000
    • Comment: This car was long over due to sell and the buyer got a 993 RSR for the price of an 993 RS. Its a used race car (albeit a rare one) but seems a good buy at this price. Auction house estimate made no sense given this car did not sell at a time when the market overall was much stronger. Seller wanted out.
    • Original Comment: Its hard to sell 993 RSR’s despite their rarity – and as a race car with no claim to fame this one is less interesting than others that are either barely used or which have some notable race wins. This car was a no sale at Amelia Island in 2017 with a high bid of $525,000. I doubt if it will command that price here as the market is softer now. It seems to be a theme at RM this year and a recognition that the market is soft – this car is offered without reserve.
  • 1995 993 GT2
    • Grand Prix White with Black/Blue
    • Pulled from auction
    • Est. $1,100,000 – $1,400,000
    • Comment: Hard to know what happened here. Estimate was high.
    • Original Comment: The 993 GT2 market is hot – but they can be easily imported into the US and the US market is softer than in the past. We saw this car when it was offered in Japan – it was a sketchy deal with rumors that car had been used in a scam to fleece prospective buyers having been ‘sold’ multiple times and yet never delivered. I can see low estimate but not high estimate for this example, which has been around a bit.
  • 2011 GT3 RS 4.0
    • Carrara White with Black/Red
    • Sold $380,000
    • Est. $425,000 – $525,000
    • Comment: If there was one model we clearly misestimated this year compared to where this model was not too long ago it certainly was the RS 4.0. The bloom has come off this rose. Maybe a bellweather for all Porsche millennial GT cars? Seems it was a bargain after all.
    • Original Comment: Price for the limited edition 997 RS 4.0 have held up well – even excelled. Even given the mileage on this example it is well optioned and a buy at low estimate could prove a veritable bargain. High estimate is not inconceivable for this RS.
  • 1997 993 Turbo S
    • Guards Red with Black
    • Sold $327,500
    • Est. $375,000 – $450,000
    • Comment: The 993 Turbo S was never really a collector favorite so it may be the bellweather for 90’s air cooled prices. When these collapse, with a few exceptions, the rest are due to follow. Seller wanted out.
    • Original Comment: It seems no low production air cooled Porsche has fallen more in value from its peak than the 993 Turbo S. And Guards Red is currently out of favor across the Porsche marketplace it seems. With 5 owners this car may not see low estimate – and the owner wants out as it is offered without reserve so low ball bidders may prevail.
  • 2015 918 Spyder – Base
    • Basalt Black with Leather Interior Onyx Black with Acid Green Piping
    • Sold $1,675,000
    • Est. $1,200,000 – $1,600,000
    • Comment: Well sold. Market correct. Rare color. We predicted some softness in these which has not materialized. This was one of this year’s shining stars selling a bit over high estimate – of course this was a year when selling a bit over high estimate makes you a shining star!
    • Original Comment: Last year there seemed a lot of 918’s offered … but this appears the only one this year. This car is fairly offered and will probably sell mid estimate.

Gooding Auctions

  • 1994 Turbo S Flachbau
    • Grand Prix White with Black
    • Sold $650,000
    • Est. $700,000 – $900,000
    • Comment: Given this car’s history I am very very pleased with this result – I thought it would not sell. It tells me that these very rare cars are clearly becoming recognized as such. Auction house estimate range was very optimistic but that said it may have pulled the winning bid up.
    • Original Comment: Given my personal affiliation with the Turbo S Flachbau I would really like to see this car do well – it is a very rare car. Unfortunately I saw this car when it was on offer in Japan in 2014 and it had very poorly done accident repair. I would be over the moon if this car sold at low estimate – but the range is too high so I am afraid I don’t see this one selling.
  • 2008 997 GT3 RS 3.6
    • Carrara White with Black
    • No Sale – asking $250,000
    • Est. $275,000 – $325,000
    • Comment: Not much to say except the estimate range was optimistic. Market is not there to command $275,000.
    • Original Comment: GT3 RS true Mezger engined 3.6’s are still a great value and this one is nicely optioned. But these cars don’t sell for much over $225,000 these days even in the highly desireable Green livery. The seller should be happy with low estimate.
  • 2011 997 GT3 RS 3.8
    • Paint to Sample RS Green with Black
    • No Sale – asking $375,000
    • Est. $475,000 – $525,000
    • Comment: This car was one of those cars that could have gone either way and was hard to predict. If there were just the right buyers willing to compete … but seems no one was willing to pay up for a rare PTS color museum quality RS 3.8. Maybe buyers of these cars want drivers, maybe Green is out, maybe no 3.8 RS will ever command RS 4.0 prices (which have dropped themselves) … either way the asking price being reduced to $375,000 indicates that the auction house was way off on the estimate.
    • Original Comment: This is one of those cars that seems over priced at first glance but considering its PTS color and rarity, delivery mileage and a good selection of options it may very well hit or exceed its high estimate. There are not so many out there like this one. This is one of the more interesting auction cars this year in terms of predictability (or lack thereof).
  • 2011 997 GT3 RS 4.0
    • Black with Black/Red
    • Sold $370,000
    • Est. $525,000 – $575,000
    • Comment: Again the RS 4.0 bloom is clearly off. These cars are now becoming much more price accessible. Auction house was way off – I thought it might sell for something under low estimate – but the actual sale price is a something of a shock and a serious market indicator.
    • Original Comment: The RS 4.0 is one of the most in demand limited series Porsche’s there is no doubt. This one is mid range mileage for an RS 4.0 but has a nice color combination and option package. It could easily land in its mid range estimate given the current market.
  • 1988 959 Komfort
    • Silver with Grey
    • Sold $960,000
    • Est. $1,200,000 – $1,400,000
    • Comment: I thought this car would sell for something more than this price but 959K prices have been going down for some time. It seems that buyers are winning the battle on pricing and sellers who want out for a profit are taking the last trains out of town.
    • Comment: The 959 Komfort model is a poster child for the battle between those that believe that prices for pre millennial collectible Porsches are still too high and will continue to fall and those that believe that they are now too low. It parallels the market for the Ferrari F40 in this regard. There are enough 959 Komforts available on the market with similar or lesser KM that I cannot see this car hitting its high estimate. But it appears fully sorted so I think it very well may sell.
  • 1993 964 3.8 RSR
    • Race livery
    • Sold $860,000
    • Est. $900,000 – $1,100,000
    • Comment: The right buyer got a very a rare car with some real race history. I think at this price the seller actually did well.
    • Original Comment: This is a hard car to evaluate. It has good race history – but in IMSA which most have forgotten. It has a spares package (parts are hard to find) – but a lot of wear. It is a rare Porsche indeed – but not on many people’s radar. It will take just the right buyer for this car to sell.
  • 1997 993 Turbo S
    • Arctic Silver with Black
    • Sold $350,000
    • Est. $400,000 – $500,000
    • Comment: Given its lack of originality and the softness of the 993 Turbo S market I actually think the seller did well on this car.
    • Original Comment: As previously stated it seems no low production air cooled Porsche has fallen more in value from its peak than the 993 Turbo S. It is not clear that the ANDIAL upgrade was to the M64/60S (450HP) or M64/60 SL spec (430HP) – it would seem the former to make the exercise worthwhile. It is also not clear what else is no longer original (eg. the ROW front bumper) on the car. But no matter, I do not see this car selling at low estimate.
Mecum Auctions – we did not preview Mecum

  • 1995 993RS
    • No Sale @ $400,000
    • Est. $500,000 – $600,000
    • Comment: 993 RS are over priced. Seller should have taken $400k … unless that’s what they are in it for and can sit for awhile.
  • 2008 GT3 RS
    • No Sale @ $230,000
    • Est. $250,000 – $275,000
    • Comment: $230,000 is high market for this car. Seller should have taken this price.
  • 1995 993 GT2
    • No Sale @ $1,300,000
    • Est. $1,600,000 – $1,900,000
    • Comment: Estimate was too high for this GT2. High bid was a good price for both buyer and seller. I think the seller will watch market prices go down on these.
  • 2012 918 Spyder Turbo S Cabriolet
    • Sold $180,000
    • Est. $150,000 – $200,000
    • Comment: Interesting marketing department car connected to the history of the initially poorly selling 918 Hybrid. 1 of 18 cabriolets and 54 total built for North America. With only 260 miles. Seems this could be a sleeper as a collector’s item.
  • 2016 911R
    • No Sale @ $425,000
    • Est. $450,000 – $500,000
    • Comment: 911R prices have been dropping. This is probably a $400,000 car at the moment. Seller should have let it go as prices are not going up any time soon as more of 911R’s come off the VIP program resale restriction list.
  • 2011 GT2 RS
    • No Sale @ $375,000
    • Est. $450,000 – $500,000
    • Comment: Estimate was last year’s price for a car with lower miles than this one (7,500). As with all else prices have come off for these. Still one of the most under valued collectibles in my opinion. High bid was probably about right.
  • 1994 Turbo S Package
    • No Sale @ $800,000
    • Est. $1,150,000 – $1,300,000
    • Comment: High bid is same price at which this car could have been bought prior to the Paris 2017 auction. The Package car that sold at RM Paris did well (€907k) but not as well as the overly optimistic estimate range would indicate – and this car has been publicly for sale at the low estimate since Paris. With that back drop its hard to believe it would have done better here.
  • 2004 Carrera GT
    • Sold $985,000
    • Est. $1,100,000 – $1,250,000
    • Comment: 25 mile car sold for a very very good price. Estimate was extremely unrealistic as low miles was its only claim to having more value than its typical $650,000 cousin. Someone wanted a museum piece.
  • 2011 Speedster
    • Sold $340,000
    • Est. $350,000 – $400,000
    • Comment: Prices for Speedster are actually up in this market. A limited edition car produced at lower numbers than any other numbered Porsche offered in North America in the last two decades (356 total worldwide).
  • 2005 Carrera GT
    • No Sale @ $575,000
    • Est. $700,000 – $800,000
    • Comment: High bid is market correct. Generally speaking a 4,900 mile CGT is not a $700,000 car anymore.
  • 1988 959 Komfort
    • Sold $950,000
    • Est. $1,200,000 – $1,400,000
    • Comment: Nice color in Graphite Grey but with almost 22k KM this was a good price for the seller and probably the reason they got off the car.


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