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Amelia Island 2020 Auction Recap

 

PORS9 Amelia Island 2020 Auction Recap

Results May Vary Depending Upon What Week It Is!

 

Amelia this year was a week too late … but it was also a week early enough. A week earlier would have seen only a modest market correction with bounce back and some early pandemic worries. A week later may have been a disaster as we now have COVID-19 spread, recession fears and a global oil price war. There certainly was impact at Amelia we observed in two ways. First, of the reserve cars that we track for 2nd Hammer around 85% were sold (usually its around 50%)- but most at prices that were 10% -20% below low estimate. Sellers had a conviction … they wanted out. Second, seems there were plenty of hotel rooms available. ‘Sold out’ was not heard this year.

Mostly things went as we thought they might under the circumstances. In addition to the elephant in the room the car market is soft, auctions have been soft and Porsches only do ok at Amelia in the first place. Taking all that into account there were a few surprises … not all on the upside.

 

Auction Preview RM Sotheby’s

Lot 129 – 1987 959 Komfort – 5,822 M – Silver Grey – Estimate $1m – $1.25m – Reserve.

What we said: For some time it’s been clear that the 959K is a $1m+ car … being no longer original … with reserve off a $850k hammer is possible.

Hammer price: $950k ($1.05m all-in)

Our take: Seems some things have not changed and we should have stuck with our own axiom – a 959 K is $1m+ car. We thought things might be soft at Amelia combined with the fact that a modified example should be less prized and lower priced. This car probably did what it should have … if we hadn’t over thought it.

 
 

Lot 140 – 2004 Carrera GT – 766 M – GT Silver Metallic/Dark Grey – Estimate $750k – $800k – No Reserve.

What we said: … seems the right car for someone who does not want to drive it much. No reserve makes it quite interesting. A $725k hammer would place it around retail market all-in.

Hammer price: $710k ($786k all-in)

Our take: An exact price repeat of the 2005 Carrera GT – 2,540 M – Black/Dark Grey at Scottsdale. Maybe GT Silver and/or 2004 takes a small discount in the form of lower miles for the same price? The CGT is still one of the few water cooled models that has been holding value.

View this car’s build spec here.

 

Lot 150 – 1992 964 RS 3.6 – 10,887 KM – Grand Prix White/Black – Estimate $300k – $375k – Reserve.

What we said: This model is one built in relatively high numbers that we didn’t get here … which makes it less interesting for many. Appears an excellent example … but that is what it will take to get a $255k hammer if the reserve is off.

Hammer price: $270k No Sale

Our take: The high bid plus commission is probably over retail. But it is always the seller’s prerogative to keep the car for another day.

 

Lot 152 – 2019 991 GT2 RS Weissach – 35 M – Carrara White/Black – Estimate $375k – $425k – Reserve.

What we said: Our upcoming February market update will show 91 991 GT2 RS for sale in the most recent 90 day cycle ending February 29. $333k MSRP makes this at best a $333k car all-in. $295k hammer … but more probably no sale.

Hammer price: $310k No Sale

Our take: Seems like a long time ago now when these were selling for $100k+ over MSRP. That was irrational exuberance. Something Porsche tried to kill off by producing as many of this model as the market would absorb. Prices should be expected to continue to fall.

View this car’s build spec here.

 

Lot 155 – 2019 991 GT2 RS Clubsport – 315 KM – White/Black – Estimate $360k – $400k – Reserve.

What we said: New with spare parts kit they are $540k plus tax. Not a cheap track day car for sure. With an estimate designed to pull in buyers … a nice discount to cost may be at hand. A $405K hammer may be all this can achieve.

Hammer price: $475k ($529.5k all-in)

Our take: This result is a little puzzling. We normally don’t guesstimate non street cars. And we missed on this one. That said, we were trying to get interest in a similar example for less money all-in and there was no real interest. So why someone would pay more for a car that a year from now – even if never driven – will certainly be worth a lot less? It’s a mystery. Since buying this car is not so much about future value …. just a wild thought: buy a 991 GT2 RS street car, strip it, track ready it for $50k, produce the same lap times as this ‘enhanced’ (per Porsche’s marketing literature) ‘race’ car and have $200k left over to buy a nice motorcoach and trailer to haul it all around.

 
 

Auction Preview Gooding & Co.

Lot 025 – 1996 993 Carrera RS – 23,000 KM – Speed Yellow /Black/Grey – Estimate $350k to $400k – Reserve.

What we said: This example hammered for $350k at the Porsche 70th Anniversary auction in Atlanta in 2018 … there was not a lot of interest for it then. Pulling the reserve may get this off the runway at a $325k hammer.

Hammer price: $325k ($362.5k all-in)

Our take: Seems like a nice 993 RS is still in demand but not at an unreasonable price. These have gone down like everything else. Speculation brought many of these in from Europe and Japan starting in 2015 (under show and display) but those days are over. We probably won’t see that many additional examples coming in for a while even though they will be check box imports.

 

Lot 062 – 2011 997 GT3 RS 4.0 – 96 M – Black/Black – Estimate $700k to $800k – No Reserve.

What we said: This example of the pinnacle 997 model seems to check all the collector boxes. Question is … a record setter at auction? We think so but at around a $670k hammer.

Hammer price: $560k Hammer ($621k all-in)

Our take: The best cars bring the best money … hmm? Maybe the 997 is not iconic enough yet. Maybe today’s collector wants a car they can drive not put on the display shelf. Maybe circumstances couldn’t draw the world’s hungriest buyers. Certainly, the seller made a bold and brave gambit to off this car with no reserve on a very high estimate range. But the payoff didn’t show and the result was certainly disappointing. Our estimate proved far too optimistic. When what may be the world’s best example of the pinnacle 997 can’t make a dent in the the prior record … you have to wonder.

View this car’s build spec here.

 

Lot 082 – 2019 991 Turbo S Exclusive – 23 M – Golden Yellow Metallic /Black – Estimate $275k to $325k – Reserve.

What we said: Our upcoming market update will show no less than 29 of this model (6 coupe and 23 cabriolet) on the market right now. Like the 991 GT2 RS this really isn’t a live auction car at this point. With reserve off this is a $245k hammer otherwise no sale.

Hammer price: $235k No Sale

Our take: When it’s all said and done it may be that this model will be seen as much more than just a marketing exercise. And not just any marketing exercise … a Porsche marketing exercise. One which combines the best of their favorite, but same old, tricks. Up the power marginally with a ‘power kit’. Build it at Exclusive with a load of unique standard features. Make it a limited series (700 units). Offer it first to VIP’s. And last but not least … compare it to an icon – in this case the 1992 964 Turbo S Leichtbau. Only time will tell if that’s good enough .. but in the meantime it’s probably not a car worth speculating in.

View this car’s build spec here.

 



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