January Porsche Market Wrap-Up

January always kicks off the year with a number of great auctions from most of the major auction houses and it generally gives us a barometer as to what to expect for the remainder of the year. As it appears, the overall Porsche market seems to have stabilized with January’s sell-through rate coming in at 68%, right in range of what we saw through the final quarter of 2023. We did, however, see a bump in dollar and unit volume as compared to last January with $44,026,566 sold from the 592 Porsches offered.

Of those 592 Porsches offered, collectors had the opportunity to complete the “holy trinity” of hypercars as we saw a number of 959 Komforts, Carrera GTs, and 918 Spyders throughout the month. Of the seven examples of Porsche’s hypercars offered, only three managed to find homes. 

The 1987 959 Komfort offered at Mecum’s Kissimmee sale was a 15,000-mile example that hammered for $1,700,000, right on trend with other 959 sales we saw last year. On the other hand, the 2005 Carrera GT offered at Barrett-Jackson topped average sales prices selling for $1,700,000 as well. This was due to the car having just 3,500 miles and being finished in the rare, and much sought after, color combination of Fayence Yellow over Ascot Brown. The 918 Spyder, also auctioned by Barrett-Jackson, sold just below the market average at a final bid of $1,625,000. Failing to sell were two other Carrera GTs with high bids of $1,252,000 and $1,370,000 along with a 959 Komfort at $1,500,000 and a 918 Spyder at $1,650,000. 

Also at the top end of the market, we saw another sale of Porsche’s track-only 935/19, this time setting a new record at a final bid of $1,626,000. We also saw a 911 Reimagined by Singer return to the million dollar club for the first time since August of last year, with a Namibia Yellow over Bone White leather example sporting an Ed Pink-built 4.0-liter hammering down at $1,025,000. But that wasn’t the most impressive modified Porsche on the market last month. That honor goes to a 1957 356A built by Rod Emory of Emory Motorsports. This Light Ivory over Green Vine leather “Emory Outlaw” features a 2.6-liter Emory-Rothsport “Outlaw-4” engine reported to produce 260 hp and sold at a final bid of $675,000. 

The overall 356 market looked strong bringing in a total dollar volume just over $3m with a 75% sell-through rate. Aside from the Emory Outlaw, Speedsters and Cabriolets dominated the top 5 spots with a beautiful Black on Black matching-numbers 1958 356A Speedster selling for $315,000 followed by 1958 356A Cabriolet finished in Ruby Red with a Black hard top selling for $292,000. While the Speedster looked to be quite the deal, the Cabriolet sold well above comps thanks to its known history and great presentation at auction. Of the cars that failed to sell, I was surprised to see this 1962 356B Carrera 2 GS on the list. Having just been restored, it was in absolutely pristine condition and only showed a handful of miles on the odometer since restoration. It failed to sell at a final bid of $300,000, quite a ways off of what it would take to bring it home. The lack of interest was most likely due to the auction venue of choice and would most likely have brought all the money at a legacy auction or top online auction house. 

Another surprise from January was the fact that 914/6s continued to struggle. Out of the five cars on offer, only two found new homes, both selling under the $100,000 mark at $90,000 and $80,000. Two other standard 914/6s failed to sell at final bids of $83,500 and $110,000, the latter of which should have taken the bid in this market. Also failing to sell was a 1971 914/6 built by Brumos racing in the ‘90s for a customer racing program in the HSR series. It failed to sell at a high bid of $110,000. 

While 914/6s slid, one market that has been on fire over the last few months is the 993 Targa market with it’s pricing trend line almost pointing straight up. Prices have gone from an average of $90,000 at the beginning of last year to over $120,000 today with three examples selling for $115,000, $164,000, and an impressive $180,000, which set a new five-year record for the model. That 1996 993 Targa 6-speed was a special one though, as it was customized by Jason Castiota, famed automotive designer whose work includes the Ferrari 599, Maserati’s GranTurismo, and the one-off Ferrari P4/5 by Pininfarina. This one-of-a-king example was finished in a Dark Brown Metallic with a gold rear Targa badge, gold-colored brake calipers, a Turbo front bumper, and a split-grille rear decklid borrowed from a 993 Carrera 2S. On the inside, the car featured a custom handcrafted interior appointed with classic beige German square weave carpeting and a combination of chocolate brown and ivory leather upholstery. An absolutely stunning example for sure. 

Based on January’s numbers, I’d say that the overall Porsche market has stabilized and expect to see it continue into the spring. Although some models appear to be softening, I think it's more a case of them coming back down to reality after the insanity we saw in 2022. Our next batch of major auctions aren’t until early March with the Amelia Island sales, so February will give us a good look at how the online auction houses are performing on their own. Until then.

TOGETHER WITH PORSCHE SALT LAKE CITY

There are many Porsche Centers here in the US, and then there are PORSCHE Centers. Those who have a deep-rooted passion for the history of the marque that shows through everything they do, especially their choice of inventory. And Porsche Salt Lake City is one such PORSCHE Center. Serving the Salt Lake Valley since 1958 as one of the first Porsche dealers in the United States, a quick browse of their inventory lets one know just how dedicated to the brand this group of Porsche enthusiasts is.

Take for example this 1993 964 Carrera RS 3.8. Produced as the base to homologate Porsche’s legendary 3.8 RSR race car, the Carrera RS 3.8 was the ultimate evolution of the standard RS as it shed around 600 lbs of weight while increasing horsepower to 300 for a most visceral driving experience. And with only 55 units produced, you’ll be hard-pressed to find another for sale on the showroom floor of another Porsche Center.

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