Are We Past Peak SWB 911?

Good Morning! Although our dollar volume inched closer to $1m thanks to two cars in particular, the sell-through rate remained low for the day cracking the 50% mark by just one unit. The back half of June isn’t looking so good now.

THE MARKET

Sell-Through Rate (STR): 52%
Market Volume ($): $841,351
Market Volume (Units): 21

TOP SALES

1992 Porsche 911 Carrera RS Clubsport $300,000 Bring a Trailer
2002 Porsche 911 GT2 $182,000 Bring a Trailer
1965 Porsche 356C Karmann Coupe $95,000 PCARMARKET
1988 Porsche 911 Coupe G50 $70,000 Bring a Trailer
2008 Porsche 911 Targa 4 $40,000 PCARMARKET

SPOTLIGHT

In 1967, Porsche added 30 more horsepower and Weber carburetors to the more powerful version of its newly developed 911 line with the 160 hp 911S. Another first for the S? The distinctive 5-leaf design Fuchs alloy wheels. With only 1,492 SWB 911S Coupes produced over a three-year run, the S commands a premium when compared to other variants of the earliest 911s.

That premium has waned over the last year as SWB S’ have softened. Last summer S’ sold for an average of just over $300,000 with a peak of $335,000 for an example that sold at RM Sotheby’s Pebble Beach auction. Since then we haven’t seen an S cross the $300,000 mark with a high sale being only $205,000.

The 1967 911S pictured above is a beautiful numbers-matching example finished in its original Light Ivory paint over Black leather. The car was purchased by the seller in 2018 and subsequently went through a mechanical refurbishment that included a bump up to 2.2 liters. This time capsule took second place in the preservation class at the 2023 Arizona Concours d’Elegance earlier this year prior to its listing on Bring a Trailer.

Unfortunately, the high bid of $215,000 wasn’t taking this car home today. Although it may not have sold for the highs we saw last summer, I would like to think that a preservation car such as this would have brought S’ back over the $300k mark. Is it time to adjust our expectations for the early 911 market?

To read the FULL Stuttgart Market Letter, with Noteworthy Sales (and No Sales), New Listings, and a full rundown of every Porsche sold today, subscribe below.