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Well, the first big auction week of 2018 is just behind us and overall, the market seems to be plugging along fine. Some records were set as usual.
This time, a noteworthy 1973 Porsche 911 T Targa sale at a stunning 313k US$ with Gooding. WOW! At the same time we have seen a 67S, a 356 Speedster and a 1976 3.0l Turbo selling considerably lighter than estimated.
While total sales for Gooding were up considerably ($15.8 mill) from 2017, the contrary is true for RM. Sales were down $ 17.3 mill. from their 2017 results. Please check this link to RM and Gooding results:
I have long maintained the notion that auctions are auctions and have their very own momentum. Obviously one or two multi- million dollar sales can swing the scale with big effect and paint a market picture this or that way. Most of those prices achieved at auctions never really trickle down to the real market on a daily basis.
In our experience with Porsche cars below 500k the market seems to be very selective. It is no longer the case, that everything that remotely says Porsche brings great money. I see numerous reasons for this. The market is still correcting down from what I call the frenzy years and most buyers are looking for the best quality at a reduced rate.
There is a certain over supply gathered up by dealers, mostly in Europe and to a lesser extend in the US, during the frenzy years which now comes to market and creates, generally speaking, a buyer’s market with hundreds and hundreds of Porsche 911s for sale. Many of these offerings however are of mediocre quality leaving the buyer who is looking for excellence on a difficult journey with few cars to be found.
The really good cars (original painters, low mile, rare models/colors) are not coming to market as frequently, as prices are softer than they were or at least stagnant.
Long hood S,E or T models are not selling as quick as they used to and most have trouble reaching the top prices of 2014/15. Only the very best sells.
The midyear cars (74-89) are becoming more popular but also.....they need to be absolutely fantastic to be selling. Hundreds of 911SC and 3.2 Carreras are remaining unsold inventory due to lack of quality or unrealistic prices!
Porsche 964 and 993 are gathering more and more interest. Again, quality being the most important factor.
Finally, I think a fair amount of money left the car markets and went back to a very healthy stock market for 15-20% returns without the cost of maintenance.
So the collector car market may be slowly coming back to the enthusiasts after many years of speculation and flipping. I like that! Many cool cars are still out there and as always, we at 2shores concentrate on the very best.
For the European buyer, we are back at a very favorable exchange rate of $1.20 + making the importation of a classic vehicle interesting.
Whether you are in selling or buying mode, 2shores stands ready to assist with honest market evaluations, a “no nonsense” approach and measurable results with over two decades of experience in the market.
I am looking forward to your contact: firstname.lastname@example.org, 530-268-4737
For our local friends in Northern California, please note we do offer storage on a weekly or monthly basis in our facility in Auburn! Come by and visit!