Porsche like gold, perhaps even better... And RM Sotheby’s is savouring the success

Cliff Goodall’s view

The collection of all-white Porsches received “pharaonic” estimates, leading RM Sotheby’s to dedicate an entire auction to it in Houston. A mistake? Far from it, the auction was a resounding success! With 55 out of 56 cars sold (98.21%) it netted $29,056,420 in sales, surpassing the total estimated value of $27,750,000. It’s worth mentioning that not all cars were offered without reserve. OK, 46 were (82.14%), but impressively, 9 out of 10 cars with reserve were sold.

RM Sotheby’s The White Collection, 2nd December 2023 But while the average price of $528,299 for the 55 Porsches seems like an insane figure, it only took a week to reconsider. On 8th December, Sotheby’s held a boutique sale at its New York headquarters featuring just 16 lots (3 without reserve), each with an average value exceeding $1,000,000. Given the holiday season and the lack of major events (with few cars offered without reserve), achieving a 75% sales rate and a total turnover of $13,502,200, with an average price of $1,125,183, was a remarkable result.

RM Sotheby’s New York, 8th December 2023 Let’s start with The White Collection and explore it in detail.

The first item was a curiosity: how likely is it that two examples of the same model, produced in just two units, would appear at auctions within 10 days of each other at opposite sides of the globe? Well, that’s exactly what happened with the 1993 Porsche 911 3.8 Carrera RSR ‘Strassenversion’. Just a couple of weeks ago, I discussed the other example sold by Bonhams in Abu Dhabi. The Middle Eastern one had 20 km on the clock, while this one had 70 km. That one was blue, this one white. The estimate for that one was $2m-$2.5m, and this one... the same. That one sold for $2.127.500, this one for $2.073.000. Intriguing.

1993 Porsche 911 Carrera RSR 3.8 sold for $2,073,000 (€1,925,575)

Did any of the white cars set records? Let’s begin with three ‘near records’. The most budget-friendly was a 1988 911 Carrera Club Sport, with 5,928 miles on the clock. Obviously in perfect condition, but even so wasn’t the estimate of $375,000-$425,000 a little high? Well, for a couple of bidders, it wasn’t, as it sold for $434,000, just shy of the record.

1988 Porsche 911 Carrera Club Sport sold for $434,000 (€403,150)

Then there was the 1973 Porsche 911 2.7 Carrera RS, both in Touring and Lightweight versions. They were easy to tell apart: both were white, but the Touring version had a blue stripe, while the rare (and expensive) Lightweight had a red one. The more affordable one had an asking price of $900,000-$1.2m, while the pricier one was tagged at $1.75m-$2m - this one with a reserve. Both were sold, the first for $989,500 and the second for $1.875m, both ‘near records’ (the second most expensive of their kind ever sold).

1973 Porsche 911 Carrera RS 2.7 Lightweight sold for $1,875,000 (€1,741,650)

But there were indeed true records set. Take the 1997 993 GT2, for example. White (of course) and with 15,228 km on the clock. Prices for these models have been stable between $1.1m and $1.5m for what seems like an eternity, while this one (with significantly more mileage than the usual 8-10,000 km) had an ambitious estimate of $2m-$2.2m. Sold for $2.397.5m.

1997 Porsche 911 GT2 sold for $2,397,500 (€2,227,000)

Then came the 1987 928 S4. Not the most sought-after model, but still contested. This one, in white over crimson leather interior with 12,285 miles showing on the odometer, had a surprisingly high estimate: who would pay $100,000-$140,000 when the current record is below $60,000? Well, it went for $112,000.

1987 Porsche 928 S4 sold for $112,000 (€104,000)

And let’s not forget the 1987 944 Turbo Cup. This car, with 19,635 miles, two previous owners, and being one of only 11 made for the SCCA, beat the previous record of $89,600 by selling for $162,400 (the estimate was $140,000-$180,000).

1987 Porsche 944 Turbo Cup sold for $162,400 (€150,850)

And the 997 series... four models set new records for their respective variants!!! I wasn’t too surprised when a 2011 GT3 RS 3.8 with just 490 miles reached $412,000. But I started to sense something big when a 997 Speedster with only 275 miles on the clock changed hands for $428,500.

2011 Porsche 911 GT3 RS sold for $412,000 (€382,700)

My excitement peaked when the 2019 GT2 RS smashed past the $1,000,000 mark, selling for $1,106,000. This one-off model, with $344,000 in extras and just 15 miles from new, shattered the previous record by over $250,000. But the real shock came when the hammer fell for the 2016 911R at $1,105,000 (well above its $700,000-$800,000 estimate), surpassing the previous record by 40%.

2016 Porsche 911 R sold for $1,105,000 (€1,026,415)

Are seven records not enough for you? Well, I’ve saved the most spectacular one for last! The 2015 Porsche 918 'Weissach' Spyder, finished in paint-to-sample Grand Prix white with $96,000 in unique accessories (an original price of $1,028,000) and only 12 miles on the clock. The current record is just shy of $2,000,000 ($1,980,000 to be precise), but in this euphoria, the $2.5m-$3m range seemed possible. Sold for $3,937,500, nearly double the current record. Incredible.

2015 Porsche 918 "Weissach" Spyder sold for $3,937,500 (€3,657,485)

Turning our attention to Sotheby’s in New York, the top lot was a 1953 Fiat 8V Supersonic by Ghia. Described in the catalogue as the most stunningly presented example of the fourteen 8V Supersonics produced, it had been in the hands of the world’s most renowned Fiat 8V collector since 2001. This crown jewel of his collection had not been publicly displayed since the 1960s (which means a “ticket” to any concours d’elegance contest around the globe) and was estimated at $2.1m-$2.6m. It sold for $2.425m, but that pales in comparison to the $3.9m paid for another example in August. Was this a previous market spike, or was it simply a savvy purchase? The allure of 1950s cars seems to be waning, but a loss of one and a half million in just four months is quite steep. I can’t wait for another to hit the market.

1953 Fiat 8V Supersonic by Ghia sold for $2,425,000 (€2,252,550)

Shifting focus to a cinematic piece, in the film “The Wolf of Wall Street” starring Leonardo DiCaprio, two 1989 Lamborghini Countach 25th Anniversary editions in white were used. The first was used for most of the filming and ended up quite battered, while the other was in pristine condition. Both had the same estimate of $1.5m-$2m. The “battered” one, offered by Bonhams in Abu Dhabi, had a rejected bid of $1.3m and was withdrawn. However, Sotheby’s in New York managed to auction theirs off for $1.655m. Not too surprising, considering its proximity to Wall Street and the prestige of the renowned English auction house’s American branch.

1989 Lamborghini Countach 25th Anniversary Featured in “The Wolf of Wall Street” sold for $1,655,000 (€1,537,300)

Speaking of millions, the $1.985m paid for the 918 Spider sold in New York might seem relatively modest when compared to the $3.937.5m achieved in Houston (though until a few days ago, it would have set a world record). This particular model, resplendent in Miami Blue with 1,844 miles on the clock wasn’t equipped with the 'Weissach' package like the other one and was estimated at $1.9m-$2.2m... Let’s keep our eyes peeled!

2015 Porsche 918 Spyder sold for $1,985,000 (€1,843,850)