RM Sotheby’s: Sotheby’s: two Porsche extravaganzas

Cliff Goodall’s view

The “Carrera Collection”, and the name says it all. A collection (mainly) of Porsches was the event of summer 2023 for RM Europe, and to maximize profits, they decided to organize a double sale, a clever move indeed.

One was held in Lagenthal within the Swiss Confederation, while the other occurred in Milan, at the Italian branch of Sotheby’s, less than a week later (on the 7th and 12th of July, respectively). The strategic division of the lots added to the allure: the Swiss auction exclusively featured Swiss-registered cars, whereas the Italian auction showcased vehicles registered in the European Union.

Thanks to the “without reserve” policy, 100% of the cars changed hands (53 in Switzerland, 27 in Italy), but even the most optimistic estimates were shattered: the first sale was expected to fetch CHF 7,410,000, but it closed at CHF 10,450,075 (41% more), while the second auction’s pre-sale estimates put takings at €3,160,000, but the total reached €4,187,850 (+32.50%).

The average prices of the two similar sales were CHF 197,171 and €155,106 respectively. With as many as 63 Porsches on offer, from the early 356 to the latest 911, the top lot could only be the most iconic of the 911s: the 1973 2.7 Carrera RS. However, we didn’t just see one “ducktail” but two. The orange one was one of the first 500 units (more desirable than the later ones) but in less exciting condition than the yellow one, one of the last to be built (number 1062 out of 1360) with matching-numbers chassis, engine and, gearbox matching engine and presented in its factory-correct colour. The estimates reflected the conditions: CHF 350,000-400,000 for the older model and CHF 400,000-450,000 for the more recent one. The good news is that both went beyond their estimates, reaching CHF 421,250 and CHF 483,125 respectively. A few weeks ago, another one was sold in Switzerland for CHF 316,250, the lowest price in the last 5 years. False alarm, apparently.

1973 Porsche 911 Carrera RS 2.7 Touring sold for CHF483,125 ($557,950)

Another car that made headlines was undoubtedly the 2016 Porsche 911 R. Limited to just 991 units, all were sold before the conclusion of the Geneva Motor Show where it was first presented. Initially priced at around €200,000-€250,000, the demand far exceeded supply, and by the year-end, its value had already risen to over €650,000. With the introduction of the GT3 Touring, the prices eventually dropped to €250,000-€300,000. However, with the conclusion of the pandemic, prices surged again, first €300,000-€350,000 and then €400,000-€500,000. The auction in Switzerland featured a 911 R with just 199 km on the clock, but it stopped at CHF 325,625. Nonetheless, it remains the second most affordable 911 R sold in the past 3 years.

2016 Porsche 911 R sold for CHF325,625 ($376,065)

Among the best deals of the day was certainly the 1995 Porsche 911 GT2 R. The car had an incredibly troubled history, I admit. It was also an R, not a road version, and it went for well below the already very conservative estimate of 350,000-450,000 CHF. At just 235,625 CHF, it was a real bargain. Because let’s face it: the R can’t be used on the road, but even so would you leave the regular version, which goes for around 2 million, in a garage?

1995 Porsche 911 GT2 R sold for CHF235,625 ($272,125)

One car I would confidently bet on as a sure investment is the 2000 Porsche 996 GT3. The silver model on sale with 30,000 km on the clock had an estimate that would make any enthusiast’s eyes sparkle: CHF 50,000-75,000. Sold for CHF 74,500 - an absolute steal. It’s safe to say that in a few years, its price will reach six figures and I doubt it will start with a “1”.

2000 Porsche 911 GT3 sold for CHF74,750 ($86,325)

Two other sales of the same model in the auction included a 2004 GT3 RS with 35,600 km on the clock, sold for CHF 189,750, and another 2004 GT3 RS with 25,000 km under its belt, which went for CHF 224,250. However, it’s worth mentioning that the first version (often referred to by enthusiasts as “996.1” or 996 Mk1) didn’t possess the sharper RS features.

2004 Porsche 911 GT3 RS sold for CHF224,250 ($258,985)

From Switzerland to Milan: Here too, the 911 dominated, or rather, two tied for the top spot. On one side, the 2010 Porsche 911 GT2 RS from the 997 series, and on the other, a 1997 Porsche 911 Turbo S from the 993 series. The characteristics of each? The more recent one had covered just 7,500 km and was the 184th out of 500 produced.

2010 Porsche 911 GT2 RS sold for €421,250 ($468,650)

Of the 336 993 Turbo S produced, this one was one of the few intended for the press fleet and was autographed by Walter Rohrl (though I’m not sure how much this added to its value). In their respective eras, they were the pinnacle of what a Porsche customer could ask for, and despite significantly differing estimates (€240,000-€280,000 for the GT2 RS and €300,000-€400,000 for the Turbo S), the price was the same: €421,250. Both above the estimate.

1997 Porsche 911 Turbo S sold for €421,250 ($468,650)

The third position on the list belonged to one of the most interesting cars. We’re talking about the 1959 Porsche 356 Carrera 1600GT Coupé, which participated in the Pontedecimo-Giovi hill climb that same year. I won’t go into the details of the car, but let’s talk about its sale. Estimated at €400,000-€500,000, it changed hands for €353,750. In its heyday, it was the most one could ask for, and until about ten years ago, these cars were considered the ultimate road-going Porsches for collectors.

One last noteworthy point is that around half of the 356 models were sold below their minimum estimates, and it soon became clear that the estimates were relatively conservative.

1959 Porsche 356 A Carrera 1600 GT Coupé sold for €353,750 ($393,545)