1970 911S - how much does provenance contribute to value?

[mhackney]

Hello all, I am the 4th owner of a numbers-matching Light Ivory on Black 1970 911S (purchased in 2002). The previous 3 owners are documented with names and addresses, selling price and date of purchase. Here is the ownership history without the names:

1. 1970 - 1997
2. 1997 - 2000
3. 2000 - 2002
4. 2002 - present, me

Provenance is a 3 ring binder documenting the complete history of the car from the original 1970 Porsche Sales Brochure, the original window sticker, bill of sale, receipts for all work and parts through 1998, and other documentation. I've continued the tradition from 2002 - present. The binder alone is a fascinating walk through the life of this car! For example, the original owner considered adding after-market air conditioning at one point and then had better sense! He also weighed options between a complete engine rebuild in 1990 versus purchasing a new replacement motor (again coming to his senses to have the motor rebuilt) and consulted (several letters via mail) with Bruce Anderson for recomendations, and it goes on.

The car itself is correct and I've focused on preservation rather than restoration. My question is, does this level of documentation affect desirability and/or value and if so, by how much? Mechanically the car is very good - strong motor and MFI, numbers matching. The interior is also well preserved and shows well; minimal wear given its age indicates a history of conscientious stewardship. The exterior is clean overall and correct but not without a few minor blemishes. The largest defect is a rust area at the bottom edge of the driver's side door (I discovered that the drain holes had plugged years ago and no one ever cleared them).

Overall she is an original and correct 1970 911S. My question is, does the provenance contribute to her desirability and value and, if so, by how much (approximately)? I've only heard of a few 45 year old cars of any marque with its history documented in such detail. I'm actually thinking about scanning everything (almost 1/2 way done) and writing a fictional book around the story they tell about the life of this car on the track in its early days, the work its had done and its hopes for the future - all documented with the receipts, work orders, explorations and other items in the book!

cheers,
Michael

[Rusty]

My first thought to your question is the amount of influence the history of the car had on you when you purchased.
Were you willing to pay the asking price or ? For me, the integrity of the car and the seller would sway me to pay more or less for a car of any vintage. When you decide to value the car, don't go to Hagerty as they don't look at everything you do.
I think also that original paint vs respray has more value. Survivors are becoming more and more rare.
My () cents worth.

[sithot]

Back in the day of playing with old Corvettes documentation was always a plus. $10,000 swing in some cases. This was 25 years ago.

Tom

[StephenAcworth]

As with antique furniture and important artworks, provenance always adds value: how much depends on a lot of variables...

[brookedale091462]

The right buyer might add 10% or nothing. It certainly will get a fence sitter to make a decision.

[mhackney]

Thanks folks.

Rusty, I did pay a bit more for this car due solely to the provenance. But that was back when these cars were selling for a lot less than what they sell for now. Based on comps at the time - and there was a nearly identical car available that I considered - I paid about 10% more to have the history as I found it unique and interesting. I liked this car just a wee bit better too.

I assumed that this level of documentation is a rarity and their probably is no set formula to place value on it. Worse case it is a pot sweetener as brookedale091462 mentioned!

cheers,
Michael

[boxster03]

IMO - it is a sweetener - helping sell the car at the top of it's value range - like complete tools/jack/paperwork etc. - if a car doesn't have it not a deal breaker but it might take a buyer out of the hunt

[Richardnew]

It counts. How much is the imponderable. A car that can be traced back to Steve McQueen is a perfect example. A documented racer might be another.

In some cases you're going to pay a lot for the documentation and the car is almost thrown in. Those are rare though.

I've seen a couple of Corvette race cars pulled off the market in the past few months because the documentation didn't back up the story. A case of all hat with no cattle.

You can never go wrong with documentation. It's just hard to place a number on it. More is always better though. I save every receipt and photo I can.

Richard Newton
Selling at Auctions

[mhackney]

This has been good feedback, thanks all! I think to some folks, knowing the complete history, in detail, of a 45 year old early 911 is at least interesting and entertaining. Some are willing to pay for that, perhaps others not. In any case, it wouldn't lower the value!

Michael

[HughH]

Michael
I think as the prices of these things keeps going up a good documented history becomes more than a sweetener and has real value - how much of course is hard to determine and will depend on the individual car and circumstances.
You have seen this happen in the RS market and I am starting to see it happen here in Australia in the "normal" market. Indeed I am starting to see the due diligence that applied to RS's 15 or 20 years ago applying to any car now - checking production ("secret") numbers, checking fonts on stampings etc. Unfortunately there are a lot of these cars around that at one time were just a cheap used car or old race car and they were treated that way. Think wide body and short hood conversions, and worse, to them.
Inevitably at such a time things are done to them that, while they may be reversible in most cases, subtract value now. At the worst case, cars have been or are being faked, sometimes deliberately now due to prices, and sometimes for convenience or other reasons when they were not worth much. A great "real" no stories car with fully documented history will trump all similar ones without that documented history in my opinion, and I probably would be willing to pay 10%, maybe more, above a theoretical market price for one of those, but discount one with "issues" by up to 20%, maybe more. But that is me and I suspect others will have different discount or premium factors - but that is what makes a market.