Disappointing Auction results at Gooding and Bonhams

[KS Carrera]

Could be the long hood buyer is starting to age-out. Even Singer has moved on to emulating impact bumper cars.

That is a very interesting comment, and I think you might have a point...

[billh]

Monterey auctions 2022 set a NEW RECORD of $469 Million
19% higher than 2015 record of $395M
As noted newer super cars (CGT, LaFerrari) did well as did prewar cars

[Eminence Gris]

It wasn't that long ago that lightweight 73 RS examples were unable to reach $1.5 million. So I think the $2.2 million hammer price on the blue one was impressive.

As always, the market is growing in sophistication, awarding the very best cars with new high selling prices and punishing those that are less than spectacular.

[Greg D.]

I visited Bonhams, very nice selection of Porsche 356 and 911 models. The results could be down to the ages of the average bidder. Hagerty reported today seeing the majority of big $$$ sales being Radwood era cars being purchased by younger bidders. As example the youngest buyers ever for Ferrari F40 and F50 as well as cars like Carrera GT and 918 Spyder. Could be the long hood buyer is starting to age-out. Even Singer has moved on to emulating impact bumper cars.

I've been hoping for that "age out" thing to happen for a decade now so I could get back into the 356 world for reasonable money... It has not happened. Probably never will. I doubt it will for the even more iconic long hoods. I think the market went crazy hot during Covid due to both a desire to buy something fun and a 100 fold increase in visibility of the old car market due to modern platforms. That put those cars outside the reach of "reasonable" buyers, that may get clubbed by their wives if they spend that kind of money on an old tub vs a home addition (or in some cases a complete home). It's just calming down a bit now as our freedom of movement has returned.

*I* am not that young anymore (50s), and a 30y fan of 356-early 911s, but as a previous owner of almost each Porsche model over many years, the current prices have completely jumped the shark on my Lust vs Cost chart. I don't see myself ever paying $100K for a 75hp 356 - of which I bought several examples for $10K in the day, nor pay $150K for an early S when I remember paying $15K for a souped up T. Hell even 50K 911Scs make me giggle - lots of $ for 180hp - and I owned one for 2 decades. The value for the money and performance is no longer there, the real $$$ collectors will ensure the top cars remain pricey but for the casual fans things have gone insane. I'm moving onto cheaper fun cars from other brands and newer eras so I can have fun without breaking the bank. I suspect I'm not alone.

[Jay Laifman]

I had to look up "Radwood era" cars.

[brookedale091462]

Yes. ..

Starting with the longhoods in the 90's as I did, I feel like I'm living in an alternative universe. Is the dollar simply worthless?

[brookedale091462]

Greg
There is a lot to what you have said. One consideration is whether these cars are really that expensive. At a 10% growth rate a car would double every seven years and double four times in 28 years. Said another way, a $10,000 car at 10% becomes a $160,000 car in 28 years.(1994-2022). or.....maybe the dollar is truly a fraction of its' former strength due to the massive increase in our National Debt.
Either way, you can still find a drivable pre 1973 911 for under 50k and a driver quality 356 B for the same. I have bought both in the past 24 months.

I've been hoping for that "age out" thing to happen for a decade now so I could get back into the 356 world for reasonable money... It has not happened. Probably never will. I doubt it will for the even more iconic long hoods. I think the market went crazy hot during Covid due to both a desire to buy something fun and a 100 fold increase in visibility of the old car market due to modern platforms. That put those cars outside the reach of "reasonable" buyers, that may get clubbed by their wives if they spend that kind of money on an old tub vs a home addition (or in some cases a complete home). It's just calming down a bit now as our freedom of movement has returned.

*I* am not that young anymore (50s), and a 30y fan of 356-early 911s, but as a previous owner of almost each Porsche model over many years, the current prices have completely jumped the shark on my Lust vs Cost chart. I don't see myself ever paying $100K for a 75hp 356 - of which I bought several examples for $10K in the day, nor pay $150K for an early S when I remember paying $15K for a souped up T. Hell even 50K 911Scs make me giggle - lots of $ for 180hp - and I owned one for 2 decades. The value for the money and performance is no longer there, the real $$$ collectors will ensure the top cars remain pricey but for the casual fans things have gone insane. I'm moving onto cheaper fun cars from other brands and newer eras so I can have fun without breaking the bank. I suspect I'm not alone.

[preS]

Another way to look at the prices are the sum of parts and labor today. Paint jobs cost more, engine rebuilds, replacement parts, etc. Prices of 10 years ago are history.

Richard

[frederik]

The value for the money and performance is no longer there, the real $$$ collectors will ensure the top cars remain pricey but for the casual fans things have gone insane. I'm moving onto cheaper fun cars from other brands and newer eras so I can have fun without breaking the bank. I suspect I'm not alone.

I agree that prices have been off the scale for all early Porsches for quite some time, but of course it's not right to only look at it from a money vs performance viewpoint. It's money vs experience that we are looking for.

And another point of view: new Porsches have also become very expensive. With taxes, a new 992 is close to $200k here in the Netherlands, so a nice early S suddenly looks like a relative bargain. And these have come down in price the last couple of years, from $180-200k to $130-150k.

[Simonjjb]

Starting with the longhoods in the 90's as I did, I feel like I'm living in an alternative universe. Is the dollar simply worthless?

John - not sure what you are meaning here. I guess the question is worthless compared to what? The Euro is now below par with the USD. Or do you mean as a store of value? Certainly in inflationary times your money is better off in hard assets vs holding cash.