Arizona Auction Postmortem

[kennyk2]

Anyone know if the 73S is number matching car?

[Eminence Gris]

I've watched a bit on the Internet, and it's impossible to judge a car without seeing it in person, but the auction numbers do not seem to have softened to me. Perhaps the people publishing the estimates were overly optimistic, bumping the expected prices up from last summer's, but these cars are not commodities and some rough cars are bringing the prices 'restored' cars were 3 years ago.

[lopena]

Another data point...in the last two minutes the '73 911S at RM Auctions failed to hit its reserve with a high bid of $220,000.

[srogebry]

Does anyone know what the silver 73S sold for today, vin 9113300017?

http://www.rmauctions.com/lots/lot.cfm?lot_id=1071692

Screen shot 2015-01-16 at 4.22.42 PM.png

[lopena]

It failed to sell at $220k.

[mfitton]

While it may be a bit premature to do a postmortem on the Arizona auctions, I've already seen enough early 911s cross the block to make a few conclusions. First, the early 911 market appears to have cooled considerably across the entire range. Whether it's a T, E, S or RS, prices seem down. Cars have struggled to meet reserve, and many--including both RSs--have failed to sell on the block. While you can certainly pick any of the cars apart from afar, I think it is hard to deny that the 911 market is in correction mode. For instance, this average '73 911S sold at $125K hammer price. I believe the estimate was $180K - $210K.

Attachment 319595
Indeed, with few exceptions this weakness appears to be the theme across the board at the auctions this year. From my perspective, the sky may not be falling, but anyone who thinks there's easy money to be made in the hobby at this point and at these levels, is fooling themselves. I'm sure the currency crisis in Europe at the moment isn't helping matters as well.

I agree with some of this, but for sure the pre-auction estimates were way too high in my opinion (the easiest way to get a car consigned is to inflate your estimate). Also with prices on these early 911's skyrocketing over the past 3 years everyone is cobbling together anything they can find to take advantage of investors who know nothing about these cars other than they better buy one. I didn't look at the history on these cars at auction but I think the investor market has cooled a little on these cars plus prices are too high for the auction buyers to do a quick flip. The old saying they are not making anymore of these cars is untrue because people are building cars around a vin plate now because of the values. I still think most of the really good cars never make it to auction or "for sale" listings, they are sold by word of mouth. The last 2 cars of mine that I sold required a couple of emails to real buyers who wanted a good original car that they could drive and had good traceable history.

[reed]

I'm not focusing on estimates. What difference do they really make? I'm talking about realized prices from the cars on offer in Arizona during auction week. Not estimates, not high bids that don't meet reserve. And in that regard, the sale prices seem significantly lower than in the recent past. That said a soft window '69S just hammered sold at $260K. That's certainly a strong price.

[67er911S]

260.000 $ plus 10%
Estimate: $175,000 - $225,000

http://www.rmauctions.com/lots/lot.cfm?lot_id=1071695

[lopena]

Then again...the green '69 911S Soft Window Targa just sold for a very strong $260,000 after very spirited bidding at RM...high estimate was $225k.

[mfitton]

I'm not focusing on estimates. What difference do they really make? I'm talking about realized prices from the cars on offer in Arizona during auction week. Not estimates, not high bids that don't meet reserve. And in that regard, the sale prices seem significantly lower than in the recent past. That said a soft window '69S just hammered sold at $260K. That's certainly a strong price.

Need to see these cars in person to know if the bids were inline with the condition and history. Anyone see these cars in person and can report back?