$ 950.000 low estimate for Steve McQueen's 911S?

Oscar Wilde wrote in Lady Windermere's Fan, "What is a cynic? A man who knows the price of everything and the value of nothing."

Air-sucker Porsches (and most of the people who drive them) are rarely about conspicuous consumption. Outside of the Porsche Parade crowd, we have cultivated an "outlaw" image for as long as I can remember. We drink beer and eat pizza in parking lots. We show off our road-rash and bug collections. Ferraris generally need restorations because they have been left sitting; Porsches generally need restorations because they have been driven into the ground. We are t-shirt and jeans people (even Gumby1953).

Are we hypocrites? Paying $1.25M plus commission for a movie car that doesn't even have the original seat leather or steering wheel caressed by the King of Cool is in a completely different league than paying $20K for a 911 (or $85K for a hot rod or even $225K for an RS). That is funny money. Even Warren Buffett (a man who is far from being a socialist) wrote in Monday's New York Times, "My friends and I have been coddled long enough by a billionaire-friendly Congress. It’s time for our government to get serious about shared sacrifice."

I don't mind somebody making money on turning a car around; good for the seller and good for the buyer. However, engaging in arbitrage and having the profit taxed as a capital gain is more about money than enthusiasm. Driving around Quail Lodge and Carmel this week, I noticed that certain people no longer return a friendly Porsche headlight-flash. That's sad.

This is a great discussion and I truly appreciate the diversity of opinions expressed. Every post contains worthwhile food for thought about our hobby.

-- David

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Originally Posted by Bullethead

Likewise, not sure it pushes Porsche guys anywhere closer to Ferrari world...

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Speak for yourself! I just ordered my silk shirt and gold chains. :p

This link says an American lady. Others have said it went overseas.

http://gadgets.autoblog.com/2011/08/...million-at-rm/

BTW, what happened to the amber 169's ?

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Originally Posted by Mr9146

Third: The results of this auction clearly illustrate the pedestal upon which we place "famous" people in American culture. I see this result as a direct commentary on societal values and, seeing as how the bidder was from overseas, the impact that American pop culture had and still has on the rest of the world. It is less about the car and more about The Man. In a country with no monarchy or "royalty" we place our movie, television and radio personalities on pedestals in their place and the artifacts of their reign command fortunes. The results of this sale are not indicative of the market, they are indicative of societal values.

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Well said..... sadly this trend is now also sweeping Europe

Hey David,

I re....re....re....resemble that statement!

I just found my Hairy chest w/ gold chain "T" shirt!

Gumby 1953 (alias KJ)

c ya @ Rennsport

http://blogs.wsj.com/drivers-seat/20...on-at-auction/

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Originally Posted by varunan123

Formula for Discounting

The standard formula for discounting is as follows:

PV = [1/(1+ r)t ] At

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Speaking of 'math'... Anyone have insight into how auction houses come up with these estimates to begin with? Is it simply around what the seller would like to get out of the item? I mean how do you estimate a one off car like this?

950 to 1.2M, 650 to 850, whatever... How fuzzy is this analysis/what's involved...

I guess I'm wondering if folks would have such strong opinions had it sold for, say, 650k or pick your number. Does it help or hurt that the collective lot has an idea of what seller had invested in it.

Lots of interesting psychology wrapped up in this 'math' as well...

I honestly believe that this giant sum of money could have been better spent to benefit the needy. How about throwing a little cash into the "Jens needs a new Twin-Plugged 2.5L for his '68" Fund. RatBastards.

I am really glad that It sold well, congrads.
Well I must say I am a little bit glad for me as well. If you have a car that was owned by some one famous this might add a bit to your car.People will see more use in paying for a Xfamous car. Whether is 2% more or 500% dont care but it sure makes it worth while investing in a good restoration.

Darn.. too bad the Epic film wasn't made a couple of years later and the opening scene featured a Lilac RS. 250GTO money?

Speaking of the film, rented it recently. Big fan of the Star and of course the autos. Sand Pebbles, Great Escape, Love with an Improper Stranger, etc. Didn't make it 30 minutes . It was like a 500 pack of Tylenol PM. Snore.
Anyway Grats to all parties and to all 911 afficionados.