Scottsdale proved to be an interesting kickoff to the auction 2019 season in several regards. As anticipated, there was a lack of European buyers in attendance and there was nothing to really get overly excited about in Scottsdale in 2019. For example, the high-water mark for the week was the 1963 Ferrari 250 GT SWB Coupe that sold for $7,595,000 at Gooding & Company.
One of the stand out trends of the week was the fevered activity on vehicles below the $250,000. The sub-$250,000 cars represent accessibility to an enthusiastic base looking to use and drive their purchases. At the high end of the scale, the blue-chip buyers were practicing discipline and only making buys that align with their overall collection goals. Overall, the total sales from the seven auction companies totaled $251M, a slight increase from $248M in 2018. Not bad, but it should be noted that the 2019 sale represents the second largest offerings of vehicles in the history of Arizona auction week and many cars sold well below their bottom estimates.
As stated in my pre-Arizona write up, I was very interested in two key Porsche market segments going into the week: the 356 Speedster model and modern-day 911 classics. The 356 Speedsters that sold were well below their low estimates. This was a direct reflection on the condition of the examples on offer. Whether having a non-matching drivetrains (re-stamps), featuring incorrect reproduction parts, or poor paint and body work, the market was pretty clear on the price evaluation for a driver level car. One 356 outlier from the week was the 1963 Porsche 356B Carrera 2 Cabriolet that sold $1,013,600 at Bonham’s. This was a tired-looking but solid numbers matching Carrera Cabriolet that brought a strong price based on the condition of the car. The Carrera 2 Cabriolet is a rare 356 model that continues its upwards valuation trend.
As predicted, the modern-day 911 classics performed very well at RM Sotheby’s. The 2010 Sport Classic brought an eye-watering world record price of $654,000. This Sport Classic, with serial number 2 of 250, was the first to go to public auction in the United States. With just 150 miles, the high estimate was 500K. As I’ve been saying for quite some time, these are special cars and calibrated just right for a memorable driving experience. Beyond the “Sport Classic” aesthetics, these are much more than a marketing exercise from Porsche and represent a true limited series. It will be interesting to see if more Sport Classics hit the market in the US after this result. The 2011 911 Speedster hammered down at $423,000 all in. A great deal for both the buyer and seller on this exquisite paint to sample Speedster that scratches an itch for a budding Speedster collection. These two Porsches have achieved modern-day classic status because of their intrinsic natures and limited production. A perfect storm for top results at Scottsdale.
Lot 054: 2011 Porsche 911 GT2 RS No Sale $360,000
Lot 058: 1956 Porsche 356A Speedster (est. 450-550) No Sale $360,000
Lot 107: 1958 Porsche 356A Speedster (est. 350-425) Sold $290,000
Lot 109: 2016 Porsche 911R Sold $250,000
Lot 27: 1956 Porsche 356A Speedster (est. 375-450) Sold $325,000
Lot 30: 1964 Porsche 904 GTS: No sale at $1,200,000
Lot 72: 1958 Porsche 356A Speedster (est. 250-300K) Sold $199,000
Lot 88: 1963 Porsche 356B Carrera 2 Cabriolet Sold $905,000
Lot 138: 1957 Porsche 356A Speedster (Est. 300-350K) Sold $245,000
Lot 215: 2011 Porsche 911 (997.2) Sport Classic (est. 400-500K) Sold $590,000
Lot 234: 2011 Porsche 911 (997.2) Speedster (est. 375-450K) Sold $380,000
Lot 250: 1958 Porsche 356A Speedster (est. 300-400K) Sold $280,000