Porsche: The bid goes on

[red 928]

I've been watching the mecum Monterey auction
and somethong is apparent:
The majority of Porsches are NOT meeting the reserve.
One after another after another, the bid goes on
Yes they are still drawing huge bids, just not near
as much as the consigners were holding out for.
The consigners set the reserve too high and
have to pay mecum a fee AND take their back car home.

For several years people have been paying stupid money
for these cars because they knew another fool
will pay more next year.
Well it looks like maybe they've run out of fools.

And just like a pyramid scheme,
the last fool holding the bag could end up being
the biggest loser.

[McLovin]

You can see on BaT air cooled prices, as a whole, are down.

One of the 27 US model ‘89 Club Sports was reserve not met, topping at only $120k. At the peak those were $250k, maybe even pushing $300.

[matthewb0051]

Mecum is the trailer park of auctions. It doesn't seem like the right venue to sell foreign cars.

OP analysis of the sellers is spot on. Things got out of hand and people that didn't know the marque got involved because it was/is the next big thing.

[Zeke]

Antique dealers I work for are grossing less than half this time last year. 2 say 40% of gross.

Recession is here.

[URY914]

Originally Posted by matthewb0051

Mecum is the trailer park of auctions. It doesn't seem like the right venue to sell foreign cars.

OP analysis of the sellers is spot on. Things got out of hand and people that didn't know the marque got involved because it was/is the next big thing.

I have to agree. It's the wrong crowd for P-cars.

[GH85Carrera]

I am in the middle of raising the agreed value of my 85 911.
Mine is not a concours car, as I drive it regularly. It is a very nice example of the marque however.



This is it, with lots of dead bugs and a few thousand miles of road debris on the way back home.

It does have 191,000 miles on it, but the engine was totally rebuilt and it now has 964 cams, all ARP rod bolts, case bolts, fly cut webbing for more air flow and better windage. The transmission was rebuilt, new bearings, syncros, and it is like new, except the 5th gear is taller so long road trips at 75 and 80 MPH legal speed limits are lower RPM. I added a fan to the front oil cooler.

Every rubber suspension bushing was refreshed with Elephant racing rubber bushings, Bilstien shocks, rebuilt steering rack, turbo tie rods, and the rest of the typical suspension refresh. Full corner balance and alignment.

The AC simply works, with the full Mr. Ice project from Griffiths, and it blows 37 degree air when it is 107 to 110 outside. When it is only in the 80s outside, I have to add fresh air to keep from getting too cold. Yea, really.

Every electrical failure point that was never fused by Porsche now has a fuse. There is not one speck of rust anywhere. Every component works as designed or even better than OEM.

The leather seats were recovered a couple of years ago and look like new.

For the last 27 years of ownership, I did all the tinkering, and upgrade projects there are. Now it is just routine maintenance.

I would not sell it for 200K and no one will offer that, I could never replace it with another 3.2 Carrera as well sorted. People tell me it is too expensive to keep driving it. I say BS, look at the price of all the new 911s. From 130 to 300 grand and they get driven.

I bought it to drive it, and I have put over 120,000 miles on it personally. It has done nothing but go up in value. Try that with a boat, or most any other toy. Our airplane has gone up in value, but it is not a toy, it is our work truck.

[matthewb0051]

Originally Posted by URY914

I have to agree. It's the wrong crowd for P-cars.

When I win the lottery and decide I want to go to an auction, the only way I'd go to Mecum is if there was a particular car on auction that is hard to find. Otherwise, I'd look elsewhere.

But if I did go to Mecum and started bidding I'd have some very ugly words for their people that get up in your face trying to get you to keep bidding or if you are the seller trying to get you to lower reserve. Just give me my space.

Plus, I have no idea what the auctioneer is saying at Mecum, unlike Bonhams where they use actual words.

[matthewb0051]

Glen: is that photo in Roswell, NM?

[GH85Carrera]

Originally Posted by matthewb0051

Glen: is that photo in Roswell, NM?

Yep. Where else do aliens make up part of a sign?

[sc_rufctr]

Just keep driving/maintaining your Porsche. Don't let it sit.

IMO the time to sell with all cars comes naturally (that's how it is for me anyway).

- Years ago I had an Aston Martin "for sale" for nearly 3 years. I knew what it was worth and I was in a financial position to wait so I waited for the right buyer. Meanwhile I continued to drive and enjoy the car for that 3 years. Nowadays this is a whole lot easier to do because good classic cars have a global market and as always the best cars often change hands with no formal advertising.

[rcooled]

Originally Posted by matthewb0051

Mecum is the trailer park of auctions.

Exactly right...their events are conducted more like a livestock auction. The only reason they include more European cars in their Monterey lineup is because that's what buyers there are interested in. Most people attending the Car Week auctions aren't looking to buy customized Camaros with chromed engines or restomod pickups.

[Por_sha911]

At Mecum a fox body Mustang will get more bids than an `89 Speedster