The Monterey Week

[RichardNew]

I'll start this off with a preview.

"There are 163 Porsches offered for sale over a four-day period. In some cases, this abundance constitutes ten percent of their entire catalog. Mecum, for example is offering a staggering 63 Porsches out of their 600 cars for Monterey. Rick Cole lists five Porsches among his 43 offerings. That doesn’t even hint at private sales that may happen before and after Tuesday’s Concours on the Avenue in Carmel (incidentally honoring Porsche models through 1989) or Friday’s Werks Reunion." Road Scholars Magazine

We're going to have at least 5 people covering the various auctions. If you go here you'll see a partial listing of the cars going up for sale.

I might be nice if we could keep all the auction stuff in one thread this time but I doubt if that will happen.

Richard Newton

[RichardNew]

Car lovers' heaven

At this point we're getting some incredibly strong prices. CNBC seems to feel the equities market slide is moving folks to hard assets.

Richard Newton

[ZAMIRZ]

I made some picks on my homepage RUF Registry | Where RUF Fans Unwind. It is entirely subjective based mostly on what I thought was unique or off the beaten path relative to all the others for sale.

But yeah, good call on making this thread. I had to choose between this and Rennsport this year and decided on Rennsport.

[NYNick]

Originally Posted by RichardNew

Car lovers' heaven

At this point we're getting some incredibly strong prices. CNBC seems to feel the equities market slide is moving folks to hard assets.

Richard Newton

Well, there goes all the "bubble deflating" proponents.

[RichardNew]

Here are the Bonhams results (all the results include the premium)

Lot 3 1989 PORSCHE 911 CARRERA SPEEDSTER Sold for US $165,000

Lot 30 1973 PORSCHE 911S 2.4 TARGA Sold for US $176,000

Lot 36 1973 PORSCHE 911 CARRERA RS 2.7 Sold for US $324,500

Lot 41 1968 PORSCHE 911 2.0 SOFT-WINDOW TARGA Sold for US $165,000

Lot 47 1955 PORSCHE 356 PRE-A CONTINENTAL CABRIOLET Sold for US $ 297,000

Lot 54 1987 PORSCHE 930 SLANTNOSE COUPE Sold for US $134,750

Lot 69 1986 PORSCHE 930 TURBO COUPE Sold for US $82,500

Lot 72 1987 PORSCHE 959 KOMFORT Estimate: Sold for US $1,457,500

Lot 87 1967 PORSCHE 912 COUPE Estimate: Sold for US $55,000

Lot 111 1969 PORSCHE 911S 2.0 COUPE Sold for US $165,000

Richard Newton
The Beginner's Guide to Starting a Collection

[RichardNew]

Here are some results from the Mecum operation. If your look through the Mecum auctions you’ll find some pretty neat bargains. Remember Mecum is a hobbyist auction. It traditionally hasn't handled the collector cars. They do though occasionally break out of the hobbyist market.

1976 Porsche 930 Turbo Carrera
Steve McQueen's Last Special Order Porsche
$1,950,000

2005 Porsche Carrera GT
252 Miles Since New
$1,000,000

1986 Porsche 935 Kremer K2
4,233 Miles Since New
$390,000

1974 Rinspeed Slant-nose Conversion
$25,000

1998 Porsche 911 Carrera S
$85,000 (no sale)

1996 Porsche 911 Carrera 4S
$92,500

1977 Porsche 930
$160,000 (no sale)

Richard Newton
The Beginner's Guide to Starting a Collection

[RichardNew]

So far the auction results are running ahead of 2014. That has surprised a lot of people. It'll be interesting to see what the numbers are at the close of today. Here's the LA Times report.

Richard Newton

[BE911SC]

The globe is warming, the oceans are rising, icecaps and glaciers are melting, the big Cascadia earthquake is 100 years overdue, population pressure and mass political, economic and environmental migration threatens the developed world, fresh water is running out, college tuition is through the roof (okay that last one I added) and the end of the world seems generally near (if you spend too much time reading the paper or watching TV news). Better have fun while we can.

If I were a one-percenter I'd be out buying s hit too! Singers, concours-restored long-hoods, rare competition cars, Steve McQueen Turbos, cool wooden speedboats, WWII airplanes, you name it. Hard assets, as the elites say.

Everywhere we look the underlying message seems to be SPEND YOUR MONEY. That's what elites are doing. Spending some of it anyway. The final orgy before the empire fell.

[BE911SC]

Originally Posted by BE911SC

The globe is warming, the oceans are rising, icecaps and glaciers are melting, the big Cascadia earthquake is 100 years overdue, population pressure and mass political, economic and environmental migration threatens the developed world, fresh water is running out, college tuition is through the roof (okay that last one I added) and the end of the world seems generally near (if you spend too much time reading the paper or watching TV news). Better have fun while we can.

If I were a one-percenter I'd be out buying s hit too! Singers, concours-restored long-hoods, rare competition cars, Steve McQueen Turbos, cool wooden speedboats, WWII airplanes, you name it. Hard assets, as the elites say.

Everywhere we look the underlying message seems to be SPEND YOUR MONEY. That's what elites are doing. Spending some of it anyway. The final orgy before the empire fell.

The globe is warming, the oceans are rising, icecaps and glaciers are melting, the big Cascadia earthquake is 100 years overdue, population pressure and mass political, economic and environmental migration threatens the developed world, fresh water is running out, college tuition is through the roof (okay that last one I added) and the end of the world seems generally near (if you spend too much time reading the paper or watching TV news). Better have fun while we can.

If I were a one-percenter I'd be out buying s hit too! Singers, concours-restored long-hoods, rare competition cars, Steve McQueen Turbos, cool wooden speedboats, WWII airplanes, you name it. Hard assets, as the elites say.

Everywhere we look the underlying message seems to be SPEND YOUR MONEY. That's what elites are doing. Spending some of it anyway. The final orgy before the empire fell.

Fixed it.

[RichardNew]

Actually they're not simply spending money. They're putting their money to work in non-traceable hard assets.

Richard Newton

[BE911SC]

Originally Posted by RichardNew

Actually they're not simply spending money. They're putting their money to work in non-traceable hard assets.

Richard Newton

I did mention hard assets. Non-traceable? I don't think public auction purchases are non-traceable. We must assume the Tax Man is practically there in the tent each time the hammer drops. Now, elites do employ the very best accountants and tax attorneys, not to mention enjoying very friendly tax loopholes, so it may be fair to assume these assets have a tendency to "disappear" until the need to sell them arrives.

[RichardNew]

A number of the high end cars end up as a charitable contribution. Some (no idea how many) collectors have 501c3 charitable foundations. They can donate their cars to this foundation and take the tax deduction. Depending on your tax bracket this can be a very advantageous transaction.

No one ever said the world was fair.

Richard Newton

[BE911SC]

Originally Posted by RichardNew

A number of the high end cars end up as a charitable contribution. Some (no idea how many) collectors have 501c3 charitable foundations. They can donate their cars to this foundation and take the tax deduction. Depending on your tax bracket this can be a very advantageous transaction.

No one ever said the world was fair.

Richard Newton

Neither did I. I love that it isn't.

[RichardNew]

The Road Scholars Magazine report on Monterey is now online.

The big news may have been the drop in quality. We saw any number of bad cars. Some of the restorations appeared to have been rushed out the door to make the auction.

While the total sales were down we don't think that was due to a correction in the market. The overall sales were below 20014 because the quality of the cars being offered was much lower than last year.

Richard Newton

[grizzfan]

What does all this mean to us average joes with an early long-nose in non-concours but otherwise nice, drivable condition?

Tom

[RichardNew]

It means you won't lose as much money on the car as you lost in the stock market this week.

Richard Newton