Is the bubble about to burst?

[mollytherocker]

Legacywr said:

993 GT2 http://www.rmsothebys.com/lf16/london/lots/1995-po...

£1,848,000!

Jeepers....

[ooid]

Whatever we call this bubble, or hype...

After today's sotheby's results; The market's message to rest of the auto brands in the world..For the last 25-30 years, you had been probably producing nothing but just crap! lol..

[isaldiri]

How did the cgt/enzo/f40 do?

[ooid]

Also in a worrying way, it does remind me back in 2008, Damien Hirst's Sotheby auction..Just the day before Lehman Brothers Crashed

http://www.wsj.com/articles/SB122161315980646011

[anonymous-user]

david hockney said:

The bubble sure ain't bursting at the high end of the air cooled market.......




993 RS CS est £220-260 .....Sold for £403k
993 GT2 est £750-850 ......Sold for £1.85m, yes you read that correctly, £1.85m....
993 Turbo S est £200-240 ....Sold for £320k

964 RS 3.8 est £400-500 ....Sold for £717k....
964 Turbo S est £210-250 ....Sold for £974k.....

Holy fvck! That is all.

[Rednose330]

plus commission !

[anonymous-user]

ooid said:

Also in a worrying way, it does remind me back in 2008, Damien Hirst's Sotheby auction..Just the day before Lehman Brothers Crashed

http://www.wsj.com/articles/SB122161315980646011

Interesting comparison. I wonder if, far from the car market about to collapse, certain cars are now being seen as art? Personally I'd much rather have a 993 GT2 than a medicine cabinet or unmade bed, even if it never turned a wheel again.

[mollytherocker]

fblm said:

Interesting comparison. I wonder if, far from the car market about to collapse, certain cars are now being seen as art? Personally I'd much rather have a 993 GT2 than a medicine cabinet or unmade bed, even if it never turned a wheel again.

Absolutely! Its all relative I suppose!

[Alpinestars]

Crimp said:

I think its the real high end stuff which will come tumbling down.
That said I think you'd be silly to buy a Carrera 3.2 at 60-70k as some are advertised for, or chancers selling 930's at close to £100k.

Sorry to quote you from over a year ago OP, but it just shows how wrong that statement was.

The prices just posted sound absolute nuts.

[Cheib]

anonymous said:

[redacted]

Auction houses compete for consignments, for big tickets they won't get all the commission. A couple of the things they'll do.

1. The seller either can get a reduced fee or if it's a particularly desirable car they pay no fee at all and actually get some of the buyers commission. i.e. Car sells for £1mil with in theory buyer and seller both paying 10%. What actually happens is that the seller pockets £1,050,000 and the auction house gets £50k.

2. Auction houses also underwrite consignments. They use to do it themselves but in 2008 it nearly put them out of business. Now they'll approach a third party to underwrite the item ( normally a collector who is keen not to see an item sell cheaply). So in the above example where a car sells for £1mil the underwriter say underwrote the car at £900k and in return will get a decent chunk of the commission that the auction house receives.


The above is not going to happen for a £100k car but it will definitely happen for the headline grabbing cars or collections like the Porsche one at the RM sale.

They also sometimes get buyers dropping out on them and generally will find someone else to buy it and wear the loss (if need be).

I have t say when my mate who told me about things like the underwriting when cars are shown as "no reserve" I was quite surprised. If a banker did that it would be career over!

[GT4RS]

Wow some big money spent in the classic Porsche world tonight!

[SRT Hellcat]

You ain't wrong Francis. I hope you are well.
I truly cannot believe the prices that are being paid.
It really is completely nuts.

[Legacywr]

Being LHD, I guess the cars are heading abroard?

[mollytherocker]

anonymous said:

[redacted]

I wouldnt be too concerned, its just a few extremely wealthy big knobs strutting their stuff!

Its probably loose change.

[Legacywr]

The bubble's full of helium!

[hunter 66]

Wow so the one of 7 RHD 993 CS .... in amazing condition ............sold for £260 at Goodwood ., nice guy bought it and well now now looks a good Buy .....

[Alpinestars]

Legacywr said:

The bubble's full of helium!

Full of air that ain't going to cool.

[david hockney]

Many of the other (non Porsche) cars in the auction only just made their reserve - or even failed-
It was a very good evening for the air cooled 911's on the podium......

[ooid]

Has anyone seen the last week's Posh Pawn at Channel 4? the rallying RS valued for 1 million in the show. I bet it helped a bit

http://www.channel4.com/programmes/posh-pawn/on-de...

http://gtpurelyporsche.com/porsche-rallying-legend...

[hornbaek]

david hockney said:

Many of the other (non Porsche) cars in the auction only just made their reserve - or even failed-
It was a very good evening for the air cooled 911's on the podium......

Agree, that was also something that surprised me. Whilst the bidding was fast going up on some of the aircooled it was distinctly lethargic on many of the other lots. Even the 2.7 RS' didn't go for more than their estimate.