Is the bubble about to burst?

[80sMatchbox]

hornbaek said:

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.

Just before the bidding started on the yellow RS, they announced that it had only just been discovered to have been a reshelled car, so non original.

At one stage it looked like it was hardly going to break £100k.

[snotrag]

So I'm still waiting to find out when this start dragging up the value of ropey old Boxsters...!

Legacywr said:

Being LHD, I guess the cars are heading abroard?

I don't think it really matters, they are not being bought to drive.

It is, like said above, bought as a collectible 'piece'.

[Digga]

mollytherocker said:

Legacywr said:

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

£1,848,000!

Jeepers....

Just saw that this morning on Petrolicious - weren't nice examples going for about £200k a few years back? Or am I mistaken?

[hunter 66]

These cars were the best of the best examples ..........from a collection all 1 owner ..

[Porsche911R]

hunter 66 said:

These cars were the best of the best examples ..........from a collection all 1 owner ..

now a well off owner :-)

[Legacywr]

They were all special cars, that's for sure!

[av185]

anonymous said:

[redacted]

Strengthening pound and stocks up, gold probably approaching highs, forcasted 'inevitable brexit vote' recession actually now ain't going to happen, possible slowing of London property etc etc.

Talk of another Lehman crash scenario plainly ridiculous.

This 'boom' could well be just the start.....::

[roygarth]

Ref. the amazing Porsche prices. This is odd in that it is bucking the trend of recent auction results for £100k+ classics in general where prices have been on the slide for a year or so now.

You could argue that the GT2 is as good as it gets - best colour, low miles top provenance etc, but £1.8mm! That must be more than twice the price of next highest ever sold?!

I suppose it could have been a couple of Hedgeys on a 'mines bigger than yours' night out!

Edited by roygarth on Thursday 8th September 11:12

[ORD]

av185 said:

Strengthening pound and stocks up, gold probably approaching highs, forcasted 'inevitable brexit vote' recession actually now ain't going to happen, possible slowing of London property etc etc.

Talk of another Lehman crash scenario plainly ridiculous.

This 'boom' could well be just the start.....::

Stocks are up because the pound is down (providing a boost to the sterling value of companies that make most of their profits outside the UK and in other currencies, i.e. the FTSE 100).

I think recession is still likely. All we have done is make sure that when it comes there is fk all we can do about it, having already used the 2 nuclear weapons in the BoE's armoury (slashing interest rates practically to zero and engaging in QE).

The BoE has propped up the economy for now, but it is propped up on cocktail sticks and giddy consumer confidence.

I would not want to be the idiot who just paid for a bubbly item like a £1m car.

[LaSource]

hunter 66 said:

These cars were the best of the best examples ..........from a collection all 1 owner ..

...and I believe the air-cooled big ticketers all sold to one buyer

[lemmingjames]

ORD said:

I would not want to be the idiot who just paid for a bubbly item like a £1m car.

You would imagine though that someone able to dump £1+m on a car is probably in a good financial place even if there was a recession.

Does anyone know if the cars are destined overseas or was it an overseas buyer?

[sparta6]

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.....

making F40's seem like a bargain !

[ORD]

lemmingjames said:

ORD said:

I would not want to be the idiot who just paid for a bubbly item like a £1m car.

You would imagine though that someone able to dump £1+m on a car is probably in a good financial place even if there was a recession.

Does anyone know if the cars are destined overseas or was it an overseas buyer?

True true. But he still wont like losing £500k on an investment.

[ooid]

As much as I do not like cars being just garaged and not driven, in the world of arts market, I do not think 1.8 for GT2 is so much, relatively to other items;

http://www.smh.com.au/lifestyle/celebrity/private-...

Marc Newson's famous Lockheed chair has been sold around 2.5 million pound last year in an auction. (He is a well-known London based designer, the designer of AppleWatch and also had designed a Ford prototype back in 2000).

Now the reality of art market I guess, if a hand-made lounge still costs more than a legendary 993 GT2, one might also say it's still under priced

[GT4RS]

ooid said:

As much as I do not like cars being just garaged and not driven, in the world of arts market, I do not think 1.8 for GT2 is so much, relatively to other items;

http://www.smh.com.au/lifestyle/celebrity/private-...

Marc Newson's famous Lockheed chair has been sold around 2.5 million pound last year in an auction. (He is a well-known London based designer, the designer of AppleWatch and also had designed a Ford prototype back in 2000).

Now the reality of art market I guess, if a hand-made lounge still costs more than a legendary 993 GT2, one might also say it's still under priced

This is a fair comment, certain people look at these cars as art rather than driving machines. Each to there own I guess.

[WCZ]

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.....

absolutely gobsmacked at these prices

[mollytherocker]

anonymous said:

[redacted]

I have no doubt that cheap money/low interest rates is part of the story.

But as I have said before, I still maintain that the prime reason is an increased interest in classic cars of a certain type coupled with a diminishing supply. Air cooled 911's are in this list as are most Porsches!

About 10 years ago, it was all about having the latest fastest Porsche. That market is still there, but the market for old simple 911's is a revolution.

Pre impact bumper 911's were being scrapped by the dozen 10 years ago as sheds. Now, they are objects of desire, rightly or wrongly!

Of course, its not just 'sports cars', hot hatches are now going crazy!

[Legacywr]

Bonhams auction this weekend too, it'll be interesting to see how that goes.

[diametric123]

It does amuse me how people assume that someone who pays 'a lot' for a car is a numpty who doesn't know what they are doing

In my experience, people with money generally got there because they are part smart / part right place right time / part lucky - in other words they are wealthy for a reason rather through chance

The got rich by concentrating on one thing, then stayed rich by diversifying - if you drop £1M on a single car thats because you've got £99M (or more) spread across a range of other things...

[AndrewD]

ORD said:

Stocks are up because the pound is down (providing a boost to the sterling value of companies that make most of their profits outside the UK and in other currencies, i.e. the FTSE 100).

I think recession is still likely. All we have done is make sure that when it comes there is fk all we can do about it, having already used the 2 nuclear weapons in the BoE's armoury (slashing interest rates practically to zero and engaging in QE).

The BoE has propped up the economy for now, but it is propped up on cocktail sticks and giddy consumer confidence.

I would not want to be the idiot who just paid for a bubbly item like a £1m car.

Why would an "idiot" who dropped 1m on a car care too much about these economic factors?
Why call somebody you don't know an idiot?
Possibly says more about you.

I just bought a lovely, matching numbers, huge history file 73RS. It is a joy to drive and I can't wait to drive it again this weekend. Personally I don't feel like an idiot. I feel happy.