Last weekend, while those of us in the U.S. were busy shopping, watching football, eating leftovers and otherwise goofing off, the rest of the Porsche world had its collective eye on Duemila Ruote (2000 Wheels) – the largest automotive themed private collection sale ever staged in Europe. Held in Milan, by RM Sotheby’s, there were more than 800 lots offered without reserve. Of those 800 lots, 420 were cars and 72 of those were Porsches (of which nearly 60 were 911s).
The Porsches themselves all came out of the garage of one collector. From what we read, the entire collection was owned by a single individual who ended up on the wrong side of Italian banking laws. As a result, the sale is being held by court order to recoup money for creditors as part of a bankruptcy proceeding. Interestingly, other than a few significant cars, the collection is just one of quantity vs. quality. Regardless, that didn’t stop buyers from bidding up prices to levels of ridiculousness not seen in some time. For instance, a ’94 993 C4S with 42,442 kilometers sold for €156,800 – that’s pretty much Turbo money. In addition, a “replica” 550 chassis & body (not even in great shape, mind you) sold for €39,780.
All in all, realized prices were quite high with the Porsches in the collection bringing in just over nine million Euro for a total of €9,086,320. The three largest Porsche sales were as follows:
- An Italian-delivery 1988 Porsche 959 ‘Komfort’ edition. Pre auction estimate was €600.000 – €700.000 while realized price (inclusive of buyer’s premium) was 1,008,000
- A low-mileage 2005 Porsche Carrera GT finished in Basalt Black Metallic over Terracotta. Pre-auction estimate was €650.000 – €800.000 while realized price (inclusive of buyer’s premium) was €761,800
- A 1996 Porsche 993 GT2 with just 22,981 kilometers on the clock. The info we have shows a pre-auction estimate of just $30,000 to $35,000 USD (so this must be a mistake). The realized price, €616.000.
So Why Were The Prices So High?
If you looked through the catalog prior to the sale, a large number of these Porsches, in our opinion, were not “investment grade” Porsche. Of course, a certain number of them were very nice (the CGT, the 959, the 993 GT2 and a few others). However, that still doesn’t explain the extremely high prices realized for nearly all of the Porsche lots.
Instead of continuing to speculate on our own we reached out to a few friends in the business to get their opinion. Perhaps the best insight came from Cam Ingram over at Road Scholars. Cam was of the opinion that there were a number of factors that drove price up, including:
- It seemed there were a lot of dealers bidding. Inventory in Europe and the UK has been low for quite some time and this was a good opportunity for dealers to replenish their inventory with certain desirable models.
- The Euro has been hit fairly hard this past year and the fall doesn’t seem to be ending any time soon. Some of these purchases may be a flight to hard assets as a hedge against a further fall.
- Unlike Porsches bought at auction in the U.S. and then imported into Europe, most of the prices paid for these lots included VAT, that’s upwards to a 20% savings and needs to be factored into the price.
Full Results of all Porsches Sold at RM Sotheby’s Duemilar Ruote
The table below doesn’t work so well on mobile devices. Here’s a PDF file if you would like to download or view on your phone or tablet.
| Lot Number | Year | Make | Model | Low Estimate | High Estimate | Sold For |
| 218 | 1970 | Porsche | 911 T 2.2 Karmann | $2,500.00 | $5,000.00 | € 20,160 |
| 221 | 1986 | Porsche | 911 Carrera 3.2 | $30,000.00 | $35,000.00 | € 45,920 |
| 228 | 1967 | Porsche | 911 S 2.0 | $2,500.00 | $5,000.00 | € 72,800 |
| 232 | 1970 | Porsche | 911 S 2.2 | $5,000.00 | $7,000.00 | € 33,600 |
| 233 | 1998 | Porsche | Boxster | $5,000.00 | $10,000.00 | € 13,400 |
| 242 | 1974 | Porsche | 911 S 2.7 | $15,000.00 | $20,000.00 | € 67,200 |
| 243 | 1986 | Porsche | 911 Carrera 3.2 Targa | $35,000.00 | $40,000.00 | € 64,960 |
| 253 | 1992 | Porsche | 968 Cabriolet | $15,000.00 | $20,000.00 | € 32,480 |
| 254 | 1990 | Porsche | 944 S2 Cabriolet | $5,000.00 | $10,000.00 | € 28,000 |
| 260 | 2006 | Porsche | Cayman S Rally | $15,000.00 | $20,000.00 | € 47,040 |
| 262 | 1988 | Porsche | 930 Turbo 3.3 | $55,000.00 | $65,000.00 | € 112,000 |
| 267 | 1985 | Porsche | 911 Carrera 3.2 Cabriolet | $35,000.00 | $40,000.00 | € 84,000 |
| 271 | 2003 | Porsche | 996 Carrera 4S | $35,000.00 | $40,000.00 | € 49,280 |
| 274 | 2004 | Porsche | 996 Carrera 4S Cabriolet | $35,000.00 | $40,000.00 | € 50,400 |
| 283 | 1966 | Porsche | 912/5 | $10,000.00 | $15,000.00 | € 44,800 |
| 286 | 2008 | Porsche | 997 GT3 Cup | $45,000.00 | $55,000.00 | € 78,400 |
| 293 | 1963 | Porsche | 356 C Karmann Coupé | $35,000.00 | $40,000.00 | € 84,000 |
| 294 | 1986 | Porsche | 930 Turbo 3.3 | $65,000.00 | $75,000.00 | € 95,200 |
| 298 | 2002 | Porsche | 996 GT2 | $100,000.00 | $120,000.00 | € 145,000 |
| 299 | 1990 | Porsche | 964 Carrera 4 Cabriolet | $35,000.00 | $40,000.00 | € 67,200 |
| 306 | 2007 | Porsche | 997 GT3 RS | $155,000.00 | $175,000.00 | € 212,800 |
| 307 | 1989 | Porsche | 911 Carrera 3.2 Speedster | $130,000.00 | $150,000.00 | € 291,200 |
| 313 | 1953 | Porsche | 356 1100 Coupé | $15,000.00 | $20,000.00 | € 133,280 |
| 320 | 2007 | Porsche | 997 GT3 Cup | $45,000.00 | $55,000.00 | € 78,400 |
| 322 | 1966 | Porsche | 911 2.0 | $80,000.00 | $90,000.00 | € 145,600 |
| 325 | 1973 | Porsche | 911 S 2.4 | $110,000.00 | $130,000.00 | € 184,800 |
| 331 | 1993 | Porsche | 964 Turbo 3.6 | $130,000.00 | $150,000.00 | € 218,400 |
| 332 | 1995 | Porsche | 993 Carrera RS | $160,000.00 | $180,000.00 | € 341,600 |
| 333 | 2004 | Porsche | 996 GT3 RS | $130,000.00 | $150,000.00 | € 201,600 |
| 334 | 1992 | Porsche | 964 Carrera RS | $110,000.00 | $130,000.00 | € 13,600 |
| 336 | 1976 | Porsche | 930 Turbo 3.0 | $55,000.00 | $65,000.00 | € 128,800 |
| 337 | 1990 | Porsche | 964 Carrera Targa | $55,000.00 | $65,000.00 | € 84,000 |
| 348 | 1966 | Porsche | 911 2.0 | $5,000.00 | $10,000.00 | € 44,800 |
| 363 | 1971 | Porsche | 911 S 2.2 | $10,000.00 | $12,000.00 | € 117,600 |
| 366 | 1974 | Porsche | 911 2.7 | $5,000.00 | $7,000.00 | € 39,200 |
| 510 | 1977 | Porsche | 911 2.7 | $20,000.00 | $30,000.00 | € 53,760 |
| 524 | 1963 | Porsche | 356 C 1600 Coupé | $45,000.00 | $55,000.00 | € 69,440 |
| 525 | 1989 | Porsche | 911 Carrera 3.2 | $20,000.00 | $30,000.00 | € 85,120 |
| 538 | 1983 | Porsche | 911 SC 3.0 Cabriolet | $20,000.00 | $30,000.00 | € 67,200 |
| 542 | 2002 | Porsche | 996 Targa | $40,000.00 | $45,000.00 | € 44,800 |
| 545 | 1995 | Porsche | 993 Carrera 4S | $65,000.00 | $75,000.00 | € 156,800 |
| 546 | 1996 | Porsche | 993 Carrera S | $80,000.00 | $90,000.00 | € 112,000 |
| 556 | 1973 | Porsche | 911 S 2.4 | $35,000.00 | $40,000.00 | € 72,800 |
| 558 | 1989 | Porsche | 964 Carrera 4 | $30,000.00 | $35,000.00 | € 78,400 |
| 562 | 1977 | Porsche | 911 Carrera 3.0 | $55,000.00 | $65,000.00 | € 80,640 |
| 570 | 2002 | Porsche | 996 GT2 | $130,000.00 | $150,000.00 | € 190,400 |
| 591 | 1996 | Porsche | 993 Carrera Cabriolet | $55,000.00 | $65,000.00 | € 95,200 |
| 592 | 1996 | Porsche | 993 Carrera Targa | $65,000.00 | $75,000.00 | € 78,400 |
| 593 | 1993 | Porsche | 964 Carrera 2 Cabriolet ‘Turbo Look’ | $65,000.00 | $75,000.00 | € 145,600 |
| 600 | 2005 | Porsche | Carrera GT | $650,000.00 | $800,000.00 | € 761,800 |
| 620 | 1971 | Porsche | 911 S 2.2 | $45,000.00 | $55,000.00 | € 112,000 |
| 635 | 1987 | Porsche | 911 Carrera 3.2 Cabriolet | $45,000.00 | $55,000.00 | € 95,200 |
| 639 | 1964 | Porsche | 356 C 1600 Coupé | $10,000.00 | $15,000.00 | € 69,400 |
| 834 | 1982 | Porsche | 928 S | $5,000.00 | $10,000.00 | € 16,800 |
| 849 | 1973 | Porsche | 911 S 2.4 | $35,000.00 | $40,000.00 | € 100,800 |
| 853 | 1995 | Porsche | 993 Carrera RS | $65,000.00 | $75,000.00 | € 280,000 |
| 857 | 2008 | Porsche | 997 GT2 | $155,000.00 | $175,000.00 | € 257,600 |
| 866 | 1997 | Porsche | 993 Turbo | $80,000.00 | $90,000.00 | € 168,000 |
| 867 | 2007 | Porsche | 997 GT3 | $90,000.00 | $105,000.00 | € 145,600 |
| 875 | 1988 | Porsche | 959 ‘Komfort’ | $600,000.00 | $700,000.00 | € 1,008,000 |
| 882 | 1963 | Porsche | 356 B 1600 Coupé | $65,000.00 | $75,000.00 | € 100,800 |
| 885 | 1990 | Porsche | 964 Carrera Coupé | $10,000.00 | $15,000.00 | € 42,560 |
| 886 | 1993 | Porsche | 968 Club Sport | $30,000.00 | $35,000.00 | € 72,800 |
| 888 | 1998 | Porsche | 996 Carrera Cabriolet | $20,000.00 | $30,000.00 | € 33,600 |
| 896 | 1996 | Porsche | 993 GT2 | $30,000.00 | $35,000.00 | € 616,000 |
| 900 | 1994 | Porsche | ’30 Jahre 911′ | $80,000.00 | $90,000.00 | € 134,400 |
| 902 | 1992 | Porsche | 968 Cabriolet | $30,000.00 | $35,000.00 | € 35,840 |
| 907 | 1991 | Porsche | 964 Carrera 2 | $20,000.00 | $30,000.00 | € 53,760 |
| 909 | 1991 | Porsche | 964 Carrera Cabriolet | $35,000.00 | $40,000.00 | € 72,800 |
| 917 | 1983 | Porsche | 911 SC 3.0 | $30,000.00 | $35,000.00 | € 44,800 |
| 918 | 1974 | Porsche | 911 2.7 | $10,000.00 | $15,000.00 | € 34,800 |
| 919 | 1989 | Porsche | 944 S2 | $10,000.00 | $15,000.00 | € 26,880 |
Photo Credit : ©www.caldicarphoto.com -Simone Caldirola courtesy RM Sotheby’s
