2016 RM Sotheby’s Duemila Ruote Porsche Auction Results

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

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