PCA: Milwaukee

by David Whitlock
The final month of 2024 capped off a dynamic year in the Porsche market, with December achieving a solid 70% sell-through rate, marking a slight uptick from November's 69%. A total of 462 cars crossed the auction block, generating a dollar volume of $30,340,029. While this represents a dip from the $36,536,798 seen in November, it underscores strong demand for Porsche vehicles as the year wound down. Notable highlights included a 2005 Carrera GT claiming the top sale at $1,395,000, alongside a noticeable resurgence in the 356 market, which finally saw some deals close. As we transition into 2025, these results reflect a resilient and evolving market, with specific segments showing renewed strength.

The 356 market ended the year on a high note, with a strong 75% sell-through rate and a total dollar volume of $955,000 across 12 units. Among the standout sales was a 1957 356A Coupe, restored in 2011 and finished in stunning Sahara Beige with a Burgundy interior. The restoration featured paintwork by the Paterek Brothers and included a 1,720cc replacement engine. This exceptional example achieved $136,000, surpassing the $133,000 average. Another notable result was a 1960 356B 1600S Roadster, a single family owned gem for 62 years. Though it failed to close in October at $126,500, it found a new home this month for $136,000. Refinished in Red with a Grey interior, this driver-quality example sold at the lower end of the market, below the $190,000 average. 

These results highlight the continued appeal of well-maintained and unique 356 models, with both high-end restorations and solid drivers finding eager buyers.

The 911 Carrera 3.2 market closed out the year with an impressive performance, boasting an 86% sell-through rate and generating $1,587,770 from 21 units. Among the notable results was a 1989 911 Speedster finished in Triple Black, though the interior had been changed to Black during its life. With only 8,000 miles on the odometer, questions about the mileage history didn't deter bidders, as it achieved $220,000. This result sits above the $214,000 average and lands in the middle of comparable sales for similar mileage. Another standout was a 1989 911 Carrera 3.2 Coupe, also in Triple Black, with a 5-speed manual transmission and just 27,000 miles. This pristine example commanded $138,000, significantly outperforming the twelve-month average of $80,600. Not only was it a top-five sale in the last year, but it also led comps in terms of mileage. These results underscore the strength of late-production 3.2 Carreras, particularly low-mileage examples in desirable specifications.

The 718 market showcased some divergent trends as 2024 concluded. The 718 Spyder RS saw renewed interest, with a 2024 model featuring Porsche’s Weissach Package, finished in Shark Blue with Satin Magnesium wheels and just 479 miles, achieving $225,000. This marks the highest price for the Spyder RS since the first example hit the market in July, signaling a potential upturn for this exclusive variant. In contrast, the 718 Cayman GT4 RS market faced continued softness. A 2024 model with 1,500 miles closed at $207,000, pulling the average further down from $270,000 at the beginning of the year to $209,000 this month. Selling below the current average, this result highlights the cooling demand for what was once a hotly pursued model.

Meanwhile, the GTS 4.0 Boxsters and Caymans, the only non-GT 718s equipped with a naturally aspirated engine, continued to draw steady interest around the $80,000 mark. A 2021 Cayman GTS 4.0 sold for $79,000, a 2021 Boxster GTS 4.0 fetched $80,500, while another Cayman GTS 4.0 failed to sell at $78,718. These results suggest a stable market for these enthusiast favorites, offering accessible entry points for Porsche purists.

As the final numbers rolled in, 2024 proved to be a robust year for the Porsche market, closing with a total sell-through rate of 68%, $493,350,995 in dollar volume, and 7,235 units sold. This marks a significant increase in units over 2023, which saw 6,707 units sold at a slightly higher 70% sell-through rate and a total dollar volume of $479,107,514. While the year started on a slower note, December’s strong sell-through rate capped it off with momentum, setting an optimistic tone for 2025.

Market report for January 2025

January 2025 kicked off the year with steady, if slightly subdued, results in the Porsche auction market. The 69% sell-through rate across 561 cars brought in a total of $41,125,442, a dip from last January’s $44,026,566 and 592 units. While the market’s cooling trend continued at the top end, there were still standout moments, including two 928s cresting the $100,000 mark, a rare feat for the transaxle model. Meanwhile, the GT2 RS market showed surprising strength, with multiple sales exceeding recent averages and reinforcing its position as one of the most sought-after modern Porsche models. That dollar volume, however, could have been significantly higher had a certain comedian’s race car found a buyer. Instead, it joined the growing list of high-profile no-sales, a sign that while enthusiasm remains, bidders are getting more selective at the upper tiers.

The 928 market saw one of its strongest months in recent memory, with a 67% sell-through rate across 15 sales totaling $380,713. While the model line has historically lagged behind its air-cooled counterparts, two standout results showed that collectors are willing to pay for rarity and presentation. The star of the month was a 1980 928S 5-speed finished in Lindgrünmetallic over Brown leather with Pasha velour inserts. With 82,000 miles, this example shattered expectations by selling for $142,069, well above the model’s 12-month average of $34,000 and recent comps in the $40,000 range. The rare color combination appears to have driven the premium, a trend worth watching in the transaxle segment.

Also noteworthy was a 1979 928 5-speed in Silver Metallic over Cork leatherette with Pasha inserts, which had previously been bid to $68,000 as a no-sale in November. This time, it found a buyer at $100,000, despite the 12-month average sitting at just $27,500 and its nearest mileage comp selling for $45,100. These results reinforce that when it comes to 928s, spec and presentation matter more than ever.

The 991.2 GT2 RS market had a breakout month, further cementing its place as one of the most desirable modern Porsches. Although only three examples crossed the block, two of them delivered staggering results, far surpassing the model’s late-2024 average of $386,000. Leading the charge was a 2018 GT2 RS finished in Miami Blue over Black, equipped with the Weissach package and showing just 103 miles. It sold for $594,000 at Mecum’s Kissimmee sale, setting a new high-water mark for a non-Clubsport example. Not to be outdone, another 2018 GT2 RS in Red over Black, also with the Weissach package and 172 miles, hammered at $605,000 at Barrett-Jackson Scottsdale. With results like these, it’s clear that low-mileage, highly optioned examples remain in high demand, pushing values well beyond recent norms.

For 911s reimagined by Singer, January told a different story. Historically, 4.0-liter Ed Pink-powered examples have commanded $1M-plus, while earlier 3.8-liter builds have remained sub-$1M. This month, however, two high-spec 4.0-liter examples sold below expectations. The 1991 "Step On It" commission, finished in Blue over Montecello square-weave leather, with just 68 miles, hammered at $966,000—strong, but short of the $ 1 million mark. Likewise, a 1989 commission, finished in Green Blood Dark over Baseball Glove Connolly Monza leather, sold for $935,000. More Singer builds are currently available at auction and privately than ever before, giving buyers greater selection and reducing the urgency to bid aggressively. While 4.0-liter builds still command a premium, the automatic $1M floor may no longer be guaranteed, with buyers scrutinizing specs, mileage, and individual commission details more carefully.

The top end of the market struggled, with only two out of eight $1M-plus expected cars selling—both 959s. The biggest no-sale was the 1969 Porsche 917K, formerly owned by Steve McQueen and used as the hero car in Le Mans. Recently part of the Jerry Seinfeld collection, this historic machine reached a final bid of $25,000,000 but failed to sell, a surprising result for such a significant race car. A familiar face was the 1959 Porsche 718 RSK center-seat Spyder, which failed to sell for an astounding seventh time in a row, this time stalling at $2,500,000. Bidders appear to have lost patience with this one. Other notable no-sales included a 1992 Schuppan-Porsche 962CR ($1.5M), a 1966 910 ($1.3M), a 1976 934 ($1.2M), and the infamous Coca-Cola 935/84 ($1.1M). These results make one thing clear—while rarity remains important, it is no longer enough to guarantee a result at the highest levels.

January’s numbers suggest that the Porsche market remains active but selective, particularly at the top. Buyers are paying up for the right cars, as seen with GT2 RS and 928 results, but they are also picking their battles—as evidenced by the Singer softening and high-profile no-sales. With more Singer builds available than ever before, increased supply may continue to shape that segment in the months ahead. Looking forward, February brings the Paris Retromobile sales, traditionally a strong venue for European and competition-focused Porsches, while March will bring major auctions in Miami and Amelia Island—both key indicators of where the market is heading. If January was any indication, sellers with high expectations may need to adjust their reserves as we move deeper into 2025.

Market report for February 2025
After last year’s scheduling conflict, which saw the newly formed Moda Miami event competing against Amelia Island during the same weekend, this year’s events were strategically split across two back-to-back weekends. RM Sotheby’s kicked things off during Moda Miami on February 27 & 28, followed by Gooding & Company’s Amelia Island auction on March 6 & 7, and Broad Arrow Auctions on March 7 & 8. This revised schedule gave each auction its own spotlight, resulting in 78 Porsches crossing the block with a sell-through rate of 85% and a total dollar volume of $35,886,680. With this new format proving successful, it’s safe to say that Florida Car Week has officially arrived.

 The most surprising sale of the week wasn’t the RUF CTR, though it certainly grabbed headlines (more on that below). Instead, it was the 1964 Porsche 904 GTS that stole the show for me. If you’ve been following my column, you’ll know that $1M+ race cars from the '50s and '60s have been struggling for years, with a steady stream of no-sales and bids well below estimates. But this time was different. Estimated between $1.5M and $1.8M, the 904 GTS blew past its high estimate, selling for $2,205,000 including buyer’s premium. While one sale doesn’t make a market, it was refreshing to see a classic Porsche race car finally bring strong money.

RUF collectors had a once-in-a-lifetime opportunity at Florida Car Week, with a CTR3, CTR2, and an original CTR ‘Yellowbird’ all on offer. RM Sotheby’s sold a 2009 CTR3, one of just 31 built, for $1,116,000, while Gooding & Co. auctioned a rare Adriatic Blue CTR2, one of only 18 produced, for an impressive $2,645,000. But the star of the show was the original W09-VIN CTR ‘Yellowbird’, one of only 29 built and likely the lowest-mileage example in existence. Finished in RUF’s iconic Blossom Yellow, it carried an estimate of "in excess of $6M" and sold for $6,055,000 including buyer’s premium. With these results, RUF has firmly cemented itself as a seven-figure brand, right alongside Porsche’s most valuable models.

The 356 market also showed surprising strength, with an 89% sell-through rate across 19 cars—a sharp contrast to the recently lower sell-through rates for the model. While many sales landed just below their estimates, there were a few standout results. A 1952 356 1500 Super Coupe brought $235,200, well above recent comps, where similar examples have struggled to break $200,000. Carrera-engined cars also performed well, with a 1959 356A 1600 GS/GT Carrera Speedster selling for $973,000, reinforcing its position as one of the most sought-after 356 variants.

While 993s have been among the auction market’s strongest performers in recent years, Florida Car Week delivered underwhelming results for the model—with one notable exception.

Leading the pack was a 1997 911 Turbo S, which sold within its estimate range at $643,000—a solid, if unsurprising, result for one of the most coveted air-cooled Turbo models. Beyond that, however, the standard 993 Turbo results were all over the place. Of the three standard Turbos on offer, one failed to sell at $260,000, while another sold well below estimates at $268,800.

But then there was the outlier—an Arena Red 993 Turbo that crushed expectations, selling for $260,400 against a $200,000–$225,000 estimate. If there’s one lesson to be learned here, it’s that you should never bet against Arena Red when it comes to 993s. This signature color, made famous in Porsche’s original 993 Turbo “Kills bugs fast” ad campaign, continues to prove that the right spec can still defy estimates.

With a strong sell-through rate, standout RUF results, and a rare success story for vintage Porsche race cars, Florida Car Week made a strong debut as a new fixture on the Porsche auction calendar. With Paris Retromobile behind us and Monterey still months away, all eyes will be on how the market shapes up heading into spring. One thing’s for sure—if this year’s Florida auctions are any indication---2025 is going to be interesting.

 -        David K. Whitlock is a writer for The Stuttgart Market Letter, a daily market update for Porschephiles, by Porschephiles, delivered free to your inbox.  To sign up, visit: www.stuttgartmarketletter.com