April market report: There were deals to be had
by David Whitlock
April 2025 marked a high point in the modern Porsche auction market, driven in large part by Broad Arrow’s Air|Water sale in Costa Mesa. With 664 Porsches sold across all major platforms, the month delivered $56,730,704 in total sales—a slight dip from March’s figure, but still the third-highest dollar volume in the past three years. The 76% sell-through rate was the strongest since March 2023, signaling renewed momentum as we move deeper into the spring selling season.
In its second year, Air|Water posted a solid showing. Of the 55 cars on offer, 58% hammered sold for a total of $14,288,900. While the conversion rate dipped slightly versus 2024, total sales volume increased, suggesting a consistent base of engaged buyers. As of this writing, several post-auction deals have already closed, including the Carrera GT and a yellow 356C Coupe, though for consistency, those results aren't included in sell-through rate or dollar volume.
Among the standout results was the Zagato-bodied 356B ‘Sanction Lost,’ one of the most visually striking cars of the weekend. It exceeded its $375,000 high estimate to sell for $445,000 all-in and was as captivating in person as any 356 I’ve seen at auction.
On the high end, the RUF CTR ‘Yellowbird’ drew plenty of attention and ultimately sold toward the lower end of its range at $4,680,000. With 23,000 miles on the clock, that result was in line with expectations, especially in the wake of last month’s $6M sale of a sub-1,000-mile example.
There were still deals to be had. A 2002 Boxster S 6-speed brought just $9,520 all-in, $5,000 below its low estimate, and an absolute steal for a clean, affordable driver. Meanwhile, a 1977 911S Coupe in Paint-to-Sample Metallic Black with tasteful upgrades sold for $47,600, easily $10k under comparable examples.
The transaxle segment got a boost from a strong result on a 1981 928 5-speed. Finished in Grand Prix White over Black, with a documented ownership history and a rebuilt engine, it sold for $63,840, well above the model’s $25,000 12-month average. This was a prime example of spec, service, and presentation coming together.
Finally, it was encouraging to see another vintage race car find a new home. A largely unrestored 1966 906, complete with its original gearbox and Type 910 flat-six, sold for $1,528,500. That result fell just short of estimate but made it two consecutive months with major race car sales, a promising sign for the long-stagnant motorsport segment.
While Air|Water headlined the month’s live auctions, it was the online platforms that quietly delivered the stronger overall performance. Higher sell-through rates and a steady stream of mid-market successes gave digital venues the edge, but not every segment shared in that momentum. The 356 market lagged behind. April’s online 356 sell-through rate came in at 65%, a noticeable drop from March’s 71%, and several high-profile listings failed to meet reserve. Chief among them was a 1965 356 Emory Special Cabriolet that had previously sold for $755,000, the second-highest result ever for an Emory build. This time around, it stalled at a high bid of $651,000. Finished in Tropical Green Metallic over Vine Green leather and powered by a 2.6-liter Emory-Rothsport flat-four, it featured the hallmarks of Rod Emory’s signature craftsmanship but even that wasn’t enough to close the deal, suggesting some fatigue at the upper end of the segment.
All told, April delivered a strong showing across the Porsche auction landscape, with the highest sell-through rate in over a year and sustained momentum in both live and online channels. While Broad Arrow’s Air|Water sale brought energy and headline results, much of the month’s consistency came from online platforms steadily moving well-presented, mid-market cars. Segments like transaxles continued their quiet climb, while a few outliers, particularly among 356s, faced more scrutiny. Still, the overall tone remains positive: buyers are active, selective, and willing to pay for the right car at the right price. If April is any indication, 2025’s spring season is just hitting its stride.