PCA: Milwaukee

As we headed into December, 2025 had already surpassed 2024’s total dollar volume, leaving unit volume and sell-through rate as the final unknowns. December delivered on both, posting a 73% sell-through rate on $44,041,972 in sales with 583 cars crossing the block, a clear improvement over December 2024’s 70% sell-through, $30,340,029 in dollar volume, and 462 units. For the full year, 2025 finished at a 72% sell-through rate with $583,660,924 in total dollar volume across 7,572 cars, versus 68%, $493,350,995, and 7,235 units in 2024. The result marks 2025 as the strongest year for the Porsche auction market since the peak of 2022.

For me, 2025 was RUF’s year, with five of the top six sales coming from the Pfaffenhausen manufacturer. Three of those top results were original W09 VIN’d CTRs, a car we simply have not seen at public auction in any meaningful way for as long as I can remember. All three claimed the podium for highest prices paid in 2025, led by a 1,000-mile example finished in iconic Blossom Yellow that took top honors at $6,055,000, followed by sales at $4,680,000 and $4,295,000. Rounding out the top six were two CTR Anniversary models, RUF’s first fully carbon-tubbed tribute to its 1980s legend, which sold for $3,360,000 and $3,140,000 respectively.

The lone car to break up RUF’s dominance in the top six was a 1960 718 RS 60 Spyder, which sold for $3,525,000 at RM Sotheby’s Monterey sale. The result was a pleasant surprise, as Porsche race cars from the 1950s and 1960s have had a rough few years, with many failing to sell at auction. Also from the 1960s was the most talked-about car to cross the block in 2025, the 917K hero car from Steve McQueen’s classic film, Le Mans. Owned by Jerry Seinfeld since 2001, the car initially failed to meet reserve with a $25 million high bid on the block, but ultimately found a home post-sale at an undisclosed price.

Another surprise from 2025 was the late-year Turbo surge. It was most evident in the 993 Turbo market, where a run of strong results pushed prices well beyond the prior twelve-month high of $270,000, with multiple cars selling over $300,000. Leading the charge was a 12,000-mile Black-on-Black example that nearly added $100,000 to that benchmark, hammering at a final bid of $369,000. The momentum did not stop there, as 964 Turbo 3.6 values also spiked, with two cars selling for over $800,000 in December alone, crushing the previous twelve-month high of $545,000. On the newer Turbo front, the biggest mover of the year was the 991 GT2 RS, where even a non-Weissach example broke through the $500,000 mark, selling at a final bid of $506,000.

Speaking of GT cars, 2025 proved to be a mixed bag. Earlier, more analog GT3s were clear winners, led by a sub-1,000-mile 997.2 GT3 RS that set a new high at $575,000, followed closely by a Green 997.1 GT3 RS that sold for $498,000. The year also marked the first opportunity for 996.1 GT3s to be imported into the US, as we did not receive a GT3 domestically until the 996.2. The start was shaky, with the first example failing to sell at $106,996 and the first successful US sale landing at $100,000. That first car was later re-run and achieved $145,250, followed by another sale at $128,000, suggesting early hesitation gave way to stronger conviction. Not all GT cars shared the upside, however. New 992.2 GT3s struggled, with just one of six examples finding a buyer, and even that result fell short of expectations at $384,000 against an original MSRP of $313,000, well below the early premiums enjoyed by the 992.1 GT3 when it debuted.

It wasn’t just modern and modern-classic Porsches that impressed in 2025. For me, the standout classic of the year was the SWB 912 Coupe. We saw three examples sell at or just above the $100,000 mark, with several more changing hands in the $90,000 range, a level that would have seemed unthinkable not long ago. Topping the list for the year was a 1966 912 Coupe that emerged from 25 years of family ownership and brought a strong $100,912, cementing the model’s quiet but meaningful move into six-figure territory.

2025 was undoubtedly one for the books, but looking ahead, I expect 2026 to look a bit different. Unit volume should pull back modestly, a trend that already appears to be taking shape as January has produced the lowest number of Porsches currently for sale across the three major online auction platforms that I can remember seeing. On the product side, Boxster and Cayman pricing should begin to level off for standard variants, while special models start to separate themselves. With production of the 718 Boxster and Cayman now behind us and a gas-powered replacement still years away, scarcity will matter more than ever, and if a 000 Boxster Spyder comes to market, don’t be surprised if records fall. As always, truly special cars will continue to do special things, and the best of the best will still bring the money. Cheers to 2026.

-        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

November

November continued the momentum we’ve seen building in the Porsche auction market, posting a 73% sell-through rate (STR) on 615 cars for a total of $38.7 million in sales. That marks a clear year-over-year improvement over November 2024’s 69% STR on 537 units and $36.5 million in dollar volume, while October’s outsized $52 million result now looks more like an anomaly driven by sheer volume than a new baseline. The 991 GT2 RS market remained red hot, GT4 RS values continued their gradual softening, bidders began to value 911 GTS Cabriolet Americas, and the defining story of the month was the 993 Turbo market catching fire.

The 993 Turbo market was the clear standout in November. Five examples crossed the block, and four sold above $325,000, a level we simply haven’t seen at an online auction all year. One of the more talked-about cars was marketed as a “Turbo S,” though it was technically a Japanese-market Turbo equipped with all the right boxes checked, including X50, Turbo S Aero Kit II, and X79 side vents. It sold at a final bid of $350,000. The high-water mark for the month was a 12,000-mile example that brought $369,000. The real surprise came from a 30,000-mile Arena Red Metallic car, finished in the always-great “Kills Bugs Fast” hue, which hammered at $340,000. That result was quickly reinforced by a Guards Red example with 39,000 miles selling for $339,993.

The 991.2 GT2 RS market continued its impressive run in November with just two cars crossing the block, and both delivering standout results. The first was a 3,300-mile example finished in Racing Yellow and equipped with the Weissach package and magnesium wheels. It hammered at $500,003, comfortably clearing prior high comps around $416,000. The real headline, though, was a plain-Jane White over Black car without Porsche’s Weissach package, the only non-Weissach example we’ve seen all year. Despite that, and even with plenty of low-mileage Weissach cars trading in the $460,000 to $490,000 range, this 939-mile example sold at a final bid of $506,000. When non-Weissach cars are bringing Weissach-plus money, it’s a clear signal that demand for the GT2 RS remains exceptionally strong.

 The GT4 RS market continued to soften in November, with three examples crossing the block and only one finding a new home. Both no-sales stalled at final bids of $180,000, despite being well-speced cars. One was a 2025 example with 1,200 miles, finished in Racing Yellow with the Weissach package and carrying a $189,000 MSRP. The other was a 2023 car showing 1,900 miles, also equipped with the Weissach package, finished in Guards Red with an original sticker of $187,000. The lone sale was a 2023 example with notably higher mileage at 13,000 miles, but it stood apart thanks to both the Weissach package and the Manthey Racing package. That car sold at a final bid of $190,000 after failing to sell back in September at $182,000. Manthey kits are still bringing a premium, but clearly not what they once did, as this result represented only about a $22,000 bump over comparable high-mile cars without the kit.

 The 911 Carrera GTS Cabriolet America editions got off to a slow start at auction earlier this year, with most early examples failing to sell and just one finding a home back in August at $182,000. Momentum began to build last month when a 787-mile car sold for $223,000, and November pushed things further. Two examples topped that figure, with a 1,400-mile car hammering at $225,000 followed by a 1,200-mile example that sold for $238,875. After months of hesitation, bidders now appear willing to pay up for this limited-production model, suggesting the market is finally finding its footing.

 With just one month left in the year, 2025 has already surpassed last year’s total dollar volume and is on pace to do the same on unit count, needing just 245 additional cars to get there while current trends point to at least double that number. The quality of sales has improved as well, with the average sell-through rate for the year now sitting at 72% compared to 68% at this point last year. If December delivers anything close to what we’ve seen recently, 2025 will go down as a stronger and more consistent year for the Porsche auction market than many expected.

        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

October

October 2025 marked the highest unit volume on record since I began tracking the market, with 785 Porsches crossing the block. Of those, 70% found new homes for a total of $52,007,037 in sales. That’s up from September’s $44m, and well ahead of last October’s $36m. The 991 GT2 RS market continued to impress, with earlier GT2s following suit. We also saw the first 2024 911 GT3 R Rennsport hit the block, a headline event in itself, while a celebrity-owned 911S drew plenty of attention with its final number. Rounding things out, there was a noticeable surge in 914 listings across multiple auction houses.

Following last month’s incredible results, the GT2 market continued to surprise. A 9,000-mile 991 GT2 RS finished in Paint-to-Sample Yachting Blue Metallic sold for $528,000, an astounding result considering that price typically belongs to sub-500-mile examples. Sure, it was PTS, but no other car with similar mileage, PTS or not, has come close. We also saw a new all-time high for a 997.1 GT2, with a Guards Red example showing just 1,400 miles on the odometer selling for $417,000, eclipsing our previous record from December 2023 despite that car’s more extensive Exclusive options list.

Unveiled at Rennsport Reunion VII, the 911 GT3 R Rennsport represents Porsche’s most extreme track-only creation to date, and this month we saw the first one cross the block. Number 26 of just 77 built, it showed only 33 km and was finished in exposed carbon-fiber-composite bodywork with Agate Gray Metallic roof pillars. Still “in the wrapper,” it included its original lockable tool chest and documentation portfolio. With Porsche listing the base MSRP around $1,046,000, the final bid of $1,201,000 was probably close, maybe even slightly under its original MSRP. While not a breakout result, it likely reflects the car’s limited use case, as few buyers are eager to spend seven figures on something that can’t be driven on the street.

The biggest headline of the month came from a celebrity-owned 911S. This RUF-modified 1971 911S Coupe built for Jerry Seinfeld sold for an astonishing $657,000, more than double the highest bid we’ve seen for a modified LWB 911 in the last five years. Refinished in its original Gemini Blue Metallic, it featured flared arches, RUF Bilstein suspension, 930 brakes, and 15-inch Fuchs wheels. Power came from a 3.4-liter flat-six paired with a custom 6-speed transaxle and topped with RUF-branded hardware throughout. Beautifully built, unquestionably special, but $657,000 for a modified LWB 911? That’s rare air.

The 914 market was unusually busy this month, with 21 cars crossing the block and 15 finding new homes. A handful of 914/6s were among them, though none performed particularly well. It wasn’t long ago that six-figure sales were the norm for genuine 914/6s, but over the past 12 months, they’ve averaged just $68,700, with only one example breaking the $100k mark. Every 914/6 sold in October landed below that average. The high sale for the segment went to a modified 1974 914 fitted with a 3.2-liter flat-six from an ’89 911. Finished in Red with GT-style flares, it brought $95,000, a strong result for a well-executed conversion.

ypically, September and October are quieter months, but this year has been anything but. Both months delivered record numbers and surprising strength across multiple segments, signaling renewed confidence in the market as we head toward year-end. With two months still to go, 2025 has already surpassed 2024’s total dollar volume. If this momentum holds, we could be looking at one of the strongest years on record for the Porsche auction market.

 -        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 

September market report

After last September marked the slowest month of 2024 with the lowest sell-through rate and dollar volume of the year, this September was anything but sluggish. With 75% of the 656 Porsches offered finding new homes for a total of $44,012,507, the market posted its second-highest sell-through rate of 2025 and an above-average dollar volume to match. Compared to 63% and $29.6 million last year, and even up from 72% and $39.3 million in August, September showed real momentum across nearly every segment. We also saw a record-setting month for GT2 RS, a headline-grabbing 356 Speedster sale, a few surprises from the ’60s race car crowd, and plenty more worth unpacking below.

The GT2 RS market was small in quantity but mighty in performance this month, with just two examples crossing the block—both on the same day. The first was a wingless example that landed right within expectations at $479,111, proving that even the less traditional specs continue to find solid footing. The real headline, though, came from the second car, a Miami Blue example equipped with the Weissach Package that set a new 12-month high at $625,000. With 647 miles on the odometer and no Paint-to-Sample pedigree to boost its value, this result underscores continued strength at the very top of the modern GT market and shows that well-specified cars still bring the money.

The 356 market continued to show signs of softness this month with a 47% sell-through rate, but two standout Speedsters proved that the best examples still bring exceptional money. The first, a single-family-owned 1957 356A Speedster refinished in its original Ivory over Black, featured its numbers-matching engine and an older refurbishment, ultimately sold for a strong $342,000. The real star, however, came from the Gruppe P Collection—a 1958 356A Speedster restored in the mid-2010s and finished in Silver Metallic over Red leatherette. Already a decorated concours winner, with honors including Best Porsche at the 2017 Hilton Head Island Concours, Best in Class at the 2018 Concours d’Elegance of Texas, and a podium award from the 2025 La Jolla Concours, it added another trophy to its shelf: a $400,000 final bid and a new 12-month high for a Speedster online.

Interestingly, two 1960s race cars crossed the online block in September, a 1968 910 and a 1964 904 Carrera GTS. The 910 followed the trend we’ve seen with most period race cars lately and failed to sell at a final bid of $1,050,000. The 904, on the other hand, was a different story. Originally delivered through Brumos Porsche and boasting an impressive period competition history that includes the 1964 Bahamas Speed Week and entries at Daytona and Sebring, this Signal Red example has long been regarded as one of the better-documented 904s in private hands. Restored by Kevin Jeanette in the late 1980s and accompanied by its original Type 587/3 four-cam engine—currently serving double duty as a coffee table—it sold for a final bid of $2,375,000. That marks a healthy uptick from the $2.2 million result earlier this year and reinforces that while most vintage Porsche racers continue to remain unsold, 904s remain a stronghold in the market.

But the biggest surprise of the month came not from a 911 or 356, but from the Cayenne camp. Yes, a manual Cayenne is rare, and the Jet Green Metallic over Black leather example certainly looked the part, but this was just a standard model showing 64,600 miles. Aside from a set of 20-inch RS Spyder wheels and Porsche wood interior trim, it was mostly your run-of-the-mill Cayenne. We last saw this SUV sell in 2021 for a strong $51,000, and with the market having cooled since then, you’d expect a result somewhere in that range or a tad below. Not this time. Two determined bidders pushed it past the $100,000 mark, with the hammer finally falling at an astonishing $125,500. An unreal number for a Cayenne, and one that makes you wonder what one of the three 6-speed Transsyberias would bring if one ever came to market.

It was a September to remember, a strong showing for what’s typically the “quiet” month following Monterey. The mix of record-setting results, surprise sales, and continued strength in key segments made it one of the more impressive months of the year. And as I write this, October is already off to a stunning start, with several new highs and some truly special cars we’ve never seen cross the block before. Watch this space next month.

-        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