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