Mecum Auction: '89 5 speed w/ 16K Miles - SOLD: $50,000
05-17-2014 | 03:53 PM
#62
Addict
Rennlist Member
Rennlist Member
Joined: May 2002
Posts: 3,782
Likes: 53
From: Venice, FL
I didn't even bid..... The bids advanced so fast I could have jumped in at $50k but, by the time I added 10% buyers fee (phone bidder), shipping and cost of deferred maintenance, I'd be in it for ~$60k.... Nice car but, not worth that IMHO. Hope the buyer will enjoy the car!
05-17-2014 | 03:59 PM
#63
Rennlist Member
Joined: Sep 2003
Posts: 2,950
Likes: 0
From: Abbotsford, BC & Wenatchee WA
05-17-2014 | 05:34 PM
#66
Rennlist Member
Joined: Aug 2002
Posts: 2,676
Likes: 236
From: Warrenton, VA
Wow.
There can't be too many GT's left in that condition w/such low mileage. Mine had 2x that mileage when I bought it 14 years ago.
My guess was that it was going to fetch $25k hammer. I've seen mint 560SLs of that vintage go for around $20k. Not that it's a comparable car in any way, but I'm not so sure these auction houses see much difference.
Apparently collectors do. $60k after buyer's premiums, etc. Someone really wanted this car.
I'm glad that the value of a 928, particularly a GT, is now on the radar screen. This should help the market (for sellers - not buyers) and all those folks trying to get fair value for their car in an insurance settlement for instance.
I wanted to watch this - more than anything to hear the commentary and see who was bidding (if they showed present bidders). I thought it was slated to go up tomorrow/Sunday not today. I just got back in town to see that it had already sold.
Did anyone tape this by chance? Jarrod?
There can't be too many GT's left in that condition w/such low mileage. Mine had 2x that mileage when I bought it 14 years ago.
My guess was that it was going to fetch $25k hammer. I've seen mint 560SLs of that vintage go for around $20k. Not that it's a comparable car in any way, but I'm not so sure these auction houses see much difference.
Apparently collectors do. $60k after buyer's premiums, etc. Someone really wanted this car.
I'm glad that the value of a 928, particularly a GT, is now on the radar screen. This should help the market (for sellers - not buyers) and all those folks trying to get fair value for their car in an insurance settlement for instance.
I wanted to watch this - more than anything to hear the commentary and see who was bidding (if they showed present bidders). I thought it was slated to go up tomorrow/Sunday not today. I just got back in town to see that it had already sold.
Did anyone tape this by chance? Jarrod?
05-17-2014 | 06:26 PM
#73
Rennlist Member
Joined: Dec 2003
Posts: 2,715
Likes: 227
From: Oklahoma
Wow.
There can't be too many GT's left in that condition w/such low mileage. Mine had 2x that mileage when I bought it 14 years ago.
My guess was that it was going to fetch $25k hammer. I've seen mint 560SLs of that vintage go for around $20k. Not that it's a comparable car in any way, but I'm not so sure these auction houses see much difference.
Apparently collectors do. $60k after buyer's premiums, etc. Someone really wanted this car.
I'm glad that the value of a 928, particularly a GT, is now on the radar screen. This should help the market (for sellers - not buyers) and all those folks trying to get fair value for their car in an insurance settlement for instance.
I wanted to watch this - more than anything to hear the commentary and see who was bidding (if they showed present bidders). I thought it was slated to go up tomorrow/Sunday not today. I just got back in town to see that it had already sold.
Did anyone tape this by chance? Jarrod?
There can't be too many GT's left in that condition w/such low mileage. Mine had 2x that mileage when I bought it 14 years ago.
My guess was that it was going to fetch $25k hammer. I've seen mint 560SLs of that vintage go for around $20k. Not that it's a comparable car in any way, but I'm not so sure these auction houses see much difference.
Apparently collectors do. $60k after buyer's premiums, etc. Someone really wanted this car.
I'm glad that the value of a 928, particularly a GT, is now on the radar screen. This should help the market (for sellers - not buyers) and all those folks trying to get fair value for their car in an insurance settlement for instance.
I wanted to watch this - more than anything to hear the commentary and see who was bidding (if they showed present bidders). I thought it was slated to go up tomorrow/Sunday not today. I just got back in town to see that it had already sold.
Did anyone tape this by chance? Jarrod?
As Chuck mentioned, the sale went very fast. I think it opened around $20-25K and absolutely zoomed to $50K. I bet the whole thing was over in less than 60 seconds, with a fair chunk of that time spent determining if there was truly a bid at $55K - which was briefly displayed before backing off to the final $50K hammer price.
The announcer did pronounce Porsche correctly, but still called it a S4. Since this wasn't the TV broadcast, only the basic facts of the car were mentioned when it first rolled on the block. There was no in-depth discussion.
I'm pleased at the price it went for, but would note there were a handful of very knowledgeable bidders there who really wanted this car. I believe this helped it go for well beyond what most of us would expect for a 928 at Mecum, and likely approached the limit of what a concours condition GT can go for at the present time. Time will tell, but I'm hopeful the strength of this bid will get the attention of Porsche collectors who wouldn't normally give the 928 a second glance.
05-17-2014 | 06:56 PM
#74
Rennlist Member
Joined: Jan 2008
Posts: 4,067
Likes: 323
From: Friday Harbor, WA
...
As Chuck mentioned, the sale went very fast. I think it opened around $20-25K and absolutely zoomed to $50K. I bet the whole thing was over in less than 60 seconds, with a fair chunk of that time spent determining if there was truly a bid at $55K - which was briefly displayed before backing off to the final $50K hammer price...
As Chuck mentioned, the sale went very fast. I think it opened around $20-25K and absolutely zoomed to $50K. I bet the whole thing was over in less than 60 seconds, with a fair chunk of that time spent determining if there was truly a bid at $55K - which was briefly displayed before backing off to the final $50K hammer price...
YES !! at many auctions there are phantom bids where the auctioneer just runs up the bid......ever see where they stop and backup often indicates the high bidder did not "bid" . More common on cars with reserves but at many sales the auction company OWNS and SELLS some cars for their own profit so bidders will get run up ....is there REALLY someone on the other end of that telephone ????
