May market report: Some firsts
May continued the trend of a steady Porsche market, logging a 71% sell-through rate across 651 cars and generating $42,555,835 in total sales. While those numbers landed just shy of April’s totals, they matched May 2024’s sell-through rate exactly, while improving on both unit and dollar volume. More notably, May delivered a string of firsts: the debut auction appearance of a 911 Turbo Reimagined by Singer, the first $1 million hammer for a 997 GT3 RS 4.0, and the first 996.1 GT3 to cross the block in the U.S. A strong showing by any metric, with fresh headline sales that continue to push the market forward.
Leading the way was a true unicorn: a 2011 Porsche 911 GT3 RS 4.0 showing just 319 miles from new. Finished in Carrara White and loaded with options like PCCB, front axle lift, Sport Chrono, and the Extended Carbon Package, it previously failed to sell in 2023 at $785,250. This time around, it blew past all recent comps to sell for $1,001,917—the first RS 4.0 to officially break the million-dollar mark at auction. While some paint-to-sample cars have quietly traded hands above $1M, this one wasn’t PTS—just pristine, rare and perfectly timed.
Also making waves was the first Classic Turbo Study Reimagined by Singer to hit the auction stage. Known as “The Sun Valley Commission,” this 1990 911 Turbo crossed the block at Bonhams’ Miami sale, finished in Dirty Oak Green Metallic over an Ivory and Olive interior with Black wood accents. Driven by Chris Harris in Singer’s launch video and showing just 267 miles, it sold for $1,680,000. While that came in below its $1.75M–$2.25M estimate, it was still a strong debut for what will surely be one of the most collectible Singer variants.
Not every first found a home, though. The first 996.1 GT3 to appear at U.S. auction was a Japanese-market 2000 model finished in Biarritz White with fixed-back Recaro buckets and 44,000 km (~27k miles) on the clock. Thoroughly documented and seemingly well-kept, it failed to sell at a final bid of $106,996. With Rest-of-World comps hovering just above $80,000 and U.S. private sales rumored closer to $120k, it’s clear the market is still finding its footing for this increasingly desirable GT car.After a few strong showings earlier in the year, vintage Porsche race cars slipped back into their usual auction rhythm in May: lots of excitement, no results. The first was a 1967 Porsche 910—chassis 910001—the very first 910 coupe built and a former works car driven by Hans Herrmann and Rudi Lins. Despite a meticulous restoration and deep documentation, it failed to sell at $1,515,151 at Mecum, falling well short of the $2.5M achieved by a less storied example last year. Speculation in the comments about originality may have played a role.
And then there’s the 1959 Porsche 718 RSK center-seat Spyder, which has become something of an auction fixture. One of just four cars that could convert between center and offset seating, it boasts original Wendler bodywork and a Bill Doyle-built four-cam engine. Raced in-period by Christian Goethals, it has a rich history—but also a long list of no-sales. May marked its sixth trip to the block since January 2023, and once again, it failed to meet reserve. For now, it remains stuck in auction limbo.
With big-ticket cars finding new highs and fresh-to-market models making their debut, May served as a reminder that even in a stable market, there’s still room for headline-making moments. Looking ahead, all eyes are turning toward August as early consignments for Monterey are already beginning to surface on the major auction house sites—and they look strong. From rare, air-cooled icons to modern hypercars, it’s shaping up to be another blockbuster slate. Stay tuned.
- 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