The Most Unhappy Porsche Assortment Ever Recently Auctioned for $30M

[ad_1]

Announcement was made a couple of months prior about the auctioning of the “The White Collection,” a hoard of Porsches and associated memorabilia. It was possessed by a secretive overseer at a undisclosed place in Texas and exhibited by the Porsche Club of America in 2018, cultivating a sense of mystery and uniqueness. Presently, the vehicles—comprising 55 predominantly white, low-mileage Porsches, along with a duo of tractors and numerous related collectibles—have fetched a grand total of $30.5 million, setting new records for the 918 Spyder, 2016 911 R, and 991.2 GT2 RS in the process.

Reportedly, the cars were stored and never utilized after being acquired for the collection, primarily during the 2010s. My main query (besides pondering why white) was: What’s the reason behind accumulating 55 white Porsches and leaving them untouched? Could it have been an investment? Conceivably—but it might not have been a particularly wise one. For the seller of the collection, the proceeds from the auction probably weren’t as substantial as one would assume, given that despite some individual vehicles appreciating in value, their maintenance costs for a collection of this magnitude would have likely eaten into any profits.

The star attraction of the collection, a 2015 918 ‘Weissach’ Spyder in white (naturally) with only 12 miles on the clock, was sold for $3,937,500, effectively doubling the prior sales record for Porsche’s hybrid hypercar. When brand new, the 918 retailed for nearly a million dollars with the coveted Weissach package. If the seller managed to acquire it without a premium at that time, that would constitute a hefty return.

Darin Schnabel, RM Sotheby’s

Other notable sales included a 1997 ‘993’ Porsche 911 GT2, one of just 194 specimens of Porsche’s ultimate, most untamed air-cooled turbocharged car, which fetched an astonishing $2,397,500, and a 1973 911 Carrera RS 2.7 Lightweight, hailed by many as the greatest air-cooled Porsche, which commanded $1,875,000. Quite impressive as well.

However, some cars either depreciated in value or merely kept pace with inflation. These include a 1977 Porsche 924 Martini Edition sold for $29,120, a 1990 Porsche 944 S2 Cabriolet at $39,200, and a 1990 911 Targa at $134,400. The list goes on. And that’s not even factoring in the fixed and variable expenses of maintaining such a fleet. There are the obvious expenses like taxes and insurance, along with the unknown costs of transportation and upkeep. Even when unused, automobiles still necessitate regular fluid changes, tire replacements, and engine maintenance to remain operational.

Left to right: 1997 Porsche 911 GT2, 1990 Porsche 911 Carrera 2 Cabriolet, 1990 Porsche 944 S2 Cabriolet, 1973 Porsche 911 Carrera RS 2.7 Lightweight. RM Sotheby’s.

Ultimately, in this instance, the owner erected or adapted a structure specifically for housing the cars, undoubtedly incurring significant costs. The details also mention that while the cars remained parked, they were routinely started every month. A collection of this magnitude could easily necessitate the employment of one or more full-time staff members solely for overseeing maintenance and logistics.

Matt Farah from The Smoking Tire and Doug DeMuro from Cars & Bids expressed their thoughts regarding the assortment on The Smoking Tire Podcast (timestamp 44:26, in case you’re intrigued). Farah remarked, “It’s akin to accumulating, but being affluent enough to afford individuals for tidying up,” to which DeMuro concurred, “There seems to be some form of psychological disorder there,” ultimately adding, “so then you commence hiring people, and consequently, you have to establish a designated space … he’s bound to incur losses on these vehicles regardless of how much they earn [at auction,] due to the significant expenses involved in all of this.”

View this post on Instagram

A post shared by Matt Farah (@thesmokingtire)

The pair are knowledgeable experts—in addition to working as auto writers, Farah is the proprietor of Westside Collector Car Storage, a luxury automobile storage facility with two branches in Los Angeles, and DeMuro founded Cars & Bids, a prominent car auction site for enthusiasts. Both individuals are also familiar with the intricacies of owning multiple vehicles personally, albeit on a smaller scale.

While it’s tempting to admire a collection of this magnitude and grandeur, a closer look reveals a less cheerful reality—and quite possibly, an unbridled obsessive-compulsive behavior. The unused cars, the uniform theme, the decision to sell the entire collection just a little over ten years after its inception—all the signs are there. Hopefully, the owner of The White Collection found some satisfaction in owning these cars, even if they were not driven, as the financial gain most likely did not make up for the stress.

From a subjective standpoint, the idea behind the collection was rather unremarkable. I mean, white? Arguably the least captivating shade in the grayscale spectrum, it’s difficult to envision these vehicles not looking more appealing in the iconic Porsche silver or a sleek black, not to mention the plethora of other, more imaginative hues available to paint a Porsche.

If you aim to invest your finances, consider stocks, bonds, mutual funds, or real estate. If you desire to experience the thrill of driving and have the means, opt for a fun vehicle. The two are seldom interchangeable, and it’s beneficial for everyone to view them as distinct entities. As comedian and renowned Porsche collector Jerry Seinfeld recently quipped, “Not finding joy is one of life’s biggest missteps. When you reach the afterlife, if you possess the Porsche with the fewest miles, YOU LOSE!”

[ad_2]