When you click on links to various merchants on this site and make a purchase, this can result in this site earning a commission. Affiliate programs and affiliations include, but are not limited to, the eBay Partner Network.
On Saturday evening in Hilton Head, South Carolina, this 356 Speedster was sold at auction. Nobody in the room could have imagined what price it might bring, and certainly nobody expected the bidding to increase that number to nearly three times as much as the car's pre-auction estimate, but that's exactly what happened. With metered hype, and only a little fanfare, this "barn find" car managed to sell for much higher than most perfectly-restored examples will bring at similar auctions. Auctions America, the auction house in question, figured that they would be able to get bids for this car to fall somewhere between $200,000 and $250,000, but the eventual winning bid of $605,000 (before any buyer or seller fees) blew everyone away. I wasn't in the room at the time, but I can imagine there was some incredulous laughter among the assembled peanut gallery. So what makes this car so special?
Well, for one thing, this is a time-capsule car. It remains in near-perfect condition, despite having been sitting in a storage unit in a suburb of Chicago since 1975. The car is said to only have minor rust around the battery box, which is common among 356s, especially ones which have sat for extended periods of time. The Speedster was purchased in May of 1957. From then the car was driven frequently during the summer, racking up some 25,000 miles between 1957 and 1975 by the same owner, driven only in the summer. In 1975 the owner was rendered unable to drive, and the car was reluctantly parked. The original owner passed away some five years ago, and it was purchased from his estate by a family friend. The original paperwork was found for the car, and the car remains highly original.
This is a Speedster that could easily be kept as-is for display purposes only, or could be restored to concours perfect with minimal work. It is unique in its history, and rare in its specifications with Aquamarine Blue Metallic paint, US-spec bumpers and headlights, and optional Coupe seats replacing the fixed back lightweight Speedster seats. The car's sale included the original owners manual, spare tire, and jack.
Here is Auctions America's description of the car from their catalog:
The documented story of this Porsche Speedster starts in Hoopeston, Illinois, which is about four hours from Chicago. The first and long term owner of this Porsche travelled outside of the city of Chicago to purchase this Speedster new from Shakespeare Motors. The original invoice that accompanies this vehicle shows that on May 31, 1957 John Casper paid a fifty-dollar deposit on the car. The sticker price for this brand new German sports car was $3,502.00. Also accompanying the car is the original bill of sale that shows John Casper returning on June 6, 1957 to pay the remaining balance of the Porsche.
It is conveyed that John thoroughly enjoyed his Porsche Speedster. He was often sighted driving the car to numerous Porsche Club of America events. Many of these events took place at racetracks, but it is said that he never took his Porsche on the track. The fuel tank has Road America stickers still intact from when he attended events. This was his summer car, which allowed the car to avoid the harsh northern winters that Chicago is known for. This explains why, today, it is in superior condition and solid throughout. The current owner reports the car to appear to be a rust free example, aside from the commonly seen rust beneath the battery. The original service booklet is included with the car and has only a couple pages removed at the beginning from when it was serviced with a few hundred miles. There are stickers in the door jamb showing services completed when the car had roughly 25,000 miles. The last year that this Porsche was driven on the roads was 1975. Unfortunately, at that time the owner became unable to drive the car anymore so it was put into storage. From 1957 to 1975, the car was driven an average of 1,722 miles per year. While in storage it was stored with the convertible top up, which helped save the top from major wrinkles; this also helped preserve the interior. The side windows were stored on the car and remain in very good condition, though the windows are yellowing from their age. The car retains its original tonneau cover for covering the interior when the top is down; and the original convertible top boot is also with the vehicle. The beige interior is preserved in excellent condition with no tears or sign of misuse. The interior also has the original VDO instrumentation, Porsche steering wheel; and it is equipped with a cigar lighter. The Porsche Certificate of Authenticity shows this Porsche was completed on March 5, 1957. It was finished in Aquamarine Blue Metallic (5607) with a Beige Leatherette interior. Optional equipment included USA bumpers, sealed beam headlights and Coupe seats in place of the Speedster seats. It is also fitted with a Raydyot fender-mounted mirror. Today the car retains its original paintwork with no re-spraying or body work appearing to have been done. The blue paintwork is said to be in very good shape; appearing as though a polishing would bring the paint back to presentable shine. Sadly the original owner of this Speedster passed away around five years ago. After his passing, a lifelong family friend acquired the Porsche from the estate in 2016. When going through the paper work with the family the original title, which was thought to have been lost, was found for the Porsche. This Porsche benefits from single ownership for the last 59 years. The original owner’s manual, spare tire and jack are included with the vehicle. This is a rare opportunity to acquire a very early original Porsche Speedster. Making it even more desirable is that fact that it is coming from 59 years of single ownership, unrestored and complete with all the original components. As more Porsche Speedsters are found and restored; it is becoming nearly impossible to find such an original car, with a spectacularly documented history and long-term single ownership. It is conveyed that the doors close excellent with a sweet solid sound; and the near perfect fit and finish of all the panels and gaps is rarely going to be found on another original Porsche. An automobile is only original once.
Remember what happened to all those $500,000 Ferraris in the 1990s that are "sure to continue to increase in value by 10-15% every year"? In 2008 they brought $200,000... and a lot of divorces.
"could be restored to concours perfect with minimal work" meaning $100,000 and 2 years in the shop.
"slight rust": you can put your finger through it.
BTW: for those who never drove one (I've only driven the later 356B both used and partially restored), it's not impressive. Imagine a VW 1300 Type I beetle with 20 more hp. It's a pushrod, air cooled flat four, not a 912 engine. The interior noise level and ride quality are unpleasant, the handling is dangerous with the trailing throttle oversteer common to swing-axle cars (described by the fawning press as "exciting" and "responsive"), it's not IRS. It has drum brakes.
It's valuable because someone with way too much money thinks it is, and at least one other person did too.
If HRC does to the stock market what she promised ("I'm going after the banks!"), it will be sold next year for... let's just say he won't be happy.
And now the classic Ferrari market is on fire, just absurd prices being paid for pre-1975ish cars. Porsche market is way too hot as well. Collector sports cars are in a huge bubble right now, next recession expect some people to lose their *** on their "investment" to the tune of several hundred thousand or maybe even a few million dollars in some cases.
^ Cars like that Porsche are insured with an "agreed value" policy. IE the owner wants it insured for $650k, the insurance company says okay, pay the premium. Collector car insurance, especially on expensive exotics and antiques like that Porsche works a lot differently than regular car insurance. Now if the market crashes and Porsche speedsters are worth 200k, I have no idea if the insurance company would still insure it for 650k, or if your premium would go through the roof or what.
Nothing logical about these cars or purchases. Like many other cars these 356 purchases are all about emotions. I have a friend that has one locally and the attachment to these cars is real. Like many, his completes in Concours AND he drives it regularly as cars are meant to be driven!
Separate but related I was sent this video this morning . . . . .
@kitabel I don't know enough about them to confirm or deny your thoughts. I will say that if what you say is in fact accurate it seems like a really strong case for why the ones that make it through in decent condition are worth so much to a certain few enthusiasts.
WRT one million miles.
Because he said so? Not convinced.
Does anyone here know the service history of air-cooled flat four engines of this era? There are reasons why air-cooled engines are "high maintenance".
At 40,000 miles the heads come apart, or the exhaust valves fall out. 60,000 for the top end or it pushes out oil smoke like a crop duster. 200,000 the crankcase is generally so warped that the only cure is replacement with new castings (not line-boring). Don't believe me, ask Gene Berg. The exhaust system and heater boxes rust through internally from water vapor in less than 15 years regardless of maintenance - thousands of gallons of boiling water and sulfuric acid produced by normal combustion are pumped into those tubes. Unless he has a giant vacuum chamber to store it in every time it's shut off, the floor is completely gone in 20 years - you can read a newspaper held under the car. There are absolute limits to how many millions of times a piece of sheet metal can be flexed before it just crumbles when you lean on it, it's called "work hardening". I've taken apart cars with 300,000 miles, and many of the welds had long since failed.
In short, only one of two things are true:
1. he's lying.
2. the entire car (except for the largest body panels) has been replaced several times.
Like George Washington's hatchet: it's all original, the head was replaced three times and the handle twice.
The floors and body don't rust hardly at all if you live in California or some other desert type place. The problem is that convertibles, if not properly stored indoors, over the years will rust from water getting in and collecting in places it shouldn't due to the leaky top. I bet that is what does in many the old Porsche 356 convertible, not salt on the roads. Hardtop cars just don't rust nearly as bad, even if stored improperly.
As for engines not lasting, I'm not an expert on air cooled Porsche/VW engines, but I know that something like a Chevy small block V8(similar age motor to the Porsche 356 flat four) is a very robust and durable engine that can go 200-300k between rebuilds. That is if you're using modern piston rings, today's thinner oils, modern roller camshaft, etc. The technology back in the 50's wasn't there for engines to go for really long intervals between rebuilds. But newer tech on those old motors makes a world of difference in drivability, horsepower, and durability.
I just watched an episode of "Chasing Classic Cars" where Wayne looked at and eventually bought a white 356 Speedster from a owner. I think he mentioned a barn find recently sold for 400K and older Porsche's are really hot now.
I think I saw someone in our neighborhood that had a 356 Speedster in his garage.
And now the classic Ferrari market is on fire, just absurd prices being paid for pre-1975ish cars. Porsche market is way too hot as well. Collector sports cars are in a huge bubble right now, next recession expect some people to lose their *** on their "investment" to the tune of several hundred thousand or maybe even a few million dollars in some cases.
its actually absurd, the asset price bubble we are in around the world is quite insane. I am a Porsche owner myself and attend many PCA events, I have a friend who purchased a 356 in the 90's for $9000, it was a hardtop, much more desirable than this Speedster which was always the cheapest version offered. 356's would NEVER be represented at Pebble Beach or Amelia until recently, now they are winning?! Its really insane. My friend has seen his car go from $9000 to $100,000 in its state.
Really these are all signs of an asset bubble, if you can't get returns on anything else on the planet, stocks, bonds, money starts piling into assets like cars and real estate is getting way ahead of its true value. I have another friend who sold his absolute JUNKER 911 from the mid-70's for a small fortune last year when he had a baby, he bought it not running, never got it running right, and leaked every fluid imaginable and had terrible paint work and people were fighting to buy it, he knew 911 values were in a bubble so may as well take advantage.
Money issues aside, I don't know if I could own and drive a Speedster. Although it was a long time ago, the memory of James Dean, the famous young actor, being killed in one would probably keep resurfacing.
11-07-16, 04:51 AM
This 356 Speedster "Barn Find" Just Sold For $605,000
