Mint-condition 550 Spyder fetches more than $5 million

Back in January 2016, Jerry Seinfeld announced he decided to part with no fewer than 16 Porsches and two Volkswagens from his massive collection. Described as "one of the finest Porsche collections ever assembled" by Gooding & Company, the selection included many rare models that Seinfeld claimed to be “the best examples that exist in the world”. The collection hit the auction block at the Amelia Island Auction in Florida on March 11th and sold for a whopping $22 million.

The star of the auction was a 1955 Porsche 550 Spyder, which sold for $5.35 million. The 1973 917/30 Can-Am race car changed hands for $3 million but, while it may seem like a lot, the Sunoco-liveried racer was actually estimated to fetch $5 million. A 1959 718 RSK also failed to meet expectations, selling for $2.86 million instead of $4 million. On the other hand, the 1974 911 Carrera 3.0 IROC RSR went for $2.3 million, over the initial estimate of $1.2-$1.5 million. Three more vehicles sold for seven-figure amounts: a 1990 962C race car for $1.65 million, a 1958 356 A 1500 GS/GT Carrera Speedster for $1.54 million, and a 1994 964 Turbo 3.6 S Flachbau for $1 million.

As for the two Volkswagens, Seinfeld got a $99,000 check for a 1964 Microbus and received $121,000 for a 1960 Beetle. The latter broke the record and became the most expensive Beetle ever auctioned.

One vehicle, the 2000 GT Prototype, failed to sell. One of only two built by Porsche, the non-drivable prototype was estimated to trade between $1.5 million to over $2.2 million. It looks like Seinfeld will have to keep it a bit longer.

Continue reading for the full story.

Why it matters

Jerry Seinfeld To Auction Off A Handful Of Porsches And Volkswagens From His Collection
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Arguably the most spectacular Porsche auction in history, the Seinfeld sale brought several rare models back on the market and gave collectors
(and auction houses alike) one more opportunity to evaluate the classic car market. The total $22-million bid fell well below the $28+ million estimate, but it goes to show that while some vehicles had limited appeal (mostly due to their track-only specifications,) others were more valuable than originally estimated. Overall, classic car prices are still on the rise for very rare vehicles and somewhat consistent for the rest.

With 17 spots in Seinfeld’s garage now free to receive other occupants, it will be interesting to see what vehicles the actor plans to purchase in the future.

Jerry Seinfeld auction results

  • 1955 Porsche 550 Spyder - $5.35 million;
  • 1973 Porsche 917/30 Can-Am Spyder - $3 million;
  • 1959 Porsche 718 RSK - $2.86 million;
  • 1974 Porsche 911 Carrera 3.0 IROC RSR - $2.31 million;
  • 1990 Porsche 962C - $1.65 million;
  • 1958 Porsche 356 A 1500 GS/GT Carrera Speedster - $1.54 million
  • 1994 Porsche 964 Turbo 3.6 S Flachbau - $1 million
  • 1998 Porsche 993 3.8 Cup RSR - $935,000
  • 1963 Porsche 356 B 2000 GS Carrera 2 Coupe - $825,000
  • 1957 Porsche 356 A Speedster - $682,000
  • 2012 Porsche 997 GT3 4.0 Cup "Brumos Commemorative Edition" - $462,000
  • 2011 Porsche 997 Speedster - $440,000
  • 1958 Porsche 597 Jagdwagen - $330,000
  • 1989 Porsche 911 Speedster - $363,000
  • 1966 Porsche 911 - $275,000
  • 1960 Volkswagen Beetle - $121,000
  • 1964 Volkswagen Microbus - $99,000
  • 2000 Porsche Carrera GT Prototype - Unsold

Source: CNN

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