now, I found this old girl to prove a point to one of our veteran flüssig enthusiasts Graham Manning. I recently wrote a piece on Prince Rainier's 1982 928 S that was sold at auction and how disgraceful it was to see it go at such a low price; but Graham made a rather solid point that needs to be brought to the surface more often than not-here's what he said:
Why should it have fetched over €100K ? That would be world record money for almost any 928, let alone an early one. €50K is extremely strong money for an 'S' and could even itself be a record (for an S). Prince Rainier's name will lend kudos and provenance, and the history reads well, but a car doesn't quadruple in value simply because we know who owned it. It's not even as if he bought it new from the factory and drove it regularly himself.
Nice car. But, imo, certainly not worth anything close to €100K.
he's right. sadly, the historical importance of these early 928s aren't enough to convince the market that they are worth more than the price of a 10 year old Boxster. when you have a few ignorant and misinformed dildos in publishing the same rubbish year in and year out discouraging curious enthusiasts from considering early 928s because they have, in their words, undesirable features, it doesn't help garner the respect and love they so desperately need; and isn't it a coincidence these days how some publishers, including those who cared not one whit about the breed, are suddenly championing the 928 as the other white meat? curious... I'll stop there.
my reply to Graham after putting a link of this '78 on Facebook was this:
why should early 911s and some 928 GTS' command upwards of six figures then? it's an argument that defies logic, really. in the same breath, early 928s can't be far behind; they are the next in line in terms of affordable vintage Porsches. thing is, the market has yet to acknowledge the fact that these early 928s deserve such valuations. with numbers dwindling, and good examples hard to come by, I don't think such figures are unreasonable; royal provenance is the icing on the cake, especially when such a figure is woven into the 928's early history. your argument was the same one given to the Dino and 250GT Lusso at one point...no one thought those cars were worth much then.
to which Graham replies:
I agree. 911s are overpriced. I owned one before they became that way and felt it represented value for money at the time.
Similarly, when I started working, you could buy a Dino for about GBP4.5k. A good one. I think that, at the time, was a bargain, but speculation and investment have meant there are many good cars that will never been driven the way they should be, or even by the people they were intended for.
Sadly, 928s are likely doomed to go the same way. These days there is more talk on (some) forums and lists about value of low-mileage examples than there is about driving and maintaining them.
see that? read his reply again, especially the last sentence. he nailed it.
will this '78 start raising the bar a wee bit? dunno, even with Toad's 275 Lindgrün metallic over 20B dark green leder sitze, the fact that not enough cheering has been going about these old things to generate some excitement is the reality...but we're screaming our loudest in this corner; and it's contagious.