A week ago today, a rather lovely Porsche 356 Pre-A Cabriolet was listed on Bring a Trailer as a Premium Auction, a segment reserved for cars expected to bring greater than six-figure prices. Today, that beautiful little bathtub failed to sell. In today’s Market Monday, we do a deep dive into this auction to determine whether one commenter’s assertion that “the market has spoken” is an accurate armchair insight.

The Porsche 356 Pre-A, introduced in 1948, is the earliest iteration of Porsche’s first production car and laid the foundation for the brand’s iconic sports cars. Designed by Ferdinand Porsche, the 356—as it was then called—featured a rear-engine, rear-wheel-drive layout, with a lightweight body and agile handling. Its body was crafted by hand from aluminum in earliest models and later switched to steel. The car’s shape became a hallmark of Porsche’s design language for decades. The Pre-A models are distinguished by their split or bent windshields and minimalist interiors, reflecting the early, post-war era of automotive design.

As a long-time Porsche 356 enthusiast, I’ve watched the values of these cars change dramatically over the last 2 decades. For years, values for the earliest Porsches languished behind the more desirable models of the 356—such as the last-of-the-breed 356C. Around the mid-2000s, values started to take off. As you can see in the chart below, prices for the 356 Pre-A Cabriolet rose tremendously from 2008 to 2016, more than doubling in value. At the same time, the disc-brake 356C Cabriolet rose slowly but steadily until only recently.

Something interesting happens between 2020 and 2022: the global pandemic sent the classic car market into a frenzy and 356C values skyrocketed at a much quicker pace. Interestingly, Pre-A 356s remained completely stable. In fact, during the post-pandemic retreat in the market over the last year, values haven’t declined, either. Hagerty’s data seems to track a little behind the market, so these values could be even higher.

So then what’s the deal with the 1953 Porsche 356 Pre-A Cabriolet that ended today in a no-sale with a high bid of just $100,000? A knee-jerk reaction would be to suggest the sky is falling for Pre-A 356s and that all cars are now worth half their value of a year ago. There’s an investigative aspect to studying the market, so let’s do some digging.

The subject car is beautifully presented with some lovely, if dim, photographs of the car positioned in a textural barn-like backdrop. It’s far from a barn-find, however, having been treated to a restoration at some time that included a repaint in its original Ivory color.

At first glance, this car looks like a rather fetching example of one of Porsche’s earliest drop-tops. And unlike the 911 market, for 356s when the top goes down, the price goes up. Scratching beneath the surface reveals some monumental factors that impacted the bidding in this car, however.

In the Porsche world, especially when looking at 356s, top dollar is only spent on cars that retain the engine originally installed by the factory when the car was built. MANY Porsche 356s have had engine replacements in their history, so an engine number that matches the chassis numbers listed on the Certificate of Authenticity is more special, and therefore more valuable. 

This car is disclosed as having a replacement flat-four engine fitted at some point. Thankfully, the seller also disclosed that the engine has also been restamped. At one point, this is said to have been common, but it’s fraud to claim a restamped case as original. There’s no photo of the engine case number, which would be 546 if it’s date-correct to the car.

There was a time when bolder Porsche colors were shunned. Fashion has shifted, and both originality and eye-catching shades are popular. This car’s interior was originally red leather, but was changed to black in the past. This modification may appeal to an individual taste, but collectors will be looking for originality.

While Bring A Trailer technically has a global audience, its largest following is in the United States. This 1953 Porsche 356 Pre-A Cabriolet is located in London, meaning the winning bidder needs to either be located in the UK or needs to be willing to re-import the car back to the United States. As the car is left-hand drive (the appropriate configuration for its destination market of North America), it has less appeal in its current location of the United Kingdom. That’s a double whammy.

Condition Matters, as we like to say around here. And this car, while in a condition that would impress any layman at a regional or local car show. is more on the “Good” end of the spectrum instead of “Excellent.” #2 cars are really #1 cars that have been driven or deteriorated, meaning they are more like a slightly aged version of a car that was once perfect. Various indicators on this car show it was restored to a decent, but not accurate nor perfect standard.

The underside shows what appears to be replacement pans with strange corrosion around the perimeter of all the replacement panels. The car will need some attention. A #2 needs none.

While the photographic presentation is good, the seller missed our lesson on how to sell a car on Bring a Trailer. No videos to demonstrate the car’s operation or engine health were ever added to the auction gallery, and after a single post promising to answer any and all questions, the seller ghosted the listing like a one-night stand.

One week ago, Bonhams sold a rough-ish 1955 Porsche 356 Pre-A Coupe for a final hammer price of $166,119. I predicted that car would be a no-sale, expecting something more in the $150K range. This sale proves values are still pretty strong for these in the right venue.

The last Pre-A Cabriolet to hit the market was a 1955 1500 Normal sold at The Quail auction in Monterey just a month ago. That car hammered for $187,600, a little light for a rare Continental-badged car, but not far off the average for Pre-A Cabs.

So was the commenter right? Yes and no. The market has spoken, in that it has turned its nose up at a car that missed on a lot of key marks for its target buyer. The seller failed to optimize the experience for the platform, and that’s a cardinal sin on Bring a Trailer. But $100,000 is far lower than the value of the car on offer and the reserve correctly reflects that.

I’m not certain Bring a Trailer, despite its massive audience, is the right platform for niche vehicles like the Porsche 356 Pre-A in the current market. Looking at sales for similar Pre-As at more traditional live auctions like RM Sotheby’s, Bonhams, and Gooding & Company, prices for similar condition cars are right about where I’d expect them to be.

It’s undeniable the market has contracted, but not as much for these Porsches as for others. As a person who loves Pre-A 356s and would love to have one, sadly for me prices remain generally strong despite this single result.

Wolf and Mare provides car finding, appraisals, and auction services for buyers and sellers of collector European cars. If you’re interested in acquiring an overseas car, give us a call or drop a line!