Just yesterday, Luftgekühlt announced that its next air-cooled-specific Porsche event will take place on the East coast of the United States in Durham, North Carolina on October 4th, 2025. I’ll definitely be attending in my 356 as it’s just a few hours away from Richmond. Six months is a long time to wait, but fortunately Luftgekühlt’s next event — called Air | Water — is coming up in just two weeks. Unlike “Luft,” this one has an auction attached. In today’s Market Monday, we’re previewing Broad Arrow’s 2025 Air | Water Auction.

Air | Water

Air | Water is the brainchild of the same folks who brought us Luftgekühlt and is a response to the fact that Porsche sports cars have been water-cooled for almost 30 years. Open to any Porsche, Air | Water celebrates enthusiasm for all Porsche models regardless of how they cool their engines. Like its older sibling, Air | Water is meticulously planned with each feature car creatively positioned to provide a picture-perfect scene. It would appear that this is a West coast only event with Costa Mesa being the host location for the last 2 years.

In 2024, Broad Arrow became the auction partner to Air | Water, presumably to take advantage of the massive audience of Porsche enthusiasts that flock to Costa Mesa to ogle the rare and beautifully presented machinery. We covered the sale with a preview and recap last year, and noted that results for the auction were less than stellar with a 62% sell-through-rate and a number of cars selling for bargain prices. Around this time last year, the market began a softening that continued throughout the remainder of 2024.

With a significant uncertainty around the economy following a market that was basically flat in Q1, it will be an interesting auction to watch. Like last year, Broad Arrow has consigned a diverse collection of iconic and desirable Porsche models to choose from. A total of 53 lots are offered, which is slightly down from last year’s 57, but not significantly. It would appear, however, that based on the catalog as of this writing the number of cars valued at over $1 million is down year over year.

For today’s preview, I’ve decided to have some fun and see if one could build a respectable 5-car Porsche collection from lots on offer at Broad Arrow’s Air | Water Auction. My selection are based primarily on personal preference, but also reflect cars I think have the potential to maintain or increase their value. Variety in both platform and color combination is also a bonus.

Every Porsche collection, even a small one, should include the first Porsche. In my opinion, the most compelling Porsche 356 in the sale is this Zagato-bodied 356B Super 90. Produced as a revival of historical designs from the Zagato archives, this car represents a never-built coupe version of Claude Storez’ lost Zagato Speedster and is one of just nine produced by the coachbuilder. The last “Sanction Lost” Zagato 356 Coupe was sold by Gooding & Co. at their Monterey sale last year. Its hammer price was $425,000, making this estimate a bit low in my opinion.

While there are a number of race-spec cars in the Air | Water sale, this is the one I’d want in a collection. Built as the follow-up to the successful street-legal Porsche 904, the 906 was the brainchild of the great Ferdinand Piëch. What makes this 906 special is that it retains much of its original fiberglass bodywork (though there was damage sustained in a race in 1967) and factory racing specifications. This car failed to sell at Gooding & Company’s 2024 Monterey auction with a high bid of $1.5M and it was last listed by Fantasy Junction with a retail asking price of $1.95M. The auction house has posted an estimate of $1.6-1.9M which better reflects current market conditions.

The 1989 RUF CTR Yellowbird should need no introduction, having secured its legendary status as “World’s Fastest Car” in 1987’s Road & Track top speed challenge at Nardo. The iconic video of one being hooned around the Nurburgring might be its main claim to fame, however. This car, bearing chassis number 023 is one of the original 29 Yellowbirds built by RUF and supposedly features a one-car-only lightweight interior. The last yellow RUF CTR to sell at auction was a much lower mileage example at Gooding & Company’s Amelia Island auction this year. It hammered for $6.05M, making this car’s estimate pretty reasonable, given the meteoric rise these car have had in recent years.

There aren’t a ton of transaxle Porsche cars at Broad Arrow’s 2025 Air | Water Auction, but I figure if you’re going to buy one (and you should), why not get the latest and greatest model: the 968. The mileage is on the high side at 89,000, but it wears Aventurine Green paintwork over a classy gray interior and has some tasteful upgrades and recent service. A classic you can take out for a fun drive without worry about its value is nice to have in a collection. The 968 is a balanced and capable GT car that could even apply for everyday use. Prices are dipping for 968s, and I think this example is estimated rather high at $35-45,000. It was last sold for $27,000 back in June and I don’t see how it’s gained $10K in this market. Offered at no reserve, it could be a bargain buy for someone.

Having a modern Porsche in the stable helps bookend a collection, plus it’s nice to have a car with modern conveniences for a long road trip. Built to celebrate Porsche’s 80th anniversary in 2018, the 991-generation Speedster is the latest in a line of sleek special-edition 911 drop-tops. A lower windshield, lightweight top, double-hump rear clamshell, 6-speed manual transmission, suspension from a 911 GT3 Touring, and a 4.0-liter engine putting out 520hp round out the special features. This example was outfitted with $28K in options and stands apart in Lava Orange paint. The car is currently listed at retail with Chicago Motor Cars with an asking price of $480,000, but 991.2 Speedsters typically trade in the high $300Ks. Estimated at $400-500K, the seller is looking for a payday here but I don’t think they’ll get it.

Looking mostly at the cars I chose from the overall catalog above, I’m seeing a few optimistic estimates sprinkled in with more reasonable expectations. I look forward to diving back into the results to see how my picks did against my predictions, but also evaluating the entire sale relative to last year’s event to provide some indication of the state of the Porsche market as we head into summer.

What cars from Broad Arrow’s 2025 Air | Water Auction would you pick for your 5-car Porsche garage? Share your thoughts in the comments!

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The opinions shared above do not represent financial or investment advice.