Historic 'Porsche' fails to sell amid auction blunder

Andrew Cummings
August 20, 2019

According to a media report, a Porsche Type 64, which is said to be the first auto with a Porsche badge, has failed to sell at an auction.

A auto built by legendary automotive engineer Ferdinand Porsche and which had been expected to raise $20 million at auction failed to be sold at all, after the bidding process left potential buyers sneering at the auction house for mistakenly announcing offers of up to $70 million.

The report suggests that the vehicle was not sold due to an error in the auction. Bids of $13 million, $14 million and $17 million were erroneously listed as $30 million, $40 million and $70 million. In a statement, RM Sotheby's said: "We take pride in conducting our world-class auctions with integrity and we take our responsibility to our clients very seriously".

"As bidding opened on the Type 64, increments were mistakenly overheard and displayed on the screen, causing unfortunate confusion in the room".

Comments from collectors in the crowd right after the episode included "What a scam", "They just slit their own throat", and "It worked for Banksy; it didn't work for RM", a reference to the 2018 Sotheby's sale which saw a piece of artwork by Banksy shredded in a surprise stunt just after it sold. However at $17 million the auctioneer stopped the bids and announced that bids on the screen were incorrect.

"This was in no way intentional on behalf of anyone at RM Sotheby's, rather an unfortunate misunderstanding amplified by excitement in the room", the auction house said. Insiders at RM Sotheby's described the current market as "a bloodbath".

Even at $17 million, the Porsche Type 64 would have been the most valuable Porsche.

Technically, the Porsche Type 64 isn't a Porsche at all. It was based on one of Ferdinand Porsche's earlier designs, the KdF-Wagen. VW supplied the engine and most of its parts, with other components bought from Fiat, according to Bloomberg.

Though his cars would later become iconic, Ferdinand Porsche was an honored member of the Nazi party. It was created years before the Porsche company was incorporated.

Other reports by iNewsToday