A rusted Porsche from the 1950s that needs a complete refurbishment has already attracted an offer more than $100,000 through classic cars retailer Shannons.
Shannons Summer Timed Auction has listed a complete and Australian-delivered 1958 Porsche 356A Cabriolet, which has spent the past 25 years rusting beneath a church at Newmarket in Brisbane.
It requires total refurbishment but has already attracted an offer of $110,000 before online bidding closes at 7pm on Tuesday.
The Porsche comes with factory options, including a rare Karmann hardtop and even rarer 15-inch (38cm) Rudge knock-off wheels.
The car has attracted 22 bids of at least $80,000.
Experts estimate that to restore the Porsche to its original condition could cost another $150,00-$200,000.
However, the worldwide value of this model of Porsche with its factory options is believed to be more than $300,000. The sentimental value of the Porsche is tied to its role in lifting Porsche’s profile in the 1950s.
“Porsche’s remarkable 356 put the Zuffenhausen company firmly on the automotive map in the 1950s, with Dr Ferdinand’s original design – a somewhat basic sports car closely based on Volkswagen’s Beetle – evolving into a technically advanced, beautifully resolved machine over a production life spanning more than fifteen years,” the Shannons listing details.
“Hugely popular in America and at home, relatively few 356s were made for right-hand drive markets like England and Australia, where taxes and import duties made them prohibitively expensive.
“Local distributor Norman Hamilton was patronised by a small band of well-heeled customers, and the 356A was an unfamiliar sight on the roads of Sydney or Melbourne in the 1950s, with several appearing at Bathurst and elsewhere.”
The listing also describes the movements of the car, which was originally delivered to Melbourne from Germany in the 1950s, during the past 25 years.
“The car ended up in storage under a local church in Newmarket (Brisbane) from 1995 (when it last turned a wheel under its own power) until 2020, slowly deteriorating to the condition we see today,” the listing reads.
“Showing 12,482 miles (20,087 km) on the clock, the 356 was recently disinterred from storage and transported to Sydney for auction.”
Given the car’s early interest, Shannons believes a bidding competition could boost the Porsche’s sale price beyond $120,000. That would be more than the price of its closest 2021 Porsche equivalent, a four-cylinder Cayman 718.