‘Barn find’ Porsche 356 nets $230K

Demand for rare classic cars continues to break records and now a badly neglected 1958 Porsche 356A Cabriolet that spent the past 25 years rusting under a church in Newmarket, Brisbane, has sold for $230,000.

Now Sydney-based, the rusty-but-complete Australian-delivered 356 convertible with some rare factory options almost doubled its pre-auction high-price estimate at the Shannons Summer Timed Auction that closed last night (February 23).

After 61 bids and an online duel between two determined bidders that drove its price up by $75,000 in the auction’s final hour, it went under the hammer for almost as much as a brand-new 2021 Porsche 911 Carrera Coupe ($236,300 plus on-road costs).

Shannons said experts estimated that to professionally restore the 63-year-old Porsche to its original glory could cost another $150,000-$200,000, but some have suggested that rebuilding it mechanically and preserving its rusty patina with clear-coat might be a cool – and much cheaper – alternative.

The week-long Shannons online auction attracted total sales of $10,777,212 and a high 97 per cent clearance rate among the 172 vehicle and memorabilia lots, plus 47 numerical number plates.

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