A Rare, Historic Porsche Racer Leads RM Sotheby’s New German Sale

The 24-year-old actor James Dean died in a car accident, colliding with a college student at a California intersection on the evening of Sept. 30, 1955. The car he was driving was a Porsche, but not an ordinary 356. It was a very streamlined 550 Spyder, nicknamed “Little Bastard” by the race-crazy Dean.

The 550 Spyder was an out-and-out racer, but the kind that owners could register and drive to and from the track in those days. The open-topped Porsche was made for only three years, from 1953 to 1956, and although they were very successful in competition, only 90 were produced. The mid-mounted “Carrera” engine in the 550 had four overhead camshafts and dual ignition. With twin Solex carburetors, it produced 110 horsepower. That wasn’t a lot, but the 550 Spyder was a very light car, just 590 kilograms (1,300 pounds).

An example of the 550 Spyder, from 1955 with colourful racing history, is one of the cars that will be sold by RM Sotheby’s in an auction by Lake Tegernsee, about 40 minutes south of Munich, on July 27. Also on the block is a pair of modern Bugattis, a rare Mercedes-Benz SLR McLaren Stirling Moss, and a 2006 Porsche Carrera GT. The auction is taking place in partnership with the new Concours of Elegance Germany in Bavaria, held July 22-27.

The only one: This 2010 Bugatti Veyron 16-4 Grand Sport “Soleil de Nuit” to be auctioned by RM Sotheby’s was built for the royal family of Kuwait.
RM Sotheby’s

This Porsche 550 Spyder, with coachwork by Wendler (which also had its hand in the 718 sport racing cars), was delivered to Portugal and competed in European racing circuits. Originally white with burgundy accents, the car was first owned by Fernando Mascarenhas, who achieved class podium positions in races at Barajas and Monsanto in 1955. The 550 then went to Germany that summer for the Nürburgring 500 Kilometres, but the race was cut short because of an accident.

The second owner was Cypriano Flores in 1958. Flores’ son eventually returned the car to Porsche, which did the mechanical work while Wendler restored the body.

Despite the racing, which often results in swapped engines and other components, the 550 still boasts its original chassis, four-cam Carrera motor, and gearbox. The car was restored by Porsche and its original coachbuilder, Wendler, in the early 1990s—and not driven since then. During the restoration, the car’s color was changed to silver, and the interior from beige vinyl to black leather. The pre-auction estimate is €3.5 million to €4.2 million (US$3.78 million to US$4.54 million).

Also to be auctioned at Tegernsee is the aforementioned 2010 Mercedes SLR McLaren Stirling Moss, a virtually unused example with just 45 kilometres on the odometer. First shown in 2009, it was a tribute to the late racing driver’s win in a 300 SLR Mercedes at the 1955 Mille Miglia.

The auction SLR features a lightweight carbon-fibre structure and a supercharged, 5.4-litre V8 with 641 horsepower. A mere 75 Stirling Moss cars were built, and only offered to customers who already owned an SLR McLaren. Without a roof or windshield, the Moss edition was 200 kilograms lighter than the standard car. It could reach 62 miles per hour in 3.5 seconds. The pre-sale estimate is €3.2 million to €3.8 million.

The modern Bugattis include a 2019 Chiron Sport “110 Ans Bugatti” edition, one of 20. The odometer reads only 1,461 kilometres. It’s estimated at €3.3 million to €3.8 million. The other one is the 2010 Veyron 16.4 Grand Sport “Soleil de Nuit,” a one-off Veyron in two-tone black/blue metallic sold new to the royal family of Kuwait. The estimate is €1.5 million to €2 million.

The 2006 Porsche Carrera GT, one of just 1,270 of these race-derived high-performance cars, is also a low-mileage example in silver metallic with 35,698 kilometres showing. It’s powered by a 5.7-litre V10 engine and could reach 62 miles per hour in 3.57 seconds and had a top speed of 205 mph. This one was supplied to Porsche in Leipzig, and a succession of owners barely used it. In 2001, the Porsche benefitted from a major €27,000 service that included a clutch replacement. It’s estimated at €975,000 to €1.275 million.

Porsche collectors might also want to visit the Bonhams|Cars Quail auction during Monterey Car Week starting Aug. 16. The lots include a one-of-62 1971 Porsche 911 S/T (estimated between US$900,000 and US$1.2 million); and a 1993 959 “Komfort” model, one of six, estimated at US$1.5 million to US$2 million.

Australia’s commodity-rich economy recorded its weakest growth momentum since the early 1990s in the second quarter, as consumers and businesses continued to feel the impact of high interest rates, with little expectation of a reprieve from the Reserve Bank of Australia in the near term.

The economy grew 0.2% in the second quarter from the first, with annual growth running at 1.0%, the Australian Bureau of Statistics said Wednesday. The results were in line with market expectations.

It was the 11th consecutive quarter of growth, although the economy slowed sharply over the year to June 30, the ABS said.

Excluding the Covid-19 pandemic period, annual growth was the lowest since 1992, the year that included a gradual recovery from a recession in 1991.

The economy remained in a deep per capita recession, with gross domestic product per capita falling 0.4% from the previous quarter, a sixth consecutive quarterly fall, the ABS said.

A big area of weakness in the economy was household spending, which fell 0.2% from the first quarter, detracting 0.1 percentage point from GDP growth.

On a yearly basis, consumption growth came in at just 0.5% in the second quarter, well below the 1.1% figure the RBA had expected, and was broad-based.

The soft growth report comes as the RBA continues to warn that inflation remains stubbornly high, ruling out near-term interest-rate cuts.

RBA Gov. Michele Bullock said last month that near-term rate cuts aren’t being considered.

Money markets have priced in a cut at the end of this year, while most economists expect that the RBA will stand pat until early 2025.

Treasurer Jim Chalmers has warned this week that high interest rates are “smashing the economy.”

Still, with income tax cuts delivered at the start of July, there are some expectations that consumers will be in a better position to spend in the third quarter, reviving the economy to some degree.

“Output has now grown at 0.2% for three consecutive quarters now. That leaves little doubt that the economy is growing well below potential,” said Abhijit Surya, economist at Capital Economics.

“But if activity does continue to disappoint, the RBA could well cut interest rates sooner,” Surya added.

Government spending rose 1.4% over the quarter, due in part to strength in social-benefits programs for health services, the ABS said.