We take a closer look at the auction process behind the sale of a Porsche 904 GTS once owned by George Lucas
Hosted by Sotheby’s in Culver, California, so-called sealed bidding on a rare 1964 Porsche 904 GTS once owned by Star Wars creator George Lucas opened on 10 July. Via this process, also known as timed bidding, registered parties are encouraged to submit an initial purchase price on an item. If the bid tops the current high bid, this becomes the new benchmark. If not, the bidder is notified of where their respective bid ranks. Bids ranked 11th or lower are shown below the leaderboard. Bids can be raised at any time while the lot is open.
If a bid placed exceeds the previous highest amount, that bidder is notified and can then raise their respective bid once more.
For a sealed bid auction, bidders can only see their own submitted bid – not the high/winning bid (unless they are the high bidder). The delta between bidder positions is not disclosed. The highest bid submitted at the stipulated deadline – subject to the unpublished reserve price being met – wins the item in question.
Designed to prevent any bidder from coming in with only moments of a timed auction remaining attempting to gain an unfair advantage (known as sniping), Aucor’s online system, for example, is programmed to extend the auction process by an additional three minutes, to allow those still participating an opportunity to counter bid.
Delivered new to California in 1964, this example of the Porsche 904 GTS is one of only 108 produced by the Stuttgart firm. The mid-engine car is broadly considered a watershed moment in Porsche’s remarkable motorsport heritage, with this car (chassis no. 904-094) having achieved notable success on racetracks in the US.
In its first year of production, the 904 GTS with its aerodynamic profile and low drag nose design secured first and second place in the iconic Targa Florio motor race.
Expected to fetch between $1,800,000 and $2,200,000, this car is finished in its original exterior colour and features magnesium wheels and a racing exhaust.
Ian McLaren has more than 20 years of experience as a motoring journalist. Here, he will be compiling a series of articles documenting his learning curve when it comes to all things auction. Find him on Twitter, Instagram and TikTok at @IanMcLaren76.
These articles aim to offer insights only and in no way encourage reckless or hit-and-miss purchasing decisions.