“Steve McQueen’s Porsche 917K Stuns Auction”: Bidding Rockets To $25 Million For Le Mans Icon Once Owned By Jerry Seinfeld—But Still Unsold

The world of vintage cars and Hollywood collided in a high-stakes auction drama this week at Mecum’s annual collector automobile auction in Kissimmee, Florida. The spotlight was on a Porsche 917K, star of the iconic 1971 film “Le Mans,” driven by none other than Steve McQueen. The bidding began at a staggering $15 million, capturing the attention of car enthusiasts and film buffs alike. However, the bidding halted at $25 million, leaving the car unsold. This Porsche, once owned by comedian Jerry Seinfeld, remains a symbol of both automotive and cinematic history, embodying the allure and drama of high-profile auctions.

The Legendary Porsche 917K

The Porsche 917K is renowned not only for its engineering prowess but also for its starring role in Steve McQueen’s film “Le Mans.” McQueen’s dedication to authenticity in motorsport films is evident in the way the 917K was depicted. The movie itself is a time capsule, capturing the essence of 1970s World Championship Sports Car Racing. The car’s journey from the silver screen to auction floors has been as dramatic as its racing career.

This particular Porsche has a rich history. After the film, it was acquired by Reinhold Joest, an iconic figure in motorsport with 15 Le Mans wins. The car changed hands several times, each owner adding to its storied legacy. Richard Attwood, who drove a similar Porsche to victory in the 1970 Le Mans, once owned it. The car’s provenance is a testament to its significance in the racing world.

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Jerry Seinfeld's Passion for Porsches

Jerry Seinfeld, known for his love of Porsches, once counted this 917K among his collection. His passion for the brand is well-documented, with over 150 cars reportedly in his possession. Seinfeld's connection to the car highlights the intersection of celebrity and automotive culture. In 2011, he purchased another Porsche from the movie, the 911 used in the opening scene, for $1,375,000.

Seinfeld's ownership of such iconic vehicles underscores the allure these cars hold for collectors. The 917K, with its cinematic and racing pedigree, represents the pinnacle of Seinfeld's collection. Despite its auction outcome, the car remains a prized piece of automotive history.

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The Economics of High-Stakes Auctions

The auction process for such rare vehicles is as complex as it is thrilling. Bidders at Mecum's auction faced a starting price of $15 million, a testament to the car's value. The bidding escalated in million-dollar increments, reaching $25 million. However, this was not enough to meet the undisclosed reserve price.

Had the bid been accepted, the buyer would have paid an additional 10% buyer's fee, totaling $27.5 million. The seller, likely to pay a 7% fee, would have received $23.25 million. These figures highlight the financial intricacies of high-profile auctions, where fees and restoration costs significantly impact the final payout.

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Porsche's Auction Prestige

The Porsche 917K is not the only model to achieve astronomical bids. Its siblings, also from the "Le Mans" film, have fetched similar high bids. For instance, a sister car, 917-024, sold for $14.08 million in 2017. These sales underscore the enduring legacy and value of the 917 series, both for their racing success and cinematic fame.

Beyond the 917K, only a handful of Porsches have surpassed the $10 million mark at auction. The 1982 Porsche 956, known for its Le Mans victory, is one example. These records reflect Porsche's storied history and the intense collector interest in its groundbreaking models.

As the gavel fell at Mecum's auction, the Porsche 917K remained unsold, yet its story continues to captivate. This outcome raises questions about the future of such iconic vehicles in the auction market. Will the allure of Hollywood and racing history continue to drive up bids? What does the future hold for the intersection of celebrity, cinema, and classic cars?