Christie’s Merger with Gooding & Company: A New Era for Classic Car Auctions
In a landmark move, Christie's has announced its acquisition of Gooding & Company, the renowned classic car dealer, on September 12. This deal represents Christie's largest acquisition in over two decades, allowing the auction house to diversify its offerings amidst a challenging art market.
The art market has seen a significant downturn with Christie’s auction sales declining by 22 percent to US$2.1 billion in the first half of 2024, compared to the same period in 2022. Analysts, including Simon Kidston, founder of the K500 Classic Cars Index, applaud the merger as it heralds a new era for auction houses.
Implications for the Auction Industry
This acquisition signals a notable shift in the classic car auction landscape. Rob Myers, CEO of RM Sotheby’s, referred to the merger as a positive development for the industry. He emphasized that competition fosters quality and innovation.
Market Trends and Future Prospects
- Current market conditions have led to oversaturation with too many similar cars auctioned simultaneously.
- Gooding will retain its Los Angeles headquarters, with David Gooding continuing to lead the team.
- With Christie's extensive global network, both buyers and sellers can expect a fresh and comprehensive auction approach.
As the classic car market continues to navigate challenges, the consolidation of industry leaders is a promising development, heralding healthier competition and more diverse offerings moving forward.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.