Christie’s Announces Acquisition of Major Vehicle Auction House

Auction September 18, 2024 Carlota Gamboa

Courtesy Christie's

Elton John's 1992 Bentley Continental

Christie's announced late last week that they would be acquiring the classic automobile auction house, Gooding & Company, after 17 years of not specializing in the sale of luxury vehicles. Perhaps it felt like the right time to reestablish themselves after the somewhat brief hiatus, marking one of Christie’s biggest deals of the last two decades.

In a statement, the London-based auction house called the acquisition a “significant milestone, further solidifying its leadership in the broader luxury sector,” and went on to describe the partnership as an “ideal match.” And, it seems so from the outside, especially when one considers that Gooding & Company’s President, David Gooding, began his career as managing director of Christie’s International Motor Sports department before its dissolution in 2007.

Wikimedia Commons, Bernard Spragg

Bentley Continental Convertible - 1990. License

In fact, Christie's functioned as Pebble Beach’s official auction house from 1972 to 2007, but Gooding & Company has held that privilege for the last 20 years. Despite once being a formidable competitor in the sale of luxury cars— even setting the world record in 1987 for the £5.5 million sale of a Bugatti Royale Kellner Coupe— Christie’s had to step back from the trade after a few devastating years.

The market had slowly started to saturate with auction houses like RM, Bonhams, Coy, Mecum Auctions, and even Golding & Company, making it difficult for non-niche sellers to come ahead in sale revenue.

Although Christie’s had to give up their spot at The Concours d’Elegance in Pebble Beach and the Hamptons, they haven't completely stopped their auctioning of cars. During the sale of Elton John’s estate in February of this year, his 1990 Bentley Continental Two-Door Convertible sold for $441,000. However, this is small cookies compared to what Gooding & Company is used to, with a median of $715,000 per vehicle.

Wikimedia Commons

Bugatti Royale Coupé Napoléon - 1929. License

Christie’s has reported that the company founded by David Gooding and his wife, Dawn Ahrens, has brought in approximately $3 billion since its conception. They also hold 13 marque records for individual cars, including the sale of Gary Cooper’s 1935 Duesenberg SSJ, which stands as the most expensive American vehicle ever sold for $22 million.

Courtesy Christie's

PATEK PHILIPPE SKY MOON TOURBILLON REF. 5002P-001, Price Realized: $1,562,500

Luxury goods including jewelry, watches, designer handbags, rare wines, and collector’s vehicles make up around 20% of Christie’s annual auction sales. They also hope this will attract younger bidders, in addition to expanding the brand’s reach in and growing global markets.

Hopefully, this means there are great things in store for both companies, especially in lieu of Christie’s $600 million sales gap between the first six months of 2024, compared to that of 2023.

“We are confident that the combination of resources will provide many opportunities for significant global growth,” stated Christie’s chief executive Guillaume Cerutti. The press release also insinuated that David Gooding will remain in his role as president, and the structure of Gooding & Company will, for the most part, remain intact.

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