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.