On September 12, Christie’s announced the acquisition of classic car consignor Gooding & Company, a major move that marks the auction house’s largest deal in over two decades. The Los Angeles-based Gooding & Company, known for high-end classic car auctions, will now become part of the Christie’s family, which seeks to diversify its offerings as the global art market faces a slowdown.
Christie’s saw its auction sales decline by 22% year-on-year in the first half of 2024, totaling US$2.1 billion, a stark contrast to the US$4.1 billion achieved during the same period in 2022. With this in mind, the acquisition of Gooding & Company represents a strategic shift to strengthen Christie’s presence in other high-value collectible markets, such as classic cars. Christie’s exited the car auction space in 2007 but continued to sell cars as part of curated collections.
Simon Kidston, an analyst and founder of the K500 Index for classic car data, praised the deal, saying, “Christie’s financial resources and global network will propel Gooding & Company to new heights.” Rob Myers, CEO of competitor RM Sotheby’s, also viewed the acquisition positively, noting, “This is great for the industry. Healthy competition benefits everyone and raises standards.”
The acquisition comes at a challenging time for car auction houses, with the market facing cooling sales and increasing competition. With too many cars hitting the market and auction houses capitalizing on this glut, the landscape has become oversaturated. Kidston sees Christie’s move as an opportunity for a “fresh auction approach” that blends professionalism with a passion for the classic car market.
Gooding & Company’s president, David Gooding, who worked for Christie’s in the 1990s, will remain in his role after the acquisition. Founded in 2003 by Gooding and his wife, the company has grown to become one of the leading names in the classic car auction scene. Gooding’s expertise will continue to guide the company, which will maintain its headquarters in Los Angeles.
Founded in 1766, Christie’s is a global leader in the auction world, with offices in 46 countries and territories. Owned by the Pinault family’s holding company, Artémis, Christie’s aims to continue expanding its influence, with this acquisition further solidifying its diversification strategy.
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