Christie’s Acquisition of Gooding & Company During Auction Industry Downturn

Christie’s, the renowned British auction house established in 1766, has announced its acquisition of the prestigious California-based collector car auction house Gooding & Company. While the financial details remain undisclosed, the deal is expected to close by the end of the year, at which point Gooding & Company will be rebranded as Gooding Christie’s.

This acquisition marks a return to the collector car space for Christie’s, which had previously conducted high-profile auctions, including events at Pebble Beach, before exiting the market in 2007. Gooding & Company, founded by David Gooding and his wife Dawn Ahrens in 2003, has since become a global leader in collector car auctions, making it a prime target for Christie’s strategic expansion.

David Gooding, a former managing director of Christie’s automobile department, expressed enthusiasm for the acquisition, stating, “Our acquisition by Christie’s is the next step in our continued development as a global market leader.” Christie’s CEO, Guillaume Cerutti, echoed this sentiment, highlighting the acquisition’s potential for significant global growth.

This move mirrors other consolidations within the collector car auction industry, such as RM Auctions’ partnership with Sotheby’s in 2015, and Bonhams’ acquisition by Epiris in 2018. The deal positions Christie’s to leverage its luxury sector expertise and global platform to enhance Gooding & Company’s brand and market reach.

Gooding & Company will maintain its existing calendar of events, including high-profile auctions at Pebble Beach, Amelia Island, and London. Christie’s acquisition may provide new opportunities, such as expanded financial resources and in-house financing options, already offered in Christie’s jewelry and art departments, to support automobile sales.

The acquisition occurs amidst a challenging period for both the art and collector car auction industries, with auction sales down 22-25% in 2024. However, Christie’s strategic move signals optimism for future growth in the collector car market.